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作者：Thanassoulis, John
作者单位：University of Warwick
摘要：Misconduct is widespread. Practices such as misselling, pump and dump, and money laundering cause harm while raising profits. This paper presents a mechanism that can determine what sorts of misconduct can be sustained in competitive equilibrium in concentrated markets, oligopoly settings, and markets with many small competing firms. The model studied allows general demand and distinguishes types of ethical dilemma using current psychological understanding. The paper shows, for example, that m...
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作者：Paravisini, Daniel; Rappoport, Veronica; Schnabl, Philipp
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; National Bureau of Economic Research
摘要：We develop a novel approach for measuring bank specialization using granular data on borrower activities and apply it to Peruvian exporters and their banks. We find that borrowers seek credit from banks that specialize in their export destinations, both when expanding exports and when exporting to new countries. Firms experiencing country-specific export demand shocks adjust borrowing disproportionately from specialized banks. Specialized bank credit supply shocks affect exports disproportiona...
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作者：Chen, Yi; Wang, Zhe
作者单位：Cornell University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the dynamic profit-maximizing selling mechanism in a merger and acquisitions (M&A) environment with costly bidder entry and without entry fees. Depending on the parameters, the optimal mechanism is implemented by a standard auction or by a two-stage procedure with exclusive offers to one bidder followed by an auction potentially favoring that bidder. The optimal mechanism may involve common deal protections like termination fees, asset lockups, or stock option lockups. Our proposed pr...
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作者：Heath, Davidson; Ringgenberg, Matthew C.; Samadi, Mehrdad; Werner, Ingrid M.
作者单位：Utah System of Higher Education; University of Utah; Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Ohio; Ohio State University; Center for Economic & Policy Research (CEPR); University System of Ohio; Ohio State University
摘要：After a natural experiment is first used, other researchers often reuse the setting, examining different outcome variables. We use simulations based on real data to illustrate the multiple hypothesis testing problem that arises when researchers reuse natural experiments. We then provide guidance for future inference based on popular empirical settings including difference-in-differences, instrumental variables, and regression discontinuity designs. When we apply our guidance to two extensively...
