NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers on Corporate Finance

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2017
w23541 Raffaele Santioni
Fabio Schiantarelli
Philip E. Strahan

Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation in Italy
w23546 Nittai K. Bergman
Rajkamal Iyer
Richard T. Thakor

The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis
w23511 Bruce Carlin
William Mann

Finance, farms, and the Fed's early years
w23512 Efraim Benmelech
Nittai K. Bergman

Credit Market Freezes
w23515 Dean Corbae
Pablo D'Erasmo

Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics
w23505 Andreas Nilsson
David T. Robinson

What is the Business of Business?
w23493 Isil Erel
Yeejin Jang
Bernadette A. Minton
Michael S. Weisbach

Corporate Liquidity, Acquisitions, and Macroeconomic Conditions
w23502 Manuel Adelino
Antoinette Schoar
Felipe Severino

Dynamics of Housing Debt in the Recent Boom and Great Recession
w23460 Vikas Mehrotra
Randall Morck

Governance and Stakeholders
w23464 Steven N. Kaplan
Are U.S. Companies Too Short-Term Oriented? Some Thoughts
w23469 Ross Levine
Chen Lin
Zigan Wang

Acquiring Banking Networks
w23476 Andrea L. Eisfeldt
Hanno Lustig
Lei Zhang

Complex Asset Markets
w23449 Anthony A. DeFusco
Charles G. Nathanson
Eric Zwick

Speculative Dynamics of Prices and Volume
w23452 Tomasz Piskorski
Alexei Tchistyi

An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts
w23454 Paul A. Gompers
Sophie Q. Wang

And the Children Shall Lead: Gender Diversity and Performance in Venture Capital
w23459 Paul A. Gompers
Kevin Huang
Sophie Q. Wang

Homophily in Entrepreneurial Team Formation
w23419 Elias Albagli
Christian Hellwig
Aleh Tsyvinski

Imperfect Financial Markets and Shareholder Incentives in Partial and General Equilibrium
w23424 Ali Ozdagli
Michael Weber

Monetary Policy through Production Networks: Evidence from the Stock Market
w23425 Michał Dzieliński
Alexander F. Wagner
Richard J. Zeckhauser

Straight Talkers and Vague Talkers: The Effects of Managerial Style in Earnings Conference Calls
w23428 Robert S. Harris
Tim Jenkinson
Steven N. Kaplan
Ruediger Stucke

Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform?
w23432 David Hirshleifer
Po-Hsuan Hsu
Dongmei Li

Innovative Originality, Profitability, and Stock Returns
w23434 Chen Lin
Thomas Schmid
Michael S. Weisbach

How Production Risk and Flexibility Affect Liquidity Management: Evidence from Electricity Generating Firms
w23407 Laura Alfaro
Gonzalo Asis
Anusha Chari
Ugo Panizza

Lessons Unlearned? Corporate Debt in Emerging Markets
w23394 Kewei Hou
Chen Xue
Lu Zhang

Replicating Anomalies
w23356 Jeffrey R. Brown
Jiekun Huang

All the President's Friends: Political Access and Firm Value
w23373 Markus Ibert
Ron Kaniel
Stijn Van Nieuwerburgh
Roine Vestman

Are Mutual Fund Managers Paid For Investment Skill?
w23331 Heitor Almeida
Kristine Watson Hankins
Ryan Williams

Risk Management with Supply Contracts
w23310 Irem Demirci
Jennifer Huang
Clemens Sialm

Government Debt and Corporate Leverage: International Evidence
w23316 Falk Bräuning
Victoria Ivashina

Monetary Policy and Global Banking
w23317 Mike Anderson
René M. Stulz

Is Post-Crisis Bond Liquidity Lower?
w23291 Mark Egan
Stefan Lewellen
Adi Sunderam

The Cross Section of Bank Value
w23300 Nicholas Bloom
Erik Brynjolfsson
Lucia Foster
Ron S. Jarmin
Megha Patnaik
Itay Saporta-Eksten
John Van Reenen

What Drives Differences in Management?
w23302 Adriano A. Rampini
S. Viswanathan

Financial Intermediary Capital
w23305 Shai Bernstein
Emanuele Colonnelli
Ben Iverson

Asset Allocation in Bankruptcy
w23268 Joan Farre-Mensa
Deepak Hegde
Alexander Ljungqvist

What is a Patent Worth? Evidence from the U.S. Patent "Lottery"
w23273 Raphael Boleslavsky
Bruce I. Carlin
Christopher Cotton

