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Germany's Reluctance to Regulate Related Party Transactions
(2018-02-15)
Germany Inc. was an idiosyncratic form of industrial organization that put financial institutions at the center. This paper argues that the consumption of private benefits in related party transactions by these key agents ...
P2P Lending versus Banks: Cream Skimming or Bottom Fishing?
(2018-04-18)
We derive three testable predictions from a bank-P2P lender model of competition: (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (ii) P2P loans are riskier than bank loans; and ...
Client Involvement in Expert Advice: Antibiotics in Finance?
(2018-07-23)
We use minutes from 17,000 financial advisory sessions and corresponding client portfolio data to study how client involvement affects advisor recommendations and portfolio outcomes. We find that advisors confronted with ...
Financial Constraints and Corporate EnvironmentalResponsibility
(2018-09-13)
This paper analyzes the effect of financial constraints on firms' corporate social responsibility. Exploiting heterogeneity in firms' exposure to a monetary policy shock in the U.S., which reduced financial constraints for ...
Financing Conditions and Toxic Emissions
(2019-07-27)
Exploiting heterogeneity in U.S. firms' exposure to an unconventional monetary policy shock that reduced debt financing costs, I identify the impact of financing conditions on firms' toxic emissions. I find robust evidence ...
The Impact of Job Referrals on Employment Outcomes in Top Corporate Positions
(2020-03-01)
Using an original dataset on professional networks of directors sitting on the boards of large US corporations, we examine how personal relationships are used by firms to improve job match quality in the high-skill segment ...
The COVID-19 Shock and Equity Shortfall: Firm-Level Evidence from Ital
(2020-10-29)
We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of ...
Financing Costs and the Efficiency of Public-Private Partnerships
(2020-11-18)
The paper compares provision of public infrastructure via public-private partnerships (PPPs) with provision under government management. Due to soft budget constraints of government management, PPPs exert more effort and ...
Mirror, Mirror on the Wall: Machine Predictions and Self-Fulfilling Prophecies
(2021-04-20)
We show that disclosing machine predictions to affected parties can trigger self-fulfilling prophecies. In an investment game, we experimentally vary investors’ and recipients’ access to a machine prediction about recipients’ ...
The salience of ESG ratings for stock pricing: Evidence from (potentially) confused investors
(2021-10-08)
We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show ...