[다른 연구자의 논문 내용 소개]

1. "Innovation booms, easy financing, and human capital accumulation,” Journal of Financial Economics, 2026, 186, December, Article 104381 (by Hombert and Matray)
   
   [논문내용요약]
   1. ● 혁신 붐은 용이한 자금 조달과 함께 일어나며, 신기술 기업은 높은 임금으로 숙련 노동자를 끌어들임
   2. ● 1990년대 후반 정보통신기술 붐을 연구한 결과, 이 시기에 해당 분야에 진입한 고숙련 노동자는 장기적으로 상당한 소득 손실을 겪었음
   3. ● 이는 저숙련 노동자 선발이나 산업 붕괴 때문이 아니라 기술의 빠른 노후화 때문이었음
   5. ● 또한 호황기 자금이 이후 생산성이 크게 떨어질 노동자들이 일하는 기업에 집중되면서, 노동 재배치가 전체 인적자본 축적에 미치는 부정적 효과가 확대되었음
   7. 
      [Abstract]
      Innovation booms are often fueled by easy financing, allowing new technology firms to pay high wages that attract skilled labor. Studying the Information and Communication Technology (ICT) boom in the late 1990s, we show that high-skill workers who joined the ICT sector during the boom experienced sizeable long-term earnings losses. These earnings patterns stem from accelerated skill obsolescence rather than worker selection or the subsequent bust in the ICT sector. Moreover, during the boom, financing disproportionately flowed to firms whose workers would later experience the largest productivity declines, amplifying the negative effect of labor reallocation on aggregate human capital accumulation.
   
   
2. "Financial constraints and the transmission of monetary policy: Evidence from relaxation of collateral constraints,” Journal of Financial Economics, 2026, 186, December, Article 104405 (by Vats)
   
   [논문내용요약]
   1. ● 본 논문은 재무 제약이 통화정책 전달에 어떤 영향을 미치는지 살펴봄
   2. ● 기업의 재무 제약을 완화하는 외부 요인으로 채권자 권리를 강화하는 법제화를 활용한 결과, 0.25%의 확장적 통화정책은 제약이 완화된 기업의 투자 성장률을 2%포인트 더 높였음
   3. ● 또한 뉴케인즈 모형으로 해당 법안이 담보 제약을 16% 완화한 것으로 추정했음
   5. 
      [Abstract]
      How do financial constraints affect the transmission of monetary policy? I examine this question using the staggered enactment of anti-recharacterization legislation as a source of exogenous variation in creditor rights that loosens firm-financial constraints. A 25 basis-point expansionary monetary policy shock results in a 2 percentage-point higher investment growth among treated (unconstrained) firms. Using a Heterogeneous-Firm-New-Keynesian model, I estimate that the law relaxed firm collateral constraint by 16%. The model highlights the mechanism that the relaxation of collateral constraint flattens the firm marginal cost curve, which amplifies responses to shifts in the marginal benefit curve due to monetary policy shocks.
   
   
3. “The Impact of Financial Reporting Mandates on Labor Unions,” Journal of Accounting Research, 2026, 64-5, December, 2221-2286 (by Dong and Le)
   
   [논문내용요약]
   1. ● 미국의 노동조합은 재무 보고 의무를 적용 받음
   2. ● 세분화된 재무 보고 제도가 노동조합 선거 결과에 부정적인 영향을 미침
   3. ● 본 논문은 노동 투자를 자본으로 재배분하는 것 외에는 고용주에게 뚜렷한 이익 없이 근로자의 평균 임금을 낮춘다는 점을 밝힘
   5. 
      [Abstract]
      Labor unions in the United States are subject to financial reporting mandates. This study examines how these mandates affect unions and their members. Using several regulation-based empirical designs, we document that more granular reporting requirements adversely affect unions’ election outcomes. Supplemental analyses suggest that these findings are consistent with the strategic use of unions’ disclosed information by parties such as employers and their consultants. We find mixed evidence on whether the mandates materially improve oversight of unions. Lastly, we find that the mandate reduces employees’ average pay without clear benefits for employers, aside from reallocating investment from labor to capital. Collectively, our results suggest that more fine-grained financial reporting requirements impose costs on unions and weaken their ability to represent employees, resulting in worse employment outcomes.
   
   
4. “The Value of a Loss: The Impact of Restricting Tax Loss Transfers,”Journal of Accounting Research, 2026, 64-5, December, 2131-2176 (by Buhrle, Casi, Stage and Voget)
   
   [논문내용요약]
   1. ● 본 논문은 소유권 변경 뒤 이월결손금의 조세 절감 활용을 금지하는 법인세 규정의 경제적 영향을 연구함
   2. ● 1998년부터 2019년까지 유럽 연합 27개국과 노르웨이, 영국의 법인세 제도 변화를 분석한 결과, 결손 기업을 대상으로 한 인수합병이 줄어 전체 인수합병 건수가 18% 감소했음
   3. ● 규제 강화는 신생 기업의 생존율을 낮추고 규제 완화는 생존율을 높이는 것으로 나타남
   5. ● 손실이 발생하기 쉬운 연구개발 집약 산업에서 이러한 경향이 두드러지며, 규제가 강화될수록 거래 시너지와 위험 감수 성향도 낮아짐
   7. 
      [Abstract]
      We study the economic consequences of anti-loss trafficking rules, which disallow the use of loss carryforwards as a tax shield after a substantial ownership change. We use staggered changes to these rules in the EU27 Member States, Norway, and the United Kingdom from 1998 to 2019 and find that limiting the transfer of tax losses is related to the number of mergers and acquisitions (M&A) declining by 18%, driven by loss-making targets. Turning to broader industry dynamics, we find decreases in survival rates of young companies after tighter regulations. Loosening of regulation is associated with increased firm survival. Tightening (loosening) anti-loss trafficking rules is related to decreased (increased) industry productivity, especially in R&D-intensive industries that are more prone to loss-making. Finally, tighter anti-loss trafficking rules are associated with lower deal synergies and risk-taking. All effects concentrate in strict regimes.
   
   
5. “How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 U.S. Tax Reform,” Review of Financial Studies, 2026, 39-11, November, 3590-3635 (by Sanati and Beyhaghi)
   
   [논문내용요약]
   1. ● 금융부채의 세제 혜택(이자비용의 법인세 절감효과)이 기업에 미치는 영향은 여전히 미해결 과제로 남아 있음
   2. ● 2017년 미국 세제 개편은 평균 매출이 2,500만 달러 미만인 기업을 제외한 모든 기업의 금융부채 세제 혜택을 줄였음
   3. ● 이 같은 소규모 기업 예외 기준을 활용해 실증 분석한 결과 금융부채의 세제 혜택이 줄수록 기업의 금융부채는 크게 감소했지만 자기자본이 이를 충분히 보완하지는 않았음
   5. ● 대상 기업들은 자본 비용 상승으로 투자도 줄였으며, 이는 세제 유인이 자본 비용에 영향을 줌으로써 기업 정책을 형성하는 데 중요한 역할을 한다는 점을 보여줌
   7. 
      [Abstract]
      The impact of tax benefits of debt on firms remains an open question. The 2017 U.S. tax reform limited the tax advantage of debt for all firms except for small businesses with average sales below $25 million. A regression discontinuity design based on the exception threshold shows that, as tax benefits of debt shrink, corporate debt declines significantly, while equity does not increase sufficiently to offset the reduction. Treated firms also decrease their investments due to the higher cost of capital. Overall, we document a first-order role for tax incentives that affect the cost of capital in shaping corporate policies.
   
