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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：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：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：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：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...
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作者：Bradley, Daniel; Jame, Russell; Williams, Jared
作者单位：State University System of Florida; University of Florida; University of Kentucky
摘要：Non-deal roadshows (NDRs) are private meetings between management and institutional investors, typically organized by sell-side analysts. We find that around NDRs, local institutional investors trade heavily and profitably, while retail trading is significantly less informed. Analysts who sponsor NDRs issue significantly more optimistic recommendations and target prices, together with more beatable earnings forecasts, consistent with analysts issuing strategically biased forecasts to win NDR b...
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作者：Fuster, Andreas; Goldsmith-Pinkham, Paul; Ramadorai, Tarun; Walther, Ansgar
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Yale University; Imperial College London
摘要：Innovations in statistical technology in functions including credit-screening have raised concerns about distributional impacts across categories such as race. Theoretically, distributional effects of better statistical technology can come from greater flexibility to uncover structural relationships or from triangulation of otherwise excluded characteristics. Using data on U.S. mortgages, we predict default using traditional and machine learning models. We find that Black and Hispanic borrower...
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作者：Ge, Shan
作者单位：New York University
摘要：I identify the effects of financial constraints on firms' product pricing decisions, using insurance groups containing both life and property & casualty (P&C) divisions. Following P&C divisions' losses, life divisions change prices in a manner that can generate more immediate financial resources: premiums fall (rise) for life policies that immediately increase (decrease) insurers' financial resources. Premiums change more in groups that are more constrained. Life divisions increase transfers t...
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作者：Zhang, Tony
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper explores the role of trade invoicing currencies in the international spillover of monetary policy. Using high-frequency measures of Federal Reserve monetary policy shocks, I show that exchange rates, interest rates, and equity returns in countries with a larger share of dollar-invoiced imports systematically respond more to U.S. monetary policy. I document similar transmission effects from European Central Bank (ECB) monetary policy shocks to countries with euro-invoiced imports. I ...
