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作者：Bizjak, John M.; Kalpathy, Swaminathan L.; Mihov, Vassil T.; Ren, Jue
作者单位：Texas Christian University
摘要：Maintaining economic output during the COVID-19 pandemic results in benefits for firm shareholders but comes at a potential cost to public health. Using store-level data, we examine how a CEO's political leaning impacts this trade-off. We document that firms with a Republican-leaning CEO experience a relative increase in store visits compared to firms with a Democratic-leaning CEO. The increase in store visits is associated with higher sales and positive abnormal stock returns. However, we als...
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作者：Schneider, Andres
作者单位：Federal Reserve System - USA
摘要：I propose a general equilibrium model with heterogeneous investors to explain the key properties of the U.S. real and nominal term structure of interest rates. I find that differences in investors' elasticities of intertemporal substitution are critical in accounting for the dynamics of nominal and real yields. The nominal term structure is driven primarily by real shocks so that it can be upward sloping regardless of the correlation between nominal and real shocks.
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作者：Meyer, Steffen; Pagel, Michaela
作者单位：University of Southern Denmark; Danish Finance Institute; Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We analyze how individuals reinvest realized capital gains and losses exploiting plausibly exogenous sales due to mutual fund liquidations. Individuals reinvest 83% if a forced sale results in a gain relative to the initial investment; but reinvest only 40% in the event of a loss. This difference is statistically significant for more than six months and arises because many individuals forced to realize a loss choose not to reinvest anything and some even exit the stock market altogether. Indiv...
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作者：Mueller, Holger; Yannelis, Constantine
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Chicago
摘要：We report evidence from a randomized field experiment conducted by a major student loan servicer, Navient, in which student loan borrowers received prepopulated applications for income-driven repayment (IDR) plans. Treatment increased IDR enrollment by 34 percentage points relative to the control group. Using the random treatment assignment as an instrument for IDR enrollment, we furthermore provide local average treatment effect (LATE) estimates of the effects of IDR enrollment on new delinqu...
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作者：Dennis, Patrick; Gerardi, Kristopher; Schenone, Carola
作者单位：University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：Institutions often own equity in multiple firms that compete in the same product market. Prior research has shown that these institutional common owners induce anticompetitive pricing behavior in the airline industry. This paper reevaluates this evidence and shows that the documented positive correlation between common ownership and airline ticket prices stems from the market share component of the common ownership measure, and not the ownership and control components. We further show that the...
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作者：Nawalkha, Sanjay K.; Zhuo, Xiaoyang
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Beijing Institute of Technology
摘要：This paper introduces a dynamic change of measure approach for computing analytical solutions of expected future prices (and therefore, expected returns) of contingent claims over a finite horizon. The new approach constructs hybrid probability measures called equivalent expectation measures (EEMs) that provide the physical expectation of the claim's future price before the horizon date, and serve as pricing measures on or after the horizon date. The EEM theory can be used for empirical invest...
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作者：Xu, Qiping; Zwick, E.
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作者：Schallheim, Jim
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作者：Hacamo, Isaac; Kleiner, Kristoph
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：Conventional wisdom suggests that labor market distress drives workers into temporary self-employment, lowering entrepreneurial quality. Analyzing employment histories for 640,000 U.S. workers, we document that graduating college during a period of high unemployment does increase entry to entrepreneurship. However, compared to voluntary entrepreneurs, firms founded by forced entrepreneurs are more likely to survive, innovate, and receive venture backing. Explaining these results, we confirm th...
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作者：Barrot, Jean-Noel; Loualiche, Erik; Plosser, Matthew; Sauvagnat, Julien
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - New York; Bocconi University
摘要：We analyze the effect of import competition on household balance sheets using individual data on consumer finances. We exploit variation in local industry exposure to foreign competition to study households' response to the income shock triggered by China's accession to the World Trade Organization. We show that household debt increases significantly in regions where manufacturing industries are more exposed to import competition. The effects are driven by home equity extraction and are concen...
