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The Secular Decline of Bank Balance Sheet Lending

Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024

intermediated through arms-length transactions, such as securitization. This paper documents these trends, explores their causes … structural model to explore whether technological improvements in securitization, shifts in saver preferences away from deposits …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …

Persistent link: https://www.econbiz.de/10014486266

Do Sell-Side Analysts Say "Buy" While Whispering "Sell"?

Hirshleifer, David; Shi, Yushui; Wu, Weili - National Bureau of Economic Research - 2022

We examine how sell-side equity analysts strategically disclose information of differing quality to the public versus the buy-side mutual fund managers to whom they are connected. We consider cases in which analysts recommend that the public buys a stock, but some fund managers sell it. We...

Persistent link: https://www.econbiz.de/10013210060

Venture Debt

Morse, Adair - National Bureau of Economic Research - 2024

The provision of venture debt financing to growth-oriented startups which are backed by venture capital (VC) equity has been a bit of a puzzle given the lack of positive cash flows or traditional collateral of such startups. This short paper lays out the hurdles for debt to overcome to be a...

Persistent link: https://www.econbiz.de/10014512037

Finance in a Time of Disruptive Growth

Garleanu, Nicolae; Panageas, Stauros - National Bureau of Economic Research - 2024

We propose a unified theory of asset price determination encompassing both "conventional" and "alternative" asset classes (private equity, real estate, etc.). The model features disruption of old by young firms and skewness in the distribution of innovative rents among the young innovators. The...

Persistent link: https://www.econbiz.de/10014512038

Is There Information in Corporate Acquisition Plans?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024

For many firms, the acquisition process begins with the development of an acquisition plan that is communicated to investors. We construct a comprehensive sample of acquisition plans to provide novel perspectives on the acquisition process and find that acquisition plans are informative to...

Persistent link: https://www.econbiz.de/10014512055

Banks in Space

Oberfield, Ezra; Rossi-Hansberg, Esteban; Trachter, Nicholas - National Bureau of Economic Research - 2024

We study the spatial expansion of banks in response to banking deregulation in the 1980s and 90s. During this period, large banks expanded rapidly, mostly by adding new branches in new locations, while many small banks exited. We document that large banks sorted into the densest markets, but...

Persistent link: https://www.econbiz.de/10014512110

The Value of Ratings : Evidence from their Introduction in Securities Markets

Bernstein, Asaf; Frydman, Carola; Hilt, Eric - National Bureau of Economic Research - 2023

We study the effects of the first-ever ratings for corporate securities. In 1909, John Moody published a book that partitioned the majority of listed railroad bonds into letter-graded ratings based on his assessments of their credit risk. These ratings had no regulatory implications and were...

Persistent link: https://www.econbiz.de/10014247986

Analyst Bias and Mispricing

Grinblatt, Mark; Jostova, Gergana; Philipov, Alexander - National Bureau of Economic Research - 2023

Cross-sectional forecasts of conservative and optimistic biases in analyst earnings estimates predict a stock's future returns, especially for firms that are hard to value. Trading strategies--whether based on the component of analyst bias that is correlated with major return anomalies or the...

Persistent link: https://www.econbiz.de/10014248012

Financial Intermediation and the Funding of Biomedical Innovation : A Review

Lo, Andrew W.; Thakor, Richard T. - National Bureau of Economic Research - 2022

We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature--underinvestment in biomedical R&D--and focus on the role that banks and...

Persistent link: https://www.econbiz.de/10013435156

The Unicorn Puzzle

Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - National Bureau of Economic Research - 2022

From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...

Persistent link: https://www.econbiz.de/10013435166