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作者：Baghai, Ramin P.; Silva, Rui C.; Thell, Viktor; Vig, Vikrant
作者单位：Stockholm School of Economics; Universidade Nova de Lisboa; University of London; London Business School; Northwestern University
摘要：The importance of skilled labor and the inalienability of human capital expose firms to the risk of losing talent at critical times. Using Swedish microdata, we document that firms lose workers with the highest cognitive and noncognitive skills as they approach bankruptcy. In a quasi-experiment, we confirm that financial distress drives these results: following a negative export shock caused by exogenous currency movements, talent abandons the firm, but only if the exporter is highly leveraged...
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作者：Falato, Antonio; Hortacsu, Ali; Li, Dan; Shin, Chaehee
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
摘要：Fire sales induced by investor redemptions have powerful spillover effects among funds that hold the same assets, hurting peer funds' performance and flows, and leading to further asset sales with negative bond price impact. A one-standard-deviation increase in our fire-sale spillover measure leads to a 45 (90) bp decrease in peer fund returns (flows) and a two percentage point increase in the likelihood of a large bond price drop. The results hold in a regression-discontinuity design addressi...
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作者：Gao, Can; Martin, Ian W. R.
作者单位：Imperial College London; University of London; London School Economics & Political Science
摘要：We define a sentiment indicator based on option prices, valuation ratios, and interest rates. The indicator can be interpreted as a lower bound on the expected growth in fundamentals that a rational investor would have to perceive to be happy to hold the market. The bound was unusually high in the late 1990s, reflecting dividend growth expectations that in our view were unreasonably optimistic. Our approach exploits two key ingredients. First, we derive a new valuation ratio decomposition that...
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作者：Tuzel, Selale; Ben Zhang, Miao
作者单位：University of Southern California
摘要：Do investment tax incentives improve job prospects for workers? We explore states' adoption of a major federal tax incentive that accelerates the depreciation of equipment investments for eligible firms but not for ineligible ones. Analyzing massive establishment-level data sets on occupational employment and computer investment, we find that when states expand investment incentives, eligible firms immediately increase their equipment and skilled employees; whereas they reduce routine-task emp...
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作者：Lee, Jiyoon
作者单位：Yonsei University
摘要：I examine the effects of information asymmetry-driven mispricing on security issuance. Using predisclosure changes in purchase obligations as a proxy for information asymmetry-driven mispricing, I find that managers avoid (prefer) issuing securities when they perceive their firms to be undervalued (overvalued). The effects of information asymmetry-driven mispricing are stronger on equity issuance than debt issuance. Consequently, undervaluation (overvaluation) causes an increase (decrease) in ...
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作者：Donaldson, Jason Roderick; Piacentino, Giorgia; Thakor, Anjan
作者单位：Washington University (WUSTL); Centre for Economic Policy Research - UK; National Bureau of Economic Research; European Corporate Governance Institute
摘要：We explain why banks and nonbank intermediaries coexist in a model based only on differences in their funding costs. Banks enjoy a low cost of capital due to safety nets and money-like liabilities. We show that this can actually be a disadvantage: it generates a soft-budget-constraint problem that makes it difficult for banks to credibly threaten to withhold additional funding to failed projects. Nonbanks emerge to solve this problem. Their high cost of capital is an advantage: it allows them ...
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作者：Haddad, Valentin; Muir, Tyler
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Poor financial health of intermediaries coincides with low asset prices and high risk premiums. Is this because intermediaries matter for asset prices, or because their health correlates with economy-wide risk aversion? In the first case, return predictability should be more pronounced for asset classes in which households are less active. We provide evidence supporting this prediction, suggesting that a quantitatively sizable fraction of risk premium variation in several large asset classes s...
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作者：Pastor, Lubos; Veronesi, Pietro
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; National Bank of Slovakia
摘要：Motivated by the recent rise of populism in Western democracies, we develop a tractable equilibrium model in which a populist backlash emerges endogenously in a strong economy. In the model, voters dislike inequality, especially the high consumption of elites. Economic growth exacerbates inequality due to heterogeneity in preferences , which leads to heterogeneity in returns on capital. In response to rising inequality, voters optimally elect a populist promising to end globalization. Equality...
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作者：Bernstein, Asaf
作者单位：University of Colorado System; University of Colorado Boulder
摘要：Using U.S. household-level data and plausibly exogenous variation in the location-timing of home purchases with a single lender, I find that negative home equity causes a 2% to 6% reduction in household labor supply. Supporting causality, households are observationally equivalent at origination and equally sensitive to local housing shocks that do not cause negative equity. Results also hold comparing purchases within the same year-metropolitan statistical area that differ by only a few months...
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作者：Benetton, Matteo
摘要：I develop a structural model of mortgage demand and lender competition to study how leverage regulation affects the U.K. mortgage market. Using variation in risk-weighted capital requirements across lenders and mortgages with different loan-to-values (LTVs), I show that a 1-percentage-point increase in risk-weighted capital requirements increases lenders' marginal cost of originating mortgages by about 26 basis points (11%) on average. I use the estimated model to study proposed leverage regul...
