数字经济，数字化专题：JFE，RFS相关论文汇总！附全文下载

来源期刊：

REVIEW OF FINANCIAL STUDIES（IF=10.972，Q1）

被引次数：

JCR统计：178次

谷歌统计：625次

摘要：

We evaluate why individuals invest in high-fee index funds. In our experiments, subjects each allocate $10,000 across four S&P 500 index funds and are rewarded for their portfolio's subsequent return. Subjects overwhelmingly fail to minimize fees. We reject the hypothesis that subjects buy high-fee index funds because of bundled nonportfolio services. Search costs for fees matter, but even when we eliminate these costs, fees are not minimized. Instead, subjects place high weight on annualized returns since inception. Fees paid decrease with financial literacy. Interestingly, subjects who choose high-fee funds sense they are making a mistake. (JEL C91, D03, D14, G11, G23)

来源期刊：

REVIEW OF FINANCIAL STUDIES（IF=10.972，Q1）

被引次数：

JCR统计：39次

谷歌统计：179次

摘要：

We document differences in human-capital deployment between diversified and focused firms. We find that diversified firms have higher labor productivity and that they redeploy labor to industries with better prospects in response to changing opportunities. The opportunities and incentives provided in internal labor markets in turn affect the development of workers' human capital. We find that workers more frequently transition to other industries in which their diversified firms operate and with smaller wage losses compared with workers in the open market, even when they leave their original firms. Overall, internal labor markets provide a bright side to corporate diversification.

来源期刊：

REVIEW OF FINANCIAL STUDIES（IF=10.972，Q1）

被引次数：

JCR统计：27次

谷歌统计：79次

摘要：

We show how optimal household decisions regarding work, retirement, saving, portfolio allocations, and life insurance are shaped by the complex financial options embedded in U.S. Social Security rules and uncertain family transitions. Our life cycle model predicts sharp consumption drops on retirement, an age-62 peak in claiming rates, and earlier claiming by wives versus husbands and single women. Moreover, life insurance is mainly purchased on men's lives. Our model, which takes Social Security rules seriously, generates wealth and retirement outcomes that are more consistent with the data, in contrast to earlier and less realistic models.

来源期刊：

REVIEW OF FINANCIAL STUDIES（IF=10.972，Q1）

被引次数：

JCR统计：25次

谷歌统计：76次

摘要：

Many experiments have found that participants take more investment risk if they see less frequent returns, portfolio-level returns (rather than each individual asset's returns), or longhorizon (rather than one-year) historical return distributions. In contrast, we find that such information aggregation treatments do not affect total equity investment when we make the investment environment more realistic than in prior experiments. Previously documented aggregation effects are not robust to changes in the risky asset's return distribution or to the introduction of a multiday delay between portfolio choice and return realizations.

来源期刊：

REVIEW OF FINANCIAL STUDIES（IF=10.972，Q1）

被引次数：

JCR统计：7次

谷歌统计：85次

摘要：

Using U.S. Census firm-worker data, I document that firms' financial distress has an economically important effect on employee departures to entrepreneurship. The impact is amplified in the high-tech and service sectors, where employees are key assets. In states with enforceable noncompete contracts, the effect is mitigated. Compared to typical entrepreneurs, distress-driven entrepreneurs are high-wage workers who found better firms, as measured by jobs, pay, and survival. Startup jobs compensate for 33% of job losses at the constrained incumbents. Overall, the financial inability of incumbent firms to pursue productive opportunities increases the reallocation of economic activity into new firms.

来源期刊：

JOURNAL OF FINANCIAL ECONOMICS（IF=11.428，Q1)

被引次数：

谷歌统计：54次

摘要：

Open banking facilitates data sharing consented to by customers who generate the data, with the regulatory goal of promoting competition between traditional banks and chal-lenger fintech entrants. We study lending market competition when sharing banks' cus-tomer transaction data enables better borrower screening for fintechs. Open banking pro-motes competition if it helps level the playing field for all lenders in screening borrowers; however, if it over-empowers fintechs, it can also hinder competition and leave all borrow-ers worse off. Due to the credit quality inference from borrowers' sign-up decisions, this remains true even if borrowers have the control of whether to share their banking data. We also study extensions with fintech affinities and data sharing on borrower preferences.