Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2013

Employee Inside Debt and Firm Risk-Taking: Evidence from Employee Deposit Programs in Japan

Yupeng LIN, Takeshi YAMADA, Sudipto DASGUPTA, Zilong ZHANG
Unlike broad-based equity ownership by employees, ownership of company debt by rank-and-file employees has not received much attention. We argue that company debt held by employees in the form of in-company deposits can monitor risk-taking and facilitate risk discovery. Employee deposits have been h...
Keywords: inside debt, risk-taking, employee deposits, agency costs of debt
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2023

Emotional Safety Net Against Financial Distress

Da KE
Does emotional support matter for financial outcomes? Using microdata from U.S. and Australian household surveys, I document that individuals who lack emotional support are more likely to experience financial hardship. This relationship is not confounded by other forms of support—such as financial...
Keywords: emotional support, financial distress, social networks
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows, Pandemic

|

May 2020

Elections, Political Polarization, and Economic Uncertainty

Steven J. DAVIS, Scott R. BAKER, Nicholas A. BLOOM, Aniket BAKSY, Jonathan RODDEN
We examine patterns of economic policy uncertainty (EPU) around national elections in 23 countries. Uncertainty shows a clear tendency to rise in the months leading up to elections. Average EPU values are 13% higher in the month of and the month prior to an election than in other months of the same ...
Keywords: uncertainty, Policy uncertainty, elections, polarization
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2016

Efficiently Inefficient Markets for Assets and Asset Management

Nicolae GÂRLEANU, Lasse HEJE PEDERSEN
We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily, mo...
Keywords: Asset Pricing, market efficiency, Asset Management, search, Information
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Efficient Contracting in Network Financial Markets

Darrell DUFFIE, Chaojun WANG
We model bargaining in over-the-counter network markets over the terms and prices of contracts. Of concern is whether bilateral non-cooperative bargaining is suÿcient to achieve eÿciency in this multilateral setting. For example, will market participants as-sign insolvency-based seniority in a soc...
Keywords: Over-the-counter, network, contracting, bargaining, eÿciency, game theory
  • View
  • Download
  • Bookmark
  •    |