作者：Bolton, Patrick; Li, Ye; Wang, Neng; Yang, Jinqiang
作者单位：Centre for Economic Policy Research - UK; Imperial College London; University of London; London Business School; University of Washington; University of Washington Seattle; Shanghai Institute of International Finance & Economics; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：We propose a theory of banking in which banks cannot perfectly control deposit flows. Facing uninsurable loan and deposit shocks, banks dynamically manage lending, wholesale funding, deposits, and equity. Deposits create value by lowering funding costs. However, when the bank is undercapitalized and at risk of breaching leverage requirements, the marginal value of deposits can turn negative as deposit inflows, by raising leverage, increase the likelihood of costly equity issuance. Banks' inabi...
作者：van Binsbergen, Jules; Hua, Sophia; Peeters, Jonas; Wachter, Jessica
作者单位：University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Using international data, we quantify the magnitude of survivorship bias in U.S. equity market performance, finding that it explains about one-third of the equity risk premium in the past century. We model the subjective crash belief of an investor who infers the crash risk in the United States by cross-learning from other countries. The U.S. crash probability shows a persistent and widening divergence from the implied global average. We attribute the upward bias in the measured equity premium...
作者：Chen, Jun; Ewens, Michael
作者单位：Columbia University
摘要：This paper examines venture capital's (VC) role in the geographic clustering of high-growth startups. We exploit a rule change that disproportionately impacted U.S. regions that historically lacked VC financing via a restriction of banks to invest in the asset class. A one-standard-deviation increase in VCs' exposure to the rule led to a 20% decline in fund size and a 10% decrease in the likelihood of raising a follow-on fund. Startups were not wholly cushioned: financing and valuations declin...
