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How Has COVID-19 Impacted Research Production in Economics and Finance? COVID-19如何影响经济学和金融学的研究成果?
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-11-30 DOI: 10.1093/rfs/hhac087
Samuel Kruger, G. Maturana, Jordan Nickerson
Following the onset of COVID-19, research production in economics and finance (measured by the posting of working papers) increased by 29%. Production increases were widespread across geographies, job titles, departments, and ages with larger increases in top departments and for people under the age of 35. Men and women both experienced production increases with the exception of women between the age of 35 and 49, who experienced no production gains despite large increases for men in the same age group. COVID-19 increased reliance on past coauthorship networks, with larger production gains for authors that are more central to the network.
2019冠状病毒病爆发后,经济和金融领域的研究产出(以发表工作文件衡量)增长了29%。产量的增长遍及各个地区、职位、部门和年龄,其中顶级部门和35岁以下人群的增幅较大。男性和女性都经历了产量的增加,但35岁至49岁的女性除外,尽管同一年龄段的男性产量大幅增加,但女性的产量没有增加。COVID-19增加了对过去合作作者网络的依赖,对网络更核心的作者获得了更大的产出收益。
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引用次数: 1
Rating Agency Fees: Pay to Play in Public Finance? 评级机构费用:公共财政中的付费游戏?
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-10-06 DOI: 10.1093/rfs/hhac073
Jess Cornaggia, Kimberly J. Cornaggia, Ryan D. Israelsen
We examine the relationship between credit rating levels and rating agency fees in a public finance market in which rating agencies earn lower fees and face higher disclosure requirements relative to corporate bond and structured finance markets. Controlling for variation in the complexity of credit analysis at the issue level, we find evidence that rating agency conflicts of interest distort credit ratings in the municipal bond market. Unexpectedly expensive ratings are more likely downgraded, and inexpensive ratings are more likely upgraded. The relationship between credit ratings and rating agency fees is driven by issuers who lose access to AAA insurance.
我们研究了公共金融市场中信用评级水平与评级机构费用之间的关系,在该市场中,相对于公司债券和结构化金融市场,评级机构的费用较低,披露要求较高。控制发行层面信用分析复杂性的变化,我们发现有证据表明,评级机构的利益冲突扭曲了市政债券市场的信用评级。出乎意料的昂贵评级更有可能被降级,而廉价评级更有可能升级。信用评级和评级机构费用之间的关系是由失去AAA保险的发行人推动的。
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引用次数: 2
Illiquidity and Higher Cumulants 文盲和高累积量
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-09-14 DOI: 10.1093/rfs/hhac069
Sergei Glebkin, S. Malamud, Alberto M. Teguia
We characterize the unique equilibrium in an economy populated by strategic CARA investors who trade multiple risky assets with arbitrarily distributed payoffs. We use our explicit solution to study the joint behavior of illiquidity of option contracts. Option bid-ask spreads are proportional to risk aversion and risk-neutral variances of option payoffs. Spreads may decrease in risk aversion, physical variance, open interest, and increase after earnings announcements in a result contrary to conventional wisdom. All these predictions are confirmed empirically using a large panel data set of U.S. stock options.
我们描述了由战略CARA投资者组成的经济体中的独特均衡,这些投资者以任意分布的收益交易多种风险资产。我们使用我们的显式解来研究期权合约非流动性的共同行为。期权买卖价差与风险厌恶和期权收益的风险中性方差成正比。风险规避、实物方差、公开利率的价差可能会减少,盈利公告后价差可能会增加,这与传统观点相反。所有这些预测都是使用美国股票期权的大型面板数据集实证证实的。
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引用次数: 2
Intellectual Property Rights and Debt Financing 知识产权与债务融资
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-09-13 DOI: 10.1093/rfs/hhac067
Paula Suh
I examine how the investment and financing of innovation are affected by the contractual allocation of intellectual property rights using a Federal Circuit ruling that strengthened firms’ property rights to employee patents. I find that treatment firms’ total debt-to-assets ratio and R&D spending increase by 18% and 9%, respectively, as the residual control over patents increases firms’ incentives to innovate. These effects are more pronounced when ex ante holdup exposure is high. Furthermore, I find a positive marginal effect of asset complementarity as it limits the decline in employee incentives. Consistently, I show that firms’ ex post asset complementarity improves.