Competing for Capital: Auditing and Credibility in Financial Reporting
w23274 Azi Ben-Rephael
Bruce I. Carlin
Zhi Da
Ryan D. Israelsen

Demand for Information and Asset Pricing
w23276 Matthew Gentzkow
Bryan T. Kelly
Matt Taddy

Text as Data
w23288 Greg Buchak
Gregor Matvos
Tomasz Piskorski
Amit Seru

Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks
w23249 Juliane Begenau
Berardino Palazzo

Firm Selection and Corporate Cash Holdings
w23255 John R. Graham
Campbell R. Harvey
Jillian Popadak
Shivaram Rajgopal

Corporate Culture: Evidence from the Field
w23226 Lu Zhang
The Investment CAPM
w23242 Mark L. Egan
Gregor Matvos
Amit Seru

When Harry Fired Sally: The Double Standard in Punishing Misconduct
w23211 Itzhak Ben-David
Marieke Bos

Impulsive Consumption and Financial Wellbeing: Evidence from an Increase in the Availability of Alcohol
w23212 Bernadette A. Minton
René M. Stulz
Alvaro G. Taboada

Are Larger Banks Valued More Highly?
w23216 Efraim Benmelech
Carola Frydman
Dimitris Papanikolaou

Financial Frictions and Employment during the Great Depression
w23191 Robin Greenwood
Andrei Shleifer
Yang You

Bubbles for Fama
w23194 Markus K. Brunnermeier
Michael Sockin
Wei Xiong

China's Gradualistic Economic Approach and Financial Markets
w23170 Wenxin Du
Alexander Tepper
Adrien Verdelhan

Deviations from Covered Interest Rate Parity
w23176 Xavier Giroud
Holger M. Mueller

Firms' Internal Networks and Local Economic Shocks
w23179 Felipe Restrepo
Lina Cardona Sosa
Philip E. Strahan

Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt
w23152 Alexander Wagner
Richard J. Zeckhauser
Alexandre Ziegler

Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade
w23167 Kyriakos T. Chousakos
Gary B. Gorton

Bank Health Post-Crisis
w23168 Eleanor W. Dillon
Christopher T. Stanton

Self-Employment Dynamics and the Returns to Entrepreneurship
w23162 Shai Bernstein
Emanuele Colonnelli
Xavier Giroud
Benjamin Iverson

Bankruptcy Spillovers
w23121 Benjamin Hermalin
Michael Weisbach

Assessing Managerial Ability: Implications for Corporate Governance
w23133 Peter Chen
Loukas Karabarbounis
Brent Neiman

The Global Rise of Corporate Saving
w23091 Kelly Shue
Richard Townsend

How do Quasi-Random Option Grants Affect CEO Risk-Taking?
w23115 Briana Chang
Harrison Hong

Assignment of Stock Market Coverage
w23066 Francesco D’Acunto
Ryan Liu
Carolin Pflueger
Michael Weber

Flexible Prices and Leverage
w23080 Liangliang Jiang
Ross Levine
Chen Lin

Does Competition Affect Bank Risk?
w23082 Paul A. Gompers
Sophie Q. Wang

Diversity in Innovation
w23083 Thomas Philippon
Pierre Pessarossi
Boubacar Camara

Backtesting European Stress Tests
w23041 Mara Faccio
Luigi Zingales

Political Determinants of Competition in the Mobile Telecommunication Industry
w23052 B. Zorina Khan
Related Investing: Corporate Ownership and Capital Mobilization during Early Industrialization
w23055 Douglas W. Diamond
Yunzhi Hu
Raghuram G. Rajan

Pledgeability, Industry Liquidity, and Financing Cycles
w23030 Charles G. Nathanson
Eric Zwick

Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market
2016
w22990 Cristina Arellano
Yan Bai
Patrick J. Kehoe

Financial Frictions and Fluctuations in Volatility
w23010 Gur Aminadav
Elias Papaioannou

Corporate Control around the World
w22903 David Berger
Nicholas Turner
Eric Zwick

Stimulating Housing Markets
w22924 Dong Lee
Han Shin
René M. Stulz

Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?
w22929 Jennifer Brown
David A. Matsa

Locked in by Leverage: Job Search during the Housing Crisis
w22878 Daniel Green
Brian T. Melzer
Jonathan A. Parker
Arcenis Rojas

Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand
w22882 Paolo Sodini
Stijn Van Nieuwerburgh
Roine Vestman
Ulf von Lilienfeld-Toal

Identifying the Benefits from Home Ownership: A Swedish Experiment
w22891 Jon Cohen
Kinda Cheryl Hachem
Gary Richardson

Relationship Lending and the Great Depression: Measurement and New Implications
w22893 Kerry Back
Pierre Collin-Dufresne
Vyacheslav Fos
Tao Li
Alexander Ljungqvist

Activism, Strategic Trading, and Liquidity
w22897 Germán Gutiérrez
Thomas Philippon

Investment-less Growth: An Empirical Investigation
w22857 Kathleen Kahle
René M. Stulz

Is the U.S. public corporation in trouble?
w22865 Randall Morck
Masao Nakamura

Japan's Ultimately Unaccursed Natural Resources-Financed Industrialization
w22870 Yehuda Izhakian
David Yermack
Jaime F. Zender

Ambiguity and the Tradeoff Theory of Capital Structure
w22840 Lorenz Kueng
Nicholas Li
Mu-Jeung Yang

The Impact of Emerging Market Competition on Innovation and Business Strategy
w22846 Kyle Herkenhoff
Gordon Phillips
Ethan Cohen-Cole

The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship
w22848 Laurent Frésard
Ulrich Hege
Gordon Phillips

Extending Industry Specialization through Cross-Border Acquisitions
w22851 Peter Diep
Andrea L. Eisfeldt
Scott Richardson

Prepayment Risk and Expected MBS Returns
w22828 Harry DeAngelo
Andrei S. Gonçalves
René M. Stulz

Corporate Deleveraging
w22829 Itzhak Ben-David
Francesco Franzoni
Rabih Moussawi

Exchange Traded Funds (ETFs)
w22799 Peter DeMarzo
Zhiguo He

Leverage Dynamics without Commitment
w22774 Nathan Foley-Fisher
Borghan Narajabad
Stephane Verani

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry
w22789 Edward Glaeser
Wei Huang
Yueran Ma
Andrei Shleifer

A Real Estate Boom with Chinese Characteristics
w22751 Ricardo J. Caballero
Alp Simsek

A Model of Fickle Capital Flows and Retrenchment
w22763 Samuel G. Hanson
David S. Scharfstein
Adi Sunderam

Fiscal Risk and the Portfolio of Government Programs
w22729 Arvind Krishnamurthy
Jennie Bai
Charles-Henri Weymuller

Measuring Liquidity Mismatch in the Banking Sector
w22711 Will Dobbie
Paul Goldsmith-Pinkham
Neale Mahoney
Jae Song

Bad Credit, No Problem? Credit and Labor Market Consequences of Bad Credit Reports
w22685 Lily Fang
Josh Lerner
Chaopeng Wu

Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China
w22689 Antonio Falato
David Scharfstein

The Stock Market and Bank Risk-Taking
w22692 Charles W. Calomiris
Matthew S. Jaremski

Stealing Deposits: Deposit Insurance, Risk-Taking and the Removal of Market Discipline in Early 20th Century Banks
w22695 Matthew Baron
Wei Xiong

Credit Expansion and Neglected Crash Risk
w22696 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Douglas D. Evanoff

Loan Product Steering in Mortgage Markets
w22707 Ian R. Appel
Todd A. Gormley
Donald B. Keim

Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism
w22660 Victoria Ivashina
Josh Lerner

Pay Now or Pay Later?: The Economics within the Private Equity Partnership
w22638 Marco Di Maggio
Amir Kermani
Christopher Palmer

How Quantitative Easing Works: Evidence on the Refinancing Channel
w22651 Barney Hartman-Glaser
Hanno Lustig
Mindy X. Zhang

Capital Share Dynamics When Firms Insure Workers
w22619 Gary Gorton
Tyler Muir

Mobile Collateral versus Immobile Collateral
w22587 Paul Gompers
William Gornall
Steven N. Kaplan
Ilya A. Strebulaev

How Do Venture Capitalists Make Decisions?
w22594 Julien Bengui
Javier Bianchi
Louphou Coulibaly

Financial Safety Nets
w22597 Adair Morse
Wei Wang
Serena Wu

Executive Lawyers: Gatekeepers or Strategic Officers?
w22599 Gary Gorton
Ping He

Optimal Monetary Policy in a Collateralized Economy
w22563 Francesco D’Acunto
Daniel Hoang
Michael Weber

