-
作者：Ni, Sophie X.; Pearson, Neil D.; Poteshman, Allen M.; White, Joshua
作者单位：Hong Kong Baptist University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：The question of whether and to what extent option trading affects underlying stock prices has been of interest to researchers since exchange-based options trading began in 1973. Recent research presents evidence of an informational channel through which option trading affects stock prices by showing that option market makers' stock trades to hedge new options positions cause the information reflected in option trading to be impounded into underlying equity prices. This paper provides evidence ...
-
作者：Saleh, Fahad
作者单位：Wake Forest University
摘要：Permissionless blockchains require a protocol to generate consensus. Many prominent permissionless blockchains employ Proof-of-Work (PoW) for that purpose, but PoW possesses significant shortcomings. Various alternatives have been proposed. This paper provides the first formal economic model of the most famous alternative, Proof-of-Stake (PoS), and establishes conditions under which PoS generates consensus. A sufficiently modest reward schedule not only implies the existence of an equilibrium ...
-
作者：Di Maggio, Marco; Yao, Vincent
作者单位：Harvard University; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：We study the personal credit market using unique individual-level data covering fintech and traditional lenders. We show that fintech lenders acquire market share by lending first to higher-risk borrowers and then to safer borrowers, and rely mainly on hard information to make credit decisions. Fintech borrowers are significantly more likely to default than neighbor individuals with the same characteristics borrowing from traditional financial institutions. Furthermore, they tend to experience...
-
作者：Spiegel, Matthew; Tookes, Heather
作者单位：Yale University
摘要：We collect a time-series database of business and related restrictions for every county in the United States from March through December 2020. We find strong evidence consistent with the idea that employee mask policies, mask mandates for the general population, restaurant and bar closures, gym closures, and high-risk business closures reduce future fatality growth. Other business restrictions, such as second-round closures of low- to medium-risk businesses and personal care/spa services, did ...
-
作者：Erel, Isil; Stern, Lea H.; Tan, Chenhao; Weisbach, Michael S.
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute; University of Washington; University of Washington Seattle; University of Chicago
摘要：Can algorithms assist firms in their decisions on nominating corporate directors? Directors predicted by algorithms to perform poorly indeed do perform poorly compared to a realistic pool of candidates in out-of-sample tests. Predictably bad directors are more likely to be male, accumulate more directorships, and have larger networks than the directors the algorithm would recommend in their place. Companies with weaker governance structures are more likely to nominate them. Our results suggest...
-
作者：Li, Kai; Mai, Feng; Shen, Rui; Yan, Xinyan
作者单位：University of British Columbia; Stevens Institute of Technology; The Chinese University of Hong Kong, Shenzhen; University System of Ohio; University of Dayton
摘要：We create a culture dictionary using one of the latest machine learning techniques-the word embedding model-and 209,480 earnings call transcripts. We score the five corporate cultural values of innovation, integrity, quality, respect, and teamwork for 62,664 firm-year observations over the period 2001-2018. We show that an innovative culture is broader than the usual measures of corporate innovation - R&D expenses and the number of patents. Moreover, we show that corporate culture correlates w...
-
作者：Darmouni, Olivier; Sutherland, Andrew
作者单位：Columbia University; Massachusetts Institute of Technology (MIT)
摘要：We study how small and medium enterprise (SME) lenders react to information about their competitors' contracting decisions. To isolate this learning from lenders' common reactions to unobserved shocks to fundamentals, we exploit the staggered entry of lenders into an information-sharing platform. Upon entering, lenders adjust their contract terms toward what others offer. This reaction is mediated by the distribution of market shares: lenders with higher shares or that operate in concentrated ...
-
作者：Huang, Shiyang; Mao, Yifei; Wang, Cong (Roman); Zhou, Dexin
作者单位：University of Hong Kong; Cornell University; Texas Tech University System; Texas Tech University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We investigate the effect of pre-IPO investments by public market institutional investors (institutions) on the exit of venture capitalists (VCs). Results indicate that institutions' pre-IPO investments reduce IPO underpricing by mitigating VCs' reliance on all-star analysts to boost market liquidity. We conclude that institutions facilitate VC exits in the secondary market. Supporting this view, our analysis reveals that the presence of institutions allows VCs to exit with a reduced price imp...
-
作者：Goldstein, Itay
作者单位：University of Pennsylvania; National Bureau of Economic Research
-
作者：Jones, Christopher S.; Mo, Haitao
作者单位：University of Southern California; Louisiana State University System; Louisiana State University
摘要：We analyze the out-of-sample performance of variables shown to forecast future mutual fund alphas. The degree of predictability, as measured by alpha spreads from quintile sorts or cross-sectional regression slopes, falls by at least half post-sample. These declines appear to be primarily the result of changes in the level of arbitrage activity in the market, with mutual fund competition appearing to play a secondary role. We find no evidence that the declines are the result of data snooping o...
