作者：Cieslak, Anna; Morse, Adair; Vissing-Jorgensen, Annette
作者单位：Duke University; Center for Economic & Policy Research (CEPR); University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We document that since 1994, the equity premium is earned entirely in weeks 0, 2, 4, and 6 in Federal Open Market Committee (FOMC) cycle time, that is, even weeks starting from the last FOMC meeting. We causally tie this fact to the Fed by studying intermeeting target changes, Fed funds futures, and internal Board of Governors meetings. The Fed has affected the stock market via unexpectedly accommodating policy, leading to large reductions in the equity premium. Evidence suggests systematic in...
作者：Badoer, Dominique C.; Demiroglu, Cem; James, Christopher M.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Koc University; State University System of Florida; University of Florida
摘要：Past studies document that incentive conflicts may lead issuer-paid credit rating agencies to provide optimistically biased ratings. In this paper, we present evidence that investors question the quality of issuer-paid ratings and raise corporate bond yields where the issuer-paid rating is more positive than benchmark investor-paid ratings. We also find that some firms with favorable issuer-paid ratings substitute public bonds with borrowings from informed intermediaries to mitigate the lemons...
作者：Gupta, Arpit
作者单位：New York University
摘要：In this paper, I identify shocks to interest rates resulting from two administrative details in adjustable-rate mortgage contract terms: the choice of financial index and the choice of lookback period. I find that a 1 percentage point increase in interest rate at the time of adjustable-rate mortgage (ARM) reset results in a 2.5 percentage increase in the probability of foreclosure in the following year, and that each foreclosure filing leads to an additional 0.3 to 0.6 completed foreclosures w...