The Effect of Unconventional Fiscal Policy on Consumption Expenditure
w22551 Robert P. Bartlett
III
Justin McCrary

How Rigged Are Stock Markets?: Evidence From Microsecond Timestamps
w22533 Markus K. Brunnermeier
Yuliy Sannikov

The I Theory of Money
w22544 Ross Levine
Chen Lin
Wensi Xie

Geographic Diversification and Banks' Funding Costs
w22547 Daniel R. Cavagnaro
Berk A. Sensoy
Yingdi Wang
Michael S. Weisbach

Measuring Institutional Investors' Skill from Their Investments in Private Equity
w22500 Steven N. Kaplan
Josh Lerner

Venture Capital Data: Opportunities and Challenges
w22476 Thomas Philippon
The FinTech Opportunity
w22477 Darren J. Kisgen
Matthew Osborn
Jonathan Reuter

Analyst Promotions within Credit Rating Agencies: Accuracy or Bias?
w22493 Gregory W. Brown
Oleg R. Gredil
Steven N. Kaplan

Do Private Equity Funds Manipulate Reported Returns?
w22435 Ian D. Gow
Steven N. Kaplan
David F. Larcker
Anastasia A. Zakolyukina

CEO Personality and Firm Policies
w22436 Marieke Bos
Emily Breza
Andres Liberman

The Labor Market Effects of Credit Market Information
w22444 Eduardo Dávila
Anton Korinek

Pecuniary Externalities in Economies with Financial Frictions
w22446 Joshua D. Gottlieb
Richard R. Townsend
Ting Xu

Experimenting with Entrepreneurship: The Effect of Job-Protected Leave
w22407 Brian Bell
John Van Reenen

CEO Pay and the rise of Relative Performance Contracts: A Question of Governance?
w22414 Valentin Haddad
Erik Loualiche
Matthew Plosser

Buyout Activity: The Impact of Aggregate Discount Rates
w22420 Jean-Noel Barrot
Ramana Nanda

Can Paying Firms Quicker Affect Aggregate Employment?
w22391 Sergey Chernenko
Adi Sunderam

Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds
w22404 Taylor D. Nadauld
Berk A. Sensoy
Keith Vorkink
Michael S. Weisbach

The Liquidity Cost of Private Equity Investments: Evidence from Secondary Market Transactions
w22396 Xavier Giroud
Holger M. Mueller

Redistribution of Local Labor Market Shocks through Firms' Internal Networks
w22366 Kenneth Froot
Namho Kang
Gideon Ozik
Ronnie Sadka

What Do Measures of Real-time Corporate Sales Tell Us about Earnings Surprises and Post-Announcement Returns?
w22368 Antonio Ciccone
Elias Papaioannou

Estimating Cross-Industry Cross-Country Interaction Models Using Benchmark Industry Characteristics
w22351 Marco Di Maggio
Marcin Kacperczyk

The Unintended Consequences of the Zero Lower Bound Policy
w22354 Monika Piazzesi
Martin Schneider

Housing and Macroeconomics
w22355 Priyank Gandhi
Hanno Lustig
Alberto Plazzi

Equity is Cheap for Large Financial Institutions: The International Evidence
w22360 Hong Ru
Antoinette Schoar

Do Credit Card Companies Screen for Behavioral Biases?
w22324 Adriano A. Rampini
Financing Durable Assets
w22327 Nicholas Bloom
Raffaella Sadun
John Van Reenen

Management as a Technology?
w22343 Markus K. Brunnermeier
Yuliy Sannikov

Macro, Money and Finance: A Continuous Time Approach
w22286 Niklas Amberg
Tor Jacobson
Erik von Schedvin
Robert Townsend

Curbing Shocks to Corporate Liquidity: The Role of Trade Credit
w22293 Adriano A. Rampini
S. Viswanathan

Household Risk Management
w22295 Emmanuel Farhi
Matteo Maggiori

A Model of the International Monetary System
w22256 Atif Mian
Amir Sufi

Who Bears the Cost of Recessions? The Role of House Prices and Household Debt
w22258 Michael Bailey
Ruiqing Cao
Theresa Kuchler
Johannes Stroebel

Social Networks and Housing Markets
w22266 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Diagnostic Expectations and Credit Cycles
w22271 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

A Model of Safe Asset Determination
w22273 Alon Brav
Wei Jiang
Song Ma
Xuan Tian

How Does Hedge Fund Activism Reshape Corporate Innovation?
w22274 Kyle Herkenhoff
Gordon Phillips
Ethan Cohen-Cole

