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作者：Niepelt, Dirk
作者单位：University of Bern; Centre for Economic Policy Research - UK; University of Bern
摘要：We analyze the role of retail central bank digital currency (CBDC) and reserves when banks exert deposit market power and liquidity transformation entails externalities. Optimal monetary architecture minimizes the social costs of liquidity provision, and optimal monetary policy follows modified Friedman rules. Interest rates on reserves and CBDC should differ. Calibrations robustly suggest that CBDC provides liquidity more efficiently than deposits unless the central bank must refinance banks ...
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作者：Hvide, Hans k.; Meling, Tom G.; Mogstad, Magne; Vestad, Ola L.
作者单位：University of Bergen; University System of Ohio; Ohio State University; University of Chicago; Statistics Norway; National Bureau of Economic Research; IFS; Centre for Economic Policy Research - UK; University of Aberdeen
摘要：We study the effects of broadband internet use on the investment decisions of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market participation, driven primarily by increased fund ownership. Existing investors tilt their portfolios toward funds, thereby obtaining more diversified portfolios and higher Sharpe ratios, and do not increase t...
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作者：Gorbenko, Alexander S.; Malenko, Andrey
作者单位：University of London; University College London; University of London; University College London; Boston College; Center for Economic & Policy Research (CEPR)
摘要：We study initiation of takeover auctions by potential buyers and the seller. A bidder's indication of interest reveals that she is optimistic about the target. If bidders' values have a substantial common component, as in takeover battles between financial bidders, this effect disincentivizes bidders from indicating interest, and auctions are seller-initiated. Conversely, in private-value auctions, such as battles between strategic bidders, equilibria can feature both seller- and bidder-initia...
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作者：Jiang, Zhengyang; Richmond, Robert j.; Zhang, Tony
作者单位：Northwestern University; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve System Board of Governors; New York University
摘要：We use a portfolio-based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the U.S. NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts partially offset this widening. Moreover, U.S. privilege declined after 2010, in line with increasing foreign demand for U.S. equity. We also highlight a quantity dimension of the U.S. priv...
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作者：Kelly, Bryan; Malamud, Semyon; Zhou, Kangying
作者单位：Yale University; National Bureau of Economic Research; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; Yale University
摘要：Much of the extant literature predicts market returns with simple models that use only a few parameters. Contrary to conventional wisdom, we theoretically prove that simple models severely understate return predictability compared to complex models in which the number of parameters exceeds the number of observations. We empirically document the virtue of complexity in U.S. equity market return prediction. Our findings establish the rationale for modeling expected returns through machine learni...
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作者：Goldstein, Itay; Gupta, Deeksha; Sverchkov, Ruslan
作者单位：University of Pennsylvania; Johns Hopkins University; University of Warwick
摘要：We show that utility tokens can limit the rent-seeking activities of two-sided platforms with market power while preserving efficiency gains due to network effects. We model platforms where buyers and sellers can meet to exchange services. Tokens serve as the sole medium of exchange on a platform and can be traded in a secondary market. Tokenizing a platform commits a firm to give up monopolistic rents associated with the control of the platform, leading to long-run competitive prices. We show...
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作者：Flanagan, Thomas; Purnanandam, Amiyatosh
作者单位：University System of Ohio; Ohio State University; University of Michigan System; University of Michigan
摘要：Financial institutions received investments under the Troubled Asset Relief Program in a bad state of the world but repaid them in a relatively good state. We show that the recipients paid considerably lower returns to taxpayers compared to private-market securities with similar risk over the same investment horizon, resulting in a subsidy of over $50 billion on the preferred equity investment by the government. Ex-post renegotiation of contract terms limited the upside gains received by taxpa...
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作者：Berger, Elizabeth A.; Seegert, Nathan
作者单位：University of Houston System; University of Houston; Utah System of Higher Education; University of Utah
摘要：We investigate the economic value of cash management. In the legal marijuana industry, where only half of businesses have access to cash management services from a financial institution, we examine dispensary profitability using administrative and survey data. Our results show that businesses with cash management charge higher retail prices (8.3%), pay lower wholesale prices (7.3%), and have higher sales volume (19%). Together, these advantages create a 40% increase in profitability. These res...
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作者：Dessaint, Olivier; Foucault, Thierry; Fresard, Laurent
作者单位：INSEAD Business School; Hautes Etudes Commerciales (HEC) Paris; Universita della Svizzera Italiana; INSEAD Business School
摘要：Existing research suggests that alternative data are mainly informative about short-term future outcomes. We show theoretically that the availability of short-term-oriented data can induce forecasters to optimally shift their attention from the long term to the short term because it reduces the cost of obtaining short-term information. Consequently, the informativeness of their long-term forecasts decreases, even though the informativeness of their short-term forecasts increases. We test and c...
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作者：Reuben, Ernesto; Sapienza, Paola; Zingales, Luigi
作者单位：New York University; New York University Abu Dhabi; Northwestern University; University of Chicago; Northwestern University
摘要：We study when preferences for competition are a positive economic trait among high earners and the extent to which this trait can explain the gender gap in income among a master's degree in business administration (MBAs). Consistent with the experimental evidence, preferences for competition are a positive economic trait only for individuals who are not overconfident. Preferences for competition correlate with income only at graduation when bonuses are guaranteed and not a function of performa...