   
6. “Debt and assets,” Journal of Financial Economics, 2026, 185, November, Article 104375 (by Benmelech, Kumar, and Rajan)
   
   [논문내용요약]
   1. ● 선행 연구에 의하면 미국 기업의 금융부채의 대부분이 현금흐름 기반이며, 자산 담보 부채는 일부에 불과함
   2. ● 그러나 기업은 채권자가 담보를 요구하기 전까지 자산을 담보로 묶어두지 않는 경향이 있어 무담보 현금흐름 기반 부채도 암묵적으로는 자산 담보 성격을 가짐
   3. ● 따라서 부채를 ‘자산 기반’ 또는 ‘현금 흐름 기반’으로 분류하는 실무 관행은 지나치게 단순화된 분류임
   5. 
      [Abstract]
      Prior studies imply that a majority of US corporate debt by value is cash-flow based and only a small fraction is asset backed. Because corporations often prefer to keep assets unencumbered until creditors insist on security, much unsecured cash-flow-based debt is also implicitly asset backed. Moreover, the degree of asset backing varies with a firm’s condition and the economic environment. Asset values thus affect both the amount and the price of unsecured borrowing, with effects amplified in adverse conditions—consistent with financial accelerator theories. Because all corporate debt is supported by future cash flows as well as asset values, with the relative support shifting with firm-specific and economy-wide conditions, we find that the industry practice of classifying debt as “asset based” or “cash flow based” is overly categorical, especially for long-term corporate bonds.
   
   
7. “Mental Models of the Stock Market ,” Quarterly Journal of Economics, 2026, 141-4, November, 2925-2978 (by Andre, Schirmer and Wohlfart)
   
   [논문내용요약]
   1. ● 투자자의 투자수익률 기대치는 주식시장에서 핵심적이나, 그 기저의 논리는 잘 이해되지 않았음
   2. ● 본 논문은 투자수익률의 결정 요인에 대한 경제 주체들의 의사결정모델을 탐구함
   3. ● 대부분의 가계와 재무분석가는 기업의 예상 이익이 높을수록 주식의 투자수익률도 높다고 인식하는 ‘기대이익추론(expected earnings reasoning)’ 성향을 보임
   5. ● 이러한 추론은 주가 변동이 투자자 비용(즉 미래 현금흐름에 대한 권리를 확보하기 위해 지불해야 하는 금액)에 미치는 영향을 간과하는 데서 비롯함
   7. 
      [Abstract]
      Investors’ return expectations are pivotal in stock markets, but the reasoning behind these expectations is not well understood. This article explores economic agents’ mental models of what drives returns. We survey the general population, retail investors, financial professionals, and academic experts to investigate how they forecast and explain future returns in scenarios with stale news about future company earnings. We find that investors strongly disagree in their forecasts and reasoning. Most academic experts view markets as efficient. By contrast, most households express a perspective we call “expected earnings reasoning”: they directly equate higher expected earnings with higher expected returns. Professionals are split between market efficiency, mispricing, and expected earnings reasoning. In detailed experiments, we dissect why households adopt expected earnings reasoning. We show that it arises from inattention to how stock price changes affect investor costs—that is, how much investors must pay to acquire a claim to future cash flows—because the typical format and context of investment problems obscure these cost implications. Our results help connect a series of previously documented anomalies in expectation and trading data and highlight the importance of selective attention and context in shaping reasoning and belief formation.
   
   
8. “Do financial disclosures affect corporate sustainability practices?,” Journal of Accounting and Economics, 2026, 82-2, November, Article 101901 (by Jing, Xu, and Zuo)
   
   [논문내용요약]
   1. ● 본 연구는 재무 공시가 기업의 지속가능성 경영 활동에 어떤 영향을 미치는지 살펴봄
   2. ● 미국 기업의 부문별보고(segment reporting)를 분석한 결과, 오염 산업에서 이전에 공시하지 않았던 부문의 재무 정보를 공개한 후 공장의 유해 배출량이 감소함
   3. ● 이 같은 효과는 새로 공시된 부문의 오염이 심할수록 강했으며, 기업은 오염 예방활동을 강화하고 폐기물을 줄이며 친환경 혁신을 확대하였음
   5. 
      [Abstract]
      We examine whether financial disclosures affect firm sustainability practices. Using mandatory segment reporting in the United States as the setting, we find that disclosing financial information about previously hidden segments in polluting industries reduces toxic emissions from firm plants. This effect is consistent with the notion that segment disclosures enhance monitoring of firm pollution by highlighting the financial materiality of polluting segments and drawing stakeholders’ attention to their environmental impact. The effect is stronger when the newly disclosed segments are more polluting. Disclosing firms achieve this reduction by implementing better pollution prevention practices, reducing waste generation, and increasing green innovation. Overall, our study highlights the role of mandatory financial disclosures in shaping corporate practices beyond the scope of the disclosed information.
   
   
9. “Do rights offerings reduce bargaining complexity in Chapter 11?,” Journal of Financial Economics, 2026, 185, November, Article 104360 (by Seth)
   
   [논문내용요약]
   1. ● 지난 20년간 미국의 기업 회생에 필요한 자금 조달의 35%는 채무자가 이해관계인에게 신주인수권을 부여(rights offerings)하는 방식임
   2. ● 이 같은 자금조달은 주로 헤지펀드가 제안, 인수했고, 발생 빈도는 주식시장 성과와 높은 상관관계를 보였음
   3. ● 다른 자금 조달 수단보다 채권자 회수율이 높고 구조조정 기간은 짧으며 파산 재신청율은 낮은 것으로 나타났음
   5. ● 이는 자산 청산 없이 신규 자본을 조달할 수 있게 하여, 크고 복잡한 파산 사건에서 나타나는 협상 마찰을 완화해 경제 전반의 자원 배분 효율성을 높일 수 있음을 시사함
   7. 
      [Abstract]
      This paper investigates the role of rights offerings in U.S. Chapter 11 reorganizations as a new market-based mechanism for mitigating bargaining frictions. Using novel hand-collected data, I document three facts: (i) over the past two decades, rights offerings financed 35% of large bankruptcies, (ii) they are predominantly proposed and underwritten by hedge funds, and (iii) their occurrence is highly correlated with stock market performance. In an instrumental variable setting, I find that compared with other sources of financing, rights offerings lead to higher creditor recoveries, shorter reorganization durations, and lower refiling rates. They also allow firms to access new capital without resorting to asset liquidations, which are value-reducing. My findings suggest that by alleviating key bargaining frictions in large and complex bankruptcy cases, rights offerings may improve the efficiency of resource allocation in the economy.
   
