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Cambridge Finance

 
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Cambridge Finance coordinates the programmes of research and study in all areas of finance across the University of Cambridge. Its members are grouped into seven research centres: 3CL, CCFin, CFR, CIMF, JBSF, REF, CFH and CEAM.
Updated: 12 min 29 sec ago

Thu 16 Jun 13:00: Data and Welfare in Credit Markets

Wed, 01/06/2022 - 15:00
Data and Welfare in Credit Markets

We show how to measure the welfare effects arising from increased data availability. When lenders have more data on prospective borrower costs, they can charge prices that are more aligned with these costs. This increases total social welfare, and transfers surplus from borrowers to lenders. We show that the magnitudes of the welfare changes can be estimated using only quantity data and variation in prices. We apply the methodology on bankruptcy flag removals, and find that removing prior bankruptcy information increases the surplus of previously bankrupt consumers substantially, at the cost of decreasing total social welfare modestly, suggesting that flag removals are a reasonably efficient tool for redistributing surplus to previously bankrupt borrowers.

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Thu 09 Jun 13:00: Temperature Shocks and Industry Earnings News

Wed, 11/05/2022 - 10:27
Temperature Shocks and Industry Earnings News

Climate scientists project a rise in both average temperatures and the frequency of temperature extremes. We study how extreme temperatures affect companies’ earnings across different industries and whether sell-side analysts understand these relationships. We combine granular daily data on temperatures across the continental U.S. with locations of public companies’ establishments and build a panel of quarterly firm-level temperature exposures. Extreme temperatures significantly impact earnings in over 40% of industries, with bi-directional effects that harm some industries while others benefit. Analysts and investors do not immediately react to observable intra-quarter temperature shocks, but earnings forecasts account for temperature effects by quarter-end in many, though not all, industries.

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Thu 05 May 13:00: Do Short Sellers Care about ESG?

Thu, 05/05/2022 - 09:23
Do Short Sellers Care about ESG?

Abstract not available as research is in its early stages

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Thu 16 Jun 13:00: Data and Welfare in Credit Markets

Mon, 21/03/2022 - 16:02
Data and Welfare in Credit Markets

We show how to measure the welfare effects arising from increased data availability. When lenders have more data on prospective borrower costs, they can charge prices that are more aligned with these costs. This increases total social welfare, and transfers surplus from borrowers to lenders. We show that the magnitudes of the welfare changes can be estimated using only quantity data and variation in prices. We apply the methodology on bankruptcy flag removals, and find that removing prior bankruptcy information increases the surplus of previously bankrupt consumers substantially, at the cost of decreasing total social welfare modestly, suggesting that flag removals are a reasonably efficient tool for redistributing surplus to previously bankrupt borrowers.

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Thu 05 May 13:00: Do Short Sellers Care about ESG?

Thu, 17/03/2022 - 11:25
Do Short Sellers Care about ESG?

Abstract available soon

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