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

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2021
w28870 Haelim Anderson
Kinda Cheryl Hachem
Simpson Zhang

Reallocating Liquidity to Resolve a Crisis: Evidence from the Panic of 1873
w28868 Bo Becker
Efraim Benmelech

The Resilience of the U.S. Corporate Bond Market During Financial Crises
w28856 Song Ma
Joy Tianjiao Tong
Wei Wang

Bankrupt Innovative Firms
w28854 Long Chen
Yadong Huang
Shumiao Ouyang
Wei Xiong

The Data Privacy Paradox and Digital Demand
w28843 Andreas Fuster
Aurel Hizmo
Lauren Lambie-Hanson
James Vickery
Paul S. Willen

How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic
w28842 Briana Chang
Matthieu Gomez
Harrison Hong

Sorting Out the Real Effects of Credit Supply
w28837 Kenneth R. Ahern
Lei Kong
Xinyan Yan

The Conglomerate Network
w28815 Andrea L. Eisfeldt
Antonio Falato
Mindy Z. Xiaolan

Human Capitalists
w28800 Sean Cao
Wei Jiang
Junbo L. Wang
Baozhong Yang

From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses
w28798 Erik P. Gilje
Michael D. Wittry

Is Public Equity Deadly? Evidence from Workplace Safety and Productivity Tradeoffs in the Coal Industry
w28794 Ross Levine
Chen Lin
Chicheng Ma
Yuchen Xu

The Legal Origins of Financial Development: Evidence from the Shanghai Concessions
w28778 Sinan Gokkaya
Xi Liu
René M. Stulz

Do Firms with Specialized M&A Staff Make Better Acquisitions?
w28777 Wenxin Du
Jesse Schreger

CIP Deviations, the Dollar, and Frictions in International Capital Markets
w28775 John M. Barrios
John Gallemore

Tax Planning Knowledge Diffusion via the Labor Market
w28773 Natee Amornsiripanitch
Paul A. Gompers
George Hu
Kaushik Vasudevan

Getting Schooled: The Role of Universities in Attracting Immigrant Entrepreneurs
w28767 Kilian Huber
Are Bigger Banks Better? Firm-Level Evidence from Germany
w28766 Kilian Huber
Volker Lindenthal
Fabian Waldinger

Discrimination, Managers, and Firm Performance: Evidence from "Aryanizations" in Nazi Germany
w28765 Jialan Wang
Kathleen Burke

The Effects of Disclosure and Enforcement on Payday Lending in Texas
w28764 Ana Babus
Kinda Cheryl Hachem

Regulation and Security Design in Concentrated Markets
w28751 Emily Johnston-Ross
Song Ma
Manju Puri

Private Equity and Financial Stability: Evidence from Failed Bank Resolution in the Crisis
w28744 Jessica Bai
Shai Bernstein
Abhishek Dev
Josh Lerner

Public Entrepreneurial Finance around the Globe
w28724 Paul Gertler
Brett Green
Catherine Wolfram

Digital Collateral
w28668 Wei Jiang
Yuehua Tang
Rachel (Jiqiu) Xiao
Vincent Yao

Surviving the Fintech Disruption
w28709 Cyrus Aghamolla
Pinar Karaca-Mandic
Xuelin Li
Richard T. Thakor

Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes
w28692 Valentin Haddad
Tyler Muir

Do Intermediaries Matter for Aggregate Asset Prices?
w28691 Brian Boyer
Taylor D. Nadauld
Keith P. Vorkink
Michael S. Weisbach

Discount Rate Risk in Private Equity: Evidence from Secondary Market Transactions
w28684 Sophie Calder-Wang
Paul A. Gompers
Kevin Huang

Diversity and Performance in Entrepreneurial Teams
w28679 Sophie Calder-Wang
Paul Gompers
Patrick Sweeney

Venture Capital's "Me Too" Moment
w28676 Eduardo Dávila
Itay Goldstein

Optimal Deposit Insurance
w28658 Alyssa G. Anderson
Wenxin Du
Bernd Schlusche

Arbitrage Capital of Global Banks
w28640 Aloisio Araujo
Rafael Ferreira
Spyridon Lagaras
Flavio Moraes
Jacopo Ponticelli
Margarita Tsoutsoura

The Labor Effects of Pro-labor Bias in Bankruptcy
w28635 Tiago V. Cavalcanti
Joseph P. Kaboski
Bruno S. Martins
Cezar Santos

Dispersion in Financing Costs and Development
w28624 Itzhak Ben-David
Jiacui Li
Andrea Rossi
Yang Song

