Journal of Finance最新文献

{"title":"Rent or Buy? Inflation Experiences and Homeownership within and across Countries","authors":"ULRIKE MALMENDIER,&nbsp;ALEXANDRA STEINY WELLSJO","doi":"10.1111/jofi.13332","DOIUrl":"10.1111/jofi.13332","url":null,"abstract":"<div>\u0000 \u0000 <p>We show that past inflation experiences strongly predict homeownership within and across countries. First, we collect novel survey data, which reveal inflation protection to be a key motivation for homeownership, especially after high inflation experiences. Second, using household data from 22 European countries, we find that higher exposure to historical inflation predicts higher homeownership rates. We estimate similar associations among immigrants to the United States who experienced different past inflation in their home countries but face the same U.S. housing market. Consistent with the experience effects model, the relationship is strongest in countries with predominantly fixed-rate mortgages.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"1977-2023"},"PeriodicalIF":8.0,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140622863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Broadband Internet and the Stock Market Investments of Individual Investors","authors":"HANS K. HVIDE,&nbsp;TOM G. MELING,&nbsp;MAGNE MOGSTAD,&nbsp;OLA L. VESTAD","doi":"10.1111/jofi.13335","DOIUrl":"10.1111/jofi.13335","url":null,"abstract":"<p>We study the effects of broadband internet use on the investment decisions of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market participation, driven primarily by increased fund ownership. Existing investors tilt their portfolios toward funds, thereby obtaining more diversified portfolios and higher Sharpe ratios, and do not increase their trading activity in stocks. Overall, access to high-speed internet spurs a “democratization of finance,” with individuals making investment decisions that are more in line with the advice from portfolio theory.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"2163-2194"},"PeriodicalIF":8.0,"publicationDate":"2024-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13335","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140608146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Nonstandard Errors","authors":"ALBERT J. MENKVELD,&nbsp;ANNA DREBER,&nbsp;FELIX HOLZMEISTER,&nbsp;JUERGEN HUBER,&nbsp;MAGNUS JOHANNESSON,&nbsp;MICHAEL KIRCHLER,&nbsp;SEBASTIAN NEUSÜß,&nbsp;MICHAEL RAZEN,&nbsp;UTZ WEITZEL,&nbsp;DAVID ABAD-DÍAZ,&nbsp;MENACHEM (MENI) ABUDY,&nbsp;TOBIAS ADRIAN,&nbsp;YACINE AIT-SAHALIA,&nbsp;OLIVIER AKMANSOY,&nbsp;JAMIE T. ALCOCK,&nbsp;VITALI ALEXEEV,&nbsp;ARASH ALOOSH,&nbsp;LIVIA AMATO,&nbsp;DIEGO AMAYA,&nbsp;JAMES J. ANGEL,&nbsp;ALEJANDRO T. AVETIKIAN,&nbsp;AMADEUS BACH,&nbsp;EDWIN BAIDOO,&nbsp;GAETAN BAKALLI,&nbsp;LI BAO,&nbsp;ANDREA BARBON,&nbsp;OKSANA BASHCHENKO,&nbsp;PARAMPREET C. BINDRA,&nbsp;GEIR H. BJØNNES,&nbsp;JEFFREY