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作者：Avenancio-Leon, Carlos F.; Piccolo, Alessio; Pinto, Roberto
作者单位：University of California System; University of California San Diego; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Lancaster University
摘要：A central finding of the theoretical literature on bargaining is that parties' attitudes towards delay influence bargaining outcomes. However, the ability to endure delays, resilience, is often private information and hard to measure in most real-world contexts. In the context of collective bargaining, we show firms actively attempt to become financially resilient in anticipation of labor negotiations. Firms adjust their financial resilience to respond to the passage of right-to-work laws (RWL...
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作者：Capponi, Agostino; Jia, Ruizhe; Wang, Kanye Ye
作者单位：Columbia University; Stanford University; University of Macau; University of Macau; University of Macau
摘要：The blockchain settlement layer facilitates systematic frontrunning, resulting in inefficient block-space allocation. Private transaction pools can reduce these inefficiencies and enhance welfare. However, full adoption is limited by misaligned incentives between users and validators. Validators are reluctant to forgo rents they earn from frontrunning-referred to as maximal extractable value-leading to a partial adoption equilibrium in which frontrunning persists. Our empirical analysis of Eth...
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作者：Wallskog, Melanie
作者单位：Duke University
摘要：How do workplace social connections shape everyday entrepreneurship? Using comprehensive data on millions of American workers across the economy, I find three key patterns. First, entrepreneurial coworkers inspire and teach entrepreneurship: individuals are more likely to become entrepreneurs after working with coworkers who previously led young businesses. Second, these effects predominantly occur within demographic groups, perpetuating lower entrepreneurship rates for women and Black America...
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作者：Kacperczyk, Marcin; Nosal, Jaromir; Wang, Tianyu
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Boston College; Tsinghua University
摘要：We study the impact of global volatility on the equity portfolio flows of institutional investors worldwide. Aggregate equity allocations of institutional investors decrease during periods of high volatility, both in developed and, even more strongly, in emerging markets. Our granular portfolio-level data allows us to uncover disaggregated investor responses that are an order of magnitude larger than aggregate estimates, and are dominated by discretionary (investor-driven) component of flows. ...
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作者：Ahnert, Toni; Hoffmann, Peter; Monnet, Cyril
作者单位：European Central Bank; Centre for Economic Policy Research - UK; University of Bern; Study Center Gerzensee
摘要：We propose a model of lending, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell goods online, they reveal information to their lender. Cash guarantees anonymity, but limits distribution to less efficient offline venues. In equilibrium, merchants trade off the efficiency gains from online distribution (with digital payments) and the informational rents from staying anonymous (with cash). While new technologies can reduce the privacy concerns a...
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作者：Chen, Huaizhi; Evans, Richard; Sun, Yang
作者单位：University of Notre Dame; University of Virginia; Brandeis University
摘要：Using a panel of self-declared benchmarks, we examine funds' use of mismatched benchmarks over time. Mismatching is high at the beginning of our sample (45 % of TNA in 2008), consistent with prior studies, but declines significantly over time (27 % in 2020), driven by existing specialized funds changing benchmarks to match their style. Market forces including investor learning, institutional governance, market competition, and product positioning all play a role in benchmark correction decisio...
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作者：Goodman, Aaron; Puri, Indira
作者单位：New York University
摘要：We document a new anomaly that we prove standard preference models are unable to capture, regardless of functional form or parametric specification used. Analyzing trading behavior in the binary option market for retail investors, we find that market participants purchase binary options although strictly dominant bull spreads are available at lower prices: 15% of S&P index, 19% of gold, and 25% of silver trades violate no-dominance conditions consistently across three different asset classes. ...
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作者：Muravyev, Dmitriy; Pearson, Neil D.; Pollet, Joshua M.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Michigan State University
摘要：Several influential studies show that transformations of implied volatilities calculated from options prices predict stock returns. This predictability is puzzling because market participants readily observe options prices. We find that this predictability is consistent with implied volatilities reflecting stock borrow fees that are known to predict stock returns. We derive a formula relating the option-implied volatility spread to the borrow fee. Motivated by this relation, we show that the r...
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作者：Lieberman, Paul; Mihov, Atanas; Naranjo, Andy; Velikov, Mihail
作者单位：University of Kansas; State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Trade credit is an important source of firm financing, yet its rich informational content pertaining to payment timeliness is under-explored in asset pricing. Using an extensive data set from a leading private information exchange on business payment performance, we study the effects of trade credit payment timeliness on stock returns. We document two distinct channels through which trade credit payment behavior impacts future stock returns - slow diffusion of information and risk stemming fro...
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作者：Falato, Antonio; Iercosan, Diana; Zikes, Filip
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Banks use trading as a vehicle to take risk. Using high-frequency regulatory data, we estimate the sensitivity of weekly bank trading profits to aggregate equity, fixed-income, credit, currency, and commodity risk factors. Our estimates imply that U.S. banks had large trading exposures to equity market risk before the Volcker Rule, which they curtailed afterwards. Credit and currency risk exposures were smaller. The results hold up in a quasi-natural experiment that exploits the phased-in intr...
