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作者：Hau, Harald; Huang, Yi; Lin, Chen; Shan, Hongzhe; Sheng, Zixia; Wei, Lai
作者单位：University of Geneva; Swiss Finance Institute (SFI); Fudan University; University of Hong Kong; Lingnan University
摘要：Based on automated credit lines to vendors trading on Alibaba's online retail platform and a discontinuity in the credit decision algorithm, we document that a vendor's access to FinTech credit boosts its sales growth, transaction growth, and the level of customer satisfaction gauged by product, service, and consignment ratings. These effects are more pronounced for vendors characterized by greater information asymmetry about their credit risk and less collateral, which reveals the information...
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作者：Ewens, Michael; Nanda, Ramana; Stanton, Christopher
作者单位：Columbia University; Imperial College London; Harvard University
摘要：We show theoretically that a critical determinant of the attractiveness of venture capital (VC)-backed entrepreneurship for high-earning potential founders is the expected time to develop a startup's initial product. This is because founder-CEOs' cash compensation increases substantially after product development, alleviating the nondiversifiable risk that founders face at startup birth. Consistent with the model's predictions of where the supply of entrepreneurial talent is likely to be most ...
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作者：Begenau, Juliane; Siriwardane, Emil N.
作者单位：Stanford University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Harvard University; Stanford University
摘要：We study how investment fees vary within private equity funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management- and performance-based fees. Managers of venture capital funds and those in high demand are less likely to use multiple fee schedules. Some investors consistently pay lower fees relative to others within their funds. Investor size, experience, and past performance explain some but not all of t...
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作者：Charles, Constantin; Frydman, Cary; Kilic, Mete
作者单位：University of London; London School Economics & Political Science; University of Southern California
摘要：We experimentally study the transmission of subjective expectations into actions. Subjects in our experiment report valuations that are far too insensitive to their expectations, relative to the prediction from a frictionless model. We propose that the insensitivity is driven by a noisy cognitive process that prevents subjects from precisely computing asset valuations. The empirical link between subjective expectations and actions becomes stronger as subjective expectations approach rational e...
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作者：Jagannathan, Ravi
作者单位：Northwestern University; Northwestern University; Northwestern University
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作者：van Binsbergen, Jules; Han, Jungsuk; Ruan, Hongxun; Xing, Ran
作者单位：University of Pennsylvania; Seoul National University (SNU); Peking University; Stockholm University; Aarhus University; Stockholm University
摘要：We decompose mutual fund value added by the length of funds' holdings using transaction-level data. We motivate our decomposition with a model featuring horizon-specific investment ideas, where short-term ideas are less scalable because the associated trades cannot be spread over time. Fund turnover correlates negatively with the horizon over which value is added and positively with price impact costs. As predicted, holdings of high-turnover funds add a substantial amount of value in the first...
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作者：Cong, Lin William; Xiao, Yizhou
作者单位：Cornell University; National Bureau of Economic Research; Chinese University of Hong Kong; Cornell University
摘要：Economic interactions often involve sequential actions, observational learning, and contingent project implementation. We incorporate all-or-nothing thresholds in a canonical model of information cascades. Early supporters effectively delegate their decisions to a gatekeeper, resulting in unidirectional cascades without herding on rejections. Project proposers can consequently charge higher prices. Proposal feasibility, project selection, and information aggregation all improve, even when agen...
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作者：Fonseca, Julia; Liu, Lu
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Pennsylvania
摘要：We study the impact of rising mortgage rates on mobility and labor reallocation. Using individual-level credit record data and variation in the timing of mortgage origination, we show that a 1 percentage point decline in the difference between mortgage rates locked in at origination and current rates reduces moving by 9% overall and 16% between 2022 and 2024, and this relationship is asymmetric. Mortgage lock-in also dampens flows in and out of self-employment and the responsiveness to shocks ...
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作者：Hertzberg, Andrew
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：I present a model of consumption and savings for a multiperson household in which members are imperfectly altruistic, derive utility from both private and shared public goods, and share wealth. I show that, despite having standard exponential time preferences, the household is time-inconsistent: Members save too little and overspend on private consumption goods. The household remains time-inconsistent even when members save separately, because the possibility of voluntary transfers or joint co...
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作者：Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; Xiaolan, Mindy Z.
作者单位：Northwestern University; Stanford University; Columbia University; University of Texas System; University of Texas Austin
摘要：A higher U.S. government debt-to-output (D-O) ratio does not forecast higher surpluses or lower returns on Treasurys in the future. Neither future cash flows nor discount rates account for the variation in the current D-O ratio. The market valuation of Treasurys is surprisingly insensitive to macro fundamentals. Instead, the future D-O ratio accounts for most of the variation because the D-O ratio is highly persistent. Systematic surplus forecast errors may help account for these findings. Sin...