R. BLACK,&nbsp;BERNARD S. BLACK,&nbsp;DIMITAR BOGOEV,&nbsp;SANTIAGO BOHORQUEZ CORREA,&nbsp;OLEG BONDARENKO,&nbsp;CHARLES S. BOS,&nbsp;CIRIL BOSCH-ROSA,&nbsp;ELIE BOURI,&nbsp;CHRISTIAN BROWNLEES,&nbsp;ANNA CALAMIA,&nbsp;VIET NGA CAO,&nbsp;GUNTHER CAPELLE-BLANCARD,&nbsp;LAURA M. CAPERA ROMERO,&nbsp;MASSIMILIANO CAPORIN,&nbsp;ALLEN CARRION,&nbsp;TOLGA CASKURLU,&nbsp;BIDISHA CHAKRABARTY,&nbsp;JIAN CHEN,&nbsp;MIKHAIL CHERNOV,&nbsp;WILLIAM CHEUNG,&nbsp;LUDWIG B. CHINCARINI,&nbsp;TARUN CHORDIA,&nbsp;SHEUNG-CHI CHOW,&nbsp;BENJAMIN CLAPHAM,&nbsp;JEAN-EDOUARD COLLIARD,&nbsp;CAROLE COMERTON-FORDE,&nbsp;EDWARD CURRAN,&nbsp;THONG DAO,&nbsp;WALE DARE,&nbsp;RYAN J. DAVIES,&nbsp;RICCARDO DE BLASIS,&nbsp;GIANLUCA F. DE NARD,&nbsp;FANY DECLERCK,&nbsp;OLEG DEEV,&nbsp;HANS DEGRYSE,&nbsp;SOLOMON Y. DEKU,&nbsp;CHRISTOPHE DESAGRE,&nbsp;MATHIJS A. VAN DIJK,&nbsp;CHUKWUMA DIM,&nbsp;THOMAS DIMPFL,&nbsp;YUN JIANG DONG,&nbsp;PHILIP A. DRUMMOND,&nbsp;TOM DUDDA,&nbsp;TEODOR DUEVSKI,&nbsp;ARIADNA DUMITRESCU,&nbsp;TEODOR DYAKOV,&nbsp;ANNE HAUBO DYHRBERG,&nbsp;MICHAŁ DZIELIŃSKI,&nbsp;ASLI EKSI,&nbsp;IZIDIN EL KALAK,&nbsp;SASKIA TER ELLEN,&nbsp;NICOLAS EUGSTER,&nbsp;MARTIN D. D. EVANS,&nbsp;MICHAEL FARRELL,&nbsp;ESTER FELEZ-VINAS,&nbsp;GERARDO FERRARA,&nbsp;EL MEHDI FERROUHI,&nbsp;ANDREA FLORI,&nbsp;JONATHAN T. FLUHARTY-JAIDEE,&nbsp;SEAN D. V. FOLEY,&nbsp;KINGSLEY Y. L. FONG,&nbsp;THIERRY FOUCAULT,&nbsp;TATIANA FRANUS,&nbsp;FRANCESCO FRANZONI,&nbsp;BART FRIJNS,&nbsp;MICHAEL FRÖMMEL,&nbsp;SERVANNA M. FU,&nbsp;SASCHA C. FÜLLBRUNN,&nbsp;BAOQING GAN,&nbsp;GE GAO,&nbsp;THOMAS P. GEHRIG,&nbsp;ROLAND GEMAYEL,&nbsp;DIRK GERRITSEN,&nbsp;JAVIER GIL-BAZO,&nbsp;DUDLEY GILDER,&nbsp;LAWRENCE R. GLOSTEN,&nbsp;THOMAS GOMEZ,&nbsp;ARSENY GORBENKO,&nbsp;JOACHIM GRAMMIG,&nbsp;VINCENT GRÉGOIRE,&nbsp;UFUK GÜÇBILMEZ,&nbsp;BJÖRN HAGSTRÖMER,&nbsp;JULIEN HAMBUCKERS,&nbsp;ERIK HAPNES,&nbsp;JEFFREY H. HARRIS,&nbsp;LAWRENCE HARRIS,&nbsp;SIMON HARTMANN,&nbsp;JEAN-BAPTISTE HASSE,&nbsp;NIKOLAUS HAUTSCH,&nbsp;XUE-ZHONG (TONY) HE,&nbsp;DAVIDSON HEATH,&nbsp;SIMON HEDIGER,&nbsp;TERRENCE HENDERSHOTT,&nbsp;ANN MARIE HIBBERT,&nbsp;ERIK HJALMARSSON,&nbsp;SETH A. HOELSCHER,&nbsp;PETER HOFFMANN,&nbsp;CRAIG W. HOLDEN,&nbsp;ALEX R. HORENSTEIN,&nbsp;WENQIAN HUANG,&nbsp;DA HUANG,&nbsp;CHRISTOPHE HURLIN,&nbsp;KONRAD ILCZUK,&nbsp;ALEXEY IVASHCHENKO,&nbsp;SUBRAMANIAN R. IYER,&nbsp;HOSSEIN JAHANSHAHLOO,&nbsp;NAJI JALKH,&nbsp;CHARLES M. JONES,&nbsp;SIMON JURKATIS,&nbsp;PETRI JYLHÄ,&nbsp;ANDREAS T. KAECK,&nbsp;GABRIEL KAISER,&nbsp;ARZÉ KARAM,&nbsp;EGLE KARMAZIENE,&nbsp;BERNHARD KASSNER,&nbsp;MARKKU KAUSTIA,&nbsp;EKATERINA KAZAK,&nbsp;FEARGHAL KEARNEY,&nbsp;VINCENT VAN KERVEL,&nbsp;SAAD A. KHAN,&nbsp;MARTA K. KHOMYN,&nbsp;TONY KLEIN,&nbsp;OLGA KLEIN,&nbsp;ALEXANDER KLOS,&nbsp;MICHAEL KOETTER,&nbsp;ALEKSEY KOLOKOLOV,&nbsp;ROBERT A. KORAJCZYK,&nbsp;ROMAN KOZHAN,&nbsp;JAN P. KRAHNEN,&nbsp;PAUL KUHLE,&nbsp;AMY KWAN,&nbsp;QUENTIN LAJAUNIE,&nbsp;F. Y. ERIC C. LAM,&nbsp;MARIE LAMBERT,&nbsp;HUGUES