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Research - Behavioral Finance & Financial Stability

research here . Related Themes: Credit Markets More Info The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets By: Brian S. Chen, Samuel G. View Details

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People - Behavioral Finance & Financial Stability

Behavioral Finance & Financial Stability Project. Samuel G. Hanson William L. White Professor of Business Administration Samuel View Details

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Student Research - Doctoral

Organizational Behavior , Entrepreneurial Management 1 results Samuel G. Hanson Finance 1 results Jonas Heese Accounting and Management 1 results Victoria Ivashina Finance 1... View Details

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Accounting & Management Awards & Honors - Faculty & Research

2021 by the Corporate Practice Commentator . 2020 Aiyesha Dey : Winner of the Best Discussant Award at the 2020 Review of Accounting Studies Conference. Jonas Heese : Received the 2020 European Accounting Review Best Reviewer Award.... View Details

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Finance - Faculty & Research

Mortgage Convexity By: Samuel G. Hanson Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the... View Details

August 2014
Article

Mortgage Convexity

By: Samuel G. Hanson

Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS... View Details

Keywords: Mortgages; Interest Rates; Volatility

June 2010
Article

A Gap-Filling Theory of Corporate Debt Maturity Choice

By: Robin Greenwood, Samuel G. Hanson and Jeremy C. Stein

We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that... View Details

Keywords: Business Ventures; Decision Choices and Conditions; Borrowing and Debt; Financial Liquidity; Investment Return; Government and Politics

2014
Working Paper

The Rise and Fall of Demand for Securitizations

By: Sergey Chernenko, Samuel G. Hanson and Adi Sunderam

Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these... View Details

Keywords: Debt Securities; Financial Markets; Financial Crisis

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Research - Private Capital Project

deposits, sudden widespread drawdowns on credit lines can be destabilizing to the banking sector. However, we... Spring 2024 Brookings Papers on Economic Activity The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications By: View Details

2017
Working Paper

The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets

By: Brian S. Chen, Samuel G. Hanson and Jeremy C. Stein

Small business lending by the four largest banks fell sharply relative to others in 2008 and remained depressed through 2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had a high market share, the... View Details

Keywords: Small Business; Financing and Loans; Banks and Banking; System Shocks; Credit; Labor; United States

Web

Health Care - Faculty & Research

in which agents recruited by a public health organization to sell condoms are randomly allocated to four groups. Agents in the control group are hired as volunteers, whereas agents in the three treatment groups receive, respectively, a... View Details

05 Mar 2013
First Look

First Look: March 5

emerging Asian markets. Paper: http://www.asiabusinessinsights.com/articles.html#sub_articles_E-commerce_in_Asia Issuer Quality and Corporate Bond Returns Authors:Greenwood, Robin, and Samuel G. View Details

Keywords: Sean Silverthorne

2012
Working Paper

Issuer Quality and Corporate Bond Returns

By: Robin Greenwood and Samuel G. Hanson

We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details

Keywords: Price; Credit; Risk and Uncertainty; Investment Return; Forecasting and Prediction; Bonds; Market Design; Cost of Capital; Mathematical Methods; System Shocks

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Finance Awards & Honors - Faculty & Research

Prize for Distinguished Paper in Corporate Finance for “A Comparative-Advantage Approach to Government Debt Maturity” with Samuel G. Hanson and Jeremy C. Stein ( Journal of... View Details

2014
Article

The Growth and Limits of Arbitrage: Evidence from Short Interest

By: Samuel G. Hanson and Adi Sunderam

We develop a novel methodology to infer the amount of capital allocated to quantitative equity arbitrage strategies. Using this methodology, which exploits time-variation in the cross section of short interest, we document that the amount of capital devoted to value... View Details

Keywords: Strategy; Financial Instruments; Capital Markets; Investment

Article

Waves in Ship Prices and Investment

By: Robin Greenwood and Samuel G. Hanson

We study the link between investment boom and bust cycles and returns on capital in the dry bulk shipping industry. We show that high current ship earnings are associated with high used ship prices and heightened industry investment in new ships, but forecast low... View Details

Keywords: Business Earnings; Price; Investment; Shipping Industry