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作者：Cespedes, Jacelly; Parra, Carlos; Sialm, Clemens
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Pontificia Universidad Catolica de Chile; University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage in a chapter 13 bankruptcy until the Supreme Court disallowed this practice in 1993. We investigate the impact of mortgage cramdown on household distress exploiting the random assignment of cases to judges. The impact of bankruptcy protection on foreclosures is reduced by more than half after the Supreme Court disallowed cramdown. Our results suggest that large principal reductions considerably decrea...
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作者：Banerjee, Snehal; Davis, Jesse; Gondhi, Naveen
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; INSEAD Business School
摘要：Stock prices aggregate investor information about investment opportunities and reflect managerial performance. These dual roles may be in tension: when prices are more informative about investment opportunities, they may be less effective at incentivizing managerial effort. This tradeoff has novel consequences. Lower information costs can lead to both more efficient investment but lower firm value. The principal may strictly prefer to delegate investment to a manager who has no informational a...
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作者：Fang, Xiang; Liu, Yang; Roussanov, Nikolai
作者单位：University of Hong Kong; University of Pennsylvania; National Bureau of Economic Research
摘要：Do real assets protect against inflation? Stocks' core inflation betas are negative, while their energy betas are positive. Currencies, commodities, and real estate mostly hedge against energy inflation, but not core inflation. These hedging properties are reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent within and across asset classes, uniquely among macroeconomic risk factors. Energy inflation has become more pro...
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作者：Beutel, Johannes; Weber, Michael
作者单位：Deutsche Bundesbank; Purdue University System; Purdue University; National Bureau of Economic Research
摘要：We causally test alternative theories of expectation formation. Using a randomized information experiment we show overreaction is a key feature of individuals' return expectations, and individuals' response to the price-earnings ratio is opposite of academic consensus. Our evidence is inconsistent with standard models of expectation formation, but subjective mental models that deviate from objective benchmarks can jointly explain the updating behavior in the experiment, the link between indivi...
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作者：Schneider, Andres
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I study the yield curve dynamics in a general equilibrium model with financial intermediaries facing financing constraints. When constraints bind, intermediaries reallocate their portfolios, causing deadweight losses in aggregate consumption, thus affecting savers' marginal utility. Because the yield curve is a forecast of marginal utility, intermediaries' constraints show up, via general equilibrium forces, in long-term yields. I show that the mechanism connecting intermediaries' constraints ...
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作者：Bonelli, Maxime
作者单位：University of London; London Business School
摘要：How does the increased use of data technologies, like machine learning, by financial intermediaries affect the allocation of capital towards innovation? I study this question in the context of startup financing by venture capitalists (VCs). While VCs adopting data technologies become better at screening startups similar to those in historical data, they tilt their investments towards this pool and become concurrently less likely to finance innovative startups that achieve rare major success. P...
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作者：Eisenbach, Thomas M.; Phelan, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Williams College
摘要：In March 2020, safe asset markets experienced surprising and unprecedented price crashes. We explain how strategic investor behavior can create such market fragility in a model with investors valuing safety, investors valuing liquidity, and constrained dealers. While safety investors and liquidity investors can form a symbiotic relationship with offsetting trades during times of stress, strategic interactions among liquidity investors harbor the potential for self-fulfilling fragility. When th...
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作者：Ma, Yiming; Zeng, Yao; Zhang, Anthony Lee
作者单位：Columbia University; National Bureau of Economic Research; University of Pennsylvania; University of Chicago
摘要：Stablecoins are cryptoassets designed to be pegged to the dollar, but they are backed by imperfectly liquid USD assets. We show that stablecoins feature concentrated arbitrage: the largest issuer, Tether, allows only six agents in an average month to redeem stablecoins for cash. We argue that the issuers' choice of arbitrage concentration reflects a trade-off: efficient arbitrage improves stablecoin price stability in secondary markets but amplifies run risks by reducing investors' price impac...
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作者：Gorback, Caitlin S.; Keys, Benjamin J.
作者单位：University of Texas System; University of Texas Austin; University of Pennsylvania; National Bureau of Economic Research
摘要：We estimate price elasticities of housing supply for U.S. cities by examining the impact of foreign purchases on housing prices and quantities. After other countries introduced foreign-buyer taxes beginning in 2011, both house prices and quantities increased more in locations with high foreign-born populations. An increase in global capital inflows, instrumented with tax policy changes scaled by immigrant exposure, increased prices and quantities over 2011-2018. We combine these estimates to c...
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作者：Cabezon, Felipe; Hoberg, Gerard
作者单位：Virginia Polytechnic Institute & State University; University of Southern California
摘要：We first document that, despite potential legal issues, overlapping directors are surprisingly prevalent among direct competitors. Using panel data regressions and plausibly exogenous shocks, we find that competing firms in markets with dense overlapping-director networks experience innovation herding, lose product differentiation, and, ultimately, perform poorly. Novel text-based network propagation tests of technologies show that intellectual property leakage plays a role as firms with dense...