How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output
w22247 Itzhak Ben-David
Francesco Franzoni
Rabih Moussawi
John Sedunov

The Granular Nature of Large Institutional Investors
w22223 Charles W. Calomiris
Matthew Jaremski

Deposit Insurance: Theories and Facts
w22195 Liangliang Jiang
Ross Levine
Chen Lin

Competition and Bank Liquidity Creation
w22201 Thomas M. Eisenbach
David O. Lucca
Robert M. Townsend

The Economics of Bank Supervision
w22210 Gary B. Gorton
The History and Economics of Safe Assets
w22146 Itzhak Ben-David
Justin Birru
Viktor Prokopenya

Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading
w22148 Efraim Benmelech
Ralf R. Meisenzahl
Rodney Ramcharan

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles
w22150 Ivo Welch
Levered Returns
w22152 Itamar Drechsler
Alexi Savov
Philipp Schnabl

The Deposits Channel of Monetary Policy
w22153 Ross Levine
Chen Lin
Wensi Xie

Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit
w22161 Zhi Da
Borja Larrain
Clemens Sialm
José Tessada

Coordinated Noise Trading: Evidence from Pension Fund Reallocations
w22141 Johannes F. Wieland
Mu-Jeung Yang

Financial Dampening
w22115 Itzhak Ben-David
Justin Birru
Andrea Rossi

Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders
w22116 Malcolm Baker
Mathias F. Hoeyer
Jeffrey Wurgler

The Risk Anomaly Tradeoff of Leverage
w22091 Yihui Pan
Tracy Yue Wang
Michael S. Weisbach

How Management Risk Affects Corporate Debt
w22089 Rüdiger Fahlenbrach
Robert Prilmeier
René M. Stulz

Why Does Fast Loan Growth Predict Poor Performance for Banks?
w22053 Douglas W. Diamond
Anil K Kashyap

Liquidity Requirements, Liquidity Choice and Financial Stability
w22026 Daniel Chen
Tobias J. Moskowitz
Kelly Shue

Decision-Making under the Gambler's Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires
w22034 Fabio Schiantarelli
Massimiliano Stacchini
Philip E. Strahan

Bank Quality, Judicial Efficiency and Borrower Runs: Loan Repayment Delays in Italy
w22036 Gary Gorton
Ellis W. Tallman

How Did Pre-Fed Banking Panics End?
w22050 Mark Egan
Gregor Matvos
Amit Seru

The Market for Financial Adviser Misconduct
w22001 Chen Lin
Randall Morck
Bernard Yeung
Xiaofeng Zhao

Anti-Corruption Reforms and Shareholder Valuations: Event Study Evidence from China
w22008 Gary Gorton
Guillermo Ordoñez

Good Booms, Bad Booms
w21993 Markus K. Brunnermeier
Luis Garicano
Philip Lane
Marco Pagano
Ricardo Reis
Tano Santos
David Thesmar
Stijn Van Nieuwerburgh
Dimitri Vayanos

The Sovereign-Bank Diabolic Loop and ESBies
w21952 Peter Koudijs
Laura Salisbury

Bankruptcy and Investment: Evidence from Changes in Marital Property Laws in the U.S. South, 1840-1850
w21975 Kelly Shue
Richard Townsend

Growth through Rigidity: An Explanation for the Rise in CEO Pay
w21909 Alexander Ljungqvist
Lars Persson
Joacim Tåg

Private Equity's Unintended Dark Side: On the Economic Consequences of Excessive Delistings
w21911 Charles W. Calomiris
Mauricio Larrain
José M. Liberti
Jason D. Sturgess

How Collateral Laws Shape Lending and Sectoral Activity
w21919 Zhiguo He
Konstantin Milbradt

Dynamic Debt Maturity
w21920 Zhiguo He
Bryan Kelly
Asaf Manela

Intermediary Asset Pricing: New Evidence from Many Asset Classes
w21876 Eric Zwick
James Mahon

Tax Policy and Heterogeneous Investment Behavior
w21879 David López-Salido
Jeremy C. Stein
Egon Zakrajšek

Credit-Market Sentiment and the Business Cycle
w21880 Kinda Cheryl Hachem
Zheng Michael Song

Liquidity Regulation and Credit Booms: Theory and Evidence from China
w21847 Konrad B. Burchardi
Thomas Chaney
Tarek A. Hassan

Migrants, Ancestors, and Investments

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