   
10. “The value of trademarks,” Journal of Financial Economics, 2026, 185, November, Article 104358 (by Desai, Gavrilova, Silva, and Soares)
    
    [논문내용요약]
    1. ● 본 논문은 그동안 충분히 연구되지 않았던 무형자산인 상표권의 가치를 측정하는 새로운 지표를 개발함
    2. ● 미국 상장 기업과 개별 상표 자료를 활용해 상표권 공개에 따른 주식시장 반응을 정량화한 결과, 상표권 가치의 중간값이 2천만 달러에 달함
    3. ● 새로운 상표권를 획득한 기업은 이후 신제품 출시, 매출·물적 자본 투자·고용·생산량·수익성·시장 점유율을 확대함
    5. 
       [Abstract]
       We create a new measure of the value of an important, but previously understudied, intangible asset—trademarks. We quantify the stock market reaction to the publication of individual trademarks manually matched to U.S. publicly traded firms. We find that trademarks are used ubiquitously and possess substantial value: the median trademark is worth $20 million. Firms that obtain new trademarks subsequently launch new products, increase sales, invest more in physical capital, hire more employees, increase production output, become more profitable, and increase their market share considerably. For identification, we exploit the quasi-random assignment of USPTO examining attorneys to trademarks.
    
    
11. “Tax loss carryforwards and firms’ risk,” Journal of Financial Economics, 2026, 184, October, Article 101912 (by Favilukis, Gaimmarino, Pizarro and Simutin)
    
    [논문내용요약]
    1. ● 이월결손금(TLCF, tax loss carryforwards)은 기업의 과세 소득을 줄이는 누적 손실로 이를 보고하는 기업이 현저히 증가하고 있고 금액 또한 도 매우 커지고 있음
    2. ● TLCF 금액이 적고 사용될 확률이 높을 때는 안전한 현금 흐름 역할을 하며 주식 위험을 감소시킴
    3. ● 그러자 TLCF 금액이 많을 때는 호황기에는 세후 현금 흐름을 늘리는 반면 불황기에는 미사용되거나 이연될 수 있어 주식 위험이 증가할 수 있음
    5. ● 실증 자료 분석에 의하면 TLCF 금액이 증가하면 기업의 변동성, 체계적위험(베타), 주주 기대수익률이 높아져 위험을 높인다는 것을 보여줌
    7. 
       [Abstract]
       Tax loss carryforwards (TLCF) — accumulated losses that reduce taxable income — are an important and risky corporate asset. We show theoretically how TLCF affect equity risk: If TLCF are low and used with certainty, equity risk decreases in TLCF because TLCF represent a safe cash flow; if TLCF are high, equity risk increases in TLCF because TLCF increase after-tax cash flows in good times but may expire unused or be deferred in bad times. In a calibrated model the latter effect dominates and risk increases in TLCF on average. Empirically, TLCF positively forecast firms’ volatility, beta, and return.
    
    
12. “Housing market and entrepreneurship: Micro evidence from China,” Journal of Banking and Finance, 2026, 190, October, Article 107789 (by Han, Han, and Zhou)
    
    [논문내용요약]
    1. ● 본 논문은 중국 가계 자료를 활용해, 과거 주택 가격 상승이 지역의 창업 활동에 부정적 효과를 미친다는 점을 보여줌
    2. ● 이는 선진국에서 주로 나타나는 주택가격 상승과 창업활동 간 양(+)의 효과와 뚜렷하게 대조됨
    3. ● 주택 시장에 대한 낙관론과 부동산 투자 증가가 한정된 자원을 창업활동에서 다른 곳으로 돌리면서 신흥 시장의 실물 경제 활동을 위축시킬 수 있음을 보여줌
    5. 
       [Abstract]
       Using a unique dataset of Chinese households, we document a robust negative causal effect of past house price growth on local entrepreneurial activity. This finding stands in sharp contrast to a positive effect typically documented in developed countries. We find that strong past house price growth fosters extrapolative housing market optimism and stimulates greater housing investment. Consistent with crowding out, housing optimism— and the ensuing surge in housing investment — redirects resources away from entrepreneurship. This belief-based channel highlights an important mechanism through which housing booms may dampen real economic activity in emerging markets.
    
    
13. “Bank Information Production Over the Business Cycle,” Review of Economic Studies, 2026, 93-5, October, 3209-3244 (by Howes and Weitzner)
    
    [논문내용요약]
    1. ● 본 연구는 미국 기업 대출에 관한 은행의 비공개 위험 평가 자료를 이용해 은행 정보의 품질을 나타내는 새로운 지표를 구축함
    2. ● 정보 품질은 지역 경제 여건이 악화될수록 개선되며, 특히 신규 대출과 대규모 대출, 기대 손실이 큰 대출에서 이러한 경향이 두드러짐
    3. ● 반면 지역 주택 가격이 빠르게 상승하는 시기에는 정보 품질이 저하함
    5. ● 이 같은 연구 결과는 신용시장에서 정보 생산이 경기와 반대로 움직인다는 역순환적(countercyclical) 정보 생산 이론을 실증적으로 보여줌
    7. 
       [Abstract]
       The information banks produce drives their lending decisions and macroeconomic outcomes, but this information is inherently difficult to analyse because it is private. We construct a novel measure of bank information quality from confidential regulatory data that include banks’ private risk assessments for US corporate loans. Information quality improves as local economic conditions deteriorate, particularly for new loans, large loans, and loans with higher expected losses. Information quality also declines during periods of rapid local house price appreciation. Our results provide empirical support for theories of countercyclical information production in credit markets.
    
    
14. “The Cost of Regulatory Compliance in the United States,” Review of Financial Studies, 2026, 39-9, September, 2901-2962 (by Trebbi, Zhang and Simkovic)
    
    [논문내용요약]
    1. ● 기업 역동성(business dynamism)에 대한 연구에서의 핵심 질문은 규제 준수(regulatory compliance) 비용이 중소기업과 대기업 사이에 균등하게 부담되는지 여부임
    2. ● 본 연구는 미국 기업의 사업장별 자료와 직무 정보를 활용해 규제 준수 업무에 필요한 임직원의 임금 비중(RegIndex)으로 규제 준수 비용을 측정했음
    3. ● 중견기업(임직원 규모 500명 정도)의 규제 준수 비용이 소규모 기업에 비해서는 평균 47% 높고 대기업보다는 18% 높아, 기업 규모와 규제 준수 비용 사이에 역 U자형 관계가 있음을 보여줌
    5. 
       [Abstract]
       A key question for studying business dynamism is whether the costs of regulatory compliance fall homogeneously on small and large businesses. Using comprehensive establishment-level occupational microdata and occupation task information, we quantify a firm’s compliance costs as the share of wage bill for performing regulatory compliance tasks (RegIndex). We reveal an inverted-U relationship between firms’ RegIndex and their size: On average, RegIndex for mid-sized firms with around 500 employees is about 47% greater than that of the smallest firms and 18% greater than that of the largest firms. We further develop a shift-share methodology to disentangle the influence of regulatory requirements and enforcement on driving firms’ compliance costs.
    
