本文精选了金融学国际顶刊《The Journal of Finance》近期发表的论文，提供金融学研究领域最新学术动态。

Presidential Address: Corporate Finance and Reality

原刊和作者：

The Journal of Finance 2022年 8月

JOHN R. GRAHAM （Duke University）

Abstract

This paper uses surveys to document CFO perspectives on corporate planning, investment, capital structure, payout, and shareholder versus stakeholder focus. Comparing policy decisions today to those 20 years ago, I find that companies employ decision rules that are conservative, sticky, and geared to time the market; rely on internal forecasts that are miscalibrated and considered reliable only two years ahead; and emphasize corporate objectives that focus increasingly on stakeholders and revenues. These practice of corporate finance themes can discipline academic models toward better explaining outcomes. Models of satisficing decision-making or costly managerial biases align with many of the themes.

Link: https://doi.org/10.1111/jofi.13161

Do Firms Respond to Gender Pay Gap Transparency?

原刊和作者：

The Journal of Finance 2022年 8月

MORTEN BENNEDSEN （University of Copenhagen）

ELENA SIMINTZI （University of North Carolina）

MARGARITA TSOUTSOURA （Washington University）

DANIEL WOLFENZON （Columbia University）

Abstract

We examine the effect of pay transparency on the gender pay gap and firm outcomes. Using a 2006 legislation change in Denmark that requires firms to provide gender-disaggregated wage statistics, detailed employee-employer administrative data, and difference-in-differences and difference-in-discontinuities designs, we find that the law reduces the gender pay gap, primarily by slowing wage growth for male employees. The gender pay gap declines by 2 percentage points, or 13% relative to the prelegislation mean. Despite the reduction of the overall wage bill, the wage transparency mandate does not affect firm profitability, likely because of the offsetting effect of reduced firm productivity.

Link: https://doi.org/10.1111/jofi.13136

Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation

原刊和作者：

The Journal of Finance 2022年 8月

YIFEI WANG （Cornerstone Research）

TONI M. WHITED （University of Michigan）

YUFENG WU （University of Illinois）

KAIRONG XIAO （Columbia University）

Abstract

We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a dynamic banking model in which monetary policy affects imperfectly competitive banks' funding costs. Banks optimize the pass-through of these costs to borrowers and depositors, while facing capital and reserve regulation. We find that bank market power explains much of the transmission of monetary policy to borrowers, with an effect comparable to that of bank capital regulation. When the federal funds rate falls below 0.9%, market power interacts with bank capital regulation to produce a reversal of the effect of monetary policy.

Link: https://doi.org/10.1111/jofi.13159

Quantifying Reduced-Form Evidence on Collateral Constraints

原刊和作者：

The Journal of Finance 2022年 8月

SYLVAIN CATHERINE （University of Pennsylvania）

THOMAS CHANEY （University of Southern California）

ZONGBO HUANG （Chinese University of Hong Kong）

DAVID SRAER （UC Berkeley）

DAVID THESMAR （MIT）

Abstract

This paper quantifies the aggregate effects of financing constraints. We start from a standard dynamic investment model with collateral constraints. In contrast to the existing quantitative literature, our estimation does not target the mean leverage ratio to identify the scope of financing frictions. Instead, we use a reduced-form coefficient from the recent corporate finance literature that connects exogenous debt capacity shocks to corporate investment. Relative to a frictionless benchmark, collateral constraints induce losses of 7.1% for output and 1.4% for total factor productivity (TFP) (misallocation). We show these estimated losses tend to be more robust to misspecification than estimates obtained by targeting leverage.

Link: https://doi.org/10.1111/jofi.13158

A New Test of Risk Factor Relevance

The Journal of Finance 2022年 8月

ALEX CHINCO （Baruch College）

SAMUEL M. HARTZMARK （University of Chicago）

ABIGAIL B. SUSSMAN （University of Chicago）

Abstract

Textbook models assume that investors try to insure against bad states of the world associated with specific risk factors when investing. This is a testable assumption and we develop a survey framework for doing so. Our framework can be applied to any risk factor. We demonstrate the approach using consumption growth, which makes our results applicable to most modern asset-pricing models. Participants respond to changes in the mean and volatility of stock returns consistent with textbook models, but we find no evidence that they view an asset's correlation with consumption growth as relevant to investment decisions.

Link: https://doi.org/10.1111/jofi.13135