Discontinued Positive Feedback Trading and the Decline of Momentum Profitability
w28615 Itay Goldstein
Chester S. Spatt
Mao Ye

Big Data in Finance
w28613 Daniel L. Greenwald
Matteo Leombroni
Hanno Lustig
Stijn Van Nieuwerburgh

Financial and Total Wealth Inequality with Declining Interest Rates
w28609 Dhruv Aggarwal
Ofer Eldar
Yael Hochberg
Lubomir P. Litov

The Rise of Dual-Class Stock IPOs
w28599 Peter M. DeMarzo
Zhiguo He
Fabrice Tourre

Sovereign Debt Ratchets and Welfare Destruction
w28595 Harrison Hong
Neng Wang
Jinqiang Yang

Welfare Consequences of Sustainable Finance
w28580 William N. Goetzmann
Christophe Spaenjers
Stijn Van Nieuwerburgh

Real and Private-Value Assets
w28574 Asaf Bernstein
Peter Koudijs

The Mortgage Piggy Bank: Building Wealth through Amortization
w28559 Viral V. Acharya
Robert F. Engle III
Sascha Steffen

Why Did Bank Stocks Crash During COVID-19?
w28550 Mark Borgschulte
Marius Guenzel
Canyao Liu
Ulrike Malmendier

CEO Stress, Aging, and Death
w28524 Daniela Scur
Raffaella Sadun
John Van Reenen
Renata Lemos
Nicholas Bloom

The World Management Survey at 18: lessons and the way forward
w28522 Jarkko Harju
Simon Jäger
Benjamin Schoefer

Voice at Work
w28501 Juliane Begenau
Tim Landvoigt

Financial Regulation in a Quantitative Model of the Modern Banking System
w28493 Brad M. Barber
Wei Jiang
Adair Morse
Manju Puri
Heather Tookes
Ingrid M. Werner

What Explains Differences in Finance Research Productivity During the Pandemic?
w28479 Paolina C. Medina
Vrinda Mittal
Michaela Pagel

The Effect of Stock Ownership on Individual Spending and Loyalty
w28474 Atul Gupta
Sabrina T. Howell
Constantine Yannelis
Abhinav Gupta

Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes
w28463 Marina Gertsberg
Johanna Mollerstrom
Michaela Pagel

Gender Quotas and Support for Women in Board Elections
w28441 Azi Ben-Rephael
Bruce I. Carlin
Zhi Da
Ryan D. Israelsen

Uncovering the Hidden Effort Problem
w28435 Anusha Chari
Lakshita Jain
Nirupama Kulkarni

The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms
w28426 Alp Simsek
The Macroeconomics of Financial Speculation
w28416 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer
Stephen J. Terry

Real Credit Cycles
w28411 Randall Morck
Kindleberger Cycles & Economic Growth: Method in the Madness of Crowds?
w28384 Andrea Lanteri
Adriano A. Rampini

Constrained-Efficient Capital Reallocation
w28378 Peter M. DeMarzo
Ron Kaniel

Contracting in Peer Networks
w28377 Douglas W. Diamond
Yunzhi Hu
Raghuram G. Rajan

Liquidity, Pledgeability, and the Nature of Lending
w28369 Itzhak Ben-David
Francesco Franzoni
Byungwook Kim
Rabih Moussawi

Competition for Attention in the ETF Space
w28367 Aifan Ling
Jianjun Miao
Neng Wang

Robust Financial Contracting and Investment
w28363 Ankit Kalda
Benjamin Loos
Alessandro Previtero
Andreas Hackethal

Smart(Phone) Investing? A within Investor-time Analysis of New Technologies and Trading Behavior.
w28357 Susan F. Cherry
Erica Xuewei Jiang
Gregor Matvos
Tomasz Piskorski
Amit Seru

Government and Private Household Debt Relief during COVID-19
w28355 Efraim Benmelech
Janice C. Eberly
Joshua L. Krieger
Dimitris Papanikolaou

Private and Social Returns to R&D: Drug Development and Demographics
w28350 Matthew Backus
Christopher Conlon
Michael Sinkinson

Common Ownership and Competition in the Ready-to-Eat Cereal Industry
w28348 Kerry Back
Bruce I. Carlin
Seyed Mohammad Kazempour

The Asset Pricing Implications of Plausible Deniability
w28341 Robert C. Merton
Richard T. Thakor

No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions
w28314 Nicholas Bloom
Robert S. Fletcher
Ethan Yeh

