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Banks as Secret Keepers
Gorton, Gary; Holmstrom, Bengt; Ordonez, Guillermo L.; … - National Bureau of Economic Research (NBER) - 2014
Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value, reducing the efficiency of trade. This need for opacity...
Persistent link: https://www.econbiz.de/10010969202
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Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience
Campbell, John Y.; Ramadorai, Tarun; Ranish, Benjamin - National Bureau of Economic Research (NBER) - 2014
Using a large representative sample of Indian retail equity investors, many of them new to the stock market, we show that both years of investment experience and feedback from investment returns have significant effects on investor behavior, favored stock styles, and performance. We identify two...
Persistent link: https://www.econbiz.de/10010969255
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Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt
Vayanos, Dimitri; Guibaud, Stéphane; Nosbusch, Yves - National Bureau of Economic Research (NBER) - 2013
the absence of distortionary taxes and induces efficient intergenerational risksharing. If agents are more risk …
Persistent link: https://www.econbiz.de/10010969262
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Foreign Ownership of U.S. Safe Assets: Good or Bad?
Ludvigson, Sydney C.; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research (NBER) - 2014
-aged savers may suffer from greater exposure to systematic risk in equity and housing markets. Under the veil of ignorance, a …
Persistent link: https://www.econbiz.de/10010969327
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Financial Education and Choice in State Public Pension Systems
Agnew, Julie; Hurwitz, Joshua - National Bureau of Economic Research (NBER) - 2013
As more and more public pension systems are shifting away from a defined benefit only framework, the complexity of the financial decisions facing public employees is increasing. This raises some concerns about the financial literacy of participants and their ability to make informed decisions....
Persistent link: https://www.econbiz.de/10010969365
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Maturity Rationing and Collective Short-Termism
Milbradt, Konstantin; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2014
Financing terms and investment decisions are jointly determined. This interdependence links firms' asset and liability sides and can lead to short-termism in investment. In our model, financing frictions increase with the investment horizon, such that financing for long-term projects is...
Persistent link: https://www.econbiz.de/10010969405
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Capital Gains Lock-In and Governance Choices
Dimmock, Stephen G.; Gerken, William C.; Ivković, Zoran; … - National Bureau of Economic Research (NBER) - 2014
Because of differences in accrued gains and investors' tax-sensitivity, capital gains "lock-in" varies across mutual funds even for the same stock at the same time. Using this variation, we show that tax lock-in affects funds' governance decisions. Higher tax lock-in decreases the likelihood a...
Persistent link: https://www.econbiz.de/10010969406
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Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion
Panageas, Stavros; Gârleanu, Nicolae; Yu, Jianfeng - National Bureau of Economic Research (NBER) - 2013
We propose a unified model of limited market integration, asset-price determination, leveraging, and contagion. Investors and firms are located on a circle, and access to markets involves participation costs that increase with distance. Despite the ex-ante symmetry of investors, their strategies...
Persistent link: https://www.econbiz.de/10010969417
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What Makes Annuitization More Appealing?
Laibson, David; Madrian, Brigitte C.; Beshears, John; … - National Bureau of Economic Research (NBER) - 2012
. Concerns about later-life income, spending flexibility, and counterparty risk are the most important self-reported motives that …
Persistent link: https://www.econbiz.de/10010969425
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Conditional Risk Premia in Currency Markets and Other Asset Classes
Lettau, Martin; Maggiori, Matteo; Weber, Michael - National Bureau of Economic Research (NBER) - 2013
The downside risk CAPM (DR-CAPM) can price the cross section of currency returns. The market-beta differential between … high and low interest rate currencies is higher conditional on bad market returns, when the market price of risk is also … performance of the model. The DR-CAPM can jointly rationalize the cross section of equity, equity index options, commodity …
Persistent link: https://www.econbiz.de/10010969442