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

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2019
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

Acquisition Prices and the Measurement of Intangible Capital
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

Will the Market Fix the Market? A Theory of Stock Exchange Competition and Innovation
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

Asset Prices, Corporate Actions, and Bank of Japan Equity Purchases
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 and the choice between loans and bonds for highly levered firms
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
2018
w25414 Shai Bernstein
Abhishek Dev
Josh Lerner

The Creation and Evolution of Entrepreneurial Public Markets
w25410 Matteo Maggiori
Brent Neiman
Jesse Schreger

The Rise of the Dollar and Fall of the Euro as International Currencies
w25407 Joseph Abadi
Markus Brunnermeier

Blockchain Economics
w25406 Markus K. Brunnermeier
Yann Koby

The Reversal Interest Rate
w25403 Tomasz Piskorski
Amit Seru

Debt Relief and Slow Recovery: A Decade after Lehman
w25392 James J. Feigenbaum
James Lee
Filippo Mezzanotti

Capital Destruction and Economic Growth: The Effects of Sherman's March, 1850-1920
w25391 Lucas W. Davis
Catherine Hausman

Are Energy Executives Rewarded For Luck?
w25373 Markus K. Brunnermeier
Lunyang Huang

A Global Safe Asset for and from Emerging Market Economies
w25360 Tania Babina
Sabrina T. Howell

Entrepreneurial Spillovers from Corporate R&D
w25352 Kornelia Fabisik
Rüdiger Fahlenbrach
René M. Stulz
Jérôme P. Taillard

Why are Firms with More Managerial Ownership Worth Less?
w25337 Anil K. Kashyap
Natalia Kovrijnykh
Jian Li
Anna Pavlova

The Benchmark Inclusion Subsidy
w25329 Marianne Bertrand
Matilde Bombardini
Raymond Fisman
Bradley Hackinen
Francesco Trebbi

Hall of Mirrors: Corporate Philanthropy and Strategic Advocacy
w25325 Xavier Giroud
Holger M. Mueller

Firm Leverage and Regional Business Cycles
w25323 Sandeep Dahiya
David Yermack

Investment Returns and Distribution Policies of Non-Profit Endowment Funds
w25317 Harjoat S. Bhamra
Christian Dorion
Alexandre Jeanneret
Michael Weber

Low Inflation: High Default Risk AND High Equity Valuations
w25310 Stefano Ramelli
Alexander F. Wagner
Richard J. Zeckhauser
Alexandre Ziegler

Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock
w25297 Chang Liu
Wei Xiong

China's Real Estate Market
w25296 Wei Xiong
The Mandarin Model of Growth
w25292 Elisabeth Kempf
Margarita Tsoutsoura

Partisan Professionals: Evidence from Credit Rating Analysts
w25277 João F. Gomes
Marco Grotteria
Jessica Wachter

Foreseen Risks
w25266 Bryan Kelly
Dimitris Papanikolaou
Amit Seru
Matt Taddy

Measuring Technological Innovation over the Long Run
w25237 Richard B. Baker
Carola Frydman
Eric Hilt

Political Discretion and Antitrust Policy: Evidence from the Assassination of President McKinley
w25226 Emin Dinlersoz
Sebnem Kalemli-Ozcan
Henry Hyatt
Veronika Penciakova

Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness
w25211 Thomas Hellmann
Veikko Thiele

May the Force be With You: Investor Power and Company Valuations
w25210 Eduardo Dávila
Cecilia Parlatore

Identifying Price Informativeness
w25207 Brian Boyer
Taylor D. Nadauld
Keith P. Vorkink
Michael S. Weisbach

Private Equity Indices Based on Secondary Market Transactions
w25200 Daniel J. Benjamin
Errors in Probabilistic Reasoning and Judgment Biases
w25196 João Granja
Christian Leuz
Raghuram Rajan

Going the Extra Mile: Distant Lending and Credit Cycles
w25185 Falk Bräuning
Victoria Ivashina

U.S. Monetary Policy and Emerging Market Credit Cycles
w25184 Vitaly M. Bord
Victoria Ivashina
Ryan D. Taliaferro

Large Banks and Small Firm Lending
w25170 Gabriel Garber
Atif Mian
Jacopo Ponticelli
Amir Sufi

Household Debt and Recession in Brazil
w25162 Ulrike Malmendier
Behavioral Corporate Finance
w25150 Mark L. Egan
Gregor Matvos
Amit Seru

