Non-bank Financial Institutions - Publications - Faculty & Research

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Public Disclosure of Private Meetings: Does Observing Peers’ Information Acquisition Affect Analysts’ Attention Allocation?

By: Yi Ru, Ronghuo Zheng and Yuan Zou

We investigate the impact of observing peers’ information acquisition on financial analysts’ allocation of attention. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, shortly after analysts observe that a firm has been... View Details

Keywords: Corporate Disclosure; Information; Financial Institutions; Accounting; Financial Markets; Financial Services Industry; China

Research Summary

Resource-Based Entrepreneurship

By: Myra M. Hart

Myra M. Hart is investigating the relationship between an entrepreneur's industry-specific experience and the success of large-scale startups. Her work focuses on the links between the entrepreneur's knowledge and reputation resources-developed in the same or a... View Details

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The Evolution of Financial Services in the United States

By: Robin Greenwood, Robert Ialenti and David Scharfstein

This article surveys the literature on the historical growth and transformation of the U.S. financial sector. The sector expanded rapidly between 1980 until 2006, when its contribution to GDP rose from 4.8% to 7.6%. After the Global Financial Crisis, the size of the... View Details

Keywords: Financial Crisis; Financial Institutions; Financial Markets; Growth and Development; Economic Sectors

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Article

The Impact of Minority Representation at Mortgage Lenders

By: W. Scott Frame, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, Erik J. Mayer and Adi Sunderam

We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority... View Details

Keywords: Household Finance; Demographic Economics; Financial Institutions; Diversity; Prejudice and Bias; Mortgages; Personal Finance

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Article

The Stock Market and Bank Risk-Taking

By: David S. Scharfstein and Antonio Falato

We argue that stock market pressure to generate earnings encourages banks to increase risk. We measure risk using confidential supervisory ratings as well as financial information released in regulatory filings. We document that there is an increase in the risk-taking... View Details

Keywords: Stock Market; Financial Markets; Business Earnings; Banks and Banking; Risk and Uncertainty

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You've Got Mail! The Late 19th-Century U.S. Postal Service Expansion, Firm Creation, and Firm Performance

By: Astrid Marinoni and Maria P. Roche

This paper examines the impact of the expansion of the US Postal Service in the late 19th century on firm creation and performance. Utilizing newly digitized archival data on historic business establishments, post office locations, and road networks in California,... View Details