Christian Kubitza ♦ Financial losses can have persistent effects on the financial system. This paper proposes an empirical measure for the duration of these effects, Spillover Persistence. I document that Spillover Persistence is strongly correlated with financial conditions; during banking crises,…
K. J. Martijn Cremers, Simone M. Sepe, Michal Zator, and Lubomir P. Litov ♦ Poison pills are among the most powerful antitakeover provisions, but studying their economic impact is challenging because of endogeneity concerns. We address the problem by studying…
Christopher A. Parsons, Johan Sulaeman, and Sheridan Titman ♦ We find that a corrupt local environment amplifies the effects of financial distress. Following regional spikes in financial misconduct, credit becomes more difficult to obtain for local borrowers—even those not implicated…
Sudheer Chava, Fred Hu, and Nikhil Paradkar ♦ We proxy retail investor attention through Google Trends and find that fungible and non-fungible crypto tokens generate greater attention from high–gambling propensity regions. Crypto attention is higher during bubble-like episodes in the…
Kayla Marie Freeman ♦ A firm’s role as lender to its customers (via trade credit) is influenced by the firm’s own lenders. With a novel dataset of trade credit between U.S. public companies, I find that firms limit customer credit…
Joseph Chen, Eric Hughson, and Neal Stoughton ♦ We characterize optimal mutual fund risk-taking strategies in competitive multi-period tournaments among multiple players. With multiple competitors, every player begins by taking maximum risk. In the final period, all players continue to…
