NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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NBER Papers on Corporate Finance Program

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2020
w27873 Jan Bena
Serdar Dinc
Isil Erel

The International Propagation of Economic Downturns Through Multinational Companies: The Real Economy Channel
w27871 Mara Faccio
John J. McConnell

Impediments to the Schumpeterian Process in the Replacement of Large Firms
w27870 Shawn Cole
Martin Melecky
Florian Mölders
Tristan Reed

Long-run Returns to Impact Investing in Emerging Markets and Developing Economies
w27858 Milton Harris
Christian Opp
Marcus Opp

The Aggregate Demand for Bank Capital
w27853 Steven N. Kaplan
Morten Sorensen
Anastasia A. Zakolyukina

What Is CEO Overconfidence? Evidence from Executive Assessments
w27851 Tania Babina
Asaf Bernstein
Filippo Mezzanotti

Crisis Innovation
w27849 Brian Fabo
Martina Jančoková
Elisabeth Kempf
Ľuboš Pástor

Fifty Shades of QE: Conflicts of Interest in Economic Research
w27847 Tarek Alexander Hassan
Tony Zhang

The Economics of Currency Risk
w27843 Jules H. van Binsbergen
Xiao Han
Alejandro Lopez-Lira

Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases
w27833 Georgij Alekseev
Safaa Amer
Manasa Gopal
Theresa Kuchler
JW Schneider
Johannes Stroebel
Nils C. Wernerfelt

The Effects of COVID-19 on U.S. Small Businesses: Evidence from Owners, Managers, and Employees
w27829 Harrison Hong
Jeffrey Kubik
Neng Wang
Xiao Xu
Jinqiang Yang

Pandemics, Vaccines and Corporate Earnings
w27828 Ufuk Akcigit
Sina T. Ates
Josh Lerner
Richard R. Townsend
Yulia Zhestkova

Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
w27824 Paul Gompers
Will Gornall
Steven N. Kaplan
Ilya A. Strebulaev

Venture Capitalists and COVID-19
w27815 Qi Chen
Itay Goldstein
Zeqiong Huang
Rahul Vashishtha

Liquidity Transformation and Fragility in the US Banking Sector
w27810 Lin William Cong
Ye Li
Neng Wang

Token-Based Platform Finance
w27809 Simon Gilchrist
Bin Wei
Vivian Z. Yue
Egon Zakrajšek

The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF
w27788 Benjamin Bennett
Isil Erel
Léa H. Stern
Zexi Wang

(Forced) Feminist Firms
w27783 Sarah Miller
Cindy K. Soo

Does Increasing Access to Formal Credit Reduce Payday Borrowing?
w27782 J. Anthony Cookson
Erik P. Gilje
Rawley Z. Heimer

Shale Shocked: Cash Windfalls and Household Debt Repayment
w27769 Michael Ewens
Nadya Malenko

Board Dynamics over the Startup Life Cycle
w27752 Wojciech Kopczuk
Eric Zwick

Business Incomes at the Top
w27751 Matthew R. Denes
Sabrina T. Howell
Filippo Mezzanotti
Xinxin Wang
Ting Xu

Investor Tax Credits and Entrepreneurship: Evidence from U.S. States
w27747 Jesse Perla
Carolin Pflueger
Michal Szkup

Doubling Down on Debt: Limited Liability as a Financial Friction
w27745 Erol Akcay
David Hirshleifer

Social Transmission Bias and Cultural Evolution in Financial Markets
w27736 Danielle Li
Lindsey R. Raymond
Peter Bergman

Hiring as Exploration
w27735 David Hirshleifer
Joshua Plotkin

Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits
w27721 Haelim Anderson
Selman Erol
Guillermo Ordoñez

Interbank Networks in the Shadows of the Federal Reserve Act
w27710 Eleonora Broccardo
Oliver D. Hart
Luigi Zingales

Exit vs. Voice
w27707 Scott R. Baker
Brian Baugh
Marco C. Sammon

Measuring Customer Churn and Interconnectedness
w27703 Eric Hilt
Matthew S. Jaremski
Wendy Rahn

When Uncle Sam Introduced Main Street to Wall Street: Liberty Bonds and the Transformation of American Finance
w27701 Joao A. C. Santos
S. Vish Viswanathan

Bank Syndicates and Liquidity Provision
w27698 Kristin J. Forbes
The International Aspects of Macroprudential Policy
w27685 Xiaoxue Sherry Gao
Glenn W. Harrison
Rusty Tchernis

Behavioral Welfare Economics and Risk Preferences: A Bayesian Approach
w27682 Zhengyang Jiang
Arvind Krishnamurthy
Hanno Lustig

Dollar Safety and the Global Financial Cycle
w27665 Zhiguo He
Maggie Rong Hu
Zhenping Wang
Vincent Yao

Valuation of Long-Term Property Rights under Political Uncertainty
w27659 Isil Erel
Jack Liebersohn

Does FinTech Substitute for Banks? Evidence from the Paycheck Protection Program
w27653 Zhuang Liu
Michael Sockin
Wei Xiong

Data Privacy and Temptation
w27648 Irem Demirci
Miguel A. Ferreira
Pedro Matos
Clemens Sialm

