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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
Review of Financial Studies Pub Date : 2022-11-30 DOI: 10.1093/rfs/hhac087
Samuel Kruger, G. Maturana, Jordan Nickerson
{"title":"How Has COVID-19 Impacted Research Production in Economics and Finance?","authors":"Samuel Kruger, G. Maturana, Jordan Nickerson","doi":"10.1093/rfs/hhac087","DOIUrl":"https://doi.org/10.1093/rfs/hhac087","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47362494","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}
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
Review of Financial Studies Pub Date : 2022-10-06 DOI: 10.1093/rfs/hhac073
Jess Cornaggia, Kimberly J. Cornaggia, Ryan D. Israelsen
{"title":"Rating Agency Fees: Pay to Play in Public Finance?","authors":"Jess Cornaggia, Kimberly J. Cornaggia, Ryan D. Israelsen","doi":"10.1093/rfs/hhac073","DOIUrl":"https://doi.org/10.1093/rfs/hhac073","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47201339","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}
引用次数: 2
Illiquidity and Higher Cumulants 文盲和高累积量
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2022-09-14 DOI: 10.1093/rfs/hhac069
Sergei Glebkin, S. Malamud, Alberto M. Teguia
{"title":"Illiquidity and Higher Cumulants","authors":"Sergei Glebkin, S. Malamud, Alberto M. Teguia","doi":"10.1093/rfs/hhac069","DOIUrl":"https://doi.org/10.1093/rfs/hhac069","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"1 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41903667","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}
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
Review of Financial Studies Pub Date : 2022-09-13 DOI: 10.1093/rfs/hhac067
Paula Suh
{"title":"Intellectual Property Rights and Debt Financing","authors":"Paula Suh","doi":"10.1093/rfs/hhac067","DOIUrl":"https://doi.org/10.1093/rfs/hhac067","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48475679","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}
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
Review of Financial Studies Pub Date : 2022-09-02 DOI: 10.1093/rfs/hhac060
Jeremy Burke, Julian C. Jamison, Dean S. Karlan, Kata Mihaly, Jonathan Zinman
{"title":"Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States","authors":"Jeremy Burke, Julian C. Jamison, Dean S. Karlan, Kata Mihaly, Jonathan Zinman","doi":"10.1093/rfs/hhac060","DOIUrl":"https://doi.org/10.1093/rfs/hhac060","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41918958","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}
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
Review of Financial Studies Pub Date : 2022-08-26 DOI: 10.1093/rfs/hhac061
A. Kakhbod, Uliana Loginova, A. Malenko, Nadya Malenko
{"title":"Advising the Management: A Theory of Shareholder Engagement","authors":"A. Kakhbod, Uliana Loginova, A. Malenko, Nadya Malenko","doi":"10.1093/rfs/hhac061","DOIUrl":"https://doi.org/10.1093/rfs/hhac061","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48204200","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}
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
Review of Financial Studies Pub Date : 2022-08-04 DOI: 10.1093/rfs/hhac049
Tse-Chun Lin, Vesa Pursiainen
{"title":"The Disutility of Stock Market Losses: Evidence From Domestic Violence","authors":"Tse-Chun Lin, Vesa Pursiainen","doi":"10.1093/rfs/hhac049","DOIUrl":"https://doi.org/10.1093/rfs/hhac049","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48666770","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}
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
Review of Financial Studies Pub Date : 2022-07-26 DOI: 10.1093/rfs/hhac042
A. K. Bartscher
{"title":"It Takes Two to Borrow: The Effects of the Equal Credit Opportunity Act on Housing, Credit, and Labor Market Decisions of Married Couples","authors":"A. K. Bartscher","doi":"10.1093/rfs/hhac042","DOIUrl":"https://doi.org/10.1093/rfs/hhac042","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42484903","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}
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
Review of Financial Studies Pub Date : 2022-07-22 DOI: 10.1093/rfs/hhac044
Fotis Grigoris, Yunzhi Hu, G. Segal
{"title":"Counterparty Risk: Implications for Network Linkages and Asset Prices","authors":"Fotis Grigoris, Yunzhi Hu, G. Segal","doi":"10.1093/rfs/hhac044","DOIUrl":"https://doi.org/10.1093/rfs/hhac044","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46024925","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}
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
Review of Financial Studies Pub Date : 2022-07-20 DOI: 10.1093/rfs/hhac043
Constantinos Antoniou, F. Li, Xuewen Liu, A. Subrahmanyam, Chengzhu Sun
{"title":"Exchange-Traded Funds and Real Investment","authors":"Constantinos Antoniou, F. Li, Xuewen Liu, A. Subrahmanyam, Chengzhu Sun","doi":"10.1093/rfs/hhac043","DOIUrl":"https://doi.org/10.1093/rfs/hhac043","url":null,"abstract":"\u0000 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.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46408502","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}
引用次数: 8
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