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

Climate Risk Disclosure and Institutional Investors

原刊和作者：

The Review of Financial Studies Volume36, Issue7

Emirhan Ilhan （National University of Singapore）

Philipp Krueger （University of Geneva）

Zacharias Sautner （Frankfurt School of Finance & Management）

Laura T Starks （University of Texas at Austin）

Abstract

Through a survey and analyses of observational data, we provide systematic evidence that institutional investors value and demand climate risk disclosures. The survey reveals the investors have a strong demand for climate risk disclosures, and many actively engage their portfolio firms for improvements. Empirical analyses of holdings data corroborate this evidence by showing a significantly positive association between climate-conscious institutional ownership and better firm-level climate risk disclosure. We establish further evidence of institutional investors’ influence on firms’ climate risk disclosures by examining a shock to the climate risk disclosure demand of French institutional investors (French Article 173).

Link: https://doi.org/10.1093/rfs/hhad002

Human Capital Investment after the Storm

原刊和作者：

The Review of Financial Studies Volume36, Issue7

Emily A Gallagher （University of Colorado Boulder）

Stephen B Billings （University of Colorado Boulder）

University of Colorado Boulder （Federal Reserve Bank of St. Louis）

Abstract

How does household exposure to a natural disaster affect higher education investments? Using variation in flooding from Hurricane Harvey (2017), we find that college-aged adults from flooded blocks in Houston are 7% less likely than counterparts to have student loans after Harvey, with larger effects in areas with more potential first-generation students. We find a similar relative decline in enrollment at more exposed Texas universities and colleges and a shift toward majors with higher expected earnings. Our results highlight a decrease in the quantity but an increase in the intensity of investments in human capital after the storm.

Link: https://doi.org/10.1093/rfs/hhad003

Real Effects of Search Frictions in Consumer Credit Markets

原刊和作者：

The Review of Financial Studies Volume36, Issue7

Bronson Argyle （Brigham Young University）

Taylor Nadauld （Brigham Young University）

Christopher Palmer （Massachusetts Institute of Technology and NBER）

Abstract

We show that search frictions in credit markets affect accepted interest rates and loan sizes and distort consumption. Using data on car loan applications and originations not intermediated by car dealers, we isolate quasi-exogenous variation in both the costs and benefits to searching for credit. After identifying lender-specific policies that price risk discontinuously, we study the differential response to offered interest rates by borrowers who face high and low search costs. High-search-cost borrowers are 10% more likely to accept loan offers with higher markups, consequently originating smaller loans and purchasing older and less expensive cars than lower-search-cost borrowers.

Link: https://doi.org/10.1093/rfs/hhac088

Deposit Insurance and Depositor Behavior: Evidence from Colombia

原刊和作者：

The Review of Financial Studies Volume36, Issue7

Nicolás de Roux （Nicolás de Roux）

Nicola Limodio （Bocconi University）

Abstract

This paper studies the effect of deposit insurance on depositor behavior. Our theoretical framework integrates insights from public and financial economics and predicts that (1) deposit insurance induces bunching at the threshold in the deposit distribution and (2) an increase in the insurance threshold promotes deposit growth, particularly higher for individuals bunching at the initial limit. We exploit a large and unexpected increase in the Colombian insurance together with monthly depositor-level records from a major bank to test these predictions. We validate the existence of bunching in deposits and quantify the heterogeneous effect of deposit insurance on individual deposit growth.

Link: https://doi.org/10.1093/rfs/hhac092

The Missing Homebuyers: Regional Heterogeneity and Credit Contractions

The Review of Financial Studies Volume36, Issue7

Pierre Mabille （INSEAD）

Abstract

This paper documents an unprecedented decrease in young homeownership since the Great Recession driven by regions with high house prices. Using a panel of U.S. metro areas, I calibrate an equilibrium spatial macro-finance model with overlapping generations of mobile households. The dynamics of regional housing markets is explained by an aggregate credit contraction with heterogeneous local impacts rather than by local shocks. Lower millennial income and wealth amplify its effect. The impact of subsidies to first-time buyers is dampened, because they fail to stimulate regions that suffer from larger busts. Place-based subsidies achieve larger gains.

Link: https://doi.org/10.1093/rfs/hhac077