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作者：Amoussou-Guenou, Yackolley; Biais, Bruno; Potop-Butucaru, Maria; Tucci-Piergiovanni, Sara
作者单位：Universite Paris Saclay; CEA; Universite Paris-Pantheon-Assas; Hautes Etudes Commerciales (HEC) Paris; Sorbonne Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We study consensus in a protocol capturing in a simplified manner the major features of the majority of Proof of Stake blockchains. A committee is formed; one member proposes a block; and the others can check its validity and vote for it. Blocks with a majority of votes are produced. When an invalid block is produced, the stakes of the members who voted for it are slashed. Profit-maximizing members interact with adversaries seeking to disrupt consensus. When slashing is limited, free-riding an...
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作者：Atmaz, Adem; Basak, Suleyman; Ruan, Fangcheng
作者单位：Purdue University System; Purdue University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We develop a dynamic model of costly stock short-selling and lending market and obtain implications that simultaneously support many empirical regularities related to short-selling. In our model, investors' belief disagreement leads to shorting demand, whereby short-sellers pay shorting fees to borrow stocks from lenders. Our main novel results are as follows. Short interest is positively related to shorting fee and predicts stock returns negatively. Higher short-selling risk can be associated...
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作者：Jermann, Urban J.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：This paper presents an approach for pricing gold from investors' perspective. The model is based on no-arbitrage principles with minimal structural assumptions. There is no need to specify investor preferences. When fitted to match 10-year real U.S. Treasury rates, the model can replicate the salient fluctuations in the time series of gold prices since 2007. The model is also able to capture key patterns of CME Comex gold futures prices. The model implies that the majority of the value of gold...
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作者：Nucera, Federico; Sarno, Lucio; Zinna, Gabriele
作者单位：European Central Bank; Bank of Italy; University of Cambridge; Centre for Economic Policy Research - UK
摘要：We study a large currency cross-section using asset pricing methods that account for omitted-variable and measurement-error biases. First, we show that the pricing kernel includes at least three latent factors that resemble (but are not identical to) a strong U.S. dollar factor and two weak high Sharpe ratio carry and momentum slope factors. Evidence for an additional value factor is weaker. Second, using this pricing kernel, we find that only a small fraction of the over 100 nontradable candi...
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作者：Eldar, Ofer; Grennan, Jillian
作者单位：University of California System; University of California Berkeley; European Corporate Governance Institute
摘要：We exploit the staggered introduction of liability waivers when investors hold stakes in conflicting business opportunities as a shock to venture capital (VC) investment and director networks. After the law changes, we find increases in within-industry VC investment and common directors serving on startup boards. Despite the potential for rent extraction, same-industry startups inside VC portfolios benefit by raising more capital, failing less, and exiting more successfully. VC directors servi...
