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在公司的层面上观察,经历较大现金流量的公司增加了股票发行,尤其是债务融资和实际投资。本文通过一家公司的融资简单模型对实证分析进行补充,该模型指出股票成本降低会提升股票的价值,并放宽借贷款限制。较高的股票估值使公司能在不发行大量新股票的情况下扩大借款,因此,债务融资对股票发行的反应更为强烈。本文探讨了投资者需求的转变如何影响企业的融资和投资决策。为了识别,本文利用了大规模的MSCI方法改革,该改革机制性地重新定义了主要国际股权基准指数的股票权重,改变了49个国家2,508家公司的投资组合分配...
This paper examines the evolution of labour earnings distribution across 25 countries, comparing two reference years: 1995 and 2023. The study seeks to understand how labour earnings distribution has shifted over time in each country, highlighting...
Organizations and governments that develop, deploy, use, and govern AI must coordinate on effective risk mitigation. However, the landscape of AI risk mitigation frameworks is fragmented, uses inconsistent terminology, and has gaps in coverage. ...
We provide evidence that banks use loan covenants to prepare for future monetary policy tightening, thereby facilitating the bank lending channel of monetary policy transmission. Specifically, banks with greater monetary policy exposure—those whos...
Programmability is at the heart of ongoing work on the future of money and payments by central banks around the world. Despite its potential, there is growing concern that programmability conflicts with the provision of “good” money. This paper ov...
The predictability of monetary policy surprises based on past, public information has been interpreted in two related yet fundamentally different ways. The “Fed information effect” posits that it arises due to markets updating their view of the ec...
We study how the type of money used in blockchain-based trade affects interest rates, investment, and welfare. Stablecoins in our model are backed by safe assets, while banks issue deposits (both traditional and tokenized) to fund a portfolio of s...
This paper uses a large-scale experiment in rural Nigeria to study the role of survey mode—in-person versus over the phone—in survey measurement and data quality. The experimental design isolates mode effects from other common sources of errors in...