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In the Red: Overdrafts, Payday Lending, and the Underbanked
IF 8 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-31 DOI: 10.1111/jofi.13447
MARCO DI MAGGIO, ANGELA MA, EMILY WILLIAMS
The reordering of transactions from “high-to-low” is a controversial bank practice thought to maximize fees paid by low-income customers on overdrawn accounts. We exploit a series of class-action lawsuits that mandated that some banks cease the practice. Using alternative credit bureau data, we find that after banks cease high-to-low reordering, low-income individuals reduce payday borrowing, increase consumption, realize long-term improvements in financial health, and gain access to lower-cost loans in the traditional financial system. These findings suggest that aggressive bank practices can create demand for alternative financial services and highlight an important link between the traditional and alternative financial systems.
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引用次数: 0
Collusion in Brokered Markets
IF 8 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-19 DOI: 10.1111/jofi.13432
JOHN WILLIAM HATFIELD, SCOTT DUKE KOMINERS, RICHARD LOWERY
High commissions in the U.S. residential real estate agency market pose a puzzle for economic theory because brokerage is not a concentrated industry. We model brokered markets as a game in which agents post prices for customers and then choose which other agents to work with. We show that there exists an equilibrium in which each agent conditions working with other agents on those agents' posted prices. Prices can therefore be meaningfully higher than the competitive level (for a fixed discount factor), regardless of the number of agents. Thus, brokered markets can remain uncompetitive even with low concentration and easy entry.
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引用次数: 0
Report of the Editor of The Journal of Finance for the Year 2024 2024 年《金融杂志》编辑报告
IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-18 DOI: 10.1111/jofi.13435
ANTOINETTE SCHOAR
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引用次数: 0
BRATTLE GROUP AND DIMENSIONAL FUND ADVISORS PRIZES FOR 2024
IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-18 DOI: 10.1111/jofi.13434
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引用次数: 0
AMERICAN FINANCE ASSOCIATION 美国金融协会
IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-18 DOI: 10.1111/jofi.13442
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引用次数: 0
Report of the EST and of the 2025 Annual Membership Meeting EST 和 2025 年会员年会报告
IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-18 DOI: 10.1111/jofi.13433
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引用次数: 0
Creating Controversy in Proxy Voting Advice
IF 8 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-16 DOI: 10.1111/jofi.13438
ANDREY MALENKO, NADYA MALENKO, CHESTER SPATT
We analyze how a profit-maximizing proxy advisor designs vote recommendations and research reports. The advisor benefits from producing informative, unbiased reports, but only partially informative recommendations, biased against the a priori likely alternative. Such recommendations induce close votes, increasing controversy and thereby the relevance and value of proxy advice. Our results suggest shifting from an exclusive emphasis on recommendations, highlighting the importance of both reports and recommendations in proxy advisors' information provision. They rationalize the one-size-fits-all approach and help reinterpret empirical patterns of voting behavior, suggesting that proxy advisors' recommendations may not be a suitable benchmark for evaluating shareholders' votes.
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引用次数: 0
Excess Capacity, Marginal q, and Corporate Investment
IF 8 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-12 DOI: 10.1111/jofi.13439
GUSTAVO GRULLON, DAVID L. IKENBERRY
Theory posits that when managers anticipate excess capacity, average q becomes a biased estimator of marginal q as the potential for underutilizing new capital reduces the marginal benefit of investing. After correcting for this source of measurement error, the explanatory power of Tobin's q substantially improves in time‐series and cross‐sectional regressions as well as in out‐of‐sample tests. These findings, together with a secular erosion in capacity utilization, help explain why corporate investment rates have been declining for decades despite average q increasing significantly. Our analysis indicates that economic rigidities have contributed to the persistent erosion in capacity utilization.
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引用次数: 0
Banks, Low Interest Rates, and Monetary Policy Transmission
IF 8 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-09 DOI: 10.1111/jofi.13436
OLIVIER WANG
I study how the secular decline in interest rates affects banks' intermediation spreads and credit supply. Following a permanent decrease in rates, bank lending may rise initially but contracts in the long run. As lower rates compress deposit spreads even well above the zero lower bound, banks' retained earnings, equity, and lending fall until loan spreads have risen enough to offset the reduction in deposit spreads. A higher inflation target can support bank lending at the cost of higher liquidity premia. I find support for the model's predictions in U.S. aggregate and bank-level data.
我研究了利率的长期下降如何影响银行的中介利差和信贷供应。利率长期下降后,银行贷款最初可能会上升,但长期来看会收缩。由于利率下降会压缩存款利差,甚至远远超过零下限,银行的留存收益、股本和贷款都会下降,直到贷款利差上升到足以抵消存款利差的下降。较高的通胀目标可以支持银行贷款,但代价是较高的流动性溢价。我在美国总量和银行层面的数据中发现了模型预测的支持。
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引用次数: 0
Intrahousehold Disagreement about Macroeconomic Expectations
IF 8 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-09 DOI: 10.1111/jofi.13437
DA KE
This paper highlights the simple fact that households typically consist of multiple members who may hold divergent views, a fact that existing approaches to measuring and modeling household macroeconomic expectations largely abstract from. Using unique data on the macroeconomic expectations of both spouses, I document substantial intrahousehold disagreement about inflation, economic recessions, and stock market returns. I further show that household asset allocation decisions are shaped by disagreement between spouses about future stock returns, and a preregistered randomized survey experiment confirms the causal impact of such disagreement on portfolio choice.
本文强调了一个简单的事实,即家庭通常由多个成员组成,而这些成员可能持有不同的观点,而现有的衡量和模拟家庭宏观经济预期的方法在很大程度上忽略了这一事实。利用夫妻双方对宏观经济预期的独特数据,我记录了家庭内部对通货膨胀、经济衰退和股市回报的巨大分歧。我进一步证明,家庭资产配置决策受配偶双方对未来股票回报率分歧的影响,而预先登记的随机调查实验证实了这种分歧对投资组合选择的因果影响。
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引用次数: 0
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Journal of Finance
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