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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：Barbiero, Francesca; Schepens, Glenn; Sigaux, Jean-David
作者单位：European Central Bank; European Central Bank
摘要：This paper shows that the liquidation value of collateral depends on the interdependency between borrower and collateral risk. Using transaction-level data on short-term repurchase agreements (repo), we show that borrowers pay a premium of 1.1 to 2.6 basis points when their default risk is positively correlated with the risk of the collateral that they pledge. Moreover, we show that borrowers internalize this premium when making their collateral choices. Loan-level credit registry data suggest...
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作者：Buchak, Greg
作者单位：Stanford University; Stanford University
摘要：Unlike traditional firm production, gig economy workers provide their own physical capital. As a consequence, the low-income households for whom gig economy opportunities are most valuable often borrow to participate. In the context of ride share, difference-in-difference analysis reveals increased vehicle purchases, borrowing, utilization, and employment around entry, but financially constrained individuals cannot participate. To assess the equilibrium importance of financing, I build and est...
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作者：Ferreira, Daniel; Nikolowa, Radoslawa
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of London; Queen Mary University London; University of London; London School Economics & Political Science
摘要：We develop a theory in which financial (and other professional services) firms design career structures to sell prestigious jobs to qualified candidates. Firms create less prestigious entry-level jobs, which serve as currency for employees to pay for the right to compete for the more prestigious jobs. In optimal career structures, entry-level employees (associates) compete for better-paid and more prestigious positions (managing directors or partners). The model provides new implications relat...
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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：Shen, Lin; Zou, Junyuan
作者单位：INSEAD Business School; INSEAD Business School
摘要：Policymakers frequently use guarantees to mitigate panic-based runs in the financial system. We analyze a binary-action coordination game under the global games framework and propose a novel intervention program that screens investors based on their heterogeneous beliefs about the system's stability. The program only attracts investors who are at the margin of running, and their participation boosts all investors' confidence in the financial system. Compared with government guarantee programs,...
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作者：Bauer, Michael; Chernov, Mikhail
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Centre for Economic Policy Research - UK; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Conditional skewness of Treasury yields is an important indicator of the risks to the macroeconomic outlook. Positive skewness signals upside risk to interest rates during periods of accommodative monetary policy and an upward-sloping yield curve, and vice versa. Skewness has substantial predictive power for future bond excess returns, high-frequency interest rate changes around Federal Open Market Committee announcements, and survey forecast errors for interest rates. The estimated expectatio...
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作者：Levit, Doron; Malenko, Nadya; Maug, Ernst
作者单位：University of Washington; University of Washington Seattle; European Corporate Governance Institute; Boston College; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of Mannheim; University of Mannheim
摘要：We study shareholder voting in a model in which trading affects the composition of the shareholder base. Trading and voting are complementary, which gives rise to self-fulfilling expectations about proposal acceptance and multiple equilibria. Prices and shareholder welfare can move in opposite directions, so the former may be an invalid proxy for the latter. Relaxing trading frictions can reduce welfare because it allows extreme shareholders to gain more weight in voting. Delegating decision-m...
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作者：Benmelech, Efraim; Kumar, Nitish; Rajan, Raghuram
作者单位：Northwestern University; National Bureau of Economic Research; State University System of Florida; University of Florida; University of Chicago; Northwestern University
摘要：The share of secured debt issued (as a fraction of total corporate debt) declined steadily in the United States over the twentieth century. This stems partly from financial development giving creditors greater confidence that high-quality borrowers will respect their claims even if creditors do not obtain security upfront. Consequently, such borrowers prefer retaining financial flexibility by not giving security up front. Instead, security is given contingently-when a firm approaches distress....
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作者：Hassan, Tarek A.; Hollander, Stephan; Van Lent, Laurence; Tahoun, Ahmed
作者单位：Boston University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Tilburg University; Frankfurt School Finance & Management; University of London; London Business School; Boston University
摘要：We propose a text-based method for measuring the cross-border propagation of large shocks at the firm level. We apply this method to estimate the expected costs, benefits, and risks of Brexit and find widespread reverberations in listed firms in 81 countries. International (i.e., non-U.K.) firms most exposed to Brexit uncertainty (the second moment) lost significant market value and reduced hiring and investment. International firms also overwhelmingly expected negative first-moment impacts fr...
