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作者：Daley, Brendan; Green, Brett; Vanasco, Victoria
作者单位：Johns Hopkins University; Washington University (WUSTL); Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：We develop a framework to explore the effect of credit ratings on loan origination. We show that ratings endogenously shift the economy from a signaling equilibrium, in which banks inefficiently retain loans to signal quality, toward an originate-to-distribute equilibrium with zero retention and inefficiently low lending standards. Ratings increase overall efficiency, provided that the reduction in costly retention more than compensates for the origination of some negative net present value lo...
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作者：Rampini, Adriano A.; Viswanathan, S.; Vuillemey, Guillaume
作者单位：Duke University; Hautes Etudes Commerciales (HEC) Paris
摘要：We study risk management in financial institutions using data on hedging of interest rate and foreign exchange risk. We find strong evidence that institutions with higher net worth hedge more, controlling for risk exposures, across institutions and within institutions over time. For identification, we exploit net worth shocks resulting from loan losses due to declines in house prices. Institutions that sustain such shocks reduce hedging significantly relative to otherwise-similar institutions....
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作者：Kostovetsky, Leonard; Warner, Jerold B.
作者单位：Boston College; University of Rochester
摘要：We study innovation and product differentiation using a uniqueness measure based on textual analysis of prospectuses. We find that small and start-up families have higher start rates than larger families, and their products are more unique. Unique strategies attract more inflows in the first three years, and investors respond more to text-based uniqueness than other measures such as holdings or returns uniqueness. For established funds, word uniqueness has weak negative power for explaining re...
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作者：Nutz, Marcel; Scheinkman, Jose A.
作者单位：Columbia University; Princeton University; National Bureau of Economic Research
摘要：In models of trading with heterogeneous beliefs following Harrison-Kreps, short selling is prohibited and agents face constant marginal costs-of-carry. The resale option guarantees that prices exceed buy-and-hold prices and the difference is identified as a bubble. We propose a model where risk-neutral agents face asymmetric increasing marginal costs on long and short positions. Here, agents also value an option to delay, and a Hamilton-Jacobi-Bellman equation quantifies the influence of costs...
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作者：Farre-Mensa, Joan; Hegde, Deepak; Ljungqvist, Alexander
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; New York University; Stockholm School of Economics; Swedish House of Finance
摘要：We provide evidence on the value of patents to startups by leveraging the quasi-random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win the patent lottery by drawing lenient examiners have, on average, 55% higher employment growth and 80% higher sales growth five years later. Patent winners also pursue more, and higher quality, follow-...
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作者：Xiao, Yizhou
作者单位：Chinese University of Hong Kong
摘要：I examine the possibility of information-based trading in a multiperiod consumption setting. I develop a necessary and sufficient condition for trade to occur. Intertemporal substitution introduces a desire to correlate current consumption with future aggregate shocks. When agents have heterogeneous time-inseparable preferences, information differentially affects relative preferences for current and future consumption, making information-based trading mutually acceptable. The no-trade result c...
