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作者：Brown, James R.; Gustafson, Matthew T.; Ivanov, Ivan T.
作者单位：Iowa State University; Iowa State University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Unexpectedly severe winter weather, which is arguably exogenous to firm and bank fundamentals, represents a significant cash flow shock for bank-borrowing firms. Firms respond to these shocks by drawing on and increasing the size of their credit lines. Banks charge borrowers for this liquidity via increased interest rates and less borrower-friendly loan provisions. Credit line adjustments occur within one calendar quarter of the shock and persist for at least nine months. Overall, we provide e...
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作者：Barber, Brad M.; Jiang, Wei; Morse, Adair; Puri, Manju; Tookes, Heather; Werner, Ingrid M.
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; University of California System; University of California Berkeley; United States Department of the Treasury; Duke University; National Bureau of Economic Research; Yale University; University System of Ohio; Ohio State University
摘要：Based on a survey of American Finance Association members, we analyze how demographics, time allocation, production mechanisms, and institutional factors affect research production during the pandemic. Consistent with the literature, research productivity falls more for women and faculty with young children. Independently, and novel, extra time spent on teaching (much more likely for women) negatively affects research productivity. Also novel, concerns about feedback, isolation, and health hav...
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作者：Chen, Yong; Han, Bing; Pan, Jing
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Toronto; Southern Methodist University
摘要：In the presence of sentiment fluctuations, arbitrageurs may engage in different strategies leading to dispersed sentiment exposures. We find that hedge funds in the top decile ranked by sentiment beta outperform those in the bottom decile by 0.59% per month on a risk-adjusted basis, with the spread being larger among skilled funds. We also find that about 10% of hedge funds have sentiment timing skill that positively correlates with fund sentiment beta and contributes to fund performance. Our ...
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作者：Bordalo, Pedro; Gennaioli, Nicola; Shleifer, Andrei
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作者：Bachas, Pierre; Gertler, Paul; Higgins, Sean; Seira, Enrique
作者单位：The World Bank; University of California System; University of California Berkeley; Northwestern University; Instituto Tecnologico Autonomo de Mexico
摘要：We study an at-scale natural experiment in which debit cards were given to cash transfer recipients who already had a bank account. Using administrative account data and household surveys, we find that beneficiaries accumulated a savings stock equal to 2% of annual income after two years with the card. The increase in formal savings represents an increase in overall savings, financed by a reduction in current consumption. There are two mechanisms. First, debit cards reduce transaction costs of...
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作者：Gormsen, Niels Joachim
作者单位：University of Chicago
摘要：I study the term structure of one-period expected returns on dividend claims with different maturity. I find that the slope of the term structure is countercyclical. The countercyclical variation is consistent with theories of long-run risk and habit, but these theories cannot explain the average downward slope. At the same time, the cyclical variation is inconsistent with recent models constructed to match the average downward slope. More generally, the average and cyclicality of the slope ar...
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作者：Hu, Yunzhi; Varas, Felipe
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Duke University
摘要：An entrepreneur borrows from a relationship bank or the market. The bank has a higher cost of capital but produces private information over time. While the entrepreneur accumulates reputation as the lending relationship continues, asymmetric information is also developed between the bank/entrepreneur and the market. In this setting, zombie lending is inevitable: Once the entrepreneur becomes sufficiently reputable, the bank will roll over loans even after learning bad news, for the prospect of...
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作者：Singleton, Kenneth J.
作者单位：Stanford University; National Bureau of Economic Research
摘要：Beliefs of professional forecasters are benchmarked against those of a Bayesian econometrician BE who is learning about the unknown dynamics of the bond risk factors. Consistent with rational Bayesian learning, the forecast errors of individual professionals and BE are comparably predictable over the business cycle. The secular and cyclical patterns of professionals' forecasts relative to those of BE are explored in depth. Inconsistent with many models with belief dispersion, the relationship ...
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作者：Kaplan, Steven N.; Sorensen, Morten
作者单位：National Bureau of Economic Research; University of Chicago; Centre for Economic Policy Research - UK; Copenhagen Business School
摘要：Using 2,603 executive assessments, we study how CEO candidates differ from candidates for other top management positions, particularly CFOs. More than half of the variation in the 30 assessed characteristics is explained by four factors that we interpret as general ability, execution (vs. interpersonal), charisma (vs. analytical), and strategic (vs. managerial). CEO candidates have more extreme factor scores that differ significantly from those of CFO candidates. Conditional on being considere...
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作者：Liu, Tingjun; Bernhardt, Dan
作者单位：University of Hong Kong; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Warwick
摘要：In our target-initiated theory of takeovers, a target approaches potential acquirers that privately know their standalone values and merger synergies, where higher synergy acquirers tend to have larger standalone values. Despite their information disadvantage, targets can extract all surplus when synergies and standalone values are concavely related by offering payment choices that are combinations of cash and equity. Targets exploit the reluctance of high-valuation acquirers to cede equity cl...