    
15. “The Changing Nature of Firm Innovation: Short-Termism and Influential Innovation in U.S. Public Firms,” Management Science, 2026, 72-9, September, 7970-7996 (by Shi, Sampson, Goldfarb and Corredoira)
    
    [논문내용요약]
    1. ● 본 연구는 단기 실정 압박이 강한 기업일수록 영향력이 높고 혁신적인 특허를 낼 가능성이 낮다는 점을 보여줌
    2. ● 투자자의 단기 실적 압박 변화가 기업의 혁신 성과에 영향을 미쳤으며 다양한 실증 설정에서도 결과가 강건함
    3. ● 상장 기업이 창출하는 영향력 있는 특허 비중은 일정하게 유지되었으나 소수 강력한 경쟁력을 갖춘 기업에 더욱 집중되는 현상을 보임
    5. 
       [Abstract]
       We examine the link between short-term pressures and technologically significant innovation in U.S. public firms in 1997–2015. Using a market-based measure of short-term pressure, we estimate its relationship with influential and novel patents. We find that firms facing more intense short-term pressures are less likely to patent highly influential or novel innovations. To evaluate whether this relationship is causal, we use changes in ownership styles following financial institution mergers as instruments. Our analysis suggests that changing short-term pressures from investors had a causal impact on firm innovative outcomes; this finding is robust to a wide variety of empirical specifications. While public firms as a whole retained a constant share of highly influential patents, this activity has become more concentrated in fewer firms. This shift does not appear to be fully compensated by an increase in technologically significant patents by nonpublic firms such as venture-capital (VC)-backed start-ups. These findings raise questions about capital markets’ impact on firm R&D strategy and the nature of innovative activities in public firms.
    
    
16. “Corporate Tax Cuts, Firm Growth, and Workers' Earnings,” American Economic Review, 2026, 116-9, September, 3380-3422 (by Kennedy, Dobridge and Landefeld)
    
    [논문내용요약]
    1. ● 본 연구는 미국 역사상 최대 규모의 법인세 인하가 기업과 근로자에게 미친 영향을 실증 분석함
    2. ● 법인세 인하의 인과관계를 식별하기 위해 기업과 근로자를 연결한 세금 기록을 활용하고, 법률적 지위로 인해 서로 다른 법인세 변화를 겪은 같은 산업의 유사 규모 기업들을 비교함
    3. ● 법인세 인하는 기업의 투자, 매출, 이익, 고용, 근로자 급여를 증가시켰음
    5. ● 단기적으로 민간 소득 증가분의 87%가 소득 분포 상위 10%에 집중되었음
    7. 
       [Abstract]
       We study the effects of the largest corporate income tax cut in US history on firms and workers. To identify causal effects, we use employer-employee matched tax records and event studies comparing similarly sized firms in the same industry that faced divergent tax changes due to their preexisting legal status. Tax cuts cause increases in firms’ investment, sales, profits, employment, and payrolls, with earnings gains concentrated among highly paid workers. In the short run, 87 percent of private income gains flow to the top 10 percent of the income distribution.
    
    
17. “How Does Private Firm Patenting Affect Antitakeover Provisions in Corporate Charters? Evidence from Initial Public Offerings,” Journal of Law and Economics, 2026, 69-3, August, 517-541 (by Chemmanur, Gupta, Simonyam and Zheng)
    
    [논문내용요약]
    1. ● 본 논문은 특허 심사관의 관대함 여부를 도구 변수로 활용해, 기업공개 전 특허 수와 특허 품질이 높을수록 기업공개 시 더 많고 강력한 인수 방지 조항을 회사 정관에 도입한다는 점을 보여줌
    2. ● 기업공개 전 특허가 인수 방지 조항의 수와 강도에 영향을 미치는 두 가지 경로로, 경영진 고착화 경로와 장기 가치 창출 경로를 검토함
    3. ● 기업공개 전 특허 보유가 인수 방지 조항 간 관계를 설명하는 데 있어, 장기가치 창출 경로가 경영진 고착화 경로 보다 설득력이 있음을 시사하는 두 가지 증거를 제시함
    5. 
       [Abstract]
       Using patent examiners’ leniency as an instrument, we conduct an instrumental variable analysis showing that firms with a larger number (and higher quality) of patents before initial public offerings (IPOs) incorporate a larger number of and stronger antitakeover provisions (ATPs) in their corporate charters at their IPOs. We examine two mechanisms through which pre-IPO patenting may affect the number and strength of ATPs in corporate charters: a management-entrenchment mechanism, in which ATPs merely entrench firm managers after an IPO, and a long-run-value-creation mechanism through which ATPs incentivize a firm’s top managers to create long-run value by allowing them more time for development before they lose control to rival management teams. We present two pieces of evidence that suggest the long-run-value-creation mechanism dominates the entrenchment mechanism as an explanation for the relationship between pre-IPO patenting and ATPs for our sample firms with greater pre-IPO patenting.
    
    
18. “Contractual Private Disclosures in Supply Chains and Managerial Learning from Financial Markets,” Accounting Review, 2026, 101-5, September, 411-443 (by Pandey)
    
    [논문내용요약]
    1. ● 본 연구는 고객사가 공급사에 공급 제품의 미래 수요 예측을 비공개로 공유하도록 요구하는 수요예측계약(demand forecast contracts)이 공급사 투자 결정에 미치는 영향을 조사함
    2. ● 공급자가 이러한 예측 정보를 주가에 비해 미래 수요를 더 직접적으로 나타내는 신호로 본다면 투자의사결정시 주가 의존도를 낮출 수 있음
    3. ● 공급사가 처음 수용예측계약을 체결한 뒤 주가가 투자의사결정에 미치는 영향이 유의하게 낮아짐
    5. 
       [Abstract]
       I examine whether contracts that require customers to privately share with suppliers forecasts of their future demand for the supplier’s products (“demand forecast contracts,” or “DF contracts”) affect the supplier’s reliance on an alternative information source—stock prices—when making investment decisions. If suppliers find these forecasts a more direct signal of future demand than stock prices, they may reduce their reliance on stock prices to guide investments. Using hand-collected data, I find that suppliers’ investments become significantly less sensitive to stock prices after entering a DF contract for the first time. This effect is stronger when forecasts are more credible, demand more uncertain, and investments more irreversible. Supplier performance, measured by return on assets and cash flow from operations, improves post-DF. Overall, these findings suggest that when a relatively direct information source about future demand becomes available, managers reduce their reliance on stock prices in making real decisions.
    
