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作者：Kalmenovitz, Joseph; Lowry, Michelle; Volkova, Ekaterina
作者单位：University of Rochester; Drexel University; University of Melbourne
摘要：Regulatory fragmentation occurs when multiple federal agencies oversee a single issue. Using the full text of the Federal Register, the government's official daily publication, we provide the first systematic evidence on the extent and costs of regulatory fragmentation. Fragmentation increases the firm's costs while lowering its productivity, profitability, and growth. Moreover, it deters entry into an industry and increases the propensity of small firms to exit. These effects arise from redun...
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作者：Parlatore, Cecilia; Philippon, Thomas
作者单位：Center for Economic & Policy Research (CEPR); New York University; National Bureau of Economic Research
摘要：We study the optimal design of stress scenarios. A principal manages the unknown risk exposures of agents by asking them to report losses under hypothetical scenarios before taking remedial actions. We apply a Kalman filter to solve the learning problem, and we relate the optimal design to the risk environment, the principal's preferences, and available interventions. In a banking context, optimal capital requirements cover losses under an adverse scenario, while targeted interventions depend ...
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作者：Puri, Indira
作者单位：New York University
摘要：I introduce and test for preference for simplicity in choice under risk. I characterize the theory axiomatically, and derive its properties and unique predictions relative to canonical models. By designing and running theoretically motivated experiments, I document that people value simplicity in ways not fully captured by existing models that study risk premia in financial markets. Participants' risk premia increase as complexity increases, holding moments fixed; their dominance violations in...
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作者：Frame, W. scott; Huang, Ruidi; Jiang, Erica xuewei; Lee, Yeonjoon; Liu, Will shuo; Mayer, Erik J.; Sunderam, Adi
作者单位：Southern Methodist University; University of Southern California; Federal Reserve System - USA; Federal Reserve Bank - Richmond; City University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison; Harvard University; National Bureau of Economic Research
摘要：We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching mortgage applications to loan officers, we find that minorities are underrepresented among loan officers. Minority borrowers are less likely to complete mortgage applications, have completed applications approved, and to ultimately take up a loan. These disparities are reduced when minority borrowers work with minority loan officers. These pairings also lead to lower default rates...
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作者：Copeland, Adam; Martin, Antoine
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Swiss National Bank (SNB)
摘要：This paper uses new data to provide a comprehensive view of repo activity during the 2007 global financial crisis. We show that activity declined much more in the bilateral segment of the market than in the tri-party segment. Surprisingly, a large share of the decline in activity is driven by repos backed by Treasury securities. Further, a disproportionate share of the decline in repo activity is connected to securities dealer's market-making activity. In particular, the evidence suggests that...
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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 New Brunswick; Rutgers University Newark; 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：Kruttli, Mathias s.; Tran, Brigitte roth; Watugala, Sumudu w.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We empirically analyze firm-level uncertainty generated from extreme weather events, guided by a theoretical framework. Stock options of firms with establishments in a hurricane's (forecast) landfall region exhibit large implied volatility increases, reflecting significant uncertainty (before) after impact. Volatility risk premium dynamics reveal that investors underestimate such uncertainty. This underreaction diminishes for hurricanes after Sandy, a salient event that struck the U.S. financi...
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作者：Schoar, Antoinette
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作者：Hoffmann, Florian; Vladimirov, Vladimir
作者单位：KU Leuven; University of Amsterdam; Centre for Economic Policy Research - UK
摘要：The voluntary departure of hard-to-replace skilled workers worsens firm prospects, which can lead to additional departures. We develop a model in which firms design compensation to limit the risk of such worker runs. To achieve cost-efficient retention, firms combine fixed wages with dilutable compensation-such as vesting equity or bonus pools-which pays remaining workers more when others leave but gets diluted otherwise. Compensating (identical) workers with differently structured compensatio...
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作者：Green, Daniel; Roth, Benjamin n.
作者单位：Harvard University
摘要：Portfolio allocation decisions increasingly incorporate social values. We develop a tractable framework to study how competition between investors to own socially valuable assets affects social welfare. Relative to the most common social-investing strategies, we identify alternative strategies that result in higher impact and higher financial returns. We identify strategies for investors to have impact when impact is difficult to measure. From the firm's perspective, increasing profitability c...
