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Investing Like My Parents: Do Parents Affect Children’s Risk Taking Behavior? 像父母一样投资:父母会影响孩子的冒险行为吗?
Paris 2021: Proceedings Pub Date : 2021-10-25 DOI: 10.2139/ssrn.3949539
Ziwei Zhao, Cui Min
{"title":"Investing Like My Parents: Do Parents Affect Children’s Risk Taking Behavior?","authors":"Ziwei Zhao, Cui Min","doi":"10.2139/ssrn.3949539","DOIUrl":"https://doi.org/10.2139/ssrn.3949539","url":null,"abstract":"We find that learning from parents explains heterogeneity in financial decisions later in life. Using parents’ stock market experiences before parenthood as instrumental variables for parents’ risk-taking, we show that parents’ risk-taking positively affects children’s stock market decisions. More importantly, exploiting a finding that parents spend more quality time with their first child, we find that this parental effect is mainly driven by learning from parents through one’s childhood interactions with parents. We also examine the wealth outcomes implied. Our results contribute to the understanding of how family traits passed down over generations could lead to wealth inequality across families.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134101159","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: 1
Trust in Finance and Consumer Fintech Adoption 对金融和消费者金融科技采用的信任
Paris 2021: Proceedings Pub Date : 2021-10-22 DOI: 10.2139/ssrn.3947888
Mikael Paaso, Deniz Okat, Vesa Pursiainen
{"title":"Trust in Finance and Consumer Fintech Adoption","authors":"Mikael Paaso, Deniz Okat, Vesa Pursiainen","doi":"10.2139/ssrn.3947888","DOIUrl":"https://doi.org/10.2139/ssrn.3947888","url":null,"abstract":"We study the impact of trust in traditional finance on the consumer adoption of various fintech products, including cryptocurrencies, peer-to-peer lending, other crowdfunding, roboadvisors, and alternative payment solutions. Using a representative survey of Dutch households, an experiment on Amazon's MTurk and an experiment on an investment website, we nd no consistent evidence that trust in finance affects fintech adoption in any product category. Our results suggest that consumers consider fintech products to be distinct from traditional financial products.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130747035","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: 2
Does Portfolio Disclosure Make Money Smarter? 投资组合信息披露能让钱更聪明吗?
Paris 2021: Proceedings Pub Date : 2021-06-04 DOI: 10.2139/ssrn.3949552
Byoung Uk Kang, A. Sinclair, Stig Xenomorph
{"title":"Does Portfolio Disclosure Make Money Smarter?","authors":"Byoung Uk Kang, A. Sinclair, Stig Xenomorph","doi":"10.2139/ssrn.3949552","DOIUrl":"https://doi.org/10.2139/ssrn.3949552","url":null,"abstract":"We provide causal evidence that mandatory portfolio disclosure helps investors evaluate and select hedge fund managers. Using a staggered difference-in-differences analysis, we demonstrate that investor capital flows better predict fund performance among funds that publicly disclose their portfolio holdings. Additional cross-sectional analyses suggest that this gain in selection ability varies with the informational value of disclosure. Furthermore, examining investor-level allocations, we find that institutional investors earn higher returns on their allocations to disclosing funds. Overall, these results help contribute to the cost-benefit analysis of mandatory portfolio disclosure.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128725507","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: 1
Mispricing, Misallocation, and Corporate Investment 错误定价、错误配置和企业投资
Paris 2021: Proceedings Pub Date : 2021-06-04 DOI: 10.2139/ssrn.3949551
C. Dreyer
{"title":"Mispricing, Misallocation, and Corporate Investment","authors":"C. Dreyer","doi":"10.2139/ssrn.3949551","DOIUrl":"https://doi.org/10.2139/ssrn.3949551","url":null,"abstract":"This study investigates the effect of stock market overvaluation of non-peer firms on firm investment measured by capital expenditures. To test this effect, Stambaugh et al.’s (2015) misvaluation measure and Text-Based Network Industry Classification (TNIC) codes are used. The results indicate that firm investment is negatively associated with the overvaluation of non-peer firms. Using a path analysis, it is shown that the misvaluation of non-peer firms influences firm investment through financing and non-financing channels. The financing channel mainly works via debt issuance, but the predominant part of this effect is driven by the non-financing channel. Moreover, the empirical results suggest that the effect of non-peer misvalutaion on firm investment is stronger in bubble periods. The findings are consistent with the idea that overvalued firms are more attractive to investors and other stakeholders, which crowds out firm investment of non-peer firms in other industry sectors.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122370271","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: 1
