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作者：Bias, Daniel; Lochner, Benjamin; Obernberger, Stefan; Sevilir, Merih
作者单位：Vanderbilt University; University of Erlangen Nuremberg; IZA Institute Labor Economics; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Leibniz Association; European School of Management & Technology; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); European Corporate Governance Institute
摘要：This paper examines how initial public offerings (IPOs) affect firms' internal organization. We find that IPO firms become more hierarchical and standardized organizations, characterized by additional layers, more managers, smaller control spans, and larger administrative functions. These changes occur mostly in preparation for the IPO and can be only partially explained by growth. IPO firms with greater human capital risk experience larger hierarchical changes. Hierarchical changes help firms...
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作者：Lin, Chen; Schmid, Thomas; Weisbach, Michael s.
作者单位：University of Hong Kong; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：How does demand uncertainty affect firms' investment decisions? We examine this question in the context of electricity-producing firms' planned investments in new power plants. We measure uncertainty about future electricity demand using plausibly exogenous variation in temperature projections across scientific climate models. The results show that uncertainty increases investment in power plants with flexible production technologies, while reducing investment in less flexible technologies. Ov...
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作者：Cetemen, Doruk; Cisternas, Gonzalo; Kolb, Aaron; Viswanathan, S.
作者单位：Luiss Guido Carli University; Federal Reserve System - USA; Federal Reserve Bank - New York; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Duke University
摘要：We propose a theory of coordination and influence among blockholders. Privately informed activists time their trades in sequence to lower acquisition costs, prompting a strategic use of order flows: leader activists create trading gains for their followers, ultimately influencing their willingness to bear greater value-enhancing intervention costs. Through this channel, informed trades can exhibit predictability, in sharp contrast with Kyle (1985, Econometrica 53, 1315-1335). We explain how th...
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作者：Caramp, Nicolas; Silva, Dejanir H.
作者单位：University of California System; University of California Davis; Purdue University System; Purdue University
摘要：We study the role of asset revaluation in the monetary transmission mechanism. We build an analytical heterogeneous-agents model with two main ingredients: (i) rare disasters and (ii) heterogeneous beliefs. The model captures time-varying risk premia and precautionary savings in a setting that nests the textbook New Keynesian model. The model generates large movements in asset prices after a monetary shock but these movements can be neutral on real variables. Real effects depend on the redistr...
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作者：Heitz, Amanda Rae; Martin, Christopher; Ufier, Alexander
作者单位：Tulane University
摘要：Using proprietary transaction-level data on nonsyndicated construction loans, we provide some of the first empirical evidence on the drivers and consequences of bank monitoring through on-site inspections. Banks trade off monitoring intensity with favorable origination terms. Monitoring intensity escalates in response to local economic downturns or the bank's financial instability. Borrowers with negative inspection reports have more draw requests denied, suggesting that monitoring outcomes im...
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作者：Bhutta, Neil; Fuster, Andreas; Hizmo, Aurel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：Comparing mortgage rates that borrowers obtain to rates that lenders could offer for the same loan, we find that many homeowners significantly overpay for their mortgage, with overpayment varying across borrower types and with market interest rates. Survey data reveal that borrowers' mortgage knowledge and shopping behavior strongly correlate with the rates they secure. We also document substantial variation in how expensive and profitable lenders are, without any evidence that expensive loans...
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作者：Mendicino, Caterina; Nikolov, Kalin; Rubio-ramirez, Juan; Suarez, Javier; Supera, Dominik
作者单位：European Central Bank; Centre for Economic Policy Research - UK; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Columbia University
摘要：We examine optimal capital requirements in a quantitative general equilibrium model with banks exposed to nondiversifiable borrower default risk. Contrary to standard models of bank default risk, our framework captures the limited upside, but significant downside risk of loan portfolio returns. This helps to reproduce the frequency and severity of twin defaults: simultaneously high firm and bank defaults. Hence, the optimal bank capital requirement, which trades off a lower frequency of twin d...
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作者：Breza, Emily; Kanz, Martin; Klapper, Leora
作者单位：Harvard University; The World Bank
摘要：We present results from a field experiment that introduced digital payroll accounts to unbanked factory workers to examine how inexperienced consumers learn to use a new financial technology. We find that exposure to payroll accounts leads to increased account use, accelerated learning, and avoidance of common consumer protection risks. Those receiving electronic wage payments gradually build trust in the technology, learn to use accounts without assistance, and avoid illicit fees. Using exper...
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作者：Drechsler, Itamar; Savov, Alexi; Schnabl, Philipp; Wang, Olivier
作者单位：University of Pennsylvania; National Bureau of Economic Research; New York University
摘要：The deposit franchise is valuable because banks pay below-market deposit rates. However, if depositors leave, its value vanishes. This can trigger runs by uninsured depositors, even if banks hold fully liquid assets. Because the franchise value increases with interest rates, runs are more harmful, and hence likelier, when rates are high. Banks can deter runs by shortening asset duration, but this risks insolvency if rates fall. Avoiding both runs and insolvency requires capital covering the po...
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作者：Li, Jian; Yu, Haiyue
作者单位：Columbia University
摘要：The link between corporate bond credit spreads and secondary market illiquidity in the cross section has grown stronger since 2005, resulting in a higher liquidity component in credit spreads. Using U.S. investor holdings data, we show that short-term investors (e.g., mutual funds/exchange-traded funds [ETFs]) increase trading activities in the secondary market, amplifying the effect of secondary market frictions on prices. We provide a model featuring heterogeneous investors with different tr...
