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作者：Wang, Olivier
作者单位：New York University
摘要：I study how the secular decline in interest rates affects banks' intermediation spreads and credit supply. Following a permanent decrease in rates, bank lending may rise initially but contracts in the long run. As lower rates compress deposit spreads even well above the zero lower bound, banks' retained earnings, equity, and lending fall until loan spreads have risen enough to offset the reduction in deposit spreads. A higher inflation target can support bank lending at the cost of higher liqu...
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作者：Ben-rephael, Azi; Carlin, Bruce i.; Da, Zhi; Israelsen, Ryan d.
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Rice University; University of Notre Dame; Michigan State University; Michigan State University's Broad College of Business
摘要：We analyze minute-by-minute Bloomberg online status and study how the effort provision of executives in public corporations affects firm value. While executives spend most of their time doing other activities, patterns of Bloomberg usage allow us to characterize their work habits as measures of effort provision. We document a positive effect of effort on unexpected earnings and cumulative abnormal returns following earnings announcements, and a reduction in credit default swap spreads. This is...
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作者：Luo, Dan
作者单位：Chinese University of Hong Kong
摘要：An entrepreneur makes offers to multiple investors to fund a project that requires a minimum investment. Concerned about other investors' decisions, each investor strategically communicates information about the project to others. When investors have conflicts of interest, those with contractually stronger incentives to invest attempt to persuade others to invest. Depending on the project's ex ante quality, the entrepreneur may promise investors different returns to create conflicts of interes...
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作者：Kotidis, Antonis; Schreft, Stacey L.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Maryland; University of Maryland College Park
摘要：This article quantifies the effects of a multiday cyberattack that forced offline a technology service provider (TSP) to the banking sector. The attack impaired customers' ability to send payments through the TSP, but the business continuity plans of banks and the TSP reduced the effect by more than half. Large banks performed better. Through contagion, banks not directly exposed to the attack experienced a liquidity shortfall, causing them to borrow funds or tap reserves. The ability to send ...
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作者：Siriwardane, Emil N.; Sunderam, Adi; Wallen, Jonathan
作者单位：Harvard University; National Bureau of Economic Research
摘要：We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the 32 arbitrage spreads that we study is 22%. These low correlations are inconsistent with canonical intermediary asset pricing models. We show that at least two types of segmentation drive arbitrage dynamics. First, funding is segmented-certain trades rely on specific funding sources, making their arbitra...
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作者：Ernst, Thomas; Spatt, Chester; Sun, Jian
作者单位：University System of Maryland; University of Maryland College Park; Carnegie Mellon University; Singapore Management University
摘要：We model two methods of executing segregated retail orders: brokers' routing, whereby brokers allocate orders using the market maker's overall performance, and order-by-order auctions, where market makers bid on individual orders, a recent U.S. Securities and Exchange Commission proposal. Order-by-order auctions improve allocative efficiency, but face a winner's curse reducing retail investor welfare, particularly when liquidity is limited. Additional market participants competing for retail o...
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作者：Faccio, Mara; McConnell, John J.
作者单位：Purdue University System; Purdue University; National Bureau of Economic Research; Purdue University System; Purdue University
摘要：We use newly assembled data overall encompassing up to 75 countries and starting circa 1910, to study impediments to the Schumpeterian process of creative destruction as it proceeds by competitively destroying old businesses. Political connections appear to represent an obstacle to the destructive part of the Schumpeterian process in the replacement of large firms. When accompanied by regulations that restrict entry, political connections can play a role in allowing large firms to remain large...
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作者：Banerjee, Snehal; Breon-drish, Bradyn; Smith, Kevin
作者单位：University of Michigan System; University of Michigan; University of California System; University of California San Diego; Stanford University
摘要：We model the feedback effect of a firm's stock price on investment in projects exposed to a systematic risk factor, like climate risk. The stock price reflects information about both the project's cash flows and its discount rate. A cash-flow-maximizing manager treats discount rate fluctuations as noise, but a price-maximizing manager interprets such variation as information about the project's net present value. This difference qualitatively changes how investment behavior varies with the pro...
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作者：Barone, Guglielmo; Schivardi, Fabiano; Sette, Enrico
作者单位：University of Bologna; Luiss Guido Carli University; European Central Bank; Bank of Italy
摘要：We study the effects on corporate loan rates of an unexpected change in the Italian legislation that forbade interlocking directorates between banks. Exploiting multiple firm-bank relationships to fully account for all unobserved heterogeneity, we find that prohibiting interlocks decreased the interest rates of previously interlocked banks by 14 basis points relative to other banks. The effect is stronger for high-quality firms and for loans extended by interlocked banks with a large joint mar...
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作者：Andreani, Martina; Ellahie, Atif; Shivakumar, Lakshmanan
作者单位：INSEAD Business School; Utah System of Higher Education; University of Utah; University of London; London Business School
摘要：Focusing on the one-off tax gains and losses (i.e., windfalls) associated with the 2017 Tax Cuts and Jobs Act, we reexamine whether CEOs are rewarded for luck. We find that weakly monitored CEOs are compensated for the windfall tax gains but not penalized for the corresponding tax losses. No such pattern is observed for CEOs facing greater pay scrutiny. The pay for windfalls cannot be explained as rewards for CEOs' efforts, talents, political activities, or as firms sharing their tax gains wit...
