This study provides new evidence on the effectiveness of the Community Reinvestment Act (CRA) on small business lending by focusing on a sample of neighborhoods with changed CRA eligibility status [...]
One aim of post-crisis monetary policy has been to ease credit conditions for borrowers by unlocking bank lending. We find that bank equity is an important determinant of both the [...]
The Critical Finance Review commissioned Li, Novy-Marx, and Velikov (2017) and Pontiff and Singla (2019) to replicate the results in Pástor and Stambaugh (2003). Both studies successfully replicate our market-wide [...]
By enabling low-income families to move from high- to low-poverty neigh- bourhoods, tenant-based rental subsidies for poor families have the potential to reduce the degree of economic segregation in the [...]
Higher health care prices in the United States are a key reason that the nation's health spending is so much higher than that of other countries. Our study compared physicians' [...]
This paper finds that CEO stock options influence the choice, amount, and timing of funds distributed as a buyback. These results support two research expectations–that buybacks impose option-induced agency costs [...]
This paper examines several recent avenues of empirical research into the enforcement of" intellectual property rights. To frame these issues, we start with a stylized model of the patent" litigation [...]
This policy paper builds on FTC staff competition advocacy comments that focus on proposed state-level changes to statutes and rules governing the “scope of practice” of Advanced Practice Registered Nurses [...]
The issue of occupational regulation has been of academic interest from Adam Smith to Milton Friedman (Friedman 1962; Smith 1937). In Western democracies, the number of workers who are required [...]
We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty years. Systemic risk of banks rises already during a bubble’s build-up phase, and [...]