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作者：Ahnert, Toni; Doerr, Sebastian; Pierri, Nicola; Timmer, Yannick
作者单位：European Central Bank; Centre for Economic Policy Research - UK; Bank for International Settlements (BIS); International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study the importance of information technology (IT) in banking for entrepreneurship. Guided by a parsimonious model, we establish that job creation by young firms is stronger in U.S. counties more exposed to banks with greater IT adoption. We present evidence consistent with banks' IT adoption spurring entrepreneurship through a collateral channel: entrepreneurship increases by more in IT-exposed counties when house prices rise. Further analysis suggests that IT improves banks' ability to d...
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作者：Li, Erica X. N.; Ma, Guoliang; Wang, Shujing; Yu, Cindy
作者单位：Xiamen University; Xiamen University; Tongji University; Iowa State University
摘要：This paper proposes a portfolio-independent method to estimate q-theory models, in which parameters are obtained using Bayesian Markov chain Monte Carlo (MCMC) to match firm-level stock returns. Our methodology addresses a previous critique on prior studies that model parameters are chosen to fit a specific set of anomalies and different values are needed to fit each anomaly. By targeting the entire sample of firm-level returns and allowing industry and time variations in parameter values, our...
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作者：Nittala, Lakshminarayana; Erat, Sanjiv
作者单位：University System of Ohio; University of Dayton; University of California San Diego; University of California System; University of California San Diego
摘要：Innovation contests incentivize the participants' to exert effort toward combining (recombining) their existing knowledge to create solutions. In the current work, we consider the case of serial contests, where effort to create solutions for earlier contests can also expand the participant's knowledge, which can then be valuable in future contests. We develop a novel framework that explicitly includes the generation and utilization of knowledge by participants in knowledge-driven serial innova...
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作者：Akins, Brian; De Angelis, David; Zufarov, Rustam
作者单位：Rice University; University of Houston System; University of Houston; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Does the structure of the borrower's equity ownership matter in debt contracting? This paper addresses this question by examining change in control clauses. These clauses are pervasive in loan contracts, yet their terms are not boilerplate. Examining 14,940 contracts, we document significant heterogeneity in the use and size of ownership caps, which limit large equity block formation. Overall, our evidence indicates that the way equity capital is distributed matters to lenders. Lenders set low...
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作者：Pyun, Sungjune
作者单位：Yonsei University
摘要：Stock and bond prices of a country move together with increasing country-specific risk. Bonds effectively hedge growth expectation risk when country-specific risk is low, resulting in a negative stock-bond correlation. However, as country-specific risk increases, hedging is less effective because (1) rising domestic prices tend to reduce a country's growth potential and (2) global growth expectation shocks are more persistent than country-specific ones. Consequently, countries with greater cou...
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作者：Soltani, Mohamad; Batt, Robert . T.; Bavafa, Hessam
作者单位：University of Alberta; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：Quality knowledge spillovers can enhance the overall effectiveness of quality improvement initiatives. We study the presence and moderators of such spillovers in a multitask service setting, specifically in hospital inpatient care. Leveraging a national quality improvement regulation, the Hospital Readmissions Reduction Program (HRRP), which offers partial incentives for hospitals to reduce readmissions, we employ difference-in-differences econometric models on a nationwide database and find p...
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作者：Fattahi, Ali
作者单位：Johns Hopkins University
摘要：Experts estimate 20 million electric vehicles will be on U.S. roads by 2030, and the majority (around 80%) of the electric vehicle drivers will use home charging. Many utilities are designing managed home charging programs to centrally manage charging times to reduce cost, avoid new and aggravated peaks and blackouts, and ensure grid stability. These managed home charging programs are either active, in which the utility continuously controls the charging while the vehicle is plugged in, or pas...
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作者：Cici, Gjergji; Hendriock, Mario; Kempf, Alexander
作者单位：University of Kansas; University of Cologne; University of Cologne
摘要：To best utilize labor, companies need to match employees' skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. When fund managers are matched, they deliver a significantly higher risk-adjusted performance. Fund companies use this information to maximize company value by increasing assets under the management of these managers (i.e., assigning them to mo...
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作者：Cheng, Zhi (Aaron); Dong, Zhanyu; Pang, Min-Seok
作者单位：University of London; London School Economics & Political Science; Sun Yat Sen University; Sun Yat Sen University; University of Wisconsin System; University of Wisconsin Madison
摘要：Traffic safety poses a persistent challenge for society and public policy. Conventional law enforcement by human police is often cost-ineffective because of information asymmetry and negative externalities of unsafe driving behaviors. Automated enforcement, in the form of traffic cameras on the road, has gained prominence in recent decades, yet its effectiveness and underlying mechanisms remain debated. This study examines the impact of traffic cameras on road safety using longitudinal data fr...
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作者：Ivashina, Victoria; Vallee, Boris
作者单位：Harvard University; National Bureau of Economic Research
摘要：Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. Although negative covenants are widespread, carve-out and deductible clauses that qualify them are as frequent. We propose simple and comprehensive measures of contractual weakness based on the usage of such clauses. The economic significance of the actions allowed by these clauses and the market wide price reaction that followed the 2017 J.Crew restructuring, a high-prof...
