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作者：d'Avernas, Adrien; Han, Baiyang; Vandeweyer, Quentin
作者单位：Stockholm School of Economics; Stanford University; University of Chicago
摘要：This paper proposes a new model of monetary policy implementation to account for two key developments: (i) the introduction of intraday liquidity requirements and (ii) the decreasing relevance of the federal funds market in favor of repurchase agreement (repo) markets with nonbank participants. Our paper studies how liquidity requirements prevent banks from arbitraging between the fed funds and repo markets and generate large repo spikes. We propose a simple measure of excess intraday reserves...
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作者：Yueshen, Bart Zhou
作者单位：Singapore Management University
摘要：Limit orders submitted around the same time are subject to random latencies and will be queued accordingly. In equilibrium, end-of-queue limit orders always lose money-the liquidity supply appears excessive. The model generates empirical predictions regarding such overshooting liquidity: (i) new limit orders appear fleeting-clustered submissions are followed by immediate cancellations, (ii) the resulting cancel-to-add count ratio reflects adverse selection, and (iii) the cancel-to-add size rat...
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作者：Sandvik, Jason; Saouma, Richard; Seegert, Nathan; Stanton, Christopher
作者单位：University of Arizona; Michigan State University; Michigan State University's Broad College of Business; Northeastern University; Harvard University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：In a field experiment, we find that a mandatory mentorship program raises worker productivity, whereas a voluntary version of the program does not. A significant reason why the mandatory program results in larger gains is that the lowest-productivity employees do not participate when the program is voluntary despite their having the greatest treatment benefits. A nationally representative survey of U.S. workers shows wide variation in human capital development program participation, suggesting...
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作者：Haese, Jeremie; Peukert, Christian
作者单位：University of Lausanne
摘要：Firms are increasingly moving away from proprietary technology to building commercial products on top of open source software. However, it is unclear how such commercialization of open source affects contributions from the community, as well as product quality and firm performance. Web browser technology provides a unique setting to study such questions. The largest open source project is Chromium, led by Google, which serves as the core of various web browsers. Unexpectedly, Microsoft announc...
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作者：Han, Pengfei; Liu, Chunrui; Tian, Xuan; Wang, Kexin
作者单位：Peking University; University of International Business & Economics; Tsinghua University; Renmin University of China
摘要：We find the death of distance in venture capital (VC) investment caused by the COVID-19 pandemic: VCs invest in more distant startups during the COVID-19 lockdowns, and such effects continue after the economy reopens. The death of distance is more pronounced when there is better internet infrastructure, lower information asymmetry between VCs and entrepreneurs, and smaller deal size. The pandemic-spurred advancement and adoption of remote communication technology contribute to the documented o...
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作者：Chen, Yunsen; Lu, Yao; Zheng, Dengjin
作者单位：Central University of Finance & Economics; Tsinghua University
摘要：We find that boardroom centrality increases the market beta of firms. The higher stock returns of firms with high boardroom centrality diminish and turn statistically insignificant after controlling for market betas. The effect can be attributed to a comovement in accounting fundamentals and financial policies. Overall, these findings highlight the fact that the social networks of corporate leaders (i.e., directors of corporate boards) can have a substantial effect on firms' systematic risk ex...
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作者：De George, Emmanuel T.; Reiter, Nayana; Synn, Christina; Williams, Christopher Don
作者单位：University of Miami; University of Toronto; American University; University of Michigan System; University of Michigan
摘要：Recent regulatory discussions concentrate on the role institutional investors play in the financial sector. We investigate the determinants and consequences of institutional ownership (IO) in banks. Our findings suggest that institutional owners invest more in banks that have a lower proportion of consumer and real estate loans; are less opaque; have a lower level of insider control; are larger, older, and more capitalized; and have lower stock return volatility. In contrast, banks' funding ch...
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作者：Na, Ke; Shevlin, Terry; Wang, Danqing; Yan, Wenjia
作者单位：University of California System; University of California Irvine; Hong Kong University of Science & Technology; Nanjing University
摘要：This paper examines whether and how politicians' ideologies influence corporate taxation. Our tests exploit the implementation of the 1978 Reform and Opening-up policy in China that significantly weakens the communist ideology. Using textual analyses of city secretaries' speeches, we first establish that secretaries who joined the communist party after 1978 have a weaker communist ideology. We next show that, in the postreform period, firms in cities whose secretaries joined the communist part...
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作者：Kabir, Poorya; Ruan, Tianyue
作者单位：National University of Singapore
摘要：We examine a unique experiment of anonymizing online loan applications to test whether race-blind screening procedures reduce racial disparities in consumer credit. With names on applications, minority applicants are 10% less likely to receive online loan offers and receive worse offer terms than otherwise identical majority applicants. Anonymizing applications reduces such disparities substantially. High-income minority applicants benefit more than low-income minorities. We show that the raci...
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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...