How Global is Your Mutual Fund? International Diversification from Multinationals
w27646 Marco Di Maggio
Amir Kermani
Rodney Ramcharan
Vincent Yao
Edison Yu

The Pass-Through of Uncertainty Shocks to Households
w27642 Amir Kermani
Yueran Ma

Asset Specificity of Non-Financial Firms
w27641 Amir Kermani
Yueran Ma

Two Tales of Debt
w27635 Marius Guenzel
Ulrike Malmendier

Behavioral Corporate Finance: The Life Cycle of a CEO Career
w27629 Robert P. Bartlett III
Adair Morse

Small Business Survival Capabilities and Policy Effectiveness: Evidence from Oakland
w27623 Alexander W. Bartik
Zoe B. Cullen
Edward L. Glaeser
Michael Luca
Christopher T. Stanton
Adi Sunderam

The Targeting and Impact of Paycheck Protection Program Loans to Small Businesses
w27610 Michael J. Fishman
Jonathan A. Parker
Ludwig Straub

A Dynamic Theory of Lending Standards
w27601 Viral V. Acharya
Sascha Steffen

The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID
w27593 Benjamin Bennett
René M. Stulz
Zexi Wang

Does Joining the S&P 500 Index Hurt Firms?
w27591 Jesse Davis
Adair Morse
Xinxin Wang

The Leveraging of Silicon Valley
w27588 Matthew J. Higgins
Mathias J. Kronlund
Ji Min Park
Joshua Pollet

The Role of Assets In Place: Loss of Market Exclusivity and Investment
w27585 Peter Ganong
Pascal J. Noel

Why Do Borrowers Default on Mortgages? A New Method For Causal Attribution
w27577 Mark L. Egan
Shan Ge
Johnny Tang

Conflicting Interests and the Effect of Fiduciary Duty -- Evidence from Variable Annuities
w27573 Mathias Kronlund
Veronika K. Pool
Clemens Sialm
Irina Stefanescu

Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations
w27563 Leila Agha
Soomi Kim
Danielle Li

Insurance Design and Pharmaceutical Innovation
w27559 Antonio Falato
Itay Goldstein
Ali Hortaçsu

Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets
w27551 Lubos Pastor
M. Blair Vorsatz

Mutual Fund Performance and Flows During the COVID-19 Crisis
w27537 Viral V. Acharya
Lea Borchert
Maximilian Jager
Sascha Steffen

Kicking the Can Down the Road: Government Interventions in the European Banking Sector
w27529 Itay Goldstein
Shijie Yang
Luo Zuo

The Real Effects of Modern Information Technologies
w27517 Viral V. Acharya
Soku Byoun
Zhaoxia Xu

The Sensitivity of Cash Savings to the Cost of Capital
w27515 Lysle Boller
Fiona Scott Morton

Testing the Theory of Common Stock Ownership
w27501 Bo Li
Jacopo Ponticelli

Going Bankrupt in China
w27499 Manuel Adelino
William B. McCartney
Antoinette Schoar

The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market
w27493 Wenzhi Ding
Ross Levine
Chen Lin
Wensi Xie

Competition Laws, Norms and Corporate Social Responsibility
w27492 Josh Lerner
Ramana Nanda

Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn
w27491 Ricardo Correa
Wenxin Du
Gordon Y. Liao

U.S. Banks and Global Liquidity
w27487 Antoinette Schoar
Kelvin Yeung
Luo Zuo

The Effect of Managers on Systematic Risk
w27481 Mark Gertler
Nobuhiro Kiyotaki
Andrea Prestipino

Credit Booms, Financial Crises and Macroprudential Policy
w27472 Maryam Farboodi
Péter Kondor

Rational Sentiments and Economic Cycles
w27471 Ana Babus
Maryam Farboodi

The Hidden Costs of Strategic Opacity
w27470 Alexander F. Wagner
Richard J. Zeckhauser
Alexandre Ziegler

The Tax Cuts and Jobs Act: Which Firms Won? Which Lost?
w27461 Efraim Benmelech
Nitzan Tzur-Ilan

The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis
w27454 Itzhak Ben-David
Justin Birru
Andrea Rossi

The Performance of Hedge Fund Performance Fees
w27452 Aymeric Bellon
J. Anthony Cookson
Erik P. Gilje
Rawley Z. Heimer

Personal Wealth and Self-Employment
w27442 Martin Goetz
Luc Laeven
Ross Levine

Do Bank Insiders Impede Equity Issuances?
w27435 Cesare Fracassi
Alessandro Previtero
Albert W. Sheen

Barbarians at the Store? Private Equity, Products, and Consumers
w27416 Zhiguo He
Stefan Nagel
Zhaogang Song

Treasury Inconvenience Yields during the COVID-19 Crisis
w27412 Nicolas L. Bottan
Ricardo Perez-Truglia

Betting on the House: Subjective Expectations and Market Choices
w27406 Francesco Bianchi
Sydney C. Ludvigson
Sai Ma

Belief Distortions and Macroeconomic Fluctuations
w27399 Francesco D’Acunto
Daniel Hoang
Michael Weber