The Impact of COVID-19 on US Firms
2020
w28302 Jeremy Fouliard
Michael Howell
Hélène Rey

Answering the Queen: Machine Learning and Financial Crises
w28298 Patrick Bolton
Ye Li
Neng Wang
Jinqiang Yang

Dynamic Banking and the Value of Deposits
w28286 Lei Li
Philip Strahan

Who Supplies PPP Loans (And Does it Matter)? Banks, Relationships and the COVID Crisis
w28269 Christine Blandhol
Magne Mogstad
Peter Nilsson
Ola L. Vestad

Do Employees Benefit from Worker Representation on Corporate Boards?
w28259 Nicholas Bloom
Steven J. Davis
Lucia Foster
Brian Lucking
Scott Ohlmacher
Itay Saporta-Eksten

Business-Level Expectations and Uncertainty
w28252 Greg Buchak
Gregor Matvos
Tomasz Piskorski
Amit Seru

Why is Intermediating Houses so Difficult? Evidence from iBuyers
w28249 Emily Breza
Martin Kanz
Leora F. Klapper

Learning to Navigate a New Financial Technology: Evidence from Payroll Accounts
w28242 Marco Di Maggio
Angela T. Ma
Emily Williams

In the Red: Overdrafts, Payday Lending and the Underbanked
w28234 Michael Bailey
Drew M. Johnston
Martin Koenen
Theresa Kuchler
Dominic Russel
Johannes Stroebel

Social Networks Shape Beliefs and Behavior: Evidence from Social Distancing During the COVID-19 Pandemic
w28231 Gerard Hoberg
Yuan Li
Gordon M. Phillips

Internet Access and U.S. - China Innovation Competition
w28226 Stefano Giglio
Bryan T. Kelly
Johannes Stroebel

Climate Finance
w28216 Wolfgang Keller
Teresa Molina
William W. Olney

The Gender Gap Among Top Business Executives
w28211 Thomas Philippon
Efficient Programs to Support Businesses During and After Lockdowns
w28204 Xavier Gabaix
Ralph S. J. Koijen

Granular Instrumental Variables
w28198 G. William Schwert
The Remarkable Growth in Financial Economics, 1974-2020
w28197 Òscar Jordà
Martin Kornejew
Moritz Schularick
Alan M. Taylor

Zombies at Large? Corporate Debt Overhang and the Macroeconomy
w28196 Chris Florakis
Christodoulos Louca
Roni Michaely
Michael Weber

Cybersecurity Risk
w28179 Leila Agha
Keith Marzilli Ericson
Xiaoxi Zhao

The Impact of Organizational Boundaries on Healthcare Coordination and Utilization
w28175 Sylvain Catherine
Constantine Yannelis

The Distributional Effects of Student Loan Forgiveness
w28160 Tania Babina
Alex Xi He
Sabrina T. Howell
Elisabeth Ruth Perlman
Joseph Staudt

The Color of Money: Federal vs. Industry Funding of University Research
w28159 Jean-Etienne de Bettignies
Hua Fang Liu
David T. Robinson

Corporate Social Responsibility and Imperfect Regulatory Oversight: Theory and Evidence from Greenhouse Gas Emissions Disclosures
w28151 Olivia S. Kim
Jonathan A. Parker
Antoinette Schoar

Revenue Collapses and the Consumption of Small Business Owners in the Early Stages of the COVID-19 Pandemic
w28124 Laurence M. Ball
Liquidity Risk at Large U.S. Banks
w28119 Sebastian Infante
Guillermo Ordoñez

The Collateral Link between Volatility and Risk Sharing
w28118 Zhiguo He
Jing Huang
Jidong Zhou

Open Banking: Credit Market Competition When Borrowers Own the Data
w28114 Tetyana Balyuk
Nagpurnanand R. Prabhala
Manju Puri

Indirect Costs of Government Aid and Intermediary Supply Effects: Lessons From the Paycheck Protection Program
w28109 Robert S. Harris
Tim Jenkinson
Steven N. Kaplan
Ruediger Stucke

Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds
w28104 Robin Greenwood
Benjamin Iverson
David Thesmar

Sizing up Corporate Restructuring in the COVID Crisis
w28103 Itzhak Ben-David
Jiacui Li
Andrea Rossi
Yang Song

Advice-Driven Demand and Systematic Price Fluctuations
w28096 Viral V. Acharya
Siddharth Vij

Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India
w28088 Yueran Ma
José A. Scheinkman

