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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...
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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...
