Zhiguo He,Stefan Nagel,Zhaogang Song
Zhiguo He
In sharp contrast to most previous crisis episodes, the Treasury market experienced severe stress and illiquidity during the COVID-19 crisis, raising concerns that the safe-haven status of US Treasuries may be eroding. We document large shi...
Maureen O&#x;Hara,Xing Alex Zhou
Maureen O&#x;Hara
We examine the microstructure of liquidity provision in the COVID-19 corporate bond liquidity crisis. During the two weeks leading up to Federal Reserve System interventions, volume shifted to liquid securities, transaction costs soared, tr...
Patrick Augustin,Valeri Sokolovski,Marti G Subrahmanyam et al.
Patrick Augustin et al.
The COVID-19 pandemic provides a unique setting in which to evaluate the importance of a country's fiscal capacity in explaining the relation between economic growth shocks and sovereign default risk. For a sample of 30 developed countries,...
João Granja,Christos Makridis,Constantine Yannelis et al.
João Granja et al.
This paper provides a comprehensive assessment of financial intermediation and the economic effects of the Paycheck Protection Program (PPP), a large and novel small business support program that was part of the initial policy response to t...
John M Barrios,Yael V Hochberg
John M Barrios
Politics may color interpretations of facts, and thus perceptions of risk. We find that a higher share of Trump voters in a county is associated with lower perceptions of risk during the COVID-19 pandemic. Controlling for COVID-19 case coun...
Wenzhi Ding,Ross Levine,Chen Lin et al.
Wenzhi Ding et al.
We evaluate the connection between corporate characteristics and the reaction of stock returns to COVID-19 cases using data on more than 6,700 firms across 61 economies. The pandemic-induced drop in stock returns was milder among firms with...
Ambiguity aversion and household portfolio choice puzzles: Empirical evidence [0.03%]
模糊规避与家庭投资组合选择之谜：实证证据
Stephen G Dimmock,Roy Kouwenberg,Olivia S Mitchell et al.
Stephen G Dimmock et al.
We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a represen...
Time is money: Rational life cycle inertia and the delegation of investment management [0.03%]
时间就是金钱：理性生命周期惯性与委托投资管理
Hugh Hoikwang Kim,Raimond Maurer,Olivia S Mitchell
Hugh Hoikwang Kim
Many households display inertia in investment management over their life cycles. Our calibrated dynamic life cycle portfolio choice model can account for such an apparently 'irrational' outcome, by incorporating the fact that investors must...
Redistribution by insurance market regulation: Analyzing a ban on gender-based retirement annuities [0.03%]
保险市场监管下的收入再分配：关于禁止基于性别的退休年金分析
Amy Finkelstein,James Poterba,Casey Rothschild
Amy Finkelstein
We illustrate how equilibrium screening models can be used to evaluate the economic consequences of insurance market regulation. We calibrate and solve a model of the United Kingdom's compulsory annuity market and examine the impact of gend...