    
19. "Market Leaders' Tax-Motivated Income Shifting and U.S. Domestic Firms' Investment Efficiency,” Accounting Review, 2026, 101-5, September, 381-409 (by Nessa, Tang and Wilson)
    
    [논문내용요약]
    1. ● 본 논문은 미국 국내 기업의 투자가 시장 선도 기업의 세금 회피 이전에 대한 기대에 어떤 영향을 받는지 살펴봄
    2. ● 미국 국내 기업들은 시장 선도 기업의 조세회피 성향이 높을수록 투자 기회에 덜 민감하게 반응함
    3. ● 이러한 반응성 저하는 투자를 되돌리기 어렵거나(비가역성이 크거나), 시장 선도 기업의 국가별 정보 공개가 불투명한 기업에서 특히 두드러짐
    5. 
       [Abstract]
       This paper examines whether U.S. domestic firms’ investment decisions are affected by their expectations of market leaders’ tax-motivated income shifting. Market leaders’ financial reports can help peers evaluate industry conditions and potential investment payoffs, but income shifting obscures the geographic source of profits and reduces the informativeness of these disclosures. Thus, when peers expect that leaders shift income, they face greater uncertainty about the outcomes of their own investments. Consistent with the theory of investment under uncertainty, we find that U.S. domestic firms are less responsive to investment opportunities as expectations of leaders’ shifting increase. This reduced responsiveness is concentrated among firms facing higher investment irreversibility and those whose market leaders provide less transparent geographic disclosures. Our findings identify a novel spillover cost of income shifting and suggest that policies enhancing the transparency of multinational firms’ geographic reporting or constraining income shifting could help improve domestic firms’ investment decisions.
    
    
20. “The Rich Get Richer: An Examination of Tax Haven Concentration and the New "Top 7",” Accounting Review, 2026, 101-5, September, 353-380 (Murphy and Vernon)
    
    [논문내용요약]
    1. ● 본 논문은 2021년 기준 미국 상장 기업의 조세피난처 전체 자회사 중 81%를 보유한 7개국(네덜란드, 싱가포르, 케이만군도, 룩셈부르크, 스위스, 아일랜드, 홍콩)을 ‘상위 7개국(Top 7)’으로 식별함
    2. ● 이들 국가는 경제 안정성, 조세 회피 기회 및 강력한 거버넌스 등 여러 비조세적 특성을 갖추고 있음
    3. ● 조세피난처 운영에 따른 절세 효과도 이들 국가 이용에서 비롯된 것으로 나타남
    5. 
       [Abstract]
       This study examines how separately analyzing tax haven countries according to country-level heterogeneity can produce different tax policy inferences. We focus on understanding tax havens with the largest impact on the U.S. corporate tax landscape by modernizing Hines and Rice’s (1994) “Big 7” classification, focusing on economic nexus. We identify seven tax havens (“Top 7”) holding a combined 81 percent of all U.S. public corporate tax haven subsidiaries in 2021. Top 7 havens offer a desirable combination of various nontax attributes, for example, strong governance, which signal economic stability and tax planning opportunities. We find the tax savings from tax haven operations are attributable to Top 7 haven use. Separating tax havens unmasks significant post-TCJA tax haven effects in foreign direct investment. Although these havens pose the largest public finance threat, we hope to further inform research to select tax havens according to a priori relevant characteristics.
    
    
21. “Does Corporate Tax Planning Affect Firm Productivity?,” Management Science, 2026, 72-8, August, 7358-7379 (by Gkikopoulos, Lee and Stathopoulos)
    
    [논문내용요약]
    1. ● 본 연구는 법인세 절감 계획(tax planning)과 기업 생산성 간의 관계를 실증 조사함
    2. ● 1993년부터 2017년까지 미국 상장기업을 분석한 결과, 법인세 절감 계획은 생산성과 양(+)의 관계가 있으며 생산 투입 요소인 자본과 노동의 증가에도 기여함
    3. ● 이 관계는 재무 제약이 크거나 지식 자본 집약도가 높은 기업에서 더욱 뚜렷하게 나타남
    5. 
       [Abstract]
       We examine the relation between corporate tax planning and firm-level productivity. Using a sample of U.S. public firms from 1993 to 2017, we find that tax planning is positively associated with productivity. Our findings further indicate that tax planning contributes to growth in production input factors: capital and labor. We also test the underlying mechanisms, documenting that the observed association between productivity and tax planning is more pronounced in financially constrained and knowledge capital–intensive firms. We exploit the initiation of new banking relationships and the introduction of Check-the-Box regulations as sources of tax planning variation to facilitate difference-in-differences analyses. The empirical evidence holds consistently across a wide array of robustness tests. Taken together, the results enhance the understanding on the economic implications of tax planning and provide insights for informed tax policy debates.
    
    
22. “Wealth and Property Taxation in the United States,” Quarterly Journal of Economics, 2026, 141-3, August, 1921-1963 (by Dray, Landais and Stantcheva)
    
    [논문내용요약]
    1. ● 미국은 남북전쟁 이후부터 1930년대 대공황까지 이례적인 부의 축적을 경험했음
    2. ● 동시에 미국의 지역 간 불평등은 1800년대 중반부터 크고 지속적으로 나타났음
    3. ● 남북전쟁 전 노예 자산 비중이 높았거나 부의 불평등이 심했던 지역일수록 이후 장기 부의 성장이 더 낮았으며, 이 같은 결과의 주요 원인은 낮은 인적자본 축적 속도였음
    5. 
       [Abstract]
       We study the history and geography of wealth accumulation in the United States using newly collected historical property tax records from the early 1800s onward. These records come from the administration of the General Property Tax—a tax that aspired to cover all types of property. We construct wealth series at the state, county, and national levels. At the state level, we use annual assessed values of wealth from state-level reports drawn from multiple sources. Because assessed values may differ from market values, we also require assessment ratios, defined as the ratio of assessed to market wealth. We obtain state-level assessment ratios from decadal U.S. Census wealth data (drawn from various census reports, including those on “Wealth, Debt, and Taxation”), in which the census carried out detailed valuation work, complemented with information on changes in assessment practices from the state reports, to build higher-frequency series of assessment ratios. The result is long-run annual wealth series for states from 1850 (or earlier, depending on the state) to 1935. We obtain national wealth series by aggregating these state series. At the county level, we use assessed values (or market values where available) from the U.S. Census wealth data for each decade and apply either state-level or county-level assessment ratios, where available, to obtain market values of wealth for each decade from 1850 to 1930. We use these data to show, first, that the United States experienced extraordinary wealth accumulation after the Civil War and until the Great Depression. Second, spatial inequality in the United States has been large and highly persistent since the mid-1800s. We also examine the determinants of long-term wealth growth and find, among other results, that counties with a higher share of enslaved property before the Civil War or with higher wealth inequality experienced lower subsequent long-run wealth growth.
    
