-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
作者：Wang, Mengyu; Wurgler, Jeffrey; Zhang, Hong
作者单位：Singapore Management University; New York University; National Bureau of Economic Research
摘要：Policy uncertainty can undermine the power of government subsidies to stimulate environmentally friendly research and development. We show that Chinese firms' green R&D falls as the uncertainty of environmental subsidies rises: Exogenous, weather-driven air pollution variability induces subsidies to fluctuate, and firms in areas with high weather-driven subsidy variability undertake less green R&D and hire fewer technical employees, controlling for the average level of subsidies. Heavy emitter...
-
作者：Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony
作者单位：Northwestern University; National Bureau of Economic Research; New York University; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：Using an instrument for U.S. Treasury supply, we show that convenience yields on medium-and longterm Treasurys are much more sensitive to supply than those on short-term Treasurys, which respond little. Over the past two decades, fiscal expansion has substantially reduced medium-and long-term convenience yields, at times pushing them below zero, while short-term convenience yields have declined toward zero. Quantitatively, we estimate that increased Treasury supply explains a large share of th...
-
作者：Hvide, Hans K.; Nielsen, Kasper Meisner
作者单位：University of Bergen; Copenhagen Business School
摘要：To enforce insider trading laws, financial regulators require top executives to make their own-company trades public. One implication of this regulatory focus is that executives below the top fly under the radar. We use administrative register data from Norway to examine whether executives below the top in listed companies earn abnormal returns on purchases in own-company stock. We find evidence of abnormal returns on such trades, about 50 to 100 basis points at the 1-month horizon. The abnorm...