Managing Households' Expectations with Unconventional Policies
w27396 Robin Greenwood
Samuel G. Hanson
Andrei Shleifer
Jakob Ahm Sørensen

Predictable Financial Crises
w27382 Jules H. van Binsbergen
Christian C. Opp

The Effectiveness of Life-Preserving Investments in Times of COVID-19
w27376 Itay Goldstein
Alexandr Kopytov
Lin Shen
Haotian Xiang

Bank Heterogeneity and Financial Stability
w27367 Jules H. van Binsbergen
Duration-Based Stock Valuation
w27363 Qiping Xu
Eric Zwick

Tax Policy and Abnormal Investment Behavior
w27361 Vincent Glode
Christian C. Opp
Ruslan Sverchkov

To Pool or Not to Pool? Security Design in OTC Markets
w27358 Rebecca Diamond
Adam Guren
Rose Tan

The Effect of Foreclosures on Homeowners, Tenants, and Landlords
w27355 Mahyar Kargar
Benjamin Lester
David Lindsay
Shuo Liu
Pierre-Olivier Weill
Diego Zúñiga

Corporate Bond Liquidity During the COVID-19 Crisis
w27353 Gary B. Gorton
Alexander K. Zentefis

Corporate Culture as a Theory of the Firm
w27341 Sumit Agarwal
John Grigsby
Ali Hortaçsu
Gregor Matvos
Amit Seru
Vincent Yao

Searching for Approval
w27330 Dimitris Papanikolaou
Lawrence D.W. Schmidt

Working Remotely and the Supply-side Impact of Covid-19
w27327 David Danz
Lise Vesterlund
Alistair J. Wilson

Belief Elicitation: Limiting Truth Telling with Information on Incentives
w27320 John M. Barrios
Efraim Benmelech
Yael V. Hochberg
Paola Sapienza
Luigi Zingales

Civic Capital and Social Distancing during the Covid-19 Pandemic
w27316 Victoria Ivashina
Boris Vallee

Weak Credit Covenants
w27299 Theresa Kuchler
Yan Li
Lin Peng
Johannes Stroebel
Dexin Zhou

Social Proximity to Capital: Implications for Investors and Firms
w27296 Michael Ewens
Ramana Nanda
Christopher T. Stanton

The Evolution of CEO Compensation in Venture Capital Backed Startups
w27292 Viral V. Acharya
Katharina Bergant
Matteo Crosignani
Tim Eisert
Fergal J. McCann

The Anatomy of the Transmission of Macroprudential Policies
w27289 Michael Barnett
Greg Buchak
Constantine Yannelis

Epidemic Responses Under Uncertainty
w27272 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Inside the Mind of a Stock Market Crash
w27258 Yifei Wang
Toni M. Whited
Yufeng Wu
Kairong Xiao

Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
w27256 Lei Li
Philip E. Strahan
Song Zhang

Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis
w27253 Ross Levine
Chen Lin
Lai Wei
Wensi Xie

Competition Laws and Corporate Innovation
w27251 Joshua D. Rauh
Irina Stefanescu
Stephen P. Zeldes

Cost Saving and the Freezing of Corporate Pension Plans
w27225 Bruce I. Carlin
Tarik Umar
Hanyi Yi

Deputization
w27222 Lin William Cong
Ye Li
Neng Wang

Tokenomics: Dynamic Adoption and Valuation
w27221 Viral V. Acharya
Raghuram Rajan
Jack Shim

When is Debt Odious? A Theory of Repression and Growth Traps
w27213 Gonzalo Asis
Anusha Chari
Adam Haas

In Search of Distress Risk in Emerging Markets
w27208 Murillo Campello
Gaurav Kankanhalli
Pradeep Muthukrishnan

Corporate Hiring under COVID-19: Labor Market Concentration, Downskilling, and Income Inequality
w27207 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

Can the Covid Bailouts Save the Economy?
w27195 Michael R. Roberts
Michael Schwert

Interest Rates and the Design of Financial Contracts
w27192 Apoorv Gupta
Jacopo Ponticelli
Andrea Tesei

Information, Technology Adoption and Productivity: The Role of Mobile Phones in Agriculture
w27189 Nicola Gennaioli
Rafael La Porta
Florencio Lopez-de-Silanes
Andrei Shleifer

Trust and Insurance Contracts
w27183 John M. Barrios
Yael V. Hochberg
Hanyi Yi

Launching with a Parachute: The Gig Economy and New Business Formation
w27176 Andrew W. Lo
Kien Wei Siah
Chi Heem Wong

Estimating Probabilities of Success of Vaccine and Other Anti-Infective Therapeutic Development Programs
w27171 Markus K. Brunnermeier
Michael Sockin
Wei Xiong

China's Model of Managing the Financial System
w27168 Valentin Haddad
Alan Moreira
Tyler Muir

When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed's Response
w27160 Augustin Landier
David Thesmar

Earnings Expectations in the COVID Crisis
w27158 Viral V. Acharya
Matteo Crosignani
Tim Eisert
Christian Eufinger

Zombie Credit and (Dis-)Inflation: Evidence from Europe
w27150 Sabrina T. Howell
Josh Lerner
Ramana Nanda
Richard R. Townsend

Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation
w27149 Daron Acemoglu
Asuman Ozdaglar
James Siderius
Alireza Tahbaz-Salehi

Systemic Credit Freezes in Financial Lending Networks
w27146 Sai Krishna Kamepalli
Raghuram Rajan
Luigi Zingales

Kill Zone
w27141 Olivier Coibion
Yuriy Gorodnichenko
Michael Weber

The Cost of the Covid-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending
w27113 Kyriakos T. Chousakos
Gary B. Gorton
Guillermo Ordoñez

The Macroprudential Role of Stock Markets
w27107 Zhangkai Huang
Gordon M. Phillips
Jialun Yang
Yi Zhang

Education and Innovation: The Long Shadow of the Cultural Revolution
w27106 Rüdiger Fahlenbrach
Kevin Rageth
René M. Stulz

How Valuable is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis
w27097 Scott R. Baker
R. A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments
w27095 João Granja
Christos Makridis
Constantine Yannelis
Eric Zwick

Did the Paycheck Protection Program Hit the Target?
w27092 Sergey Chernenko
Adi Sunderam

Measuring the Perceived Liquidity of the Corporate Bond Market
w27088 Arvind Krishnamurthy
Wenhao Li

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
w27077 Manuel Adelino
Miguel A. Ferreira
Mariassunta Giannetti
Pedro Pires

Trade Credit and the Transmission of Unconventional Monetary Policy
w27058 Scott R. Baker
Stephen Teng Sun
Constantine Yannelis

Corporate Taxes and Retail Prices
w27056 Victoria Ivashina
Luc Laeven
Enrique Moral-Benito

Loan Types and the Bank Lending Channel
w27055 Wenzhi Ding
Ross Levine
Chen Lin
Wensi Xie

Corporate Immunity to the COVID-19 Pandemic
w27048 Laura Alfaro
Ester Faia
Ruth A. Judson
Tim Schmidt-Eisenlohr

Elusive Safety: The New Geography of Capital Flows and Risk
w27034 Lydia Cox
Gernot Müller
Ernesto Pastén
Raphael Schoenle
Michael Weber

Big G
w27032 Jian Chu
Raymond Fisman
Songtao Tan
Yongxiang Wang

Hometown Ties and the Quality of Government Monitoring: Evidence from Rotation of Chinese Auditors
w27026 J. Carter Braxton
Kyle F. Herkenhoff
Gordon M. Phillips

Can the Unemployed Borrow? Implications for Public Insurance
w27022 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Is Financial Globalization in Reverse After the 2008 Global Financial Crisis? Evidence from Corporate Valuations
w27017 Olivier Coibion
Yuriy Gorodnichenko
Michael Weber

Labor Markets During the COVID-19 Crisis: A Preliminary View
w27010 Mark Garmaise
Yaron Levi
Hanno Lustig

Spending Less After (Seemingly) Bad News
w26990 Theresa Kuchler
Dominic Russel
Johannes Stroebel

The Geographic Spread of COVID-19 Correlates with the Structure of Social Networks as Measured by Facebook
w26985 Luigi Bocola
Guido Lorenzoni

Risk Sharing Externalities
w26968 Patrick Bolton
Marcin Kacperczyk

Do Investors Care about Carbon Risk?
w26964 Leonid Kogan
Dimitris Papanikolaou
Lawrence D. W. Schmidt
Jae Song

Technological Innovation and Labor Income Risk
w26960 Michael Bailey
Abhinav Gupta
Sebastian Hillenbrand
Theresa Kuchler
Robert J. Richmond
Johannes Stroebel

International Trade and Social Connectedness
w26958 Kathleen Kahle
René M. Stulz

Why Are Corporate Payouts So High in the 2000s?
w26949 Scott R. Baker
R.A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic
w26941 Atif R. Mian
Ludwig Straub
Amir Sufi

The Saving Glut of the Rich and the Rise in Household Debt
w26940 Atif R. Mian
Ludwig Straub
Amir Sufi

Indebted Demand
w26914 Paul Goldsmith-Pinkham
Kelly Shue

The Gender Gap in Housing Returns
w26908 Matthew Baron
Emil Verner
Wei Xiong

Banking Crises without Panics
w26907 Zhenyu Gao
Michael Sockin
Wei Xiong

Learning about the Neighborhood
w26903 Erica Jiang
Gregor Matvos
Tomasz Piskorski
Amit Seru

Banking without Deposits: Evidence from Shadow Bank Call Reports
w26898 Andrew B. Abel
Stavros Panageas

An Analytic Framework For Interpreting Investment Regressions In The Presence Of Financial Constraints
w26887 Thomas Ian Schneider
Philip E. Strahan
Jun Yang

Bank Stress Testing: Public Interest or Regulatory Capture?
w26856 Charles W. Calomiris
Harry Mamaysky
Ruoke Yang

Measuring the Cost of Regulation: A Text-Based Approach
w26855 Antonio Coppola
Matteo Maggiori
Brent Neiman
Jesse Schreger

Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
w26843 Anusha Chari
The International Market for Corporate Control
w26838 Dean Corbae
Pablo D'Erasmo

Rising Bank Concentration
w26837 Francesco D’Acunto
Ulrike Malmendier
Michael Weber

