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作者：Harris, Milton; Opp, Christian C.; Opp, Marcus M.
作者单位：University of Chicago; University of Rochester; National Bureau of Economic Research; Stockholm School of Economics; Centre for Economic Policy Research - UK
摘要：We propose a tractable framework to examine the role of intermediary capital in the allocation and pricing of credit. In our model, regulated financial intermediaries compete with unregulated investors, targeting distributions of heterogeneous borrowers. We derive a sufficient statistic that characterizes intermediaries' cross-sectional lending decisions and provide a novel intermediary asset pricing equation that accounts for the endogenous segmentation of marginal investors across securities...
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作者：Sakaguchi, Hiroaki; Gathergood, John; Stewart, Neil
作者单位：University of Warwick; University of Nottingham; University of Nottingham; University of Warwick
摘要：We examine round number preferences and left-digit bias in credit card repayments. We show half of all manual credit card payments are at a small set of roundnumber values, although all values between the statement minimum and balance were permissible. We use minimum payments, which place a floor on the payment value, to measure the strength of rounding behavior in a natural experiment. We find that when the minimum payment level just rules out a round number from the bottom of the range of po...
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作者：Dathan, Michele; Davydenko, Sergei
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Toronto
摘要：Passive bond funds provide predictable demand for newly issued corporate bonds included in popular indices. By issuing index-eligible bonds, firms can take advantage of this passive demand and improve bond characteristics unrelated to index eligibility. To this end, firms issue a disproportionate number of bonds with face value just sufficient to be included in major bond indices. Higher passive demand is associated with larger bonds. Following an increase in the index size threshold, some fir...
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作者：Chen, Bo; Knyazev, Dmitriy
作者单位：Shenzhen University; University of Vienna
摘要：This paper introduces a second-price auction with a flexible reserve price, where the reserve price for the top bidder is not fixed but rather determined as a function of all losing bids. We show that when bidders are ex ante heterogeneous, a second-price auction with an optimally chosen flexible reserve price not only generates strictly higher expected revenue than that of a second-price auction with any fixed reserve price but is also revenue-maximizing among all mechanisms that implement di...
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作者：Cunningham, Colleen; Kapacinskaite, Aldona
作者单位：Utah System of Higher Education; University of Utah; INSEAD Business School
摘要：This study investigates the use of a prevalent but rarely studied form of intellectual property protection: trade secrecy. Building on existing survey evidence of firm-level, cross-sectional use of secrecy, we document the effect of stronger legal protections for trade secrets on the project-level use of such secrets. Our setting is the U.S. oil and gas hydraulic fracturing industry, from 2014 to 2018, in states where firms are required to disclose fracturing fluid ingredients to regulators ex...
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作者：Hardouvelis, Gikas; Karalas, Georgios; Vayanos, Dimitri
作者单位：University of Piraeus; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：We study the relationship between the distribution of investor beliefs, the breadth of ownership, and expected returns in a model where stocks differ in the intensity of disagreement and in the extent to which beliefs are polarized, as measured by the number of optimists and pessimists relative to moderates. Polarization explains the size-dependent relationship between breadth and expected returns that we find empirically: positive for large stocks and negative for small stocks. We also find e...
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作者：Atir, Stav; Dunning, David
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Michigan System; University of Michigan
摘要：Education is a primary engine for gaining knowledge, yet it is unclear if introductory education helps learners gain meta-knowledge, that is, an accurate awareness of the scope and limits of their knowledge. We found that after taking an introductory finance class, relative to a control class, students overclaimed more knowledge they did not have, that is, endorsed more familiarity with bogus finance terms and expressed more confidence under incentives in their ability to answer questions abou...
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作者：Davis, Douglas; Cox, Caleb; Korenok, Oleg; Lightle, John
作者单位：Virginia Commonwealth University
摘要：Financial market regulators have long debated the appropriate frequency of mandatory corporate financial disclosures. Whereas frequent disclosures may help deter overinvestment, they may also encourage short-termism. This paper reports an experiment that examines the effects of varying reporting frequencies on managerial investment decisions. Experimental results indicate that frequent reporting modestly induces shorttermism, but it fails to reduce the overinvestment observed in the infrequent...
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作者：Evans, Richard B.; Karaka, Oguzhan; Moussawi, Rabih; Young, Michael
作者单位：University of Virginia; University of Cambridge; Villanova University; University of Pennsylvania; University of Missouri System; University of Missouri Columbia
摘要：The short-selling of exchange-traded funds (ETFs) creates phantom ETF shares, trading at market prices, with cash flow rights but no associated voting rights. Unlike regular ETF shares backed by underlying securities, which are voted as directed by the ETF sponsor, phantom ETF shares are typically hedged by the underlying basket as part of marketmaking activities and result in a significant number of sidelined votes of underlying securities. We find that increases in phantom shares for the cor...
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作者：Leitter, Zheng; Koonce, Lisa; White, Brian
作者单位：Nanyang Technological University; University of Texas System; University of Texas Austin; Cornell University
摘要：Disclosures about a business acquisition help investors understand what assets are acquired and how the acquiring company plans to benefit from the transaction. However, in practice, these disclosures exhibit significant variation and often fall short of providing meaningful information to investors. Our experiment provides evidence that separately identifying intangible assets acquired in a business combination (i.e., what was acquired) can compensate for shortcomings in an acquirer's disclos...