我利用联邦巡回法院的一项裁决,研究了创新的投资和融资如何受到知识产权合同分配的影响,该裁决加强了企业对员工专利的产权。我发现,由于对专利的剩余控制增加了企业的创新动机,治疗公司的总负债与资产比率和研发支出分别增加了18%和9%。当事前滞留暴露量高时,这些影响更加明显。此外,我发现资产互补性具有积极的边际效应,因为它限制了员工激励的下降。我一致地表明,企业的事后资产互补性有所改善。
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引用次数: 1
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States 信用建设还是信用崩溃?信用建造者贷款对美国消费者行为和市场效率的影响
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-09-02 DOI: 10.1093/rfs/hhac060
Jeremy Burke, Julian C. Jamison, Dean S. Karlan, Kata Mihaly, Jonathan Zinman
A randomized encouragement design yields null average effects of a credit builder loan (CBL) on consumer credit scores. But machine learning algorithms indicate the nulls are due to stark, offsetting treatment effects depending on baseline installment credit activity. Delinquency on preexisting loan obligations drives the negative effects, suggesting that adding a CBL overextends some consumers and generates negative externalities on other lenders. More favorably for the market, CBL take-up generates positive selection on score improvements. Simple changes to CBL practice, particularly to provider screening and credit bureau reporting, could ameliorate the negative effects for consumers and the market.
随机鼓励设计产生信用建设者贷款(CBL)对消费者信用评分的零平均影响。但机器学习算法表明,零是由于明显的、抵消的治疗效果,这取决于基线分期付款信贷活动。对先前存在的贷款义务的拖欠导致了负面影响,这表明增加CBL过度扩张了一些消费者,并对其他贷款人产生了负面外部性。更有利的是,CBL的使用会在分数提高方面产生积极的选择。CBL实践的简单改变,特别是供应商筛选和信贷局报告,可以减轻对消费者和市场的负面影响。
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引用次数: 4
Advising the Management: A Theory of Shareholder Engagement 建议管理层:股东参与理论
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-08-26 DOI: 10.1093/rfs/hhac061
A. Kakhbod, Uliana Loginova, A. Malenko, Nadya Malenko
We study the effectiveness of shareholder engagement, that is, shareholders communicating their views to management. When shareholders and management have different beliefs, each shareholder engages more effectively when other shareholders engage as well. A limited shareholder base can thus prevent effective engagement. However, a limited shareholder base naturally arises under heterogeneous beliefs because investors who most disagree with management do not become shareholders. Passive funds, which own the firm regardless of their beliefs, can counteract these effects and improve engagement. When shareholders’ and management’s preferences are strongly misaligned, shareholders’ engagement decisions become substitutes and the role of ownership structure declines.
我们研究股东参与的有效性,即股东向管理层传达他们的观点。当股东和管理层有不同的信念时,当其他股东也参与进来时,每个股东都会更有效地参与进来。因此,有限的股东基础可能会阻碍有效参与。然而,有限的股东基础自然会在异质的信念下产生,因为最不同意管理层意见的投资者不会成为股东。被动基金拥有公司,无论其信仰如何,都可以抵消这些影响并提高参与度。当股东和管理层的偏好严重错位时,股东的参与决策就会成为替代品,所有权结构的作用就会下降。
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引用次数: 3
The Disutility of Stock Market Losses: Evidence From Domestic Violence 股市损失的负效用:来自家庭暴力的证据
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-08-04 DOI: 10.1093/rfs/hhac049
Tse-Chun Lin, Vesa Pursiainen
Stock returns during the week are negatively associated with the reported incidence of domestic violence during the weekend. This relationship is primarily driven by negative returns. The incidence of domestic violence increases with the magnitude of losses, and the effect increases with local stock market participation. Our findings suggest that negative wealth shocks caused by stock market crashes can affect stress levels within intimate relationships, escalate arguments, and trigger domestic violence. Stock market losses may reduce household utility beyond the shock to financial wealth, supporting gain-loss models where disutility from losses outweighs the utility from gains of a similar magnitude.
