NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers on Corporate Finance

browse older papers

2016
w22857 Kathleen Kahle
René M. Stulz

Is the American 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: Global Liquidity Creation and Reach for Safety and Yield
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

National Income Accounting When Firms Insure Managers: Understanding Firm Size and Compensation Inequality.
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

Fire-Sale Externalities
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

Trading Skill: Evidence from Trades of Corporate Insiders in Their Personal Portfolios
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 Unintended Financial Transformation in China
w21847 Konrad B. Burchardi
Thomas Chaney
Tarek A. Hassan

Migrants, Ancestors, and Investments
2015
w21834 Alexander Ljungqvist
Liandong Zhang
Luo Zuo

Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking
w21810 Hanming Fang
You Suk Kim
Wenli Li

The Dynamics of Adjustable-Rate Subprime Mortgage Default: A Structural Estimation
w21808 Josh Lerner
Antoinette Schoar
Stanislav Sokolinski
Karen Wilson

The Globalization of Angel Investments: Evidence across Countries
w21795 Carola Frydman
Dimitris Papanikolaou

In Search of Ideas: Technological Innovation and Executive Pay Inequality
w21800 Daniel Paravisini
Veronica Rappoport
Philipp Schnabl

Specialization in Bank Lending: Evidence from Exporting Firms
w21802 David Yermack
Corporate Governance and Blockchains
w21804 Andrea Eisfeldt
Andrew Demers

Rental Yields and HPA: The Returns to Single Family Rentals
w21707 Randall Morck
Gloria Y. Tian

Business Groups in Canada: Their Rise and Fall, and Rise and Fall Again
w21719 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation
w21722 Silvia Miranda-Agrippino
Hélène Rey

World Asset Markets and the Global Financial Cycle
w21695 Ernesto Reuben
Paola Sapienza
Luigi Zingales

Taste for Competition and the Gender Gap Among Young Business Professionals
w21690 Murillo Campello
Mauricio Larrain

Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity
w21651 Michael Cooper
John McClelland
James Pearce
Richard Prisinzano
Joseph Sullivan
Danny Yagan
Owen Zidar
Eric Zwick

Business in the United States: Who Owns it and How Much Tax Do They Pay?
w21667 David Berger
Veronica Guerrieri
Guido Lorenzoni
Joseph Vavra

House Prices and Consumer Spending
w21626 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

Phasing Out the GSEs
w21634 Ross Levine
Chen Lin
Lai Wei

Insider Trading and Innovation
w21611 Leonardo Bursztyn
Stefano Fiorin
Daniel Gottlieb
Martin Kanz

Moral Incentives: Experimental Evidence from Repayments of an Islamic Credit Card
w21581 Atif R. Mian
Amir Sufi
Emil Verner

Household Debt and Business Cycles Worldwide
w21567 Sumit Agarwal
Souphala Chomsisengphet
Neale Mahoney
Johannes Stroebel

Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow?
w21569 Jeremy C. Stein
Adi Sunderam

Gradualism in Monetary Policy: A Time-Consistency Problem?
w21548 Andrew B. Abel
Optimal Debt and Profitability in the Tradeoff Theory
w21549 Andrew B. Abel
The Analytics of Investment, q, and Cash Flow
w21550 Andrew B. Abel
Crowding Out in Ricardian Economies
w21552 Nikolaos Artavanis
Adair Morse
Margarita Tsoutsoura

Tax Evasion across Industries: Soft Credit Evidence from Greece
w21526 Itzhak Ben-David
Ajay Palvia
Chester Spatt

Banks' Internal Capital Markets and Deposit Rates
w21530 Brandon Gipper
Christian Leuz
Mark Maffett

Public Audit Oversight and Reporting Credibility: Evidence from the PCAOB Inspection Regime
w21534 Xavier Giroud
Joshua Rauh

State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data
w21507 Jamal Ibrahim Haidar
Takeo Hoshi

Implementing Structural Reforms in Abenomics: How to Reduce the Cost of Doing Business in Japan
w21512 Sumit Agarwal
Gene Amromin
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru
Vincent Yao

Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program
w21495 Robert Shimer
Iván Werning

Efficiency and Information Transmission in Bilateral Trading
w21480 Joel M. David
Ina Simonovska

Correlated Beliefs, Returns, and Stock Market Volatility
w21494 Howard Bodenhorn
Double Liability at Early American Banks
w21458 Sari Kerr
William R. Kerr
Ramana Nanda

House Money and Entrepreneurship
w21424 Marco Ceccagnoli
Matthew J. Higgins
Hyunsung D. Kang

Corporate Venture Capital as a Real Option in the Markets for Technology
w21362 Roberta Romano
Sarath Sanga

The Private Ordering Solution to Multiforum Shareholder Litigation
w21364 Jean-Etienne de Bettignies
David T. Robinson

When Is Social Responsibility Socially Desirable?
w21369 Jonathan Parker
Why Don't Households Smooth Consumption? Evidence from a 25 Million Dollar Experiment
w21320 Manuel Adelino
Antoinette Schoar
Felipe Severino

Loan Originations and Defaults in the Mortgage Crisis: Further Evidence
w21334 Juliane Begenau
Monika Piazzesi
Martin Schneider

Banks' Risk Exposures
w21335 David Le Bris
William N. Goetzmann
Sébastien Pouget

The Development of Corporate Governance in Toulouse: 1372-1946
w21356 Anders Anderson
Forest Baker
David T. Robinson

