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作者：Schmid, Lukas; Valaitis, Vytautas; Villa, Alessandro T.
作者单位：University of Southern California; Center for Economic & Policy Research (CEPR); University of Surrey; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Can governments use real bonds such as Treasury Inflation-Protected Securities (TIPS) to tame inflation? We propose a novel framework of optimal debt management with sticky prices and a government issuing nominal and real state-uncontingent bonds. A government debt portfolio with both nominal and real bonds helps completing markets unless the monetary policy stance renders them perfect substitutes. Under Full Commitment, the government borrows with nominal debt and accumulates real assets, to ...
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作者：Li, Wenhao; Ma, Yiming; Zhao, Yang
作者单位：University of Southern California; Columbia University; National Bureau of Economic Research
摘要：We demonstrate the passthrough of Treasury supply to bank deposits through bank market power. We show that a larger Treasury supply crowds out deposits with disproportionate effects in more competitive deposit markets. A larger Treasury supply further curtails bank lending and affects bank funding structure. The explanatory power of Treasury supply is not driven by other shocks to deposit demand and supply. In comparison, monetary policy rate hikes have a larger impact on deposit funding in mo...
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作者：Bittner, Christian; Fecht, Falko; Pala, Melissa; Saidi, Farzad
作者单位：Deutsche Bundesbank; Goethe University Frankfurt; Frankfurt School Finance & Management; University of Bonn
摘要：How do bank networks facilitate information flows that shape market outcomes? Using international banks' advisory activities in corporate takeovers as their source of private information, we show in supervisory data that banks with closer ties to the target, but not the acquirer, advisor trade profitably in the target's stock prior to the deal announcement. This trading behavior is associated with a higher premium paid without compromising deal success. As connected banks' incentives are align...
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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...
