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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：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：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：Bybee, Leland; Kelly, Bryan; Manela, Asaf; Xiu, Dacheng
作者单位：Yale University; National Bureau of Economic Research; Washington University (WUSTL); University of Chicago
摘要：We propose an approach to measuring the state of the economy via textual analysis of business news. From the full text of 800,000 Wall Street Journal articles for 1984 to 2017, we estimate a topic model that summarizes business news into interpretable topical themes and quantifies the proportion of news attention allocated to each theme over time. News attention closely tracks a wide range of economic activities and can forecast aggregate stock market returns. A text-augmented vector autoregre...
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作者：Acharya, Viral V.; Rajan, Raghuram
作者单位：New York University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; National Bureau of Economic Research; University of Chicago
摘要：Central bank balance sheet expansion, through actions like quantitative easing, is run through commercial banks. While this increases liquid central bank reserves held on commercial bank balance sheets, demandable uninsured deposits issued to finance the reserves also increase. Subsequent shrinkage in the central bank balance sheet may entail shrinkage in bank-held reserves without a commensurate reduction in deposit claims. Furthermore, during episodes of liquidity stress, when many claims on...
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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：Gourier, Elise; Phalippou, Ludovic; Westerfield, Mark M.
作者单位：ESSEC Business School; Centre for Economic Policy Research - UK; University of Oxford; University of Washington; University of Washington Seattle
摘要：Twelve trillion dollars are allocated to private market funds that require outside investors to commit to transferring capital on demand. We show within a novel dynamic portfolio allocation model that ex-ante commitment has large effects on investors' portfolios and welfare, and we quantify those effects. Investors are underallocated to private market funds and are willing to pay a larger premium to adjust the quantity committed than to eliminate other frictions, like timing uncertainty and li...
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作者：Agarwal, Vikas; Ruenzi, Stefan; Weigert, Florian
作者单位：University System of Georgia; Georgia State University; University of Mannheim; University of Neuchatel
摘要：We investigate hedge fund firms' unobserved performance (UP), measured as the risk-adjusted return difference between a firm's reported gross return and its portfolio return inferred from its disclosed long-equity holdings. Firms with high UP outperform those with low UP by 6.36% per annum on a risk-adjusted basis. UP is negatively associated with a firm's trading costs and positively associated with intraquarter trading in equity positions, derivatives usage, short selling, and confidential h...