Arbitration with Uninformed Consumers
w25149 Greg Buchak
Gregor Matvos
Tomasz Piskorski
Amit Seru

The Limits of Shadow Banks
w25135 Jason Sandvik
Richard Saouma
Nathan Seegert
Christopher Stanton

Analyzing the Aftermath of a Compensation Reduction
w25125 David A. Matsa
Capital Structure and a Firm's Workforce
w25063 Itzhak Ben-David
Stefanie Kleimeier
Michael Viehs

Exporting Pollution
w25112 Shai Bernstein
Emanuele Colonnelli
Davide Malacrino
Timothy McQuade

Who Creates New Firms When Local Opportunities Arise?
w25108 Maarten Meeuwis
Jonathan A. Parker
Antoinette Schoar
Duncan I. Simester

Belief Disagreement and Portfolio Choice
w25104 Sergey Chernenko
Adi Sunderam

Do Fire Sales Create Externalities?
w25098 Lily Fang
Josh Lerner
Chaopeng Wu
Qi Zhang

Corruption, Government Subsidies, and Innovation: Evidence from China
w25097 Andres Liberman
Christopher Neilson
Luis Opazo
Seth Zimmerman

The Equilibrium Effects of Information Deletion: Evidence from Consumer Credit Markets
w25090 Manuel Adelino
Antoinette Schoar
Felipe Severino

Perception of House Price Risk and Homeownership
w25086 Brian Baugh
Itzhak Ben-David
Hoonsuk Park
Jonathan A. Parker

Asymmetric Consumption Response of Households to Positive and Negative Anticipated Cash Flows
w25085 Andrea L. Eisfeldt
Yu Shi

Capital Reallocation
w25083 Toni Ahnert
Kristin Forbes
Christian Friedrich
Dennis Reinhardt

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
w25075 José María Liberti
Mitchell A. Petersen

Information: Hard and Soft
w25072 Jonathan Chapman
Erik Snowberg
Stephanie Wang
Colin Camerer

Loss Attitudes in the U.S. Population: Evidence from Dynamically Optimized Sequential Experimentation (DOSE)
w25061 Anders Anderson
David T. Robinson

Who Feels the Nudge? Knowledge, Self-Awareness and Retirement Savings Decisions
w25056 Nikolai Roussanov
Hongxun Ruan
Yanhao Wei

Marketing Mutual Funds
w25054 Efraim Benmelech
Nittai Bergman

Debt, Information, and Illiquidity
w25046 Robert L. McDonald
Thomas A. Rietz

Ratings and Asset Allocation: An Experimental Analysis
w25045 Aleksandar Andonov
Roman Kräussl
Joshua Rauh

The Subsidy to Infrastructure as an Asset Class
w25040 Jiangze Bian
Zhiguo He
Kelly Shue
Hao Zhou

Leverage-Induced Fire Sales and Stock Market Crashes
w24998 Peter Koudijs
Laura Salisbury
Gurpal Sran

For Richer, for Poorer: Bankers' Liability and Risk-taking in New England, 1867-1880
w24984 Jess Benhabib
Xuewen Liu
Pengfei Wang

Financial Markets, the Real Economy, and Self-fulfilling Uncertainties
w24976 Charlie Eaton
Sabrina Howell
Constantine Yannelis

When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education
w24973 Gabriel Chodorow-Reich
Andra Ghent
Valentin Haddad

Asset Insulators
w24964 Peter Ganong
Pascal Noel

Liquidity vs. Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession
w24961 Yiming Cao
Raymond Fisman
Hui Lin
Yongxiang Wang

Target setting and Allocative Inefficiency in Lending: Evidence from Two Chinese Banks
w24941 Josh Lerner
Antoinette Schoar
Jason Mao
Nan R. Zhang

Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital
w24936 Charles W. Calomiris
Sophia Chen

The Spread of Deposit Insurance and the Global Rise in Bank Asset Risk since the 1970s
w24887 Ramana Nanda
Sampsa Samila
Olav Sorenson

The Persistent Effect of Initial Success: Evidence from Venture Capital
w24866 Gary Gorton
Toomas Laarits
Andrew Metrick

The Run on Repo and the Fed's Response
w24844 Neil Bhutta
Benjamin J. Keys

Eyes Wide Shut? The Moral Hazard of Mortgage Insurers during the Housing Boom
w24823 Atif Mian
Amir Sufi

