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作者：Antill, Samuel; Clayton, Christopher
作者单位：Harvard University; Yale University; National Bureau of Economic Research
摘要：We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations also relieve bank balance-sheet congestion, enabling new firm loans that generate positive collateral externalities by lowering bank borrowing rates. Socially optimal interventions encourage liquidation when firms have high operat...
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作者：Gropper, Michael J.; Kuhnen, Camelia M.
作者单位：University of Colorado System; University of Colorado Boulder; University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research
摘要：Using administrative data for 63,000 individuals across 2,500,000 person-month observations, we find that wealthier individuals have better life insurance coverage, controlling for the value of the asset insured, namely, the consumption needs of dependents. This positive wealth-insurance correlation, which is surprising given the prevailing view that wealth substitutes for insurance, persists after allowing for wealth-related differences in risk or bequest preferences, pricing, background risk...
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作者：Hanley, Kathleen
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作者：Zator, Michal
作者单位：University of Notre Dame
摘要：I show that households work and earn more (less) when their floating-rate mortgage payments quasi-exogenously increase (decrease). The response is sizable and asymmetric: on average, households adjust their income by 35% of the change in their mortgage payment, but the response is significantly stronger following an increase in payments. While men in dual-earner, childless households respond the most on average, the asymmetry is most pronounced for women and young workers, who respond particul...
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作者：Greenwood, Robin; Sammon, Marco
作者单位：Harvard University
摘要：The abnormal return associated with a stock being added to the S&P 500 has fallen from an average of 7.4% in the 1990s to less than 1% over the past decade. This has occurred despite a significant increase in the share of stock market assets linked to the index. A similar pattern has occurred for index deletions, with large negative abnormal returns during the 1990s but an average return of only 0.1% between 2010 and 2020. We investigate the drivers of this phenomenon and discuss implications ...
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作者：Duchin, Ran; Gao, Janet; Xu, Qiping
作者单位：Boston College; Georgetown University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We study the asset market for pollutive plants. Firms divest pollutive plants in response to environmental pressures. Buyers are firms facing weaker environmental pressures that have supply chain relationships or joint ventures with the sellers. While pollution levels do not decline following divestitures, sellers highlight their sustainable policies in subsequent conference calls, earn higher returns as they sell more pollutive plants, and benefit from higher Environmental, Social, and Govern...
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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...