Gender Roles and the Gender Expectations Gap
w26830 Yueran Ma
Tiziano Ropele
David Sraer
David Thesmar

A Quantitative Analysis of Distortions in Managerial Forecasts
w26820 Peter Bednarek
Daniel Marcel te Kaat
Chang Ma
Alessandro Rebucci

Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms
w26818 Christine Laudenbach
Ulrike Malmendier
Alexandra Niessen-Ruenzi

The Long-lasting Effects of Living under Communism on Attitudes towards Financial Markets
w26817 Francesco D’Acunto
Thomas Rauter
Christoph K. Scheuch
Michael Weber

Perceived Precautionary Savings Motives: Evidence from FinTech
w26816 Michael Sockin
Wei Xiong

A Model of Cryptocurrencies
w26815 Yi Ding
Wei Xiong
Jinfan Zhang

Overpricing in China's Corporate Bond Market
w26808 Benjamin J. Keys
Neale Mahoney
Hanbin Yang

What Determines Consumer Financial Distress? Place- and Person-Based Factors
w26802 Patrick Bolton
Neng Wang
Jinqiang Yang

Leverage Dynamics and Financial Flexibility
w26799 Efraim Benmelech
Nitish Kumar
Raghuram Rajan

Secured Credit Spreads
w26789 Arpit Gupta
Stijn Van Nieuwerburgh
Constantine Kontokosta

Take the Q Train: Value Capture of Public Infrastructure Projects
w26778 Olivier Coibion
Dimitris Georgarakos
Yuriy Gorodnichenko
Michael Weber

Forward Guidance and Household Expectations
w26762 Isil Erel
Yeejin Jang
Michael S. Weisbach

The Corporate Finance of Multinational Firms
w26755 Gregory Brown
Robert S. Harris
Wendy Hu
Tim Jenkinson
Steven N. Kaplan
David T. Robinson

Can Investors Time Their Exposure to Private Equity?
w26739 Adair Morse
Karen Pence

Technological Innovation and Discrimination in Household Finance
w26717 Sabrina T. Howell
J. David Brown

Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms
w26714 Murillo Campello
Gustavo S. Cortes
Fabricio d'Almeida
Gaurav Kankanhalli

Global Effects of the Brexit Referendum: Evidence from US Corporations
w26710 Christoffer Koch
Gary Richardson
Patrick Van Horn

Countercyclical Capital Buffers: A Cautionary Tale
w26689 Anil K. Kashyap
Dimitrios P. Tsomocos
Alexandros P. Vardoulakis

Optimal Bank Regulation In the Presence of Credit and Run-Risk
w26686 Timothy J. Besley
Isabelle A. Roland
John Van Reenen

The Aggregate Consequences of Default Risk: Evidence from Firm-level Data
w26678 Qing Hu
Ross Levine
Chen Lin
Mingzhu Tai

Finance and Children's Academic Performance
w26663 Gary B. Gorton
Private Money Production without Banks
w26645 Bronson Argyle
Taylor D. Nadauld
Christopher Palmer

Real Effects of Search Frictions in Consumer Credit Markets
w26637 Efraim Benmelech
Nitish Kumar
Raghuram Rajan

The Decline of Secured Debt
w26628 Andrew B. Abel
Stavros Panageas

Precautionary Saving in a Financially-Constrained Firm
w26609 Tarek Alexander Hassan
Stephan Hollander
Laurence van Lent
Ahmed Tahoun

The Global Impact of Brexit Uncertainty
w26608 Mark L. Egan
Alexander MacKay
Hanbin Yang

Recovering Investor Expectations from Demand for Index Funds
2019
w26582 Brad M. Barber
Adair Morse
Ayako Yasuda

Impact Investing
w26564 Viral V. Acharya
Nirupama Kulkarni

Government Guarantees and Bank Vulnerability during a Crisis: Evidence from an Emerging Market
w26549 Lubos Pastor
Robert F. Stambaugh
Lucian A. Taylor

Sustainable Investing in Equilibrium
w26545 Hui Tong
Shang-Jin Wei

Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation
w26543 Lucian A. Bebchuk
Scott Hirst

Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy
w26538 Lu Zhang
Q-factors and Investment CAPM
w26523 Sudheer Chava
Alexander Oettl
Manpreet Singh

Does a One-Size-Fits-All Minimum Wage Cause Financial Stress for Small Businesses?
w26520 Hui Chen
Zhuo Chen
Zhiguo He
Jinyu Liu
Rengming Xie

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets
w26519 Simon Jäger
Benjamin Schoefer
Jörg Heining

Labor in the Boardroom
w26514 Arpit Gupta
Stijn Van Nieuwerburgh

Valuing Private Equity Strip by Strip
w26501 Gabriel Chodorow-Reich
Regional Data in Macroeconomics: Some Advice for Practitioners
w26495 Joseph J. French
Ryosuke Fujitani
Yukihiro Yasuda

Does Stock Market Listing Impact Investment in Japan?
w26494 Zhiguo He
Paymon Khorrami
Zhaogang Song

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
w26493 Alexander M. Chinco
Andreas Neuhierl
Michael Weber

