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作者：Olsson, Martin; Tag, Joacim
作者单位：Research Institute of Industrial Economics (IFN)
摘要：Privatization of state-owned enterprises is on the agenda across the globe. Using Swedish data covering two decades, we show that productivity gains and headcount reductions are associated with economic costs for incumbent workers. Workers experience income losses and higher unemployment, but half of the losses are covered by the social safety net. We also find small positive effects on entrepreneurship and cash holdings but no meaningful effects on other labor market, family, health, or house...
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作者：Costain, James; Nuno, Galo; Thomas, Carlos
作者单位：Banco de Espana
摘要：We build an arbitrage-based model of the yield curves in a heterogeneous monetary union with sovereign default risk, which accounts for the asymmetric shifts in euro-area yields during the Covid-19 pandemic. We derive an affine term structure solution, and decompose yields into expectations, term premium, expected default loss, and credit risk premium components. In an extension, we endogenize the peripheral default probability, showing that it decreases with central bank bond holdings. Calibr...
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作者：Flanagan, Thomas
作者单位：University System of Ohio; Ohio State University
摘要：Using a novel data set of realized syndicated loan cash flows and a risk-adjustment methodology adapted from the private equity literature, I provide a measure of risk-adjusted returns for bank loan cash flows. Banks, on average, generate 180 basis points in gross risk-adjusted returns and add $75 million of value annually to their loan portfolios. Banks earn higher returns when they lend to financially constrained borrowers, and the risk-adjusted performance of bank loan portfolios exhibits p...
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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：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...
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作者：Lewellen, Katharina
摘要：The paper examines the decision-making, compensation, and turnover of female CEOs in U.S. hospitals. Contrary to the literature on lower-ranked executives and directors in public firms, there is no evidence that gender differences in preferences for risk or altruism affect decision-making of hospital CEOs: corporate policies do not shift when women take (or leave) office, and male and female CEOs respond similarly to a major financial shock. However, female CEOs earn lower salaries, face flatt...
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作者：Lee, Tomy; Wang, Chaojun
作者单位：University of Pennsylvania
摘要：Over-the-counter (OTC) trading thrives despite competition from exchanges. We let OTC dealers cream skim from exchanges in an otherwise standard Glosten and Milgrom framework. Restricting the dealer's ability to cream skim induces cheap substitution: some traders exit while others with larger gains from trade enter. Cheap substitution implies trading costs, trade volumes, and market shares are poor policy indicators. In a benchmark case, restricting the dealer raises welfare only if trading co...
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作者：Malenko, Andrey; Malenko, Nadya; Spatt, Chester
作者单位：Boston College; Carnegie Mellon University
摘要：We analyze how a profit-maximizing proxy advisor designs vote recommendations and research reports. The advisor benefits from producing informative, unbiased reports, but only partially informative recommendations, biased against the a priori likely alternative. Such recommendations induce close votes, increasing controversy and thereby the relevance and value of proxy advice. Our results suggest shifting from an exclusive emphasis on recommendations, highlighting the importance of both report...
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作者：Olsson, Martin; Tag, Joacim
作者单位：Research Institute of Industrial Economics (IFN)
摘要：Privatization of state-owned enterprises is on the agenda across the globe. Using Swedish data covering two decades, we show that productivity gains and headcount reductions are associated with economic costs for incumbent workers. Workers experience income losses and higher unemployment, but half of the losses are covered by the social safety net. We also find small positive effects on entrepreneurship and cash holdings but no meaningful effects on other labor market, family, health, or house...