Credit Supply and Housing Speculation
w24797 Stefano DellaVigna
Structural Behavioral Economics
w24792 Eric Hilt
Banks, Insider Connections, and Industrialization in New England: Evidence from the Panic of 1873
w24781 Erik Snowberg
Leeat Yariv

Testing the Waters: Behavior across Participant Pools
w24778 Richard T. Thakor
Robert C. Merton

Trust in Lending
w24776 Mari Tanaka
Nicholas Bloom
Joel M. David
Maiko Koga

Firm Performance and Macro Forecast Accuracy
w24774 Sabrina T. Howell
Marina Niessner
David Yermack

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales
w24760 Nicholas Bloom
Hong Cheng
Mark Duggan
Hongbin Li
Franklin Qian

Do CEOs Know Best? Evidence from China
w24757 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

A Macroeconomic Model with Financially Constrained Producers and Intermediaries
w24751 Timothy Jackson
Laurence J. Kotlikoff

Banks as Potentially Crooked Secret-Keepers
w24737 Patrick Bolton
Martin Oehmke

Bank Resolution and the Structure of Global Banks
w24720 Sharon Belenzon
Honggi Lee
Andrea Patacconi

Towards a Legal Theory of the Firm: The Effects of Enterprise Liability on Asset Partitioning, Decentralization and Corporate Group Growth
w24718 Nicholas Bloom
Kalina Manova
John Van Reenen
Stephen Teng Sun
Zhihong Yu

Managing Trade: Evidence from China and the US
w24717 Eric Budish
The Economic Limits of Bitcoin and the Blockchain
w24709 Kewei Hou
Haitao Mo
Chen Xue
Lu Zhang

q5
w24701 Thomas R. Tørsløv
Ludvig S. Wier
Gabriel Zucman

The Missing Profits of Nations
w24699 Bronson Argyle
Taylor D. Nadauld
Christopher Palmer
Ryan D. Pratt

The Capitalization of Consumer Financing into Durable Goods Prices
w24679 Abhijit Banerjee
Emily Breza
Arun G. Chandrasekhar
Benjamin Golub

When Less is More: Experimental Evidence on Information Delivery During India's Demonetization
w24673 Matteo Maggiori
Brent Neiman
Jesse Schreger

International Currencies and Capital Allocation
w24672 Briana Chang
Harrison Hong

Selection versus Talent Effects on Firm Value
w24657 Lin William Cong
Sabrina T. Howell

IPO Intervention and Innovation: Evidence from China
w24622 Brian Lucking
Nicholas Bloom
John Van Reenen

Have R&D Spillovers Changed?
w24595 Joshua L. Krieger
Danielle Li
Dimitris Papanikolaou

Missing Novelty in Drug Development
w24589 Christopher Martin
Manju Puri
Alexander Ufier

Deposit Inflows and Outflows in Failing Banks: The Role of Deposit Insurance
w24586 Christopher Hansman
Harrison Hong
Wenxi Jiang
Yu-Jane Liu
Juan-Juan Meng

Riding the Credit Boom
w24582 Itamar Drechsler
Alexi Savov
Philipp Schnabl

Banking on Deposits: Maturity Transformation without Interest Rate Risk
w24571 Iván Alfaro
Nicholas Bloom
Xiaoji Lin

The Finance Uncertainty Multiplier
w24551 Tobias Berg
Valentin Burg
Ana Gombović
Manju Puri

On the Rise of FinTechs - Credit Scoring using Digital Footprints
w24550 Juliane Begenau
Maryam Farboodi
Laura Veldkamp

Big Data in Finance and the Growth of Large Firms
w24549 Mathias Drehmann
Mikael Juselius
Anton Korinek

Going With the Flows: New Borrowing, Debt Service and the Transmission of Credit Booms
w24542 Lauren H. Cohen
Umit G. Gurun

Buying the Verdict
w24535 Christian Leuz
Evidence-Based Policymaking: Promise, Challenges and Opportunities for Accounting and Financial Markets Research
w24526 Carlos J. Serrano
Rosemarie Ziedonis

How Redeployable are Patent Assets? Evidence from Failed Startups
w24523 Michael Ewens
Ramana Nanda
Matthew Rhodes-Kropf

Cost of Experimentation and the Evolution of Venture Capital
w24517 Ramana Nanda
Matthew Rhodes-Kropf

