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作者：Dick-Nielsen, Jens; Gyntelberg, Jacob; Thimsen, Christoffer
作者单位：Copenhagen Business School; Danish Finance Institute; Aarhus University
摘要：We extract cost of capital measures for banks using analyst earnings forecasts, which we show are unbiased. We find that the cost of equity and the cost of debt decrease in the Tier 1 ratio, whereas total cost of capital is uncorrelated with the Tier 1 ratio. These findings suggest that investors adjust their return expectations for banks in accordance with the Modigliani-Miller conservation-of-risk principle. Hence, increased capital requirements are not made socially costly based on a notion...
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作者：Pursiainen, Vesa
作者单位：University of St Gallen
摘要：A more positive cultural trust bias by an equity analyst's country of origin toward a firm's headquarter country is associated with significantly more positive stock recommendations. The cultural bias effect is stronger for eponymous firms whose names mention their home country and varies over time, increasing with negative sentiment. I find evidence of a negative North-South bias during the European debt crisis and United Kingdom-Europe divergence amid Brexit. Share price reactions to recomme...
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作者：Meeuwis, Maarten; Parker, Jonathan A.; Schoar, Antoinette; Simester, Duncan
作者单位：Washington University (WUSTL); Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Using proprietary financial data on millions of households, we show that likely-Republicans increased the equity share and market beta of their portfolios following the 2016 presidential election, while likely-Democrats rebalanced into safe assets. We provide evidence that this behavior was driven by investors interpreting public information based on different models of the world. We use detailed controls to rule out the main nonbelief-based channels such as income hedging needs, preferences, ...
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作者：Falato, Antonio; Kadyrzhanova, Dalida; Sim, Jae; Steri, Roberto
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Luxembourg
摘要：This paper explores the connection between rising intangible capital and the secular upward trend in U.S. corporate cash holdings. We calibrate a dynamic model with two productive assets-tangible and intangible capital-in which only tangible capital can serve as collateral. We highlight the following points: (i) a shift toward intangible capital shrinks firms' debt capacity and leads them to hold more cash, (ii) the effect accounts for three-quarters of the observed trend in average cash ratio...
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作者：Chang, Yen-cheng; Hsiao, Pei-jie; Ljungqvist, Alexander; Tseng, Kevin
作者单位：National Taiwan University; National Taiwan University; Research Institute of Industrial Economics (IFN); Stockholm School of Economics; Swedish House of Finance; Centre for Economic Policy Research - UK
摘要：We provide plausibly identified evidence for the role of investor disagreement in asset pricing. Our natural experiment exploits the staggered implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, which induces a reduction in investor disagreement. Consistent with models of investor disagreement, EDGAR inclusion helps resolve disagreement around information events, leading to stock price corrections. The reduction in disagreement following EDGAR inclusion als...
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作者：Pan, Yihui; Pikulina, Elena S.; Siegel, Stephan; Wang, Tracy Yue
作者单位：Utah System of Higher Education; University of Utah; University of British Columbia; University of Washington; University of Washington Seattle; University of Minnesota System; University of Minnesota Twin Cities
摘要：We examine equity markets' reaction to the first-time disclosure of the CEO-worker pay ratio by U.S. public companies in 2018. We find that firms disclosing higher pay ratios experience significantly lower abnormal announcement returns. Firms whose shareholders are more inequality-averse experience a more negative market response to high pay ratios. Furthermore, during 2018 more inequality-averse investors rebalance their portfolios away from stocks with a high pay ratio relative to other inve...
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作者：Beshears, John; Choi, James J.; Laibson, David; Madrian, Brigitte C.; Skimmyhorn, William L.
作者单位：Harvard University; National Bureau of Economic Research; Yale University; Brigham Young University
摘要：Does automatic enrollment into a retirement plan increase financial distress due to increased borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired civilian employees into the Thrift Savings Plan. Four years after hire, automatic enrollmentincreases cumulative contributions to the plan by 4.1% of annual salary, but we find little evidence ofincreased financial distress. Automatic enrollment causes no significant change in...
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作者：Rebelo, Sergio; Wang, Neng; Yang, Jinqiang
作者单位：Northwestern University; National Bureau of Economic Research; Columbia University; Shanghai Institute of International Finance & Economics
摘要：We propose a model of sovereign debt in which countries vary in their level of financial development, defined as the extent to which they can issue debt denominated in domestic currency in international capital markets. We show that low levels of financial development generate the debt intolerance phenomenon that plagues emerging markets: it reduces overall debt capacity, increases credit spreads, and limits the country's ability to smooth consumption.
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作者：Sherman, Mila Getmansky; Tookes, Heather E.
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Yale University
摘要：We present new data on female representation in the academic finance profession. In our sample of finance faculty at top-100 U.S. business schools during 2009 to 2017, only 16.0% are women. The gender imbalance manifests in several ways. First, after controlling for research productivity, women hold positions at lower ranked institutions and are less likely to be full professors. Results also suggest that they are paid less. Second, women publish fewer papers. This gender gap exists in researc...
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作者：Chodorow-Reich, Gabriel; Falato, Antonio
作者单位：Harvard University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We document the importance of covenant violations in transmitting bank health to nonfinancial firms. Roughly one-third of loans in our supervisory data breach a covenant during the 2008 to 2009 period, allowing lenders to force a renegotiation of loan terms or to accelerate repayment of otherwise long-term credit. Lenders in worse health are more likely to force a reduction in the loan commitment following a violation. The reduction in credit to borrowers who violate a covenant can account for...
