作者：Schoar, Antoinette; Yeung, Kelvin; Zuo, Luo
作者单位：Massachusetts Institute of Technology (MIT); City University of Hong Kong; Cornell University
摘要：Tracking the movement of top managers across firms, we document the importance of manager-specific fixed effects in explaining heterogeneity in firm exposures to systematic risk. In equilibrium, manager fixed effects on systematic risk are positively related with manager fixed effects on stock returns. These differences in systematic risk are partially explained by managers' corporate strategies, such as their preferences for internal growth and financial conservatism. The early career experie...
作者：Robatto, Roberto
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper evaluates liquidity requirements and public liquidity injections in the context of financial crises, using a model that includes near-money assets. Some key effects are transmitted through liquidity premia and the price of liquid assets, producing a heterogeneous impact that depends on an agent's holdings of liquid assets. In addition, some agents prefer policies that do not fully relax their liquidity constraints because these policies are associated with higher prices. Liquidity r...
