10 January 2019

Private Equity Indices and Secondary Market Transactions

Brian Boyer, Taylor D. Nadauld, Keith P. Vorkink, and Michael S. Weisbach estimate the performance of buyout and venture funds using prices paid for limited partner shares of the funds in secondary markets, and compare the results with returns calculate from the firm’s reported data.

9 January 2019

Regulation and Investment in Early-Stage Biopharma Firms

After EU adoption of the Orphan Drug Act, which arguably reduced the risk of investing in drugs covered by the act, Yujin Kim, Chirantan Chatterjee, and Matthew J. Higgins find an increase in venture capital investment in early-stage biopharmaceutical firms operating fields disproportionately affected by EU-ODA, as well as an upturn in financial performance at exit.

8 January 2019

Wealth Dynamics Vary by Race and Ethnicity

At the start of the 2007 financial crisis, both the debt-to-net worth ratio and the ratio of home equity to net worth were substantially higher for Hispanic and African-American households than for whites. Edward N. Wolff finds that these factors were key contributors to the decline in wealth of these two groups, relative to wealth of whites, between 2007 and 2016.

7 January 2019

Going the Extra Mile: Distant Loans and Credit Cycles

Distances between borrowers and lenders widen considerably when credit conditions are lax and shorten considerably when credit conditions become tighter, João Granja, Christian Leuz, and Raghuram Rajan find. A sharp departure from this trend is indicative of increased risk-taking.

4 January 2019

Variation across Insurers in Payments to Hospitals

Studying hospital-payer pairs in Massachusetts, Stuart V. Craig, Keith Marzilli Ericson, and Amanda Starc find that between-payer price variation is similar in magnitude to between-hospital price variation. Administrative-services-only contracts, in which insurers do not bear risk, have higher prices.

3 January 2019

Financing the Response to Climate Change

Bonds whose proceeds are used for environmentally sensitive purposes are issued at a premium to otherwise similar ordinary bonds, and are more likely to be closely held, Malcolm Baker, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler find.

2 January 2019

Curb Appeal and Home Values

By using computer vision techniques and images of homes recorded by various on-line real estate services, Edward L. Glaeser, Michael Scott Kincaid, and Nikhil Naik estimate that a one standard deviation improvement in the appearance of a home in Boston is associated with a 16 percent increase in its value, holding fixed location.

28 December 2018

When Parents Pay for College…

Parental financing of children’s college attendance is associated with higher levels of housing debt for parents, but no reduction in the debt incurred by students. V. Joseph Hotz, Emily E. Wiemers, Joshua Rasmussen, and Kate Maxwell Koegel find. Parental support increases college attendance and the likelihood of graduation.

27 December 2018

U.S. Monetary Policy and Emerging Market Credit Cycles

Over a typical U.S. monetary easing cycle, borrowers in emerging markets experience a 32-percentage point greater increase in the volume of loans issued by foreign banks than do borrowers from developed markets, Falk Bräuning and Victoria Ivashina estimate. The pattern reverses quickly when U.S. monetary policy becomes contractionary.

26 December 2018

What Happened in the First Great Trade Liberalization

Rather than shifting or destabilizing French patterns of specialization, the broad liberalization of France’s trade regimen in the mid-19th century allowed for an expansion of exports in differentiated products, according to Stéphane Becuwe, Bertrand Blancheton, and Christopher M. Meissner.
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