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作者：Grullon, Gustavo; Ikenberry, David L.
作者单位：Rice University
摘要：Theory posits that when managers anticipate excess capacity, average q becomes a biased estimator of marginal q as the potential for underutilizing new capital reduces the marginal benefit of investing. After correcting for this source of measurement error, the explanatory power of Tobin's q substantially improves in time-series and cross-sectional regressions as well as in out-of-sample tests. These findings, together with a secular erosion in capacity utilization, help explain why corporate ...
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作者：Hatfield, John william; Kominers, Scott duke; Lowery, Richard
作者单位：University of Texas System; University of Texas Austin; Harvard University; Harvard University
摘要：High commissions in the U.S. residential real estate agency market pose a puzzle for economic theory because brokerage is not a concentrated industry. We model brokered markets as a game in which agents post prices for customers and then choose which other agents to work with. We show that there exists an equilibrium in which each agent conditions working with other agents on those agents' posted prices. Prices can therefore be meaningfully higher than the competitive level (for a fixed discou...
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作者：Catherine, Sylvain; Miller, Max; Sarin, Natasha
作者单位：University of Pennsylvania; Harvard University; Yale University
摘要：Recent influential work finds large increases in inequality in the United States based on measures of wealth concentration that notably exclude the value of social insurance programs. This paper shows that top wealth shares have not changed much over the last three decades when Social Security is properly accounted for. This is because Social Security wealth increased substantially from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90...
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作者：Guenzel, Marius
作者单位：University of Pennsylvania
摘要：Sunk costs are unrecoverable costs that should not affect decision making. I provide evidence that firms systematically fail to ignore sunk costs and that this leads to significant investment distortions. In fixed-exchange-ratio stock mergers, aggregate market fluctuations after parties enter into a binding merger agreement induce plausibly exogenous variation in the final acquisition cost. These quasi-random cost shocks strongly predict firms' commitment to an acquired business following deal...
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作者：Donaldson, Jason Roderick; Gromb, Denis; Piacentino, Giorgia
作者单位：University of Southern California; Centre for Economic Policy Research - UK; Hautes Etudes Commerciales (HEC) Paris; National Bureau of Economic Research
摘要：We develop a theory of secured debt, unsecured debt, and debt with anti-dilution covenants. We assume that, as in practice, covenants convey the right to accelerate if violated, but the new secured debt retains its priority even if issued in violation of covenants. We find that such covenants are nonetheless useful: They provide state-contingent financing flexibility, balancing over- and underinvestment incentives. The optimal debt structure is multilayered, combining secured and unsecured deb...
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作者：Bhutta, Neil; Hizmo, Aurel; Ringo, Daniel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We assess racial discrimination in mortgage approvals using confidential data on mortgage applications. Minority applicants tend to have lower credit scores and higher leverage, and are less likely to receive algorithmic approval from race-blind automated underwriting systems (AUS). Observable applicant-risk factors explain most of the racial disparities in lender denials. Further, exploiting the AUS data, we show there are risk factors we do not observe, and these factors at least partially e...
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作者：Kaplan, Steven N.
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research
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作者：Ke, Da
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：This paper highlights the simple fact that households typically consist of multiple members who may hold divergent views, a fact that existing approaches to measuring and modeling household macroeconomic expectations largely abstract from. Using unique data on the macroeconomic expectations of both spouses, I document substantial intrahousehold disagreement about inflation, economic recessions, and stock market returns. I further show that household asset allocation decisions are shaped by dis...
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作者：Di Maggio, Marco; Ma, Angela; Williams, Emily
作者单位：Imperial College London; Boston College; Harvard University
摘要：The reordering of transactions from high-to-low is a controversial bank practice thought to maximize fees paid by low-income customers on overdrawn accounts. We exploit a series of class-action lawsuits that mandated that some banks cease the practice. Using alternative credit bureau data, we find that after banks cease high-to-low reordering, low-income individuals reduce payday borrowing, increase consumption, realize long-term improvements in financial health, and gain access to lower-cost ...
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作者：Hoffmann, Florian; Vladimirov, Vladimir
作者单位：University of Amsterdam
摘要：We investigate a seller's strategic choice between optimally structured negotiations with fewer bidders and an auction with more competing bidders when payments can have a contingent component, as is common in mergers and acquisitions (M&A), patent licensing, and employee compensation. The key factor favoring negotiations is that it allows the seller to set her preferred payment structure-that is, the revenue-maximizing mix of cash and contingent pay; reserve prices are of secondary importance...
