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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...
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作者：Chen, Hui; Chen, Zhiyao; Li, Jun
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; City University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：We propose a measure of the valuation gap between debt and equity-debt-equity spread (DES)-based on the difference between actual and equity-implied credit spreads. DES predicts cross-sectional stock and bond returns in opposite directions. This predictability is unique compared to existing mispricing measures and cannot be explained by exposures to various risk factors. High-DES firms are more likely to issue equity and retire debt, and have more insider equity selling. These findings are con...
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作者：Fang, Lily; Goldman, Jim; Roulet, Alexandra
作者单位：INSEAD Business School; McGill University
摘要：Using two decades of French administrative data, we find that post-leveraged buyout (LBO), target firms reduce within-firm pay gaps while increasing profitability relative to control firms. Employee turnover drives the pay-gap reduction. In target and control firms alike, turnovers reduce average pay more at the top of the wage distribution than at the bottom because separated employees are paid more-new joiners less-than similar employees, especially among skilled employees. LBOs amplify this...
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作者：Bryzgalova, Svetlana; Huang, Jiantao; Julliard, Christian
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; University of Hong Kong
摘要：Using information in returns, we identify the stochastic process of consumption. We find that aggregate consumption reacts over multiple quarters to innovations spanned by financial markets. This persistent component accounts for over a quarter of consumption variation. These shocks command a large and significant risk premium, driving a large share of stocks' and a small yet significant fraction of bonds' time-series variation. Nevertheless, we find no support for stochastic volatility of con...
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作者：Jochem, Torsten; Ormazabal, Gaizka; Rajamani, Anjana
作者单位：University of Amsterdam; University of Navarra; IESE Business School; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper documents a new stylized fact: the cross-sectional variation in CEO pay levels has declined precipitously in recent years. We offer one explanation for this decline, namely, firms are increasingly benchmarking CEO compensation to industry peers closest in size, thereby creating pay clusters. Our empirical tests provide support for this explanation and suggest that the rise of industry-size benchmarking is driven by three institutional factors: the mandatory disclosure of compensatio...
