Results 31 to 40 of about 85,716 (47)
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Price Rigidities and Credit Risk
Social Science Research NetworkWe develop a capital structure model in which firms feature differential flexibility in adjusting output prices. Inflexible-price firms have lower profits and higher cash flow volatility, leading in equilibrium to lower financial leverage, shorter debt ...
Patrick Augustin +3 more
semanticscholar +1 more source
Informing the Market: The Effect of Modern Information Technologies on Information Production
The Review of financial studies, 2019Modern information technologies have fundamentally changed how information is disseminated in financial markets. Using the staggered implementation of the EDGAR system from 1993 to 1996 as a shock to information dissemination technologies, we find ...
Meng Gao, Jiekun Huang
semanticscholar +1 more source
Market-Wide Predictable Price Pressure
The American Economic ReviewWe demonstrate that predictable uninformed cash flows forecast aggregate market stock returns. Buying pressure from dividend payments (announced weeks prior) predicts higher value-weighted market returns, with returns for the top quintile of payment days
Samuel M. Hartzmark, David H. Solomon
semanticscholar +1 more source
Long-term Investors, Demand Shifts, and Yields
Social Science Research NetworkI exploit a Dutch reform in the regulatory discount curve that makes the liabilities of pension funds and insurance companies (P&Is) more sensitive to changes in 20-year interest rates but less so to longer maturity rates.
Kristy A.E. Jansen
semanticscholar +1 more source
News and Asset Pricing: A High-Frequency Anatomy of the SDF
The Review of financial studiesUtilizing real-time newswire data, together with a robustly estimated intraday stochastic discount factor (SDF), we identify and quantify the economic news that is priced.
Saketh Aleti, Tim Bollerslev
semanticscholar +1 more source
Social Science Research Network
The slope carry consists of taking a long (short) position in the long-term bonds of countries with steeper (flatter) yield curves. The traditional carry is a long (short) position in countries with high (low) short-term rates.
S. Andrews +3 more
semanticscholar +1 more source
The slope carry consists of taking a long (short) position in the long-term bonds of countries with steeper (flatter) yield curves. The traditional carry is a long (short) position in countries with high (low) short-term rates.
S. Andrews +3 more
semanticscholar +1 more source
Corporate Climate Risk: Measurements and Responses
The Review of financial studiesThis paper conducts a textual analysis of earnings call transcripts to quantify climate risk exposure at the firm level. We construct dictionaries that measure physical and transition climate risks separately and identify firms that proactively respond
Qing Li +3 more
semanticscholar +1 more source
Beliefs about the Stock Market and Investment Choices: Evidence from a Survey and a Field Experiment
The Review of financial studiesWe survey retail investors at an online bank to study how beliefs about the autocorrelation of aggregate stock returns shape investment decisions measured in administrative account data.
Christine Laudenbach +3 more
semanticscholar +1 more source
Valuing Long-Term Property Rights with Anticipated Political Regime Shifts
The American Economic ReviewWe identify exposure to political risk by exploiting a unique variation around land lease extension protection after 2047 in Hong Kong’s housing market due to historical arrangements. Relative to properties that have been promised an extension protection,
Zhiguo He +3 more
semanticscholar +1 more source