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作者：Adelino, Manuel; Cheong, Sophia Chiyoung; Choi, Jaewon; Oh, Ji Yeol Jimmy
作者单位：Duke University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Hang Seng University of Hong Kong; Seoul National University (SNU); Korea University
摘要：This paper investigates how capital supply from mutual funds affects municipal bond financing, making three key contributions. First, we introduce an identification strategy using the rule-based update of Morningstar ratings for 5-year-old funds, isolating supply-side effects from fund and issuer fundamentals. The results indicate that exogenous fund flows increase bond issuance probability and decrease yields. Second, these fund flows lead to more issuances when funds and issuers are connecte...
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作者：Sastry, Parinitha
作者单位：University of Pennsylvania
摘要：Government-provided flood insurance contracts have strict coverage limits, leaving some households underinsured against flood risk. This paper exploits these strict coverage limits as well as staggered flood map updates to show that mortgage lenders screen for uninsurable flood risk by requiring lower loan-to-value ratios at origination. This credit rationing leads delinquency rates to equalize inside and outside of flood zones, and shifts the composition of mortgage borrowers in flood zones t...
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作者：Beaumont, Paul; Tang, Huan; Vansteenberghe, Eric
作者单位：McGill University; University of Pennsylvania; Centre for Economic Policy Research - UK; European Central Bank; Bank of France
摘要：This paper investigates the impact of introducing junior unsecured loans (i.e., FinTech loans) into the small business lending market. Using French administrative data, we find that firms experience a 13% increase in bank credit after receiving a FinTech loan. We use propensity score matching procedures and a shift-share instrument to account for credit demand. The credit increase only occurs when FinTech borrowers invest in new assets, and Fintech borrowers are subsequently more likely to ple...
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作者：Tomunen, Tuomas
作者单位：Boston College
摘要：I test whether asset prices reflect risk exposures of financial intermediaries in a setting well-suited to tackling concerns about omitted risk factors. I analyze catastrophe bonds whose cash flows are linked to natural disasters and find that 71% of the security-level variation in expected returns can be explained by a theoretically motivated measure of intermediaries' marginal utility. Assuming natural disasters are independent of aggregate wealth, this result is inconsistent with any altern...
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作者：Filipovic, Zoran M.; Wagner, Alexander F.
作者单位：Universite PSL; Universite Paris-Dauphine; University of Zurich; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Swiss Finance Institute (SFI)
摘要：Mergers and acquisitions are often motivated by an intention to create value from intangible assets. We develop a word list of intangibles and apply it to takeover announcements. One standard deviation more in intangible-related language (intangibles talk) lowers announcement returns for the acquirer by 0.53 percentage points and predicts worse operating performance. Bidder managers appear to believe in the deals nonetheless, as evidenced by insider trades, payment choices, and completion prob...
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作者：Rodemeier, Matthias
作者单位：Bocconi University
摘要：This paper estimates willingness to pay (WTP) for carbon mitigation from demand for carbon offsets in a field experiment with an online supermarket. The experiment randomizes whether the firm subsidizes the price of the offset or matches the offset's impact on carbon mitigation. Consumers are price-elastic but fully impact-inelastic, implying that they buy the offset but their WTP for the carbon it mitigates is zero. If the firm informs consumers that it contributes to the offset costs, WTP in...
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作者：Naaraayanan, S. Lakshmi; Sachdeva, Kunal; Sharma, Varun
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; University of Michigan System; University of Michigan; Indiana University System; Pennsylvania State System of Higher Education (PASSHE); Indiana University Bloomington; Indiana University of Pennsylvania
摘要：We study the real effects of environmental activist investing. Using plant-chemical-level data, we find that targeted firms reduce their production-related emissions. Air quality improvements in the vicinity of targeted plants suggest potentially significant externalities for local economies. Reductions come from increased abatement expenditures and on-site source reduction initiatives, which negatively affect the financial performance of targeted firms. We rule out alternative explanations, i...
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作者：Terovitis, Spyros; Vladimirov, Vladimir
作者单位：University of Amsterdam
摘要：By aggregating information into stock prices, financial markets help guide the allocation of resources. We show that speculators without information about firms' fundamentals can exploit this role of prices and profit from inflating firm valuations. Uninformed speculation is profitable because high valuations attract employees, business partners, and investors, creating value at targeted firms at the cost of diverting resources from better firms. Both large and small speculators, without pre-e...
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作者：Cho, Thummim; Grotteria, Marco; Kremens, Lukas; Kung, Howard
作者单位：Korea University; University of London; London Business School; Centre for Economic Policy Research - UK; University of Washington; University of Washington Seattle
摘要：We introduce a present-value identity relating a firm's market value to expected future markups, output growth, discount rates, and investments. Distinguishing current from expected markups reveals five empirical facts: (1) Expected markups account for half the rise in U.S. firm values since 1980. (2) The rise in aggregate expected markups reflects market-share reallocation toward high-expected-markup firms and within-firm increases. (3) Expected markups are linked to intangible investments. (...
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作者：Neuhann, Daniel; Sefidgaran, Seyedmahyar (mayar); Sockin, Michael
作者单位：University of Texas System; University of Texas Austin; Baylor University
摘要：We examine how portfolio regulations affect risk sharing between financial institutions with market power. Unconstrained access to complete markets permits flexible exploitation of market power and induces inefficient risk sharing. Appropriate portfolio restrictions counteract this, improving liquidity and risk sharing by bundling securities with offsetting strategic incentives. However, excessive regulation can be counterproductive, destroying gains from trade. An application of our theory sh...
