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Report
Vesting and control in venture capital contracts
Skeie, David R. (2007)
Vesting of equity payments to an entrepreneur, which is a form of time-contingent compensation, is very common in venture capital contracts. Empirical research suggests that vesting is used to help overcome asymmetric information and agency problems. We show in a theoretical model that vesting equity to an entrepreneur over a long period of time acts as a screening device against a bad entrepreneur type. But incomplete contracts due to hold-up by the venture capitalist imply that equity compensation, in the form of either short-term or long-term vesting, cannot provide standard contractible ...
Staff Reports , Paper 297

Speech
Good Intentions
Daly, Mary C. (2021-02-04)
Virtual Presentation at Uneven Outcomes in the Labor Market Conference, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, Thursday, February 4, 2021
Speech

Working Paper
Slow capital, fast prices: Shocks to funding liquidity and stock price reversals
Gissler, Stefan (2015-02-27)
A V-shaped price pattern is often observed in financial markets - in response to a negative shock, prices fall "too far" before reversing course. This paper looks at one particular channel of such patterns: the link between a liquidity provider's balance sheet and asset prices. I examine a well-identified historical case study where a large exogenous shock to a liquidity provider's balance sheet resulted in severe capital constraints. Using evidence from German universal banks, who acted as market makers for selected stocks in the interwar period, I show in a difference-in-differences ...
Finance and Economics Discussion Series , Paper 2015-43

Conference Paper
General discussion: balancing growth with equity: the view from development
Belka, Marek (2011)
Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Balancing growth with equity: the view from development
Duflo, Esther (2011)
Proceedings - Economic Policy Symposium - Jackson Hole

Speech
From Gaps to Growth: Equity as a Path to Prosperity
Daly, Mary C. (2021-09-29)
Presentation to UCLA Anderson Forecast Webinar, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, September 29, 2021
Speech

Report
Financial intermediary balance sheet management
Adrian, Tobias; Shin, Hyun Song (2011)
Conventional discussions of balance sheet management by nonfinancial firms take the set of positive net present value (NPV) projects as given, which in turn determines the size of the firm?s assets. The focus is on the composition of equity and debt in funding such assets. In contrast, the balance sheet management of financial intermediaries reveals that it is equity that behaves like the predetermined variable, and the asset size of the bank or financial intermediary is determined by the degree of leverage that is permitted by market conditions. The relative stickiness of equity reveals ...
Staff Reports , Paper 532

Working Paper
The Economic Gains from Equity
Buckman, Shelby R.; Choi, Laura; Daly, Mary C.; Seitelman, Lily (2021-04-07)
How much is inequity costing us? Using a simple growth accounting framework we apply standard shift-share techniques to data from the Current Population Survey (1990-2019) to compute the aggregate economic costs of persistent educational and labor market disparities by gender and race. We find significant economic losses associated with these gaps. Building on this finding, we consider which disparities generate the largest costs, paying specific attention to differences in employment, hours worked, educational attainment, educational utilization, and occupational allocation. We also examine ...
Working Paper Series , Paper 2021-11

Speech
Remarks on the role of central bank interactions with financial markets
Potter, Simon M. (2012)
Remarks at New York University's Stern School of Business, New York City.
Speech , Paper 94

Working Paper
Are Friends of Schools the Enemies of Equity? The Interplay of School Funding Policies and External Fundraising
Barrow, Lisa; Komisarow, Sarah; Sartain, Lauren (2024-11-12)
School districts across the US have adopted funding policies designed to distribute resources more equitably across schools. Concurrently, schools are increasing external fundraising efforts to supplement district budget allocations. We document both funding policies and fundraising efforts in Chicago Public Schools. We find that adoption of a weighted-student funding policy reallocated more dollars to schools with high shares of students eligible for free/reduced-price lunch, creating a policy-induced per-pupil expenditure gap. Further, almost all schools raised external funds over the study ...
Working Papers , Paper 24-24

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