LANGLOIS,&nbsp;JENS LAUSEN,&nbsp;TOBIAS LAUTER,&nbsp;MARKUS LEIPPOLD,&nbsp;VLADIMIR LEVIN,&nbsp;YIJIE LI,&nbsp;HUI LI,&nbsp;CHEE YOONG LIEW,&nbsp;THOMAS LINDNER,&nbsp;OLIVER LINTON,&nbsp;JIACHENG LIU,&nbsp;ANQI LIU,&nbsp;GUILLERMO LLORENTE,&nbsp;MATTHIJS LOF,&nbsp;ARIEL LOHR,&nbsp;FRANCIS LONGSTAFF,&nbsp;ALEJANDRO LOPEZ-LIRA,&nbsp;SHAWN MANKAD,&nbsp;NICOLA MANO,&nbsp;ALEXIS MARCHAL,&nbsp;CHARLES MARTINEAU,&nbsp;FRANCESCO MAZZOLA,&nbsp;DEBRAH MELOSO,&nbsp;MICHAEL G. MI,&nbsp;ROXANA MIHET,&nbsp;VIJAY MOHAN,&nbsp;SOPHIE MOINAS,&nbsp;DAVID MOORE,&nbsp;LIANGYI MU,&nbsp;DMITRIY MURAVYEV,&nbsp;DERMOT MURPHY,&nbsp;GABOR NESZVEDA,&nbsp;CHRISTIAN NEUMEIER,&nbsp;ULF NIELSSON,&nbsp;MAHENDRARAJAH NIMALENDRAN,&nbsp;SVEN NOLTE,&nbsp;LARS L. NORDEN,&nbsp;PETER O'NEILL,&nbsp;KHALED OBAID,&nbsp;BERNT A. ØDEGAARD,&nbsp;PER ÖSTBERG,&nbsp;EMILIANO PAGNOTTA,&nbsp;MARCUS PAINTER,&nbsp;STEFAN PALAN,&nbsp;IMON J. PALIT,&nbsp;ANDREAS PARK,&nbsp;ROBERTO PASCUAL,&nbsp;PAOLO PASQUARIELLO,&nbsp;LUBOS PASTOR,&nbsp;VINAY PATEL,&nbsp;ANDREW J. PATTON,&nbsp;NEIL D. PEARSON,&nbsp;LORIANA PELIZZON,&nbsp;MICHELE PELLI,&nbsp;MATTHIAS PELSTER,&nbsp;CHRISTOPHE PÉRIGNON,&nbsp;CAMERON PFIFFER,&nbsp;RICHARD PHILIP,&nbsp;TOMÁŠ PLÍHAL,&nbsp;PUNEET PRAKASH,&nbsp;OLIVER-ALEXANDER PRESS,&nbsp;TINA PRODROMOU,&nbsp;MARCEL PROKOPCZUK,&nbsp;TALIS PUTNINS,&nbsp;YA QIAN,&nbsp;GAURAV RAIZADA,&nbsp;DAVID RAKOWSKI,&nbsp;ANGELO RANALDO,&nbsp;LUCA REGIS,&nbsp;STEFAN REITZ,&nbsp;THOMAS RENAULT,&nbsp;REX W. RENJIE,&nbsp;ROBERTO RENO,&nbsp;STEVEN J. RIDDIOUGH,&nbsp;KALLE RINNE,&nbsp;PAUL RINTAMÄKI,&nbsp;RYAN RIORDAN,&nbsp;THOMAS RITTMANNSBERGER,&nbsp;IÑAKI RODRÍGUEZ LONGARELA,&nbsp;DOMINIK ROESCH,&nbsp;LAVINIA ROGNONE,&nbsp;BRIAN ROSEMAN,&nbsp;IOANID ROŞU,&nbsp;SAURABH ROY,&nbsp;NICOLAS RUDOLF,&nbsp;STEPHEN R. RUSH,&nbsp;KHALADDIN RZAYEV,&nbsp;ALEKSANDRA A. RZEŹNIK,&nbsp;ANTHONY SANFORD,&nbsp;HARIKUMAR SANKARAN,&nbsp;ASANI SARKAR,&nbsp;LUCIO SARNO,&nbsp;OLIVIER SCAILLET,&nbsp;STEFAN SCHARNOWSKI,&nbsp;KLAUS R. SCHENK-HOPPÉ,&nbsp;ANDREA SCHERTLER,&nbsp;MICHAEL SCHNEIDER,&nbsp;FLORIAN SCHROEDER,&nbsp;NORMAN SCHÜRHOFF,&nbsp;PHILIPP SCHUSTER,&nbsp;MARCO A. SCHWARZ,&nbsp;MARK S. SEASHOLES,&nbsp;NORMAN J. SEEGER,&nbsp;OR SHACHAR,&nbsp;ANDRIY SHKILKO,&nbsp;JESSICA SHUI,&nbsp;MARIO SIKIC,&nbsp;GIORGIA SIMION,&nbsp;LEE A. SMALES,&nbsp;PAUL SÖDERLIND,&nbsp;ELVIRA SOJLI,&nbsp;KONSTANTIN SOKOLOV,&nbsp;JANTJE SÖNKSEN,&nbsp;LAIMA SPOKEVICIUTE,&nbsp;DENITSA STEFANOVA,&nbsp;MARTI G. SUBRAHMANYAM,&nbsp;BARNABAS SZASZI,&nbsp;OLEKSANDR TALAVERA,&nbsp;YUEHUA TANG,&nbsp;NICK TAYLOR,&nbsp;WING WAH THAM,&nbsp;ERIK THEISSEN,&nbsp;JULIAN THIMME,&nbsp;IAN TONKS,&nbsp;HAI TRAN,&nbsp;LUCA TRAPIN,&nbsp;ANDERS B. TROLLE,&nbsp;M. ANDREEA VADUVA,&nbsp;GIORGIO VALENTE,&nbsp;ROBERT A. VAN NESS,&nbsp;AURELIO VASQUEZ,&nbsp;THANOS VEROUSIS,&nbsp;PATRICK VERWIJMEREN,&nbsp;ANDERS VILHELMSSON,&nbsp;GRIGORY VILKOV,&nbsp;VLADIMIR VLADIMIROV,&nbsp;SEBASTIAN VOGEL,&nbsp;STEFAN VOIGT,&nbsp;WOLF