Estimating The Anomaly Base Rate
w26486 Sabrina T. Howell
Filippo Mezzanotti

Financing Entrepreneurship through the Tax Code: Angel Investor Tax Credits
w26479 Viral V. Acharya
Björn Imbierowicz
Sascha Steffen
Daniel Teichmann

Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
w26475 Natasha Sarin
Lawrence H. Summers

Shrinking the Tax Gap: Approaches and Revenue Potential
w26471 Viral V. Acharya
Guillaume Plantin

Monetary Easing, Leveraged Payouts and Lack of Investment
w26458 Sergey Chernenko
Isil Erel
Robert Prilmeier

Why Do Firms Borrow Directly from Nonbanks?
w26457 Zhenyu Gao
Michael Sockin
Wei Xiong

Economic Consequences of Housing Speculation
w26449 Sabrina T. Howell
Ramana Nanda

Networking Frictions in Venture Capital, and the Gender Gap in Entrepreneurship
w26446 Kenichi Ueda
Somnath Sharma

Listing Advantages Around the World
w26441 Chen Lin
Thomas Schmid
Michael S. Weisbach

Climate Change, Operating Flexibility and Corporate Investment Decisions
w26423 Huaizhi Chen
Lauren Cohen
Umit Gurun

Don't Take Their Word For It: The Misclassification of Bond Mutual Funds
w26392 Stephen G. Dimmock
Jiekun Huang
Scott J. Weisbenner

Give Me Your Tired, Your Poor, Your High-Skilled Labor: H-1B Lottery Outcomes and Entrepreneurial Success
w26372 Hang Bai
Erica X.N. Li
Chen Xue
Lu Zhang

Does Costly Reversibility Matter for U.S. Public Firms?
w26371 Steven J. Davis
John C. Haltiwanger
Kyle Handley
Ben Lipsius
Josh Lerner
Javier Miranda

The Economic Effects of Private Equity Buyouts
w26370 Itzhak Ben-David
Francesco Franzoni
Rabih Moussawi

An Improved Method to Predict Assignment of Stocks into Russell Indexes
w26346 Abhijit Banerjee
Emily Breza
Esther Duflo
Cynthia Kinnan

Can Microfinance Unlock a Poverty Trap for Some Entrepreneurs?
w26344 Charles W. Calomiris
Yehuda Izhakian
Jaime F. Zender

Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance
w26337 Guillermo Ordoñez
Facundo Piguillem

Retirement in the Shadow (Banking)
w26330 Thomas Philippon
On Fintech and Financial Inclusion
w26317 Michael Ewens
Joan Farre-Mensa

The Deregulation of the Private Equity Markets and the Decline in IPOs
w26312 René M. Stulz
FinTech, BigTech, and the Future of Banks
w26300 Markus K. Brunnermeier
Harold James
Jean-Pierre Landau

The Digitalization of Money
w26298 Jason R. Donaldson
Giorgia Piacentino

Money Runs
w26291 Matthias Breuer
Christian Leuz
Steven Vanhaverbeke

Mandated Financial Reporting and Corporate Innovation
w26284 Fatih Guvenen
Gueorgui Kambourov
Burhanettin Kuruscu
Sergio Ocampo-Diaz
Daphne Chen

Use It or Lose It: Efficiency Gains from Wealth Taxation
w26275 Thomas Hellmann
Ilona Mostipan
Nir Vulkan

Be Careful What You Ask For: Fundraising Strategies in Equity Crowdfunding
w26274 Qianqian Du
Thomas F. Hellmann

Getting Tired of Your Friends: The Dynamics of Venture Capital Relationships
w26265 Richard Holden
Anup Malani

The ICO Paradox: Transactions Costs, Token Velocity, and Token Value
w26254 Tal Gross
Raymond Kluender
Feng Liu
Matthew J. Notowidigdo
Jialan Wang

The Economic Consequences of Bankruptcy Reform
w26245 David Frydlinger
Oliver D. Hart

Overcoming Contractual Incompleteness: The Role of Guiding Principles
w26237 Francesco D’Acunto
Ulrike Malmendier
Juan Ospina
Michael Weber

Exposure to Daily Price Changes and Inflation Expectations
w26229 Markus K. Brunnermeier
Ricardo Reis

A Crash Course on the Euro Crisis
w26183 Stefan Gissler
Rodney Ramcharan
Edison Yu

The Effects of Competition in Consumer Credit Market
w26171 Lucian A. Bebchuk
Alon Brav
Wei Jiang
Thomas Keusch

Dancing With Activists
w26169 Hans B. Christensen
Luzi Hail
Christian Leuz

Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review
w26163 Lei Li
Elena Loutskina
Philip E. Strahan

Deposit Market Power, Funding Stability and Long-Term Credit
w26155 Jason Roderick Donaldson
Nadya Malenko
Giorgia Piacentino

Deadlock on the Board
w26147 Marco Di Maggio
Mark L. Egan
Francesco Franzoni

The Value of Intermediation in the Stock Market
w26115 Michael Ewens
Alexander S. Gorbenko
Arthur Korteweg

