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作者：Gopalan, Radhakrishnan; Li, Renping; Zaldokas, Alminas
作者单位：Washington University (WUSTL); Tulane University; National University of Singapore
摘要：A firm's gross margin increases by 0.8 p.p. after forming a new direct board connection to a product market peer. Gross margin also rises by 0.4 p.p. after a connection is formed to a peer indirectly through a third intermediate firm. Further, using barcode-level data of 2.7 million products, we show that new board connections are related to higher consumer good prices, a greater tendency for market allocation, and slower new product introductions. The effects are stronger when the newly conne...
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作者：Cao, Charles; Liang, Bing; Yao, Tong; Zhang, Andrew
作者单位：Chinese University of Hong Kong; Tsinghua University; University of Massachusetts System; University of Massachusetts Amherst; University of Iowa; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas
摘要：We find that market anomalies exhibit heterogeneous liquidity characteristics - long-short portfolios based on long-horizon (short-horizon) anomalies have liquidity-provision (liquidity-demanding) characteristics. Consistent with such liquidity characteristics, institutional investors tend to trade in the wrong (right) direction of long-horizon (short-horizon) anomalies. Further analysis shows that exogenous liquidity factors and institutional liquidity preferences have causal effects on the o...
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作者：Allen, Jason; Carmichael, Kyra; Clark, Robert; Li, Shaoteng; Vincent, Nicolas
作者单位：University of Wisconsin System; University of Wisconsin Madison; Northwestern University; University of Toronto; Bank of Canada; Universite de Montreal; HEC Montreal
摘要：In many countries, the cost of housing has greatly outpaced income growth, leading to an affordability crisis. Leveraging Canadian loan-level data, we document an increasing reliance of first-time home-buyers on financial help from their parents through mortgage co-signing. We show that parental support can effectively relax the borrowing constraints of their adult children, and allow them to enter the housing market early. However, we also identify a novel channel through which parental suppo...
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作者：Nurisso, George C.
作者单位：State University System of Florida; University of Florida
摘要：Short sellers convey negative information to securities lenders when borrowing shares. I model how this information generates novel interactions between institutional investors' lending and trading decisions. Lower lending fees improve information quality by facilitating more shorting, but also make it less costly for lenders to strategically recall shares to enhance their trading profits. Lenders may then need to raise fees to commit not to recall shares and thereby attract short sellers. Con...
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作者：Kulkarni, Sheisha; Truffa, Santiago; Iberti, Gonzalo
作者单位：University of Virginia; Universidad Adolfo Ibanez; University Diego Portales
摘要：Hidden fees can distort consumer decision-making. In response, regulators historically have (a) improved disclosure to make fees more salient or (b) standardized products to restrict what fees can be charged. We use Chilean administrative data and a multi-stage natural experiment to separately identify the effects of disclosure and standardization on repayment. We find that disclosure reduces delinquencies by 13.7 percentage points (40%) and default by 1.68 percentage points (98%), whereas sta...
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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：Pandemic fraud is geographically concentrated and stimulated local purchases, with effects on prices. Recipients of fraudulent Paycheck Protection Program (PPP) funds significantly increased their home purchasing rate compared to recipients of non-fraudulent PPP funds, and house prices in high-fraud ZIP codes increased 5.8 percentage points more than in low-fraud ZIP codes within the same county. In a horse race, pandemic fraud is one of the largest and most robust factors explaining house pri...
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作者：Tham, Wing Wah; Baslandze, Salome; Sojli, Elvira; Liu, Leo
作者单位：University of New South Wales Sydney; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Technology Sydney
摘要：This paper studies the interaction between process and product innovations and their distinct role in firm growth dynamics. We differentiate empirically and theoretically two types of process innovations: foundational processes that advance production technology and cost-reducing processes that enhance existing production efficiency. We develop an innovation model of product varieties with quality heterogeneity to illustrate how these innovations impact firm growth differently and highlight ho...
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作者：Ammann, Manuel; Cochardt, Alexander; Cohen, Lauren; Heller, Stephan
作者单位：University of St Gallen; Harvard University; National Bureau of Economic Research
摘要：We provide novel evidence suggestive of insider trading through concealed relationships identified using information from over 100,000 Facebook profiles and their 35 million friends. Focusing on connections between fund managers and firm officers, we demonstrate that hidden ties are linked to substantial abnormal returns averaging 135 basis points per month (exceeding 16% alpha annually, t-stat = 3.54) across the universe of mutual funds and public firms. These hidden ties emerge as the most p...
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作者：Seegmiller, Bryan
作者单位：Northwestern University
摘要：Stocks with similar characteristics but different levels of ownership by financial institutions have returns and risk premia that comove very differently with shocks to the risk-bearing capacity of dealer banks. After observable stock characteristics are accounted for, excess returns on more intermediated stocks have higher betas on contemporaneous shocks to intermediary willingness to take risk and are more predictable by state variables that proxy for intermediary health. Intermediary risk-b...
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作者：Berndt, Antje; Helwege, Jean; Liu, Amanda; Packer, Frank
作者单位：Australian National University; University of California System; University of California Riverside; Bank for International Settlements (BIS)
摘要：We develop a general equilibrium model in which firms issue nearly redundant securities to investor clienteles with participation constraints, with prices and demand determined endogenously in primary and secondary markets. The model characterizes how issuance costs, market frictions, and investor composition shape firms' funding choices, equilibrium prices, and asset allocations. We test the model's predictions using data from the Malaysian corporate bond market following the introduction of ...