    
23. “Nobel Lecture: The Economics of Creative Destruction,” American Economic Review, 2026, 116-7, July, 2324-2356 (by Aghion)
    
    [논문내용요약]
    1. ● 창조적 파괴(creative destruction)를 통한 성장 모델은 세 가지 주요 개념에 기반함
    2. ● 첫째, 혁신과 지식의 확산이 성장 과정의 핵심임
    3. ● 둘째, 혁신은 경제적 유인과 재산권 보호에 의존함
    5. ● 셋째, 새로운 혁신이 기존 혁신을 쓸모없게 만드는 창조적 파괴가 일어남
    6. 
       [Abstract]
       Our model of growth through creative destruction rests on three main ideas. The first idea is that innovation and the diffusion of knowledge are at the heart of the growth process. The second idea is that innovation relies on incentives and protection of property rights. The third idea is creative destruction: New innovations render former innovations obsolete.
    
    
24. “Examining the role of market efficiency in securities and appraisal litigation,” University of Pennsylvania Law Review, 2026, 174-6, May, 1721-1752 (by Tarakji)
    
    [논문내용요약]
    1. ● 증권 시장의 효율성은 기업 소송의 두 영역인 증권 소송과 주주 평가 절차에서 중심적인 역할을 함
    2. ● 증권 소송에서는 새로운 공개 정보가 증권 가격에 신속히 반영되는지를 묻는 정보적 효율성(informational efficiency)에 의존함
    3. ● 반면 주주 평가 과정에서는 시장 가격이 기업의 내재가치를 정확히 반영해 원고에게 신뢰할 만한 공정가치 척도를 제공하는지를 묻는 본질적 효율성(fundamental efficiency)을 요구함
    5. 
       [Abstract]
       Market efficiency has a central role in two distinct areas of corporate litigation: Rule 10b-5 securities claims and shareholder appraisal proceedings. Although both types of litigation require courts to evaluate the efficiency of the market for a security, the degree of efficiency required in each is entirely different. Securities fraud litigation depends on informational efficiency, which asks whether new public information is rapidly incorporated into a security’s price. By contrast, appraisal litigation requires fundamental efficiency, which asks whether market prices accurately reflect a company’s intrinsic value, therefore providing a reliable measure of fair value for the shareholder plaintiff. This Comment argues that courts often acknowledge the distinction between informational and fundamental efficiency but apply the same approach to measuring each type of efficiency, which conflates the two. Practically, this creates a presumption of fundamental efficiency in the appraisal context once informational efficiency is established. Such a presumption is unjustified as a market’s ability to react to new information does not guarantee that the information will be priced correctly. This Comment proposes a refined framework under which courts first assess informational efficiency and then evaluate additional indicators of fundamental efficiency, including evidence of directional and proportional price reactions and the absence of arbitrage opportunities. By incorporating these additional indicators, this proposed approach preserves the role of market prices in appraisal proceedings while accounting for the different type of efficiency required in the securities context.
    
    
25. “Growth Experiences and Trust in Government,” Quarterly Journal of Economics, 2026, 141-2, May, 1761-1822 (by Besley, Dann and Dray)
    
    [논문내용요약]
    1. ● 본 논문은 출생 이후 경험한 국내총생산(GDP) 성장률 변동을 활용해 경제 성장과 정부 신뢰의 관계를 연구함
    2. ● 1990년 이후 166개국, 11개 주요 여론조사의 응답자 330만 명 자료를 분석한 결과, 높은 GDP 성장을 경험한 사람일수록 정부를 더 신뢰하는 경향이 있었으며 민주주의 국가에서 그 효과가 더 컸음
    3. ● 또한 높은 GDP 성장 경험은 정부 성과와 생활 수준에 대한 인식 개선과도 관련이 있음
    5. 
       [Abstract]
       This article explores the relationship between economic growth and trust in government using variation in GDP growth experienced over a lifetime since birth. We assemble a newly harmonized global data set across 11 major opinion surveys, comprising 3.3 million respondents in 166 countries since 1990. Exploiting cohort-level variation, we find that people who have experienced higher GDP growth are more prone to trust their governments, with larger effects found in democracies. Higher-growth experiences are also associated with improved perceptions of government performance and living standards. We find no similar channel between growth experience and interpersonal trust. Second, more recent growth experiences appear to matter most for trust in government, with no detectable effect of growth experienced during one’s formative years, closer to birth, or before birth. Third, we find evidence of a “trust paradox” whereby average trust in government is lower in democracies than in autocracies. Our results are robust to a range of falsification exercises, robustness checks, and single-country evidence using the American National Election Studies and the Swiss Household Panel.
    
    
26. “The incentives of SPAC sponsors,” Journal of Financial Economics, 2026, 177, March, Article 104220 (by Feng, Nohel, Tian, Wang, and Wu)
    
    [논문내용요약]
    1. ● 기업인수목적회사(SPAC, special purpose acquisition companies)는 2020년과 2021년 월가에서 매우 유행했으며, 현재 자본시장에서도 중요한 역할을 하고 있음
    2. ● 실증 자료를 활용해 추정한 결과, SPAC은 잠재력이 높은 사기업을 발굴해 공개시장에 진입시킴으로써 가치를 창출함(약 24% 증가)
    3. ● 다만, 계약구조 특성상 이익 배분이 SPAC 주주보다는 SPAC경영진과 인수대상 기업의 주주에게 치우치는 경향이 있음
    5. ● 성과연동지급조항(earnout provisions)을 활용해 SPAC 경영진과 주주의 경제적 이익을 보다 일치시킬 때 더욱 높은 가치를 창출함
    6. 
       [Abstract]
       Special Purpose Acquisition Companies (SPACs) took Wall Street by storm in 2020/2021 and continue to play a significant role in today’s capital markets. Estimating a structural model using a hand-collected comprehensive dataset, we find that SPACs add value by identifying and bringing high-potential firms to public markets, though contractual frictions skew the distribution of spoils away from SPAC shareholders and towards sponsors and target owners. Nonetheless, shareholder excess returns are positive once redemptions are accounted for. Policy analyses reveal that earnout provisions enhance welfare, while modest improvements in disclosure and limits on warrant usage have minimal impact on improving outcomes.
    
