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作者：Catherine, Sylvain; Ebrahimian, Mehran; Yannelis, Constantine
作者单位：University of Pennsylvania; Stockholm School of Economics; University of Cambridge
摘要：Using credit bureau data, we show that nearly half the increase in student debt since 2010 is due to deferred payments and the expansion of income-driven repayment (IDR) plans. These plans help borrowers smooth consumption, insure income risk, and reduce the effective debt cost. Using a life-cycle model, we quantify the welfare gains from this payment deferment and the channels through which welfare increases. We show that an optimally calibrated plan can achieve similar welfare gains at a muc...
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作者：Freed, Paul G.; Hackney, John
作者单位：University of Virginia; University of Arkansas System; University of Arkansas Fayetteville
摘要：This study investigates how financial literacy shapes the propensity of individuals to commit financial crime. Using state-level administrative data on criminal charges linked to comprehensive public records , we exploit a policy-based discontinuity in grade level assignment based on individual birth dates that exogenously requires certain high school cohorts to attend a financial literacy course. Our estimates suggest that exposure to the course reduces the propensity to commit financial crim...
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作者：Bell, Sebastian; Kakhbod, Ali; Lettau, Martin; Nazemi, Abdolreza
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Machine learning methods in asset pricing are often criticized for their black box nature. We study this issue by predicting corporate bond returns using interpretable machine learning on a high-dimensional bond characteristics data set. We achieve state-of-the-art performance while maintaining an interpretable model structure, overcoming the accuracy-interpretability trade-off. The estimation uncovers nonlinear relationships and economically meaningful interactions in bond pricing, notably re...
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作者：Crosignani, Matteo; Han, Lina; Macchiavelli, Marco; Silva, Andre F.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Massachusetts System; University of Massachusetts Amherst; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：To safeguard its technological leadership, the U.S. has restricted domestic suppliers from exporting cutting-edge technologies to selected Chinese firms. Domestic firms affected by these export controls halt sales to Chinese customers, as intended, but struggle to establish new relations with alternative customers domestically or in politically aligned regions. Consequently, domestic suppliers experience sizable losses in market capitalization, along with reductions in profitability, employmen...
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作者：Acikalin, Utku U.; Caskurlu, Tolga; Hoberg, Gerard; Phillips, Gordon M.
作者单位：Cornell University; University of Amsterdam; University of Southern California; Dartmouth College; National Bureau of Economic Research
摘要：We examine the impact of lost intellectual property protection on innovation, competition, firm performance, and valuation. We consider firms whose ability to protect intellectual property (IP) using patents is weakened following a major Supreme Court decision. We use large language models (LLM) to identify firms' patent portfolios' exposure to this decision and find an unequal impact. Large firms gain and small firms lose. Large impacted firms benefit as their sales growth increases and their...
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作者：Guiso, Luigi; Schivardi, Fabiano; Zaccaria, Luana
作者单位：Luiss Guido Carli University
摘要：We examine the effects of mandatory board gender quotas on unregulated firms that are connected to regulated ones via interlocking directorates. After the introduction of quotas, connected firms significantly increase their share of female directors relative to similar unconnected firms. The spillover effects are substantial - at least as large as the direct effects on regulated firms, challenging previous claims that quotas have no broader impact on women in business. Our results suggest that...
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作者：Ouyang, Shumiao
作者单位：University of Oxford; University of Oxford
摘要：This paper investigates how cashless payment affects credit access for underserved populations using data from Alipay, a leading Chinese BigTech platform with over 1 billion users that offers a wide range of financial services. By exploiting the staggered rollout of Alipay-bundled shared bikes across cities as a natural experiment and analyzing a representative Alipay user sample, I find that cashless payment adoption increases credit access by 56.3% and that a 1% rise in payment flow increase...
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作者：Woeppel, Michael; Yavuz, M. Deniz
作者单位：Indiana University System; Indiana University Bloomington; Purdue University System; Purdue University
摘要：As the economy has become increasingly knowledge-based, firms' capability to benefit from external knowledge has grown in importance. We construct a measure of this capability-absorption intensity-from information in firms' patents. To validate the measure, we exploit the American Inventors Protection Act (AIPA), which exogenously increased patent information availability. A triple-difference design shows that firms with higher absorption intensity experience greater innovation growth when mor...
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作者：Chen, Alvin; Gupta, Deeksha; Starmans, Jan
作者单位：Stockholm School of Economics; Johns Hopkins University
摘要：This paper examines how sustainable investing affects the governance role of financial markets. We show that stronger concerns about externalities among informed investors can reduce price informativeness about managerial effort to improve financial performance, increasing the cost of incentive provision. This mechanism creates an inherent link between firms' environmental and social (ES) and governance quality. We show that the agency costs of sustainable investing can have real effects on ES...
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作者：Dahlquist, Magnus; Ibert, Markus
作者单位：Stockholm School of Economics; Centre for Economic Policy Research - UK; Copenhagen Business School; Danish Finance Institute
摘要：We study the equity, cash, and corporate bond risk premium expectations of asset managers, investment consultants, wealth advisors, public pension funds, and professional forecasters. Subjective risk premia vary one-to-one with objective risk premia that are available in real time and countercyclical. Despite their significant time-series variation, several subjective equity premia vary more in the cross-section of institutions than in the time series. This heterogeneity persists both over tim...
