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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...
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作者：Brandsaas, Eirik Eylands; Kvaerner, Jens Soerlie
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; BI Norwegian Business School
摘要：A convex combination of renting and traditional homeownership-Partial Ownership (PO)-is increasingly popular in many countries. We incorporate an existing for-profit PO contract into a life-cycle model to quantify its impact on housing investments, households' welfare, and financial stability. We have three results: (1) PO makes more households invest in (some) housing. (2) Willingness to pay for PO increases with housing unaffordability and is highest among low-income and renting households. ...
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作者：Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; Xiaolan, Mindy Z.
作者单位：Northwestern University; Stanford University; Columbia University; University of Texas System; University of Texas Austin; Centre for Economic Policy Research - UK
摘要：In the presence of aggregate risk, governments face a trade-off between insuring taxpayers or bondholders. The literature assumes that the government can finance deficits at the risk-free rate, protecting bondholders at the expense of taxpayers. We characterize the implications of this assumption on the surplus process. Under reasonable debt dynamics, counter-cyclical debt issuance that protects taxpayers against adverse macroeconomic shocks is limited in time and scope, and comes at the expen...
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作者：Desai, Pranav; Gavrilova, Ekaterina; Silva, Rui C.; Soares, Margarida
作者单位：Universidade Nova de Lisboa
摘要：We create a new measure of the value of an important, but previously understudied, intangible asset -trademarks. We quantify the stock market reaction to the publication of individual trademarks manually matched to U.S. publicly traded firms. We find that trademarks are used ubiquitously and possess substantial value: the median trademark is worth $20 million. Firms that obtain new trademarks subsequently launch new products, increase sales, invest more in physical capital, hire more employees...
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作者：Bias, Daniel; Ljungqvist, Alexander
作者单位：Vanderbilt University; Stockholm School of Economics; Swedish House of Finance; Centre for Economic Policy Research - UK
摘要：We propose a novel identification strategy to estimate the long-term imprinting effects of being born in the Great Recession on innovative startups. After purging ubiquitous selection biases and sorting effects, we find that recession startups experience substantially better long-term outcomes in terms of survival and growth in employment and sales, despite being born when funding is scarce and demand is declining. In contrast to prior work, we find that the recession does not encourage entry ...
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作者：V. Hochberg, Yael; Kakhbod, Ali; Li, Peiyao; Sachdeva, Kunal
作者单位：Rice University; National Bureau of Economic Research; University of California System; University of California Berkeley; University of Michigan System; University of Michigan
摘要：Utilizing leading machine learning techniques to analyze the textual content and quality of patents, we demonstrate that patents with female lead inventors are under-cited relative to what would be expected had the lead inventor been male. Male inventors are the greatest contributors to the undercitation of patents with female inventors, followed by female inventors and male examiners, while female patent examiners appear to be even-handed. Using market reactions to patents suggests no average...
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作者：Lindsey, Laura; Stein, Luke C. D.
作者单位：Arizona State University; Arizona State University-Tempe; Babson College
摘要：This paper examines the effects of a shock to angel finance on entrepreneurial activity. Using U.S. Census data, we estimate the state-level fraction of households that lost accreditation status from Dodd-Frank's elimination of housing wealth in determining accreditation. A larger reduction in the pool of potential investors reduces angel investment, firm entry, and employment at small entrants. Employment increases at small and young incumbents, suggesting competitive effects. Though we docum...
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作者：Lopez, Pierlauro; Vazquez-Grande, Francisco; Lopez-Salido, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Banco de Espana
摘要：A simple production economy with nominal price rigidities explains several key asset pricing facts, including the average slopes and cyclicality of equity and interest rate term structures. Nominal rigidities amplify the procyclicality of dividends after negative productivity shocks and generate countercyclical inflation, as sluggish price adjustment leads to a gradual dividend recovery. Consequently, short-duration equities (bonds) have more (less) procyclical payoffs than their long-duration...
