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作者：Chen, Alvin
作者单位：Stockholm School of Economics
摘要：The prevalence of pay based on risky firm outcomes for nonexecutive workers presents a puzzling departure from conventional contract theory, which predicts insurance provision by the firm. When workers at the same firm compete against each other for promotions, the optimal contract features pay based on firm outcomes as insurance against promotion risk. The model's predictions are consistent with many observed phenomena, such as performance-based vesting and overvaluation of equity pay by none...
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作者：Biermann, Marcus; Huber, Kilian
作者单位：University of Bielefeld; University of Chicago; University of Chicago
摘要：We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained themselves, and experienced lower real growth. We find that managers were Darwinist with respect to international affiliates but Socialist in the home country, that internal capital markets transmitted the credi...
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作者：Reher, Michael; Valkanov, Rossen
作者单位：University of California System; University of California San Diego
摘要：All-cash homebuyers account for one-third of U.S. home purchases between 1980 and 2017. We use multiple data sets and research designs to robustly estimate that mortgaged buyers pay an 11% premium over all-cash buyers to compensate home sellers for mortgage transaction frictions. A dynamic, representative-seller model implies only a 3% premium, which would suggest an 8% puzzle. Accounting for heterogeneity in selling conditions explains half of this difference, but a puzzle holds in conditions...
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作者：Davies, Shaun William; Van Wesep, Edward D.; Waters, Brian
作者单位：University of Colorado System; University of Colorado Boulder
摘要：We analyze a setting in which a board must hire a chief executive officer (CEO) after exerting effort to learn about the quality of each candidate. Optimal effort is asymmetric, implying asymmetric likelihoods of each candidate being chosen. If the board has an infinitesimal bias in favor of one candidate, it allocates effort to maximize the likelihood of that candidate being chosen. Even when the board's prior is that its preferred candidate is inferior, she may still be chosen most often. A ...
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作者：Caballero, Ricardo J.; Simsek, Alp
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Yale University; Centre for Economic Policy Research - UK
摘要：We analyze optimal monetary policy and its implications for asset prices when aggregate demand has inertia. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (above their steady-state levels consistent with current potential output). Overshooting leads to a temporary disconnect between the performance of financial markets and the real economy, but accelerates the recovery. When there is a lower bound constraint on the discount rate, good macroecono...
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作者：Fedyk, Anastassia
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：This paper estimates the effect of news positioning on the speed of price discovery, using exogenous variation in prominent (front-page) positioning of news articles on the Bloomberg terminal. Front-page articles see 240% higher trading volume and 176% larger absolute excess returns during the first 10 minutes after publication than equally important non-front-page articles. Overall, the information in front-page articles is fully incorporated into prices within an hour of publication. The res...
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作者：Chang, Huifeng; d'Avernas, Adrien; Eisfeldt, Andrea L.
作者单位：Fudan University; Stockholm School of Economics; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We provide a simple model of investment by a firm funded with debt and equity and empirical evidence to demonstrate that, once we control for the debt overhang problem with credit spreads, asset volatility is an unambiguously positive signal for investment, while equity volatility sends a mixed signal: Elevated volatility raises the option value of equity and increases investment for financially sound firms, but exacerbates debt overhang and decreases investment for firms close to default. Our...
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作者：Kremer, Ilan; Schreiber, Amnon; Skrzypacz, Andrzej
作者单位：Hebrew University of Jerusalem; University of Warwick; Bar Ilan University; Hebrew University of Jerusalem
摘要：We examine a dynamic disclosure model in which the value of a firm follows a random walk. Every period, with some probability, the manager learns the firm's value and decides whether to disclose it. The manager maximizes the market perception of the firm's value, which is based on disclosed information. In equilibrium, the manager follows a threshold strategy with thresholds below current prices. He sometimes reveals pessimistic information that reduces the market perception of the firm's valu...
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作者：Che, Yeon-Koo; Choe, Chongwoo; Rhee, Keeyoung
作者单位：Columbia University; Monash University; Sungkyunkwan University (SKKU)
摘要：We develop a model of bailout stigma in which accepting a bailout signals a firm's balance-sheet weakness and reduces its funding prospects. To avoid stigma, high-quality firms withdraw from subsequent financing after receiving bailouts or refuse bailouts altogether to send a favorable signal. The former leads to a short-lived stimulation followed by a market freeze even worse than if there were no bailout. The latter revives the funding market, albeit with delay, to the level achievable witho...
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作者：Malmendier, Ulrike; Wellsjo, Alexandra Steiny
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; University of California San Diego
摘要：We show that past inflation experiences strongly predict homeownership within and across countries. First, we collect novel survey data, which reveal inflation protection to be a key motivation for homeownership, especially after high inflation experiences. Second, using household data from 22 European countries, we find that higher exposure to historical inflation predicts higher homeownership rates. We estimate similar associations among immigrants to the United States who experienced differ...