Venture Capital Contracts
w26109 Joshua Schwartzstein
Adi Sunderam

Using Models to Persuade
w26105 Ivo Welch
Simpler Better Market Betas
w26074 Tri Vi Dang
Gary B. Gorton
Bengt R. Holmstrom

The Information View of Financial Crises
w26062 Justin Birru
Sinan Gokkaya
Xi Liu
René M. Stulz

Are Analyst Trade Ideas Valuable?
w26060 Kewei Hou
Haitao Mo
Chen Xue
Lu Zhang

Security Analysis: An Investment Perspective
w26029 Michael Bailey
Patrick Farrell
Theresa Kuchler
Johannes Stroebel

Social Connectedness in Urban Areas
w26004 John R. Graham
Hyunseob Kim
Mark T. Leary

CEO-Board Dynamics
w26001 Germán Gutiérrez
Thomas Philippon

The Failure of Free Entry
w25983 Matias Covarrubias
Germán Gutiérrez
Thomas Philippon

From Good to Bad Concentration? U.S. Industries over the past 30 years
w25979 Charles W. Calomiris
Mauricio Larrain
Sergio L. Schmukler
Tomas Williams

Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses
w25977 Ricardo J. Caballero
Alp Simsek

Prudential Monetary Policy
w25967 David Card
Stefano DellaVigna
Patricia Funk
Nagore Iriberri

Are Referees and Editors in Economics Gender Neutral?
w25960 Michael Ewens
Ryan H. Peters
Sean Wang

Measuring Intangible Capital with Market Prices
w25959 Gabriel Chodorow-Reich
Plamen T. Nenov
Alp Simsek

Stock Market Wealth and the Real Economy: A Local Labor Market Approach
w25956 David Altig
Jose Maria Barrero
Nicholas Bloom
Steven J. Davis
Brent H. Meyer
Nicholas Parker

Surveying Business Uncertainty
w25950 Caroline Flammer
Green Bonds: Effectiveness and Implications for Public Policy
w25946 Jason Roderick Donaldson
Giorgia Piacentino
Anjan Thakor

Intermediation Variety
w25943 Robert Bartlett
Adair Morse
Richard Stanton
Nancy Wallace

Consumer-Lending Discrimination in the FinTech Era
w25923 Matthias Kehrig
Nicolas Vincent

Good Dispersion, Bad Dispersion
w25922 John R. Graham
Hyunseob Kim
Si Li
Jiaping Qiu

Employee Costs of Corporate Bankruptcy
w25914 Lucian A. Bebchuk
Scott Hirst

The Specter of the Giant Three
w25908 Mara Faccio
Randall Morck
M. Deniz Yavuz

Business Groups and the Incorporation of Firm-specific Shocks into Stock Prices
w25906 Jack Favilukis
Pierre Mabille
Stijn Van Nieuwerburgh

Affordable Housing and City Welfare
w25904 Clément de Chaisemartin
Xavier D'Haultfoeuille

Two-way Fixed Effects Estimators with Heterogeneous Treatment Effects
w25891 Gary B. Gorton
The Regulation of Private Money
w25877 Markus K. Brunnermeier
Dirk Niepelt

On the Equivalence of Private and Public Money
w25872 Ross Levine
Chen Lin
Qilin Peng
Wensi Xie

Communication within Banking Organizations and Small Business Lending
w25855 Eric Budish
Robin S. Lee
John J. Shim

A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market?
w25843 Michael Bailey
Drew M. Johnston
Theresa Kuchler
Johannes Stroebel
Arlene Wong

Peer Effects in Product Adoption
w25815 Alma Cohen
Moshe Hazan
Roberto Tallarita
David Weiss

The Politics of CEOs
w25814 Eliezer Fich
Viktoriya Lantushenko
Clemens Sialm

Institutional Trading Around M&A Announcements
w25810 Marco Di Maggio
Ankit Kalda
Vincent Yao

Second Chance: Life without Student Debt
w25807 Stefan Nagel
Amiyatosh Purnanandam

Bank Risk Dynamics and Distance to Default
w25795 Haoyu Gao
Hong Ru
Robert Townsend
Xiaoguang Yang

Rise of Bank Competition: Evidence from Banking Deregulation in China
w25794 Itzhak Ben-David
Ajay A. Palvia
René M. Stulz

Do Distressed Banks Really Gamble for Resurrection?
w25775 Markus K. Brunnermeier
Simon C. Rother
Isabel Schnabel

Asset Price Bubbles and Systemic Risk
w25774 Lubos Pastor
Robert F. Stambaugh

Liquidity Risk After 20 Years
w25747 Robin Greenwood
Samuel G. Hanson
Lawrence J. Jin

Reflexivity in Credit Markets
w25744 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Five Facts about Beliefs and Portfolios
w25734 Robert F. Engle III
Stefano Giglio
Bryan T. Kelly
Heebum Lee
Johannes Stroebel

Hedging Climate Change News
w25718 Paul D. Adams
Stefan Hunt
Christopher Palmer
Redis Zaliauskas

Testing the Effectiveness of Consumer Financial Disclosure: Experimental Evidence from Savings Accounts
w25717 Patrick Bolton
Tao Li
Enrichetta Ravina
Howard L. Rosenthal

