-
作者：Zingales, Luigi
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Academics' view of the benefits of finance vastly exceeds societal perception. This dissonance is at least partly explained by an underappreciation by academia of how, without proper rules, finance can easily degenerate into a rent-seeking activity. I outline what finance academics can do, from a research point of view and from an educational point of view, to promote good finance and minimize the bad.
-
作者：Goldstein, Itay; Yang, Liyan
作者单位：University of Pennsylvania; University of Toronto
摘要：We analyze a model in which different traders are informed of different fundamentals that affect the security value. We identify a source for strategic complementarities in trading and information acquisition: aggressive trading on information about one fundamental reduces uncertainty in trading on information about the other fundamental, encouraging more trading and information acquisition on that fundamental. This tends to amplify the effect of exogenous changes in the underlying information...
-
作者：Campbell, John Y.; Cocco, Joao F.
作者单位：Harvard University; National Bureau of Economic Research; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：In this paper, we solve a dynamic model of households' mortgage decisions incorporating labor income, house price, inflation, and interest rate risk. Using a zero-profit condition for mortgage lenders, we solve for equilibrium mortgage rates given borrower characteristics and optimal decisions. The model quantifies the effects of adjustable versus fixed mortgage rates, loan-to-value ratios, and mortgage affordability measures on mortgage premia and default. Mortgage selection by heterogeneous ...
-
作者：Giannetti, Mariassunta; Liao, Guanmin; Yu, Xiaoyun
作者单位：Stockholm School of Economics; Central University of Finance & Economics; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We study the impact of directors with foreign experience on firm performance in emerging markets. Using a unique data set from China, we exploit the introduction of policies to attract talented emigrants and increase the supply of individuals with foreign experience in different provinces at different times. We document that performance increases after firms hire directors with foreign experience and identify the channels through which the emigration of talent may lead to a brain gain. Our fin...