    
27. “Critical audit matters and internal control quality: The disciplining role of CAM reporting,” Journal of Accounting and Economics, 2026, 81-2, April, Article 101834 (by Dee, Luo, Wang, and Zhang)
    
    [논문내용요약]
    1. ● 본 연구는 핵심감사사항(核心監査事項, critical audit matter (CAM)) 보고가 재무 보고에 대한 내부 통제를 개선하는지를 검토한 논문으로, CAM 보고가 내부 통제 품질을 향상시킨다는 것을 실증 연구를 통해 보여줌
    2. ● 이는 CAM 보고가 감사인, 경영진, 감사 위원회 간 내부 통제 문제를 조기에 식별, 전달하도록 장려하고, 고위험 CAM 분야에 대한 그들의 관심과 노력을 높이기 때문임
    3. ● CAM 보고 제도 도입 후, 기업의 내부 통제에 대한 중대한 약점 발생 가능성이 크게 감소했으며, 내부 통제 품질 향상은 주로 기업 전사 수준 통제보다는 개별 계정 수준에서 이루어지고 있음을 발견했음
    5. ● 또한 CAM 보고가 회계 허위 진술 가능성을 크게 낮춘다는 점도 발견했음
    6. 
       [Abstract]
       We examine whether critical audit matter (CAM) reporting improves internal controls over financial reporting. We propose that CAM reporting improves internal control quality. This is because CAM reporting incentivizes early identification and communication of internal control issues among auditors, management, and audit committees, and increases their attention and effort in high-risk CAM areas. We find that, compared to control companies, companies that implement CAM reporting experience a significant decrease in the likelihood of internal control material weaknesses (ICMWs), and the improvement in internal control quality is primarily at account-level rather than entity-level controls. We also find that CAM reporting significantly lowers the likelihood of accounting misstatements. Cross-sectional analyses suggest that the benefit of CAM reporting on internal control quality depends on audit committee quality and auditor effort. The survey results of audit partners and CFOs provide further support for our theory.
       
28. “Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes,” Journal of Accounting and Economics, 2025, 79-1, February, Article 101704 (by Garman and Kubick)
    
    [논문내용요약]
    1. ● 본 논문은 미국의 여러 주에서 제정한 이해관계자(stakeholder constituency) 법률이 기업의 확정급여연금(defined benefit pension plans) 정책의 위험 전가에 미치는 영향을 조사함
    2. ● 경영진이 연금 위험을 조정하는 지를 적립 위험(funding risk), 투자 위험(investment risk), 급여 축소 위험(benefit risk)으로 나누어 분석함
    3. ● 이해관계자 법률 제정 이후 위 세 위험이 모두 감소한 것으로 나타남
    5. ● 또한 투자 기회가 적은 기업일수록 제정 후 연금 위험 전가의 감소 폭이 더 컸음
    6. 
       [Abstract]
       We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enactment reduction in pension risk-shifting is greater for firms with fewer investment opportunities. Overall, our results provide insight into how stakeholder constituency can mitigate an important form of risk-shifting.
       
29. “(Successful) Democracies Breed Their Own Support,” Review of Economic Studies, 2025, 92-2, March, 621-655 (by Acemoglu, Ajzenman, Aksoy, Fiszbein and Molina)
    
    [논문내용요약]
    1. ● 110개국 이상의 대규모 설문 자료와 세대별 자료를 분석한 결과, 자유민주주의에 오래 노출될수록 민주적 제도에 대한 지지도가 높아짐
    2. ● 이 같은 결과는 경제 성장, 부패 감소, 평화 및 정치적 안정, 공공재 제공 영역에서 좋은 성과를 경험한 것에 의해 거의 전적으로 비롯됨
    3. ● 또한 유권자 지지를 받는 자유민주적 제도가 내외부의 부정적 충격에 더 잘 대응한다는 실증 결과도 제시함
    5. 
       [Abstract]
       sing large-scale survey data covering more than 110 countries and exploiting within-country variation across cohorts and surveys, we show that individuals with longer exposure to democracy display stronger support for democratic institutions, and that this effect is almost entirely driven by exposure to democracies with successful performance in terms of economic growth, control of corruption, peace and political stability, and public goods provision. Across a variety of specifications, estimation methods, and samples, the results are robust, and the timing and nature of the effects are consistent with our interpretation. We also present suggestive evidence that democratic institutions that receive support from their citizens perform better in the face of negative shocks.
       
30. “Are U.S. firms becoming more short-term oriented? Evidence of shifting firm time horizons from implied discount rates, 1980–2013,” Strategic Management Journal, 2023, 44-1, January, 231-263 (by Sampson and Shi)
    
    [논문내용요약]
    1. ● 본 논문은 1980년부터 2013년까지 미국 상장 기업의 투자자들이 기업의 예상 미래 현금흐름을 점점 높은 할인율을 사용해 평가하고 있다는 증거를 제시함
    2. ● 이 같은 추세는 기업 전체 평균 뿐 아니라 개별 기업의 시계열에서도 나타남
    3. ● 본 논문은 기업 평가 시 투자자의 의사결정기간이 단축되고 있다는 증거를 제시한 초기 연구임
    5. 
       [Abstract]
       We provide evidence that investors in U.S. public markets are increasingly discounting firms' expected future cash flows during 1980–2013. This trend is shown not only on average across firms, but also within firms over time after alternative explanations are accounted for. To corroborate a link with firm time horizons, we estimate the relationship between an implied discount rate (“IDR”) and factors relevant to firm long-term strategy. We find that IDR is correlated in expected ways with firm investments, management incentives, financial health, ownership, and external pressures—measures that have been argued to correlate with firm time horizons. This article represents one of the first attempts to document market-wide evidence of shortening firm time horizons. These changing horizons bear important implications for firm strategy.
       
31. “Dissecting Conglomerate Valuations,” Journal of Finance, 2022, 77-2, April, 1097-1131 (by Boguth, Duchin and Smutin)
    
    [논문내용요약]
    1. ● 본 논문은 독립 기업(standalone firms)에 의존하지 않고 기업 집단 내 사업부의 토빈 Q (Tobin’s Q)를 추정하는 새로운 방법을 개발함
    2. ● 기업 집단 사업부의 토빈 Q는 산업과 시기, 경제 충격에 대한 민감도에 따라 독립 기업의 토빈 Q와는 상당히 다름
    3. ● 이러한 차이는 기업 집단 내부의 사업 간 공분산 구조와 외부 자금 조달 마찰을 완화하는 내부 자본 시장 접근성으로 설명됨
    5. 
       [Abstract]
       We develop a new method to estimate Tobin’s Qs of conglomerate divisions without relying on standalone firms. Divisional Qs differ considerably from those of standalone firms across industries, over time, and in their sensitivity to economic shocks. The differences are explained by intraconglomerate covariance structures and access to internal capital markets that mitigate external financing frictions. Consequently, the Qs capture variation in the allocation of assets in the economy: within firms through internal capital markets and across focused and diversified firms through diversifying acquisitions. Overall, our method provides opportunities to study the economic mechanisms that explain corporate diversification.
       
