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作者：Berger, Elizabeth A.; Seegert, Nathan
作者单位：University of Houston System; University of Houston; Utah System of Higher Education; University of Utah
摘要：We investigate the economic value of cash management. In the legal marijuana industry, where only half of businesses have access to cash management services from a financial institution, we examine dispensary profitability using administrative and survey data. Our results show that businesses with cash management charge higher retail prices (8.3%), pay lower wholesale prices (7.3%), and have higher sales volume (19%). Together, these advantages create a 40% increase in profitability. These res...
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作者：Garmaise, Mark J.; Levi, Yaron; Lustig, Hanno
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK; Stanford University
摘要：Using high-frequency spending data, we show that household consumption displays excess sensitivity to salient macroeconomic news, even when the news is not real. When the announced local unemployment rate reaches a 12-month maximum, local news coverage of unemployment increases and local consumers reduce their discretionary spending by 1.5% relative to consumers in areas with the same macroeconomic conditions. Low-income households display greater excess sensitivity to salience. The decrease i...
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作者：Quigley, Daniel; Walther, Ansgar
作者单位：University of Oxford; University of Oxford; Imperial College London; Centre for Economic Policy Research - UK
摘要：We study an economy with financial frictions in which a regulator designs a test that reveals outside information about a firm's quality to investors. The firm can also disclose verifiable inside information about its quality. We show that the regulator optimally aims for public speech and private silence, which is achieved with tests that give insiders an incentive to stay quiet. We fully characterize optimal tests by developing tools for Bayesian persuasion with incentive constraints, and us...
