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作者：Chetty, Raj; Sandor, Laszlo; Szeidl, Adam
作者单位：Stanford University; National Bureau of Economic Research
摘要：We show that characterizing the effects of housing on portfolios requires distinguishing between the effects of home equity and mortgage debt. We isolate exogenous variation in home equity and mortgages by using differences across housing markets in house prices and housing supply elasticities as instruments. Increases in property value (holding home equity constant) reduce stockholdings, while increases in home equity wealth (holding property value constant) raise stockholdings. The stock sha...
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作者：Fagereng, Andreas; Gottlieb, Charles; Guiso, Luigi
作者单位：Statistics Norway; Centre for Economic Policy Research - UK
摘要：Using error-free data on life-cycle portfolio allocations of a large sample of Norwegian households, we document a double adjustment as households age: a rebalancing of the portfolio composition away from stocks as they approach retirement and stock market exit after retirement. When structurally estimating an extended life-cycle model, the parameter combination that best fits the data is one with a relatively large risk aversion, a small per-period participation cost, and a yearly probability...
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作者：Cohen, Lauren; Gurun, Umit G.; Malloy, Christopher
作者单位：Harvard University; National Bureau of Economic Research; University of Texas System; University of Texas Dallas
摘要：Using customs and port authority data, we show that firms are significantly more likely to trade with countries that have a large resident population near their firm headquarters, and that these connected trades are their most valuable international trades. Using the formation of World War II Japanese internment camps to isolate exogenous shocks to local ethnic populations, we identify a causal link between local networks and firm trade. Firms are also more likely to acquire target firms, and ...
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作者：Schmalz, Martin C.; Sraer, David A.; Thesmar, David
作者单位：University of Michigan System; University of Michigan; University of California System; University of California Berkeley; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：We show that collateral constraints restrict firm entry and postentry growth, using French administrative data and cross-sectional variation in local house-price appreciation as shocks to collateral values. We control for local demand shocks by comparing treated homeowners to controls in the same region that do not experience collateral shocks: renters and homeowners with an outstanding mortgage, who (in France) cannot take out a second mortgage. In both comparisons, an increase in collateral ...
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作者：Nagel, Stefan
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作者：Haddad, Valentin; Loualiche, Erik; Plosser, Matthew
作者单位：Princeton University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present value of performance gains and decreases the cost of holding an illiquid investment. A panel of U.S. buyouts confirms this view. The risk premium shapes changes in buyout characteristics over the cycle...
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作者：Chernenko, Sergey
作者单位：University System of Ohio; Ohio State University
摘要：I study the incentives of the collateral managers who selected securities for ABS CDOs-securitizations that figured prominently in the financial crisis. Specialized managers without other businesses that could suffer negative reputational consequences invested in low-quality securities underwritten by the CDO's arranger. These securities performed significantly worse than observationally similar securities. Managers investing in these securities were rewarded with additional collateral managem...
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作者：Schallheim, Jim
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作者：Riedl, Arno; Smeets, Paul
作者单位：Tilburg University; Maastricht University; Maastricht University; Maastricht University
摘要：To understand why investors hold socially responsible mutual funds, we link administrative data to survey responses and behavior in incentivized experiments. We find that both social preferences and social signaling explain socially responsible investment (SRI) decisions. Financial motives play less of a role. Socially responsible investors in our sample expect to earn lower returns on SRI funds than on conventional funds and pay higher management fees. This suggests that investors are willing...
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作者：Schallheim, Jim
