This paper provides updated estimates of the impact of three financial frictions—negative equity, mortgage lock-in, and …). Our updated estimates corroborate our previous results: Negative equity reduces household mobility by 30 percent, and $1 … a slight positive correlation between mobility and negative equity appears due to a large fraction of false positives …

FOMC announcements account for more than 80 percent of the equity premium over the past seventeen years. Similar results … are found for major global equity indexes, but not for other asset classes or other economic news announcements. We … account for more than 80 percent of the equity premium over the past seventeen years. Similar results are found for major …

. Using Consumer Expenditure Survey data from 2007 to 2012, we find that negative equity households reduce their housing … investments by roughly 75 percent. The large increase in negative equity due to declining housing prices during the housing bust …

they necessarily less liquid. Bond investors appear to discount the value of privately held equity. The effect does not …

(NPV) projects as given, which in turn determines the size of the firm’s assets. The focus is on the composition of equity … equity that behaves like the predetermined variable, and the asset size of the bank or financial intermediary is determined … by the degree of leverage that is permitted by market conditions. The relative stickiness of equity reveals possible …

Vesting of equity payments to an entrepreneur, which is a form of time-contingent compensation, is very common in … problems. We show in a theoretical model that vesting equity to an entrepreneur over a long period of time acts as a screening … device against a bad entrepreneur type. But incomplete contracts due to hold-up by the venture capitalist imply that equity …