一周内的股票收益与周末报告的家庭暴力发生率呈负相关。这种关系主要是由负回报驱动的。家庭暴力的发生率随着损失的大小而增加,影响随着当地股票市场的参与而增加。我们的研究结果表明,股市崩盘造成的负面财富冲击会影响亲密关系中的压力水平,加剧争吵,并引发家庭暴力。股市损失可能会降低家庭效用,而不仅仅是对金融财富的冲击,这支持了损益模型,即损失的负效用超过了同样规模的收益的效用。
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引用次数: 0
It Takes Two to Borrow: The Effects of the Equal Credit Opportunity Act on Housing, Credit, and Labor Market Decisions of Married Couples 借贷需要两个人:平等信贷机会法案对已婚夫妇住房、信贷和劳动力市场决策的影响
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-07-26 DOI: 10.1093/rfs/hhac042
A. K. Bartscher
Until the 1970s, U.S. mortgage lenders commonly discounted half of the wife’s income in couples’ joint mortgage applications. This changed with the introduction of antidiscrimination legislation in the 1970s, providing a natural experiment to study the relaxation of income-related borrowing constraints. I study the effects of the reform by estimating difference-in-differences regressions and solving a simple calibrated life cycle model. I find substantial positive effects of the reform on mortgage borrowing and homeownership rates of married couples with working wives. Moreover, I find a positive effect on married womens labor force participation, which strongly amplifies the homeownership and borrowing effects.
直到20世纪70年代,美国抵押贷款机构在夫妻共同抵押贷款申请中通常会将妻子收入的一半贴现。随着20世纪70年代反歧视立法的出台,这种情况发生了变化,为研究放宽与收入相关的借贷限制提供了一个自然的实验。我通过估计差异回归和求解一个简单的校准生命周期模型来研究改革的效果。我发现改革对有工作妻子的已婚夫妇的抵押贷款和住房拥有率产生了实质性的积极影响。此外,我发现已婚妇女的劳动力参与有积极影响,这大大放大了住房拥有和借贷效应。
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引用次数: 1
Counterparty Risk: Implications for Network Linkages and Asset Prices 交易对手风险:对网络联系和资产价格的影响
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-07-22 DOI: 10.1093/rfs/hhac044
Fotis Grigoris, Yunzhi Hu, G. Segal
We study the relation between trade credit, asset prices, and production-network linkages. Empirically, firms extending more trade credit earn 7.6% p.a. lower risk premiums and maintain longer relationships with customers. Using a production-based model, we quantitatively explain these novel facts. Trade credit reduces the departure probability of high-quality customers, thereby reducing firms’ exposures to systematic costs incurred in finding new customers. The mechanism predicts that the aggregate amount of trade credit proxies for customer-search costs and that suppliers with shorter-duration links to customers command higher expected returns. We confirm these and other novel predictions in the data.
我们研究了贸易信贷、资产价格和生产网络联系之间的关系。经验表明,提供更多贸易信贷的公司每年获得7.6%的收益,风险溢价更低,与客户的关系也更长久。使用基于生产的模型,我们定量地解释了这些新的事实。贸易信贷降低了优质客户的离开概率,从而减少了企业在寻找新客户时所产生的系统成本。该机制预测,贸易信用总额代表客户搜索成本,与客户联系时间较短的供应商获得更高的预期回报。我们在数据中证实了这些和其他新颖的预测。
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引用次数: 4
Exchange-Traded Funds and Real Investment 交易所交易基金和房地产投资
IF 8.2 1区 经济学 Q1 Business, Management and Accounting Pub Date : 2022-07-20 DOI: 10.1093/rfs/hhac043
Constantinos Antoniou, F. Li, Xuewen Liu, A. Subrahmanyam, Chengzhu Sun
We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers') stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.
我们研究了交易所交易基金与实际投资之间的联系。横截面上,较高的ETF拥有量与实际投资对托宾q的敏感度增加以及股票回报预测未来收益的能力增强有关。将股票纳入行业etf提高了投资q的敏感性,并意味着在公开发布之前,更多地将收益信息纳入价格。更多的非市场ETF持有量导致实际投资对自己(同行)股票价格的依赖增加(减少)。总体而言,证据与etf通过更大的信息流积极影响实际投资效率是一致的。
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引用次数: 8
期刊
Review of Financial Studies
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