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作者：Kundu, Shohini
作者单位：University of California System; University of California Los Angeles
摘要：Closed-end funds are thought to have negligible fire sale risk as they have stable funding. However, I show that embedded covenants can generate price pressure in collateralized loan obligation (CLO) funds, even though such funds are closed end. Loans held by constrained CLOs report significantly lower cumulative returns than loans held by unconstrained CLOs. This can be explained by contractual arbitrage, a practice by which CLOs exploit loopholes in the design of covenants to mechanically lo...
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作者：D'Andrea, Angelo; Limodio, Nicola
作者单位：European Central Bank; Bank of Italy; Bocconi University; Bocconi University; Bocconi University
摘要：Exploiting the staggered arrival of fiber-optic submarine cables, we show that highspeed internet promotes the role of banks and credit in Africa. Variation within country and across multicountry bank networks indicates that high-speed internet induced a 22% expansion in credit supply. We investigate the role of plummeting telecommunication costs in promoting the bank adoption of new financial technologies and study a specific technology used in the interbank market, the real-time gross settle...
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作者：Chiong, Khai Xiang; Shum, Matthew; Webb, Ryan; Chen, Richard
作者单位：University of Texas System; University of Texas Dallas; California Institute of Technology; University of Toronto
摘要：Endogenous response time data are increasingly becoming available to applied researchers of economic choices. However, the usefulness of such data for preference estimation is unclear. Here, we adapt a sequential sampling model-previously validated to jointly explain subjects' choices and response times in laboratory experiments-to model users' responses to video advertisements on mobile devices in a field setting. Our estimates of utility correlate positively with out-of-sample measures of ad...
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作者：Boyaci, Tamer; Canyakmaz, Caner; de Vericourt, Francis
作者单位：Ozyegin University
摘要：The rapid adoption of artificial intelligence (AI) technologies by many organizations has recently raised concerns that AI may eventually replace humans in certain tasks. In fact, when used in collaboration, machines can significantly enhance the complementary strengths of humans. Indeed, because of their immense computing power, machines can perform specific tasks with incredible accuracy. In contrast, human decision makers (DMs) are flexible and adaptive but constrained by their limited cogn...
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作者：Pallara, Kevin; Renne, Jean-Paul
作者单位：European Central Bank; Bank of Italy; University of Lausanne
摘要：This paper proposes a methodology to price bonds jointly issued by a group of countries-Eurobonds in the euro-area context. We consider two types of bonds; the first is backed by several and joint guarantees (SJGs), and the second features several but not joint guarantees (SNJGs). The pricing of SJG and SNJG bonds reflects different assumptions regarding the pooling of debtors' fiscal resources. We estimate fiscal limits for the six largest euro-area economies over 2008-2021 and deduce counter...
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作者：Wu, Zhiyan; Naldi, Lucia; Wennberg, Karl; Uman, Timur
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Jonkoping University; Stockholm School of Economics
摘要：We build on recent studies on daughter-to-father influence to explore how male founders' fatherhood of daughters impacts female representation in their ventures. We find that, conditional on the total number of children, fathering an additional daughter ver-sus a son is associated with a 4% (11%) increase in female director (employee) representa-tion. This daughter-to-father effect gradually matures as daughters grow up and socialize in schools and workplaces, and it increases as daughters age...
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作者：Zhang, Donghang; Zhang, Yafei; Zhao, Yijia (Eddie)
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Manchester; Alliance Manchester Business School; University of Massachusetts System; University of Massachusetts Boston
摘要：Using a dataset on syndicated loan primary market pricing adjustments, we examine whether relationship banks' information advantage facilitates price discovery in loan issuances. We find that the lead bank makes fewer adjustments to the initial pricing terms of a syndicated loan and shortens the syndication time when it has a stronger relationship with the borrower. A stronger relationship also reduces loan underpricing. A relationship lead bank relies less on information from syndicate member...
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作者：Lan, Chunhua; Wermers, Russ
作者单位：University of New Brunswick; University System of Maryland; University of Maryland College Park
摘要：We measure the ability of professional investment managers in timing cashflow versus discount-rate news, the two components of market returns. We find that the average U.S. equity mutual fund exhibits cashflow-timing skills of 1.77%/year, but discount-rate timing of -0.87%/year; furthermore, cashflow-timing skills, but not discount-rate timing skills, strongly persist over future quarters. Our evidence indicates that misspecification of markettiming abilities accounts for the failure of prior ...
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作者：Danis, Andrea; Gamba, Andrea
作者单位：University System of Georgia; Georgia Institute of Technology; University of Warwick
摘要：There have been several cases in recent years where credit default swap (CDS) buyers and sellers intervene in the restructuring of a distressed firm. We show theoretically that this can increase firm value. Intervention by CDS buyers solves the commitment problem between equity and debt holders but increases the probability of inefficient liquidation. Intervention by CDS sellers reduces the issue of excessive liquidation while keeping the benefits of CDS buyer intervention. Having both types o...
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作者：Chen, Fadong; Zhu, Zhi; Shen, Qiang; Krajbich, Ian; Hare, Todd A.
作者单位：Zhejiang University; Zhejiang University; Shanghai International Studies University; University System of Ohio; Ohio State University; University System of Ohio; Ohio State University; University of Zurich
摘要：Do people have well-defined social preferences waiting to be applied when making decisions? Or do they have to construct social decisions on the spot? If the latter, how are those decisions influenced by the way in which information is acquired and evaluated? These temporal dynamics are fundamental to understanding how people trade off selfishness and prosociality in organizations and societies. Here, we investigate how the temporal dynamics of the choice process shape social decisions in thre...
