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作者：Chen, Zhuo; Lu, Andrea; Zhu, Xiaoquan
作者单位：Tsinghua University; University of Melbourne; University of International Business & Economics
摘要：Hedge funds with larger macroeconomic-risk betas do not earn higher returns, in contrast to the theoretically predicted risk-return trade-off. Meanwhile, high macrobeta funds deliver higher returns than low macro-beta funds following a low-sentiment period, whereas the risk-return relation is flat following a high-sentiment period. We show that the sophisticated management of hedge funds explains this pattern. The relation between funds' macro-risk betas and the timing abilities/investor flows...
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作者：Davis, Andrew M.; Hyndman, Kyle
作者单位：Cornell University; University of Texas System; University of Texas Dallas
摘要：We investigate a bargaining setting between an informed player, who has private information, and an uninformed player. The informed player has the option to truthfully disclose private information in two unique environments. In the first environment, the informed player is randomly matched with an uninformed player and, after matching, can voluntarily disclose private information prior to a negotiation taking place. In the second environment, the informed player can voluntarily disclose privat...
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作者：Amini, Shahram; Mackinlay, Andrew; Rountree, Brian; Weston, James
作者单位：University of Denver; Louisiana State University System; Louisiana State University; Rice University; Rice University
摘要：Recent studies suggest monitoring increases during economic downturns. In this study, we test whether firms' abnormal investment activity changes across the business cycle. Focusing on recessions, we find that firms not only curtail overinvestment but also reduce underinvestment, with the combined effect representing a significant 9% of average investment. Employing various proxies for monitoring intensity, we demonstrate that stronger governance mechanisms are associated with more pronounced ...
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作者：Lu, Shirley
摘要：Building on prior literature showing that green bond issuance signals a firm's environmental commitment, this paper provides empirical evidence on a mechanism that gives credibility to this signal: reputational bonding through increased media coverage. Compared with matched firms, media coverage of a firm's environmental performance increases significantly after issuing green bonds. This increase persists over time and extends to aspects of environmental performance that go beyond the contract...
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作者：Rzeznik, Aleksandra
作者单位：York University - Canada
摘要：This paper examines how market uncertainty impacts the liquidity premium through a demand-side channel. I find that equity mutual funds actively increase the liquidity of their portfolios in response to increased redemptions during market stress. Liquidity preservation is more intense for funds more exposed to strategic complementarities. I show that a stock's relative illiquidity within a fund's portfolio is a key determinant in flow-induced rebalancing decisions, whereby funds follow a liqui...
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作者：Li, You; Tan, Weiqiang; Yao, Daifei; Zhang, Tian
作者单位：Macau University of Science & Technology; Education University of Hong Kong (EdUHK); Griffith University; University of Hong Kong
摘要：We study how households understand and respond to monetary policy by exploiting the open auctions of early-stage crowdfunding and inferring individuals' expectations based on their maximum requested interest rates. Using loan listings from Prosper, we find that borrowers adjust their willingness-to-pay interest rates in response to unexpected Federal funds rate changes, whereas anticipated shifts have negligible effects. These responses are more pronounced among high-income, high-credit-score ...
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作者：Hamdi, Naser; Kalda, Ankit; Sovich, David
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Kentucky
摘要：We examine the effects of student loan forbearance on job search outcomes. Our experimental setting is the 2020 federal student loan moratorium that provided some borrowers with forbearance by pausing the payments on their student loans. We use data on unemployment insurance claims, payroll records, and credit histories to compare unemployed borrowers who received forbearance to unemployed borrowers who had to continue making payments. We find that the payment pause did not have any economical...
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作者：Vijairaghavan, Vaarun; Hidaji, Hooman; Nault, Barrie R.
作者单位：University of Calgary
摘要：Many jurisdictions have implemented data portability regulation (DPR) that requires that Data Controllers (DCs) enable users to download their personal data so that they can port their data to competing DCs. The intention of DPR is to return partial control of data to users, improve user choice of DCs, increase DC participation in the market, and reduce industry concentration. To achieve this, if nonmonetary corrective measures (e.g., warnings, orders to comply) to obtain portability complianc...
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作者：[Anonymous]
摘要：Although artificial intelligence (AI) has the potential to drive significant business innovation, many firms struggle to realize its benefits. We investigate why some firms succeed in using AI for innovation, whereas others fail, focusing on the organizational support necessary for leveraging AI in both novel and incremental innovation. Specifically, we examine how the lean startup method (LSM) influences the impact of AI on product innovation in startups. Analyzing data from 1,800 Chinese sta...
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作者：Klingler, Sven; Sundaresan, Suresh; Moran, Michael
作者单位：Frankfurt School Finance & Management; Columbia University
摘要：Sponsors of corporate defined benefit (DB) pension plans in the United States transferred $155 billion pension obligations to insurance companies between 2012 and 2022. These pension risk transfers (PRTs) reduced the pool of corporate DB plan participants by 12% and are a huge business for the involved insurers. We assemble a new PRT database and highlight three features of PRTs: (i) the burden associated with mandatory Pension Benefit Guaranty Corporation (PBGC) insurance premiums drives PRT ...
