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作者：Bergman, Nittai K.; Kadan, Ohad; Michaely, Roni; Moulton, Pamela C.
作者单位：Tel Aviv University; Arizona State University; Arizona State University-Tempe; University of Hong Kong; Cornell University
摘要：Whether proprietary traders provide or take liquidity, and how their behavior evolves over the business cycle and across stocks, remains at the center of an ongoing debate. Using a unique dataset from the NYSE, we document that proprietary traders act as net liquidity providers, buying after price declines in a contrarian pattern. Proprietary trader liquidity provision is concentrated in large, liquid, low-volatility stocks and diminishes significantly when intermediary balance sheets are weak...
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作者：Flammer, Caroline; Giroux, Thomas; Heal, Geoffrey M.
作者单位：Columbia University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：Blended finance-the use of public and philanthropic funding to crowd in private capital-has emerged as a potential tool for financing sustainable development. Yet little is known about the design of blended finance contracts. We develop a conceptual framework in which development finance institutions (DFIs) allocate concessional capital across projects to maximize societal impact while crowding in private investors. Our framework highlights a trade-off between sustainability impact and the amo...
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作者：Heyerdahl-Larsen, Christian; Illeditsch, Philipp
作者单位：BI Norwegian Business School; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Disagreement about macroeconomic fundamentals accounts for only part of the disagreement about future interest rates, creating a disagreement correlation puzzle. This puzzle arises because standard equilibrium models with belief differences predict a strong link between asset return disagreement and fundamental disagreement, a link not supported by the data. We address this puzzle by introducing a model where disagreement about future demand for savings-driven by disagreement over the prevalen...
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作者：Hardy, Bryan; Saffie, Felipe; Simonovska, Ina
作者单位：Bank for International Settlements (BIS); University of Virginia; National Bureau of Economic Research; University of California System; University of California Davis; Centre for Economic Policy Research - UK
摘要：We study how U.S. dollar fluctuations transmit through domestic supply chains in emerging markets. Large firms borrow in foreign currency and extend trade credit to domestic partners, exposing the supply chain to exchange rate risk. We develop a model where financially constrained suppliers pass through shocks to buyers, while unconstrained firms absorb them. Using quarterly firm-level data from 19 emerging markets, we provide empirical evidence consistent with the model's predictions. We find...
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作者：Giroud, Xavier; Liu, Ernest; Mueller, Holger
作者单位：Columbia University; Princeton University; New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The vast majority of U.S. inventors work for firms that also have inventors and plants in other tech clusters. Using merged USPTO-U.S. Census Bureau plant-level data, we show that larger tech clusters not only make local inventors more productive but also raise the productivity of inventors and plants in distant clusters, which are connected to the focal cluster through their parent firms' networks of innovating plants. To rationalize these findings, we develop a tractable model of spatial inn...
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作者：Goyal, Amit; Wahal, Sunil; Yavuz, M. Deniz
作者单位：University of Lausanne; Swiss Finance Institute (SFI); Arizona State University; Arizona State University-Tempe; Purdue University System; Purdue University
摘要：We study the selection of private market managers (GPs) for over 61,000 capital commitments by institutional investors (LPs) from a feasible opportunity set. LPs chase past performance but also seem surprisingly willing to invest in GPs without a track record: the probability that LPs select first-time or young GPs is quantitatively similar to GPs in the highest quartile of past performance. The most plausible explanation is that there is demand for exposure to private markets that is not fulf...
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作者：Barry, John W.; Carlin, Bruce I.; Crane, Alan D.; Graham, John R.
作者单位：Rice University; Duke University
摘要：CFOs report using elevated hurdle rates that average 6.6 percentage points above the cost of capital. We show that hurdle rate buffers act as a commitment device and convey a bargaining advantage over counterparties during project development and M&A. This benefit can exceed the opportunity cost of forgone projects and acquisitions, preserving firm value. Consistent with our model, bidders' elevated hurdle rates in M&A deals associate with higher surplus capture ex post; in CFO survey data, hu...
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作者：Sannino, Francesco
作者单位：Frankfurt School Finance & Management
摘要：In a lemons market, a shock to gains from trade precedes the buyers' offer. Lower gains exacerbate adverse selection. Trading with intermediaries before observing the shock commits sellers not to keep high-quality assets in such states, improving surplus despite impeding efficient use of information. To add value, intermediaries need not possess superior skills or information. If sellers choose intermediaries to overcome search frictions, traded assets' quality and welfare increase with search...
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作者：Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine
作者单位：University of Chicago; University of California System; University of California Berkeley; University of Cambridge
摘要：This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China. We identify a strong discount rate channel driven exclusively by cycle-amplifying surprises, defined as rate cuts during easing cycles and surprise hikes during tightening cycles. A 100 basis point of such c...
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作者：Berg, Tobias; Ma, Lin; Streitz, Daniel
作者单位：Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH)
摘要：We document a global reallocation of pollutive assets as a response to investor pressure: large firms facing increased investor pressure divest foreign-located pollutive assets to firms that are less in the limelight. There is no evidence of increased engagement in any other emission reduction activities. We estimate that 369 million metric tons (mt) of CO2e are reallocated via divestments in the post-Paris Agreement period. Our results indicate that investor pressure to decarbonize reshapes t...
