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作者：Schoar, Antoinette
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作者：Barardehi, Yashar H.; Dixon, Peter; Liu, Qiyu
作者单位：Virginia Polytechnic Institute & State University; U.S. Securities & Exchange Commission (SEC)
摘要：We introduce a simple measure of informed trading risk, , the residual to liquidity quote-improvement-to-deterioration ratio times . When facing with increased informed trading risk, liquidity providers compete less to provide liquidity, reducing their undercutting activity. Reductions in undercutting leave footprints in trade and quote data that are captured by . Unlike prior measures, is easy to construct, can be computed intraday, and is orthogonal to liquidity. The measure outperforms prom...
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作者：Binfare, Matteo; Zimmerschied, Kyle E.
作者单位：University of Missouri System; University of Missouri Columbia; University of Arkansas System; University of Arkansas Fayetteville
摘要：We study the asset allocation and investment performance of U.S. private foundations that support the charitable sector. Large foundations generated positive risk-adjusted returns before 2008, driven by early access to private equity and venture capital funds, but have underperformed since. The median foundation underperforms by more than 100 bps. Foundations with concentrated stock holdings achieve higher returns but assume more risk. Due to the constraints imposed by the 5% minimum spending ...
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作者：Gonzalez, Rodrigo Barbone; Khametshin, Dmitry; Peydro, Jose-luis; Polo, Andrea
作者单位：Central Bank of Brazil; Luiss Guido Carli University
摘要：We show that FX interventions can be effective, particularly in attenuating global financial spillovers. We exploit global financial shocks and Brazilian central bank interventions in FX derivatives using three matched administrative registers: bank credit (to firms), foreign credit to banks, and employer-employees. After the U.S. Taper Tantrum (followed by emerging markets' FX turbulence), Brazilian banks with more foreign debt cut credit supply, reducing firm-level employment. A subsequent l...
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作者：Hendershott, Terrence; Li, Dan; Livdan, Dmitry; Schurhoff, Norman; Venkataraman, Kumar
作者单位：University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve System Board of Governors; Center for Economic & Policy Research (CEPR); University of Lausanne; University of Lausanne; Swiss Finance Institute (SFI); Southern Methodist University
摘要：Dealer quotes in corporate bonds, though indicative, lower trading costs and increase trading volume. Dealers offering higher quality quotes attract more order flow and execute trades at favorable prices. Dealers advertise quotes to manage their inventories and attract orders from nonrelationship clients. However, quote competition is imperfect. The best quotes often fail to attract orders, and trade-throughs are common. Nevertheless, quote competition is important as clients exploit quotes fr...
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作者：Diamond, William; Van Tassel, Peter
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We infer risk-free rates from index option prices to estimate safe asset convenience yields in 10 G11 currencies. Countries' convenience yields increase with the level of their interest rates, with U.S. convenience yields fifth largest. During financial crises, convenience yields grow, but the difference between United States and foreign convenience yields generally does not. Covered interest parity (CIP) deviations using our option-implied rates are a similar size between the United States an...
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作者：Pazarbasi, Altan
作者单位：Ihsan Dogramaci Bilkent University
摘要：This paper provides novel empirical evidence that cash-rich firms have higher equity payouts and higher stock prices in response to expansionary monetary policy surprises. Stock prices rise despite weak cash-flow, investment, and credit responses to monetary policy. I rationalize the empirical evidence in a heterogeneous-firm New Keynesian model where firms finance investment with cash and equity issuance. Monetary easing weakens precautionary cash demand, leading cash-rich firms to optimally ...
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作者：Bian, Jiangze; Da, Zhi; He, Zhiguo; Lou, Dong; Shue, Kelly; Zhou, Hao
作者单位：University of International Business & Economics; University of Notre Dame; Stanford University; National Bureau of Economic Research; Hong Kong University of Science & Technology; Centre for Economic Policy Research - UK; Yale University; Tsinghua University
摘要：Using granular data covering both regulated (brokerage-financed) and unregulated (shadow-financed) margin accounts in China, we provide novel evidence on retail investors' margin trading behavior and its price implications. We first show that retail investors' decisions to lever up in stock trading despite the hefty borrowing cost is related to their lottery preferences. We then show that margin borrowing affects investors' trading behavior-investors are more likely to liquidate their holdings...
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作者：Engelberg, Joseph; Guzman, Jorge; Lu, Runjing; Mullins, William
作者单位：University of California System; University of California San Diego; Columbia University; National Bureau of Economic Research; University of Toronto
摘要：Republicans start more firms than Democrats. In a sample of 40 million party-identified Americans between 2005 and 2017, we find that 5.5% of Republicans and 3.7% of Democrats become entrepreneurs. This partisan entrepreneurship gap is time-varying-Republicans increase their relative entrepreneurship during Republican administrations and decrease it during Democratic administrations, amounting to a partisan reallocation of 170,000 new firms over our 13-year sample. We find sharp changes in par...
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作者：Jiang, Erica xuewei; Yu, Gloria yang; Zhang, Jinyuan
作者单位：University of California System; University of California Los Angeles; Singapore Management University
摘要：We examine how digital disruption affects bank competition using the staggered rollout of 3G mobile networks. 3G expansion increased mobile banking adoption among tech-savvy households, reducing branch networks-especially in younger counties. Banks' strategies diverged: Less branch-reliant banks closed branches and competed on price, while more branch-reliant banks maintained branches but raised spreads. A structural model shows that perceived digital service improvements among younger consume...
