Federal Reserve Bank of Boston Research Department Working Papers最新文献_第3页

The Impact of Weather on Local Government Spending 天气对地方政府开支的影响

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-19 DOI: 10.29412/res.wp.2022.22

Bo Zhao

引用次数: 0

Government Banks and Interventions in Credit Markets 政府银行与信贷市场干预

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-16 DOI: 10.29412/res.wp.2022.20

Gustavo Joaquim, Felipe Netto, José Renato Haas Ornelas

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引用次数: 1

Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees 谁在支付所有这些费用?银行账户和信用卡费用的实证分析

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-08 DOI: 10.29412/res.wp.2022.18

Oz Shy, J. Stavins

{"title":"Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees","authors":"Oz Shy, J. Stavins","doi":"10.29412/res.wp.2022.18","DOIUrl":"https://doi.org/10.29412/res.wp.2022.18","url":null,"abstract":"Banks impose a variety of account fees, and credit card issuers impose a variety of fees related to card usage. Using detailed data from a 2021 representative diary survey of US consumers, we investigate whether lower-income consumers and Black consumers are more likely to pay bank account or credit card fees, and how payment behavior varies depending on paying such fees. We find that the probability of paying several types of bank account and credit card fees is correlated with consumers’ demographic attributes and payment behavior. The percentage of Black consumers who pay overdraft or low-balance fees on their bank accounts or pay late fees or cash-advance fees on their credit cards is higher than the percentage of White consumers who pay those fees. We find that lower-income consumers were significantly more likely to pay overdraft fees, and Black consumers were significantly more likely to pay any bank account fee when we hold income and account balances constant in the regressions. However, when controlling for income, we find that the race effect was smaller than in the summary statistics. JEL Classifications: G21, G5, D14","PeriodicalId":219195,"journal":{"name":"Federal Reserve Bank of Boston Research Department Working Papers","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125246900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Government Transfers and Consumer Spending among Households with Children during COVID-19 COVID-19期间政府转移支付和有孩子家庭的消费者支出

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-06 DOI: 10.29412/res.wp.2022.17

Pinghui Wu, V. Fusaro, H. L. Shaefer

引用次数: 0

Wage Inequality and the Rise in Labor Force Exit: The Case of US Prime-Age Men 工资不平等和劳动力退出的增加:以美国壮年男性为例

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-01 DOI: 10.29412/res.wp.2022.16

Pinghui Wu

引用次数: 1

Do Multisectoral New Keynesian Models Match Sectoral Data? 多部门新凯恩斯模型与部门数据匹配吗?

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-11-07 DOI: 10.29412/res.wp.2022.14

P. Andrade, Viacheslav Sheremirov

引用次数: 0

Racial Wealth Disparities: Reconsidering the Roles of Human Capital and Inheritance 种族财富差距:重新考虑人力资本和继承的作用

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-02-15 DOI: 10.29412/res.wp.2022.03

J. Sabelhaus, Jeffrey Thompson

引用次数: 2

Job Displacement and Sectoral Mobility 失业和部门流动

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2021-12-23 DOI: 10.29412/res.wp.2021.19

Osborne Jackson

引用次数: 0

On the Origins of the Multinational Premium 论跨国公司溢价的起源

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2021-12-23 DOI: 10.29412/res.wp.2021.20

José L. Fillat, Stefania Garetto

{"title":"On the Origins of the Multinational Premium","authors":"José L. Fillat, Stefania Garetto","doi":"10.29412/res.wp.2021.20","DOIUrl":"https://doi.org/10.29412/res.wp.2021.20","url":null,"abstract":"How do foreign direct investment (FDI) dynamics relate to the risk premium of a ﬁrm? To answer this question, we compare the stock returns of US ﬁrms with diﬀerent FDI and mergers and acquisitions (M&A) experience to study the evolution of stock returns as ﬁrms expand into foreign markets. We document three empirical regularities. First, there are cross-sectional risk premia associated with both multinational activity and mergers and acquisitions. Second, ﬁrm-level stock returns decline when a ﬁrm undertakes M&A activity and with merger deepening. Third, future multinational acquirers already have higher stock returns when compared with domestic non-acquirers prior to entering foreign markets, indicating that cross-sectional returns diﬀerentials are driven by selection based on common unobserved ﬁrm characteristics. We ﬁnd that CEOs play an important role in explaining the relationship between ﬁrms’ risk premia and foreign expansion. To rationalize these facts, we develop a dynamic model in which managerial experience shapes the relationship between ﬁrm characteristics, selection into FDI, and risk premia. experience. First, we study the role of certain ﬁrm characteristics on expected returns. Firm characteristics include indicators of multinational and acquisition activity, among others. Second, we examine whether the covariance of these characteristics with aggregate risk factors drives the risk premia of multinationals and acquiring ﬁrms. This analysis takes the form of portfolio regressions in which the construction of the portfolios is based on multinational and acquisition status. role of managers and managerial practices on diﬀerent aspects of ﬁrm performance. Inspired by this literature, we explore the role of managers play in determining simultaneously both ﬁrms’ expansion strategies and their risk premia. To this end, we investigate the relationships between management and ﬁrm status and between management and stock returns.","PeriodicalId":219195,"journal":{"name":"Federal Reserve Bank of Boston Research Department Working Papers","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115289541","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate Finance and the Transmission of Shocks to the Real Economy 公司财务与实体经济冲击的传导

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2021-12-22 DOI: 10.29412/res.wp.2021.18

Falk Bräuning, José L. Fillat, Gustavo Joaquim

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引用次数: 1