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作者：Acharya, Viral v.; Crosignani, Matteo; Eisert, Tim; Eufinger, Christian
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK; Universidade Nova de Lisboa; University of Navarra
摘要：We show that zombie credit-subsidized credit to nonviable firms-has a disinflationary effect. By keeping these firms afloat, zombie credit creates excess aggregate supply, thereby putting downward pressure on prices. Granular European data on inflation, firms, and banks confirm this mechanism. Markets affected by a rise in zombie credit experience lower firm entry and exit, capacity utilization, markups, and inflation, as well as a misallocation of capital and labor, which results in lower pro...
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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：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：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...
