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作者：Bai, John (Jianqiu); Tang, Yuehua; Wan, Chi; Yuksel, H. Zafer
作者单位：Hong Kong Polytechnic University; State University System of Florida; University of Florida; California State University System; San Diego State University; University of Rhode Island
摘要：This study examines whether mutual fund managers generate alpha through thematic investment strategies that select stocks poised to benefit from specific themes. Using textual analysis of 10-K filings, we identify stocks' thematic exposures and construct each fund's thematic concentration index (TCI) from its holdings. High-TCI funds significantly outperform, with a top-minus-bottom decile spread of 4.26% in annualized four-factor alpha. Managers' thematic expertise is related to their undergr...
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作者：Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; Xiaolan, Mindy Z.
作者单位：Northwestern University; National Bureau of Economic Research; Stanford University; Columbia University; Center for Economic & Policy Research (CEPR); University of Texas System; University of Texas Austin
摘要：In a monetary union, the risk-free rate cannot adjust to country-level fiscal positions, leaving only default spreads and convenience yields to respond. Empirically, we find that convenience yields explain a large share of the variation in eurozone (EZ) sovereign bond yields. EZ sovereign bonds earn larger convenience yields when their governments run larger surpluses. Since convenience yields generate substantial seigniorage revenue from debt issuance, our estimates imply economically large f...
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作者：Griffin, John M.; Kruger, Samuel; Mahajan, Prateek
作者单位：University of Texas System; University of Texas Austin
摘要：Fraud indicators within the Paycheck Protection Program (PPP), a major COVID relief program, are highly geographically concentrated. ZIP codes and counties with high rates of suspicious PPP loans are strongly socially connected, with evidence that fraud spreads spatially over time through social networks. Individuals in suspicious social media groups have higher rates of PPP fraud, and socially connected ZIP codes frequently use the same specific FinTech lenders, consistent with social network...
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作者：Babenko, Ilona; Bennett, Benjamin; Sen, Rik
作者单位：Arizona State University; Texas Christian University; University System of Georgia; University of Georgia; University of New South Wales Sydney
摘要：This paper examines CEO pay at nonprofits. Using compensation data for 14,111 nonprofits, we find that CEO pay dropped by 2% after legislation in New York reduced CEOs' ability to influence their own pay. Despite lower pay, CEOs exerted more effort, and nonprofit performance improved. The effects were stronger at commercial nonprofits than at charities and for male CEOs than female CEOs. These findings are consistent with a model where some nonprofit CEOs derive meaning from their work and com...
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作者：Hebert, Camille
作者单位：University of Toronto
摘要：I document a significant gender gap in entrepreneurs' access to early-stage equity financing. Using unique administrative data on French startups, I show that this gap is particularly pronounced in male-dominated sectors. Controlling for a comprehensive set of entrepreneur and startup characteristics-including demographics, backgrounds, and motivations-accounts for 42% of the average gender gap. However, in male-dominated sectors, 80% of the gap remains unexplained. Growth-oriented female entr...
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作者：He, Zhiguo; Song, Zhaogang
作者单位：Stanford University; National Bureau of Economic Research; Johns Hopkins University
摘要：Measured as yield spreads against Treasury securities and AAA corporate bonds, the convenience premium of newly issued agency MBS averages more than half of the long-term Treasury convenience premium. The agency MBS convenience premium and issuance amount vary negatively with mortgage rate, consistent with a prepayment-driven channel. Placing agencies into conservatorship in 2008 and introducing liquidity regulations in 2013 significantly affected MBS convenience premium, consistent with gover...
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作者：Belgibayeva, Adiya; Bono, Teresa; Bracke, Philippe; Clara, Nuno; Cocco, Joao F.; Majer, Tommaso
作者单位：Bank of England; Duke University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We combine administrative data with a life cycle structural model that exploits the unique features of the U.K. mortgage market to analyze the sources of inaction and to estimate borrowers' nonpecuniary remortgaging costs. The utility costs needed to generate a given level of inaction depend on monetary gains from remortgaging and on the importance of those monetary gains for agents, which in turn depend on the (endogenously determined) marginal utility of consumption. The model results reveal...
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作者：Chang, Jeffery (jinfan); Wang, Yuheng; Xiong, Wei
作者单位：The Chinese University of Hong Kong, Shenzhen; Central University of Finance & Economics; Princeton University
摘要：During the COVID-19 pandemic (2020-2022), Chinese cities witnessed a paradox: residential land and new house prices surged while transaction volumes plummeted. We attribute this to local governments' active price management through supply controls, land acquisitions by local government financing vehicles (LGFVs), and limits on new home sales permits. Cities more dependent on land sales and land-backed debt before the pandemic experienced greater price increases and price-volume divergence, wit...
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作者：Hendershott, Terrence; Khan, Saad Ali; Riordan, Ryan
作者单位：University of California System; University of California Berkeley; Universite de Montreal; HEC Montreal; University of Munich; Queens University - Canada
摘要：Wholesale market makers pay for retail options orders that must be executed on exchanges. Payment for order flow (PFOF) wholesalers compete via price improvement in exchange auctions. To attract retail orders, wholesalers run more auctions when their recent price improvement has been lower. However, auction price improvement lowers market maker revenues. Wholesalers earn revenues to pay PFOF in nonauction trades where their designated market maker status increases their execution priority. Whi...
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作者：Cole, Shawn; Jeng, Leslie; Lerner, Josh; Rigol, Natalia; Roth, Benjamin N.
作者单位：Harvard University; National Bureau of Economic Research
摘要：Do impact investors seek impact, or merely impact wash? We provide systematic evidence on the nonfinancial determinants of impact investing. Impact investors focus on firms aligned with the priorities of the federal government and disproportionately invest in economically disadvantaged regions. While we find high levels of coinvestment between impact and traditional investors, we also show that impact investors influence the strategies of their traditional coinvestors, are more likely to fund ...