Going-Concern Debt of Financial Intermediaries
w28069 Luis Dau
Randall Morck
Bernard Yeung

Corporate Governance, Business Group Governance and Economic Development Traps
w28056 Andrea L. Eisfeldt
Edward Kim
Dimitris Papanikolaou

Intangible Value
w28054 Mao Ye
Miles Zheng
Xiongshi Li

Price Ceiling, Market Structure, and Payout Policies
w28038 Justin Birru
Sinan Gokkaya
Xi Liu
René M. Stulz

Who Benefits from Analyst "Top Picks"?
w28028 Jonathan A. Parker
Antoinette Schoar
Yang Sun

Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds
w28023 Rishabh Kirpalani
Thomas Philippon

Data Sharing and Market Power with Two-Sided Platforms
w28020 Anil K Kashyap
Natalia Kovrijnykh
Jian Li
Anna Pavlova

Is There Too Much Benchmarking in Asset Management?
w28016 Nathan Foley-Fisher
Gary B. Gorton
Stéphane Verani

Adverse Selection Dynamics in Privately-Produced Safe Debt Markets
w28010 Michael Boutros
Itzhak Ben-David
John R. Graham
Campbell R. Harvey
John W. Payne

The Persistence of Miscalibration
w28001 Hang Bai
Lu Zhang

Searching for the Equity Premium
w27997 Dany Bahar
Prithwiraj Choudhury
Britta Glennon

An Executive Order Worth $100 Billion: The Impact of an Immigration Ban's Announcement on Fortune 500 Firms' Valuation
w27994 Sigurd Galaasen
Rustam Jamilov
Ragnar Juelsrud
Hélène Rey

Granular Credit Risk
w27990 Lauren Cohen
Umit G. Gurun
Quoc H. Nguyen

The ESG-Innovation Disconnect: Evidence from Green Patenting
w27985 Germán Gutiérrez
Thomas Philippon

Some Facts about Dominant Firms
w27979 Alexander W. Butler
Bruce I. Carlin
Alan D. Crane
Boyang Liu
James P. Weston

The Value of Social Status
w27976 Itzhak Ben-David
Utpal Bhattacharya
Stacey E. Jacobsen

Do Acquirer Announcement Returns Reflect Value Creation?
w27973 Theresa Kuchler
Johannes Stroebel

Social Finance
w27964 Ross Levine
Chen Lin
Mingzhu Tai
Wensi Xie

How Did Depositors Respond to COVID-19?
w27955 Natalie Bau
Adrien Matray

Misallocation and Capital Market Integration: Evidence From India
w27950 Sean Cao
Wei Jiang
Baozhong Yang
Alan L. Zhang

How to Talk When a Machine is Listening: Corporate Disclosure in the Age of AI
w27947 Hassan Afrouzi
Spencer Yongwook Kwon
Augustin Landier
Yueran Ma
David Thesmar

Overreaction and Working Memory
w27945 Gabriel Chodorow-Reich
Olivier Darmouni
Stephan Luck
Matthew C. Plosser

Bank Liquidity Provision Across the Firm Size Distribution
w27942 Frederik P. Schlingemann
René M. Stulz

Have Exchange-Listed Firms Become Less Important for the Economy?
w27935 Juliane Begenau
Saki Bigio
Jeremy Majerovitz
Matias Vieyra

A Q-Theory of Banks
w27931 Min Dai
Xavier Giroud
Wei Jiang
Neng Wang

A q Theory of Internal Capital Markets
w27907 Shai Bernstein
Richard R. Townsend
Ting Xu

Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
w27896 Kyle Handley
J. Frank Li

Measuring the Effects of Firm Uncertainty on Economic Activity: New Evidence from One Million Documents
w27889 Paul A. Gompers
Steven N. Kaplan
Vladimir Mukharlyamov

Private Equity and COVID-19
w27883 Vincent Glode
Christian Opp

Renegotiation in Debt Chains
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: Comparing Findings of Central Bankers and Academics
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 D. Kubik
Neng Wang
Xiao Xu
Jinqiang Yang

Pandemics, Vaccines and an Earnings Damage Function
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

Paid Leave Pays Off: The Effects of Paid Family Leave on Firm Performance
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 Finance: Cultural Evolution, Transmission Bias and Market Dynamics
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: Reassessing Stock Market Performance and Volatility
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

How Resilient is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting
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
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

Issuance Overpricing of China's Corporate Debt Securities
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 and the Issuance of Secured Debt
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

Exporting Uncertainty: The Impact of Brexit on Corporate America
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

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