Learning about Latent Dynamic Trading Demand 了解潜在的动态交易需求
Paris 2021: Proceedings Pub Date : 2021-05-27 DOI: 10.2139/ssrn.3855056
Xiao Chen, J. Choi, Kasper Larsen, Duane J. Seppi
{"title":"Learning about Latent Dynamic Trading Demand","authors":"Xiao Chen, J. Choi, Kasper Larsen, Duane J. Seppi","doi":"10.2139/ssrn.3855056","DOIUrl":"https://doi.org/10.2139/ssrn.3855056","url":null,"abstract":"This paper presents an equilibrium model of dynamic trading, learning, and pricing by strategic investors with trading targets and price impact. Since trading targets are private, rebalancers and liquidity providers filter the child order flow over time to estimate the latent underlying parent trading demand imbalance and its expected impact on subsequent price pressure dynamics. We prove existence of the equilibrium and solve for equilibrium trading strategies and prices in terms of the solution to a system of coupled ODEs. We show that trading strategies are combinations of trading towards investor targets, liquidity provision for other investors’ demands, and front-running based on learning about latent underlying trading demand imbalances and future price pressure.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"2022 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127600677","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: 3
Learning from Errors in Entrepreneurship 从创业中的错误中学习
Paris 2021: Proceedings Pub Date : 2021-04-01 DOI: 10.2139/ssrn.3947926
Camille Hébert
{"title":"Learning from Errors in Entrepreneurship","authors":"Camille Hébert","doi":"10.2139/ssrn.3947926","DOIUrl":"https://doi.org/10.2139/ssrn.3947926","url":null,"abstract":"I use administrative and survey-based micro data to study the relationship between expectation errors, belief updates, and subsequent corporate decisions of a representative sample of French entrepreneurs. After overestimating their development and hiring prospects, optimistic entrepreneurs update downward, entrepreneurs who underestimate their prospects update upward. Although optimistic and pessimistic types are persistent over time, I show that expectation errors decline over time within individuals, suggesting that entrepreneurs learn from their past errors over time. Making errors and learning from them have real effects. The ability to correctly forecast growth and update after an error lead to better start-ups' performance.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"1155 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121043359","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: 1
The Effect of ESG Disclosure on Corporate Investment Efficiency ESG信息披露对企业投资效率的影响
Paris 2021: Proceedings Pub Date : 2021-03-31 DOI: 10.2139/ssrn.3816592
Elsa Allman, Joon-Ho Won
{"title":"The Effect of ESG Disclosure on Corporate Investment Efficiency","authors":"Elsa Allman, Joon-Ho Won","doi":"10.2139/ssrn.3816592","DOIUrl":"https://doi.org/10.2139/ssrn.3816592","url":null,"abstract":"This paper examines the effects of environmental, social and governance (ESG) disclosure on investment efficiency, using the adoption of Directive 2014/95/EU as a quasi-natural shock on disclosure quality. We document a significant and robust reduction of underinvestment for U.S. firms with significant activities in the EU, which exposes them to the Directive, relative to U.S. firms not affected. These firms are able to raise additional debt after the adoption of the Directive, although there is no evidence of any impact on new capital raised in equity markets. In addition, investment efficiency gains are strongest for firms with ex-ante lower ESG disclosure levels, that are financially constrained, and for firms with more entrenched managers. These results suggest that non-financial disclosure requirements can play a role in mitigating adverse selection problems for underinvesting firms, especially in debt markets, in a manner similar to disclosure of financial information.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115935032","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: 5