32. "Collateral Booms and Information Depletion,” Review of Economic Studies, 2022, 89-2, March, 517-555 (by Asriyan, Laeven and Martin)
    
    [논문내용요약]
    1. ● 본 연구는 미국 기업 대출에 관한 은행의 비공개 위험 평가 자료를 이용해 은행 정보의 품질을 나타내는 새로운 지표를 구축함
    2. ● 지역 경제 여건이 악화될수록 은행 정보 품질은 개선되며, 특히 신규 대출과 대규모 대출, 기대 손실이 큰 대출에서 이러한 경향이 두드러짐
    3. ● 반면 지역 주택 가격이 빠르게 상승하는 시기에는 정보 품질이 저하함
    5. ● 이 같은 연구 결과는 신용시장에서 정보 생산이 경기와 반대로 움직인다는 역순환적(countercyclical) 정보 생산 이론을 실증적으로 보여줌
    7. 
       [Abstract]
       We develop a new theory of information production during credit booms. Entrepreneurs need credit to undertake investment projects, some of which enable them to divert resources. Lenders can protect themselves from such diversion in two ways: collateralization, and costly screening that generates durable information about projects. In equilibrium, the collateralization-screening mix depends on the value of aggregate collateral. High collateral values make it possible to reallocate resources towards productive projects, but they also crowd out screening. This has important dynamic implications. During credit booms driven by high collateral values (e.g. real estate booms), economic activity expands but the economy’s stock of information on existing projects gets depleted. As a result, collateral-driven booms end in deep crises and slow recoveries: when booms end, investment is constrained both by the lack of collateral and by the lack of information on existing projects, which takes time to rebuild. We provide empirical support for the mechanism using US firm-level data.
       
33. “Good Booms, Bad Booms,” Journal of the European Economic Association, 2020, 18-2, April, 618-665 (by Gorton and Ordoñez)
    
    [논문내용요약]
    1. ● 본 연구는 신용팽창(credit booms)은 드물지 않은 현상이며, 일부 신용팽창은 위기로 끝나지만 항상 그렇지는 않다는 것을 보여줌
    2. ● 신용팽창은 생산성 성장과 함께 시작되나, 이후 생산성 성장률이 둔화하고 담보 가치를 엄격히 판정하는 시점에서 위기가 발생함
    3. ● 생산성 하락이 큰 신용팽창 일수록 위기 가능성이 높으며, 부도 확률이 위기를 예측하는 주요 요소로 나타났음
    5. 
       [Abstract]
       Credit booms are not rare, some end in a crisis (bad booms) whereas others do not (good booms). We document that credit booms start with an increase in productivity growth, which subsequently falls faster during bad booms. We develop a model in which a crisis happens when a credit boom transits toward an information regime with careful examination of collateral. As this examination is more valuable when collateral backs projects with low productivity, crises are more likely during booms that display larger productivity declines. We test the main predictions of the model and identify the default probability as the main component of measured productivity that lies behind crises.
       
34. “Measuring the costs of short-termism,” Journal of Financial Stability, 2014, 12, June, 16-25 (by Davies, Haldane, Nielsen, and Pezzini)
    
    [논문내용요약]
    1. ● 현대 자본시장의 잠재적 기회비용 중 하나는 단기업적주의임
    2. ● 경영자, 투자자, 기관투자자 등 이해관계자들이 장기 성장기회를 희생하는 대가로 단기 성과에 지나치게 치중함으로써 가치 있는 투자 사업 및 잠재적 산출을 포기하는 경향이 있음
    3. ● 본 논문은 자본 비용 및 투자 왜곡으로 발생하는 단기성과주의의 잠재적 손실에 관한 분석 틀과 실증 추정치를 제시함
    5. 
       [Abstract]
       A potential cost of modern capital markets is short-termism, with agents in the financial intermediation chain weighing near-term outcomes too heavily at the expense of longer-term opportunities and thus forgoing valuable investment projects and potential output. This paper sets out an analytical framework and empirical estimates of the potential costs of short-termism arising from distortions to the cost of capital and investment intentions.
       
35. “Betting against beta,” Journal of Financial Economics, 2014, 111-1, January, 1-25 (by Frazzini and Pedersen)
    
    [논문내용요약]
    1. ● 본 연구는 투자자와 시점에 따라 달라지는 차입거래(leverage) 및 증거금 제약(margin constraints)을 반영한 모델을 제시함
    2. ● 차입거래에 제약을 받는 투자자는 고베타(β) 자산의 가격을 끌어올림. 이로 인해 미국 주식, 20개국 주식시장, 국채, 회사채, 선물에서 고베타(β)-저초과수익률(α) 관계가 나타남
    3. ● 차입을 통해 저베타 자산을 매수하고 고베타 자산을 매도하는 베타 반대 매매(betting against beta) 투자전략으로 유의미한 양(+)의 초과수익률을 얻을 수 있음
    5. ● 특히 차입거리에 제약이 더 큰 투자자일수록 고베타 자산을 보유하는 성향을 보임
    7. 
       [Abstract]
       We present a model with leverage and margin constraints that vary across investors and time. We find evidence consistent with each of the model's five central predictions: (1) Because constrained investors bid up high-beta assets, high beta is associated with low alpha, as we find empirically for US equities, 20 international equity markets, Treasury bonds, corporate bonds, and futures. (2) A betting against beta (BAB) factor, which is long leveraged low-beta assets and short high-beta assets, produces significant positive risk-adjusted returns. (3) When funding constraints tighten, the return of the BAB factor is low. (4) Increased funding liquidity risk compresses betas toward one. (5) More constrained investors hold riskier assets.
       
36. “The Nature of the Firm,” Economica, 1937, 4-16, November, 386-405 (by Coase)
    
    [논문내용요약]
    1. ● 기업을 설립하는 것이 경제성이 있는 주된 이유는 시장 가격 기능을 이용하는 데 비용(cost)이 들기 때문임
    2. ● 시장 가격 기능을 통해 생산을 ‘조직’할 때 가장 분명한 비용은 적절한 가격을 찾아내는 비용이며, 정보를 판매하는 전문가가 나타나더라도 이 비용은 줄어들 뿐 완전히 사라지지는 않음
    3. ● 또한 시장에서 발생하는 각 거래마다 별도 계약을 협상하고 체결하는 데 드는 비용도 함께 고려해야 함
    5. 
       [Abstract]
       The main reason why it is profitable to establish a firm would seem to be that there is a cost of using the price mechanism. The most obvious cost of “organising” production through the price mechanism is that of discovering what the relevant prices are.4 This cost may be reduced but it will not be eliminated by the emergence of specialists who will sell this information. The costs of negotiating and concluding a separate contract for each exchange transaction which takes place on a market must also be taken into account.