Investor Ideology
w25702 Itzhak Ben-David
Pascal Towbin
Sebastian Weber

Expectations During the U.S. Housing Boom: Inferring Beliefs from Actions
w25698 Adriano A. Rampini
S. Viswanathan
Guillaume Vuillemey

Risk Management in Financial Institutions
w25694 Prachi Mishra
Nagpurnanand R. Prabhala
Raghuram G. Rajan

The Relationship Dilemma: Organizational Culture and the Adoption of Credit Scoring Technology in Indian Banking
w25690 Ravi Bansal
Shane Miller
Dongho Song
Amir Yaron

The Term Structure of Equity Risk Premia
w25686 Richard B. Berner
Stephen G. Cecchetti
Kermit L. Schoenholtz

Stress Testing Networks: The Case of Central Counterparties
w25685 Adrien Auclert
Will S. Dobbie
Paul Goldsmith-Pinkham

Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession
w25680 Takeo Hoshi
Kozo Kiyota

Potential for Inward Foreign Direct Investment in Japan
w25677 Shan Ge
Michael S. Weisbach

The Role of Financial Conditions in Portfolio Choices: The Case of Insurers
w25668 Bronson Argyle
Taylor D. Nadauld
Christopher Palmer

Monthly Payment Targeting and the Demand for Maturity
w25649 Itamar Drechsler
Alexi Savov
Philipp Schnabl

How Monetary Policy Shaped the Housing Boom
w25644 Erik P. Gilje
Todd Gormley
Doron Y. Levit

Who's Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives
w25634 Vojislav Maksimovic
Gordon M. Phillips
Liu Yang

Do Public Firms Respond to Industry Opportunities More Than Private Firms? The Impact of Initial Firm Quality
w25624 Paul Décaire
Erik P. Gilje
Jérôme P. Taillard

Real Option Exercise: Empirical Evidence
w25592 Lin William Cong
Zhiguo He
Jiasun Li

Decentralized Mining in Centralized Pools
w25584 Qing Hu
Ross Levine
Chen Lin
Mingzhu Tai

Mentally Spent: Credit Conditions and Mental Health
w25573 Hui Chen
Scott Joslin
Sophie X. Ni

Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets
w25559 Stephen G. Dimmock
Neng Wang
Jinqiang Yang

The Endowment Model and Modern Portfolio Theory
w25557 John Gathergood
Neale Mahoney
Neil Stewart
Jörg Weber

How Do Americans Repay Their Debt? The Balance-Matching Heuristic
w25553 David Hirshleifer
Yifan Li
Ben Lourie
Thomas Ruchti

Do Trade Creditors Possess Private Information? Stock Returns Evidence
w25549 Marlene Amstad
Zhiguo He

Chinese Bond Market and Interbank Market
w25529 Germán Gutiérrez
Thomas Philippon

Fading Stars
w25525 Ben Charoenwong
Randall Morck
Yupana Wiwattanakantang

Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing
w25520 Eduardo Dávila
Benjamin M. Hébert

Optimal Corporate Taxation Under Financial Frictions
w25516 Daniel G. Garrett
Juan Carlos Suárez Serrato

How Elastic is the Demand for Tax Havens? Evidence from the US Possessions Corporations Tax Credit
w25515 Maryam Farboodi
Roxana Mihet
Thomas Philippon
Laura Veldkamp

Big Data and Firm Dynamics
w25505 Ernest Liu
Atif Mian
Amir Sufi

Low Interest Rates, Market Power, and Productivity Growth
w25496 Francesco D’Acunto
Daniel Hoang
Maritta Paloviita
Michael Weber

IQ, Expectations, and Choice
w25484 Gary B. Gorton
Alexander K. Zentefis

Social Progress and Corporate Culture
w25477 Ana Babus
Kinda Cheryl Hachem

Markets for Financial Innovation
w25467 Robert Prilmeier
René M. Stulz

Securities Laws, Bank Monitoring, and the Choice Between Cov-lite Loans and Bonds for Highly Levered
w25459 Laura Alfaro
Gonzalo Asis
Anusha Chari
Ugo Panizza

Corporate Debt, Firm Size and Financial Fragility in Emerging Markets
w25458 Laura Alfaro
Manuel García-Santana
Enrique Moral-Benito

On the Direct and Indirect Real Effects of Credit Supply Shocks
w25454 Matthew Backus
Christopher Conlon
Michael Sinkinson

Common Ownership in America: 1980-2017
w25452 Gary Gorton
Toomas Laarits
Tyler Muir

1930: First Modern Crisis
w25450 Barney Hartman-Glaser
Benjamin M. Hébert

The Insurance is the Lemon: Failing to Index Contracts
w25442 Matthew Smith
Danny Yagan
Owen M. Zidar
Eric Zwick

Capitalists in the Twenty-First Century
w25435 Morten Bennedsen
Elena Simintzi
Margarita Tsoutsoura
Daniel Wolfenzon

Do Firms Respond to Gender Pay Gap Transparency?
w25432 Hong Cheng
Hanbing Fan
Takeo Hoshi
Dezhuang Hu

Do Innovation Subsidies Make Chinese Firms More Innovative? Evidence from the China Employer Employee Survey

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