WAGNER,&nbsp;THOMAS WALTHER,&nbsp;PATRICK WEISS,&nbsp;MICHEL VAN DER WEL,&nbsp;INGRID M. WERNER,&nbsp;P. JOAKIM WESTERHOLM,&nbsp;CHRISTIAN WESTHEIDE,&nbsp;HANS C. WIKA,&nbsp;EVERT WIPPLINGER,&nbsp;MICHAEL WOLF,&nbsp;CHRISTIAN C. P. WOLFF,&nbsp;LEONARD WOLK,&nbsp;WING-KEUNG WONG,&nbsp;JAN WRAMPELMEYER,&nbsp;ZHEN-XING WU,&nbsp;SHUO XIA,&nbsp;DACHENG XIU,&nbsp;KE XU,&nbsp;CAIHONG XU,&nbsp;PRADEEP K. YADAV,&nbsp;JOSÉ YAGÜE,&nbsp;CHENG YAN,&nbsp;ANTTI YANG,&nbsp;WOONGSUN YOO,&nbsp;WENJIA YU,&nbsp;YIHE YU,&nbsp;SHIHAO YU,&nbsp;BART Z. YUESHEN,&nbsp;DARYA YUFEROVA,&nbsp;MARCIN ZAMOJSKI,&nbsp;ABALFAZL ZAREEI,&nbsp;STEFAN M. ZEISBERGER,&nbsp;LU ZHANG,&nbsp;S. SARAH ZHANG,&nbsp;XIAOYU ZHANG,&nbsp;LU ZHAO,&nbsp;ZHUO ZHONG,&nbsp;Z. IVY ZHOU,&nbsp;CHEN ZHOU,&nbsp;XINGYU S. ZHU,&nbsp;MARIUS ZOICAN,&nbsp;REMCO ZWINKELS","doi":"10.1111/jofi.13337","DOIUrl":"10.1111/jofi.13337","url":null,"abstract":"<p>In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty—nonstandard errors (NSEs). We study NSEs by letting 164 teams test the same hypotheses on the same data. NSEs turn out to be sizable, but smaller for more reproducible or higher rated research. Adding peer-review stages reduces NSEs. We further find that this type of uncertainty is underestimated by participants.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"2339-2390"},"PeriodicalIF":8.0,"publicationDate":"2024-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13337","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140608144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect","authors":"RICARDO J. CABALLERO,&nbsp;ALP SIMSEK","doi":"10.1111/jofi.13343","DOIUrl":"10.1111/jofi.13343","url":null,"abstract":"<div>\u0000 \u0000 <p>We analyze <i>optimal</i> monetary policy and its implications for asset prices when aggregate demand has inertia. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (above their steady-state levels consistent with current potential output). Overshooting leads to a temporary disconnect between the performance of financial markets and the real economy, but accelerates the recovery. When there is a lower bound constraint on the discount rate, good macroeconomic news is better news for asset prices when the output gap is more negative. Finally, we document that during the COVID-19 recovery, the policy-induced overshooting was large.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"1719-1753"},"PeriodicalIF":8.0,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140551915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Goal Setting and Saving in the FinTech Era","authors":"ANTONIO GARGANO,&nbsp;ALBERTO G. ROSSI","doi":"10.1111/jofi.13339","DOIUrl":"10.1111/jofi.13339","url":null,"abstract":"<div>\u0000 \u0000 <p>We study the effectiveness of saving goals in increasing individuals' savings using data from a Fintech app. Using a difference-in-differences identification strategy that randomly assigns users into