Precautionary Savings, Retirement Planning and Misperceptions of Financial Literacy
w21278 Ramana Nanda
Matthew Rhodes-Kropf

Financing Entrepreneurial Experimentation
w21261 Fernando Ferreira
Joseph Gyourko

A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012
w21260 Nicola Gennaioli
Yueran Ma
Andrei Shleifer

Expectations and Investment
w21266 Raymond Fisman
Yongxiang Wang

The Mortality Cost of Political Connections
w21267 Andrew W. Lo
The Gordon Gekko Effect: The Role of Culture in the Financial Industry
w21227 Lucian A. Bebchuk
Alon Brav
Wei Jiang

The Long-Term Effects of Hedge Fund Activism
w21245 Ross Levine
Chen Lin
Beibei Shen

Cross-border Acquisitions and Labor Regulations
w21215 Harrison Hong
Inessa Liskovich

Crime, Punishment and the Halo Effect of Corporate Social Responsibility
w21201 Miguel Faria-e-Castro
Joseba Martinez
Thomas Philippon

Runs versus Lemons: Information Disclosure and Fiscal Capacity
w21203 Atif Mian
Amir Sufi

Household Debt and Defaults from 2000 to 2010: Facts from Credit Bureau Data
w21169 Emily Breza
Arun G. Chandrasekhar

Social Networks, Reputation and Commitment: Evidence from a Savings Monitors Experiment
w21181 Craig Doidge
G. Andrew Karolyi
René M. Stulz

The U.S. listing gap
w21140 Josh Lerner
Greg Rafert

Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures
w21150 Andrea Beltratti
René M. Stulz

Bank sovereign bond holdings, sovereign shock spillovers, and moral hazard during the European crisis
w21131 Alex Edmans
Xavier Gabaix

Executive Compensation: A Modern Primer
w21133 Paul Gompers
Steven N. Kaplan
Vladimir Mukharlyamov

What Do Private Equity Firms Say They Do?
w21112 Hanming Fang
Quanlin Gu
Wei Xiong
Li-An Zhou

Demystifying the Chinese Housing Boom
w21108 Robert L. McDonald
Anna Paulson

AIG in Hindsight
w21075 Chunxin Jia
Yaping Wang
Wei Xiong

Social Trust and Differential Reactions of Local and Foreign Investors to Public News
w21076 Xavier Giroud
Holger M. Mueller

Firm Leverage and Unemployment during the Great Recession
w21086 Nittai K. Bergman
Rajkamal Iyer
Richard T. Thakor

Financial Accelerator at Work: Evidence from Corn Fields
w21060 Clemens Sialm
Hanjiang Zhang

Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
w21066 David Yermack
Donor Governance and Financial Management in Prominent U.S. Art Museums
w21016 Hang Bai
Kewei Hou
Howard Kung
Lu Zhang

The CAPM Strikes Back? An Investment Model with Disasters
w21003 Danny Yagan
Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut
w21005 Maija Halonen-Akatwijuka
Oliver Hart

Short-term, Long-term, and Continuing Contracts
w21007 Erik Hurst
Benjamin J. Keys
Amit Seru
Joseph S. Vavra

Regional Redistribution Through the U.S. Mortgage Market
w20978 Christopher A. Hennessy
Ilya A. Strebulaev

Beyond Random Assignment: Credible Inference of Causal Effects in Dynamic Economies
w20979 Patrick Bolton
Neng Wang
Jinqiang Yang

A Theory of Liquidity and Risk Management Based on the Inalienability of Risky Human Capital
w20991 Marina Druz
Alexander F. Wagner
Richard J. Zeckhauser

Tips and Tells from Managers: How Analysts and the Market Read Between the Lines of Conference Calls
w20957 Jennifer N. Carpenter
Fangzhou Lu
Robert F. Whitelaw

The Real Value of China's Stock Market
w20930 Alexander Ljungqvist
Donghua Chen
Dequan Jiang
Haitian Lu
Mingming Zhou

State Capitalism vs. Private Enterprise
w20947 Atif R. Mian
Amir Sufi

Fraudulent Income Overstatement on Mortgage Applications during the Credit Expansion of 2002 to 2005
w20894 Luigi Zingales
Does Finance Benefit Society?
w20899 Adair Morse
Peer-to-Peer Crowdfunding: Information and the Potential for Disruption in Consumer Lending
w20903 Richard T. Thakor
Andrew W. Lo

Competition and R&D Financing Decisions: Theory and Evidence from the Biopharmaceutical Industry
w20875 Nicola Gennaioli
Andrei Shleifer
Robert Vishny

Neglected Risks: The Psychology of Financial Crises
w20880 Jia Chen
Kewei Hou
René M. Stulz

Are Firms in "Boring" Industries Worth Less?
w20888 Matthew J. Bloomfield
Ulf Brüggemann
Hans B. Christensen
Christian Leuz

The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession
w20848 Manuel Adelino
Antoinette Schoar
Felipe Severino

Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class
w20863 Ross Levine
Chen Lin
Wensi Xie

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries
w20825 Camelia M. Kuhnen
Paul Oyer

Exploration for Human Capital: Evidence from the MBA Labor Market

browse older papers


Generated on Sun Dec 4 00:00:02 2016

 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us