Coordination Frictions in Venture Capital Syndicates
w24516 Jonathan Cohn
Tatyana Deryugina

Firm-Level Financial Resources and Environmental Spills
w24513 Yi Huang
Ugo Panizza
Richard Portes

Corporate Foreign Bond Issuance and Interfirm Loans in China
w24500 Andreas Fuster
Matthew Plosser
Philipp Schnabl
James Vickery

The Role of Technology in Mortgage Lending
w24485 Gita Gopinath
Jeremy C. Stein

Banking, Trade, and the making of a Dominant Currency
w24460 Charles W. Calomiris
Mark Carlson

Bank Examiners' Information and Expertise and Their Role in Monitoring and Disciplining Banks Before and During the Panic of 1893
w24459 Alexis Antoniades
Charles W. Calomiris

Mortgage Market Credit Conditions and U.S. Presidential Elections
w24451 Marianne Bertrand
Matilde Bombardini
Raymond Fisman
Francesco Trebbi

Tax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Influence
w24446 Adam M. Guren
Arvind Krishnamurthy
Timothy J. McQuade

Mortgage Design in an Equilibrium Model of the Housing Market
w24443 Viral V. Acharya
Arvind Krishnamurthy

Capital Flow Management with Multiple Instruments
w24435 Isil Erel
Léa H. Stern
Chenhao Tan
Michael S. Weisbach

Selecting Directors Using Machine Learning
w24433 Charles W. Calomiris
Mauricio Larrain
Sergio L. Schmukler

Capital Inflows, Equity Issuance Activity, and Corporate Investment
w24431 Charles W. Calomiris
Elliot S.M. Oh

Who Owned Citibank? Familiarity Bias and Business Network Influences on Stock Purchases, 1925-1929
w24415 Zhiguo He
Arvind Krishnamurthy

Intermediary Asset Pricing and the Financial Crisis
w24409 Shinichi Kamiya
Jun-Koo Kang
Jungmin Kim
Andreas Milidonis
René M. Stulz

What is the Impact of Successful Cyberattacks on Target Firms?
w24408 Paul Goldsmith-Pinkham
Isaac Sorkin
Henry Swift

Bartik Instruments: What, When, Why, and How
w24399 Lin William Cong
Zhiguo He

Blockchain Disruption and Smart Contracts
w24389 Ross Levine
Chen Lin
Zigan Wang

Toxic Emissions and Executive Migration
w24382 Eric Zwick
The Costs of Corporate Tax Complexity
w24375 Ross Levine
Chen Lin
Zigan Wang
Wensi Xie

Bank Liquidity, Credit Supply, and the Environment
w24370 Bronwyn H. Hall
Is There a Role for Patents in the Financing of New Innovative Firms?
w24365 Kristle Cortés
Yuliya Demyanyk
Lei Li
Elena Loutskina
Philip E. Strahan

Stress Tests and Small Business Lending
w24360 Mitchell Hoffman
Steven Tadelis

People Management Skills, Employee Attrition, and Manager Rewards: An Empirical Analysis
w24343 Alan Benson
Danielle Li
Kelly Shue

Promotions and the Peter Principle
w24329 Emily Breza
Cynthia Kinnan

Measuring the Equilibrium Impacts of Credit: Evidence from the Indian Microfinance Crisis
w24322 Atif R. Mian
Amir Sufi

Finance and Business Cycles: The Credit-Driven Household Demand Channel
w24307 Efraim Benmelech
Nittai Bergman
Hyunseob Kim

Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?
w24298 Gary B. Gorton
Toomas Laarits

Collateral Damage
w24269 Victoria Ivashina
Benjamin Iverson

Trade Creditors' Information Advantage
w24265 Craig Doidge
Kathleen M. Kahle
G. Andrew Karolyi
René M. Stulz

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Amir Kermani
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Stock Market Returns and Consumption
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Aprajit Mahajan
David McKenzie
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Stefano Rossi
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The Information Content of Dividends: Safer Profits, Not Higher Profits
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Wei Xiong

Risks in China's Financial System
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Thomas Winberry

Financial Heterogeneity and the Investment Channel of Monetary Policy
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A Sufficient Statistics Approach for Aggregating Firm-Level Experiments
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Kristopher Gerardi
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Are Lemons Sold First? Dynamic Signaling in the Mortgage Market

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