a group of beta testers who can set goals and a group of users who cannot, we find that setting goals increases individuals' savings rate. The increased savings within the app do not reduce savings outside the app. Moreover, goal setting helps those individuals previously identified as having the lowest propensity to save. Matching App user survey responses to their behavior highlights the relative merits of monitoring and concreteness channels in explaining our findings.</p>\u0000 </div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"1931-1976"},"PeriodicalIF":8.0,"publicationDate":"2024-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140545553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Zombie Credit and (Dis-)Inflation: Evidence from Europe","authors":"VIRAL V. ACHARYA,&nbsp;MATTEO CROSIGNANI,&nbsp;TIM EISERT,&nbsp;CHRISTIAN EUFINGER","doi":"10.1111/jofi.13342","DOIUrl":"10.1111/jofi.13342","url":null,"abstract":"<div>\u0000 \u0000 <p>We show that “zombie credit”—subsidized credit to nonviable firms—has a disinflationary effect. By keeping these firms afloat, zombie credit creates excess aggregate supply, thereby putting downward pressure on prices. Granular European data on inflation, firms, and banks confirm this mechanism. Markets affected by a rise in zombie credit experience lower firm entry and exit, capacity utilization, markups, and inflation, as well as a misallocation of capital and labor, which results in lower productivity, investment, and value added. If weakly capitalized banks were recapitalized in 2009, inflation in Europe would have been up to 0.21 percentage points higher post-2012.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"1883-1929"},"PeriodicalIF":8.0,"publicationDate":"2024-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140551993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Portfolio Approach to Global Imbalances","authors":"ZHENGYANG JIANG,&nbsp;ROBERT J. RICHMOND,&nbsp;TONY ZHANG","doi":"10.1111/jofi.13333","DOIUrl":"10.1111/jofi.13333","url":null,"abstract":"<div>\u0000 \u0000 <p>We use a portfolio-based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the U.S. NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts partially offset this widening. Moreover, U.S. privilege declined after 2010, in line with increasing foreign demand for U.S. equity. We also highlight a quantity dimension of the U.S. privilege: The U.S. can issue substantially more debt than other countries for a given yield increase. </p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"2025-2076"},"PeriodicalIF":8.0,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140542107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tracing the International Transmission of a Crisis through Multinational Firms","authors":"MARCUS BIERMANN,&nbsp;KILIAN HUBER","doi":"10.1111/jofi.13338","DOIUrl":"https://doi.org/10.1111/jofi.13338","url":null,"abstract":"<p>We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained themselves, and experienced lower real growth. We find that managers were “Darwinist” with respect to international affiliates but “Socialist” in the home country, that internal capital markets transmitted the credit shock more strongly than a nonfinancial shock, and that access to developed credit markets attenuated the real effects. The total real impact of shock transmission through multinationals on foreign economies was large.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"1789-1829"},"PeriodicalIF":8.0,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13338","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140826211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Countercyclical Income Risk and Portfolio Choices: Evidence from Sweden","authors":"SYLVAIN CATHERINE,&nbsp;PAOLO SODINI,&nbsp;YAPEI ZHANG","doi":"10.1111/jofi.13341","DOIUrl":"10.1111/jofi.13341","url":null,"abstract":"<div>\u0000 \u0000 <p>Using Swedish administrative panel data, we document that workers facing higher left-tail income risk when equity markets perform poorly have lower portfolio equity share. In line with theory, the relationship between cyclical skewness and stock holdings increases with the share of human capital in a worker's total wealth and vanishes as workers get closer to retirement. Cyclical skewness also predicts portfolio differences within pairs of identical twins. Our findings show that households hedge against correlated tail risks, an important mechanism in asset pricing and portfolio choice models.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"1755-1788"},"PeriodicalIF":8.0,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140538953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Horizon-Based Decomposition of Mutual Fund Value Added Using Transactions","authors":"JULES VAN BINSBERGEN,&nbsp;JUNGSUK HAN,&nbsp;HONGXUN RUAN,&nbsp;RAN XING","doi":"10.1111/jofi.13331","DOIUrl":"10.1111/jofi.13331","url":null,"abstract":"<div>\u0000 \u0000 <p>We decompose mutual fund value added by the length of funds' holdings using transaction-level data. We motivate our decomposition with a model featuring horizon-specific investment ideas, where short-term ideas are less scalable because the associated trades cannot be spread over time. Fund turnover correlates negatively with the horizon over which value is added and positively with price impact costs. As predicted, holdings of high-turnover funds add a substantial amount of value in the first two weeks, of which more than 80% is earned on Federal Open Market Committee (FOMC) and earnings announcement days. Holdings of low-turnover funds add value only over longer horizons.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 3","pages":"1831-1882"},"PeriodicalIF":8.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140533225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}