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作者：Becht, Marco; Franks, Julian; Wagner, Hannes F.
摘要：We use large language models to analyze the content of 4,700 private meetings between a large active asset manager and its portfolio firms. The high-level meetings convey mostly soft information about the firm, and little about industry or market. Fund manager meetings focus on business models and financial metrics, while governance specialist meetings focus on environmental, social, and governance risks; 0.4% of meetings discuss material nonpublic information. Trades by fund managers increase...
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作者：Laudenbach, Christine; Malmendier, Ulrike; Niessen-Ruenzi, Alexandra
作者单位：Goethe University Frankfurt; University of California System; University of California Berkeley; University of Mannheim
摘要：We show that exposure to anti-capitalist ideology can exert a lasting influence on attitudes toward capital markets and stock market participation. Using novel survey, bank, and broker data, we document that, decades after Germany's reunification, East Germans invest significantly less in stocks and hold more negative views on capital markets. Effects vary by personal experience under communism. Results are strongest for individuals who remember life in the German Democratic Republic positivel...
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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：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...
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作者：Dittmar, Robert F.; Hsu, Alex; Roussellet, Guillaume; Simasek, Peter
作者单位：Rice University; University System of Georgia; Georgia Institute of Technology; McGill University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We examine the relative pricing of nominal Treasury bonds and Treasury inflation-protected securities in the presence of U.S. default risk. Hedged breakeven inflation is significantly positively related to U.S. default risk, driven by correlation between shocks to default risk and both shocks to inflation swap premia and Treasury yields. To understand the mechanisms through which default risk is related to inflation swaps and sovereign yields, we estimate an affine term structure model to capt...
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作者：Kwan, Alan; Liu, Yukun; Matthies, Ben
作者单位：University of Hong Kong; University of Rochester; University of Notre Dame
摘要：Using data on Internet news reading, we measure fund-level attention to both aggregate and firm-specific news and relate it to fund portfolio allocation decisions. In the time series, we find that funds shift attention toward macroeconomic news during periods of high aggregate volatility. Those funds that exhibit stronger attention-reallocation patterns earn higher future returns. In the cross-section of fund portfolios, fund attention is positively related to stock holdings. Furthermore, fund...
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作者：Jimenez, Gabriel; Kuvshinov, Dmitry; Peydro, Jose-luis; Richter, Bjorn
作者单位：Banco de Espana; Pompeu Fabra University; Centre for Economic Policy Research - UK; Luiss Guido Carli University; Pompeu Fabra University
摘要：We show that a U-shaped monetary rate path increases banking crisis risk, via credit and asset price cycles, analyzing 17 countries over 150 years. Rate hikes (raw or instrumented) increase crisis risk, but only if preceded by prolonged cuts. These patterns are unique to banking crises, unlike noncrisis recessions. Regarding the mechanism, prolonged cuts raise the likelihood of large credit and asset price booms, consistent with higher credit supply and risk-taking. Subsequent hikes strongly r...
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作者：Ghosh, Pulak; Vallee, Boris; Zeng, Yao
摘要：Borrowers' use of cashless payments improves their access to capital from FinTech lenders and predicts a lower probability of default. These relationships are stronger for cashless technologies providing more precise information, and for outflows. Cashless payment usage complements other signals of borrower quality. We rationalize these empirical findings using a framework in which borrowers signal their lower likelihood of diverting cash flows through payment technology choice, and screening ...
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作者：Starks, Laura T.; Venkat, Parth; Zhu, Qifei
作者单位：University of Texas System; University of Texas Austin; U.S. Securities & Exchange Commission (SEC); National University of Singapore
摘要：We find that long-term institutional investors tilt their portfolios toward firms with better Environmental, Social, and Governance (ESG) profiles, in the cross sections of both institutional investor portfolios and the ownership of firms. We test whether several theoretically motivated mechanisms can explain this relationship. Our results that long-term investors exhibit patience with firms around poor earnings announcements, but quickly sell portfolio firms after negative ES incidents, suppo...