Presidential Economic Approval Rating and the Cross-Section of Stock Returns 总统经济支持率与股票收益的横截面
Paris 2021: Proceedings Pub Date : 2021-03-01 DOI: 10.2139/ssrn.3947949
Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang
{"title":"Presidential Economic Approval Rating and the Cross-Section of Stock Returns","authors":"Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang","doi":"10.2139/ssrn.3947949","DOIUrl":"https://doi.org/10.2139/ssrn.3947949","url":null,"abstract":"We construct a monthly Presidential Economic Approval Rating (PEAR) index from 1981 to 2019, by averaging ratings on president’s handling of the economy across various national polls. In the cross-section, stocks with high betas to changes in the PEAR index significantly under-perform those with low betas by 0.9% per month in the future, on a risk adjusted basis. The low-PEAR-beta premium persists up to one year, and is present in various sub-samples (based on industries, presidential cycles, transitions, and tenures) and even in other G7 countries. It is also robust to different risk adjustment models and controls for other related return predictors. Since the PEAR index is negatively correlated with measures of aggregate risk aversion, a simple risk model would predict the low PEAR-beta stocks to earn lower (not higher) expected returns. Contrary to the sentiment-induced overpricing, the premium does not come primarily from the short leg following high sentiment periods. Instead, the premium could be driven by a novel sentiment towards presidential alignment.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130764063","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: 8
Retail Customer Reactions to Private Equity Acquisitions 零售客户对私募股权收购的反应
Paris 2021: Proceedings Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3949527
Vesa Pursiainen, Tereza Tykvová
{"title":"Retail Customer Reactions to Private Equity Acquisitions","authors":"Vesa Pursiainen, Tereza Tykvová","doi":"10.2139/ssrn.3949527","DOIUrl":"https://doi.org/10.2139/ssrn.3949527","url":null,"abstract":"We study short-term changes in customer visits to retail outlets around the announcement of private equity (PE) acquisitions, using aggregated and anonymized mobile phone data covering approximately ten percent of all mobile devices in the United States. Given the monthly frequency of the data, we can separate the announcement reaction of customers from the effect on operational improvements, which can only take place after the completion of the acquisition. There is a significant reduction in customer visits in retail outlets immediately following a PE acquisition. The decrease in visits is larger for larger PE firms and those previously involved in more lawsuits. The customer reaction also varies depending on income level, stock market participation, and self-employment rate, as well as religious and political orientation of the outlet location. It also depends on local competition.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127925623","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
A Macro-Finance model with Realistic Crisis Dynamics 具有现实危机动态的宏观金融模型
Paris 2021: Proceedings Pub Date : 2020-11-17 DOI: 10.2139/ssrn.3732232
G. Gopalakrishna
{"title":"A Macro-Finance model with Realistic Crisis Dynamics","authors":"G. Gopalakrishna","doi":"10.2139/ssrn.3732232","DOIUrl":"https://doi.org/10.2139/ssrn.3732232","url":null,"abstract":"What causes deep recessions and slow recovery? I revisit this question and develop a macro-finance model that quantitatively matches the salient empirical features of financial crises such as a large drop in the output, a high risk premium, reduced financial intermediation, and a long duration of economic distress. The model has leveraged intermediaries featuring stochastic productivity and a regime-dependent exit rate that governs the transition in and out of crises. A model without these two features suffers from a trade-off between the amplification and persistence of crises. I show that my model resolves this tension and generates realistic crisis dynamics.","PeriodicalId":334573,"journal":{"name":"Paris 2021: Proceedings","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114101296","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: 2
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