-
作者：Cao, Sean Shun; Cong, Lin William; Yang, Baozhong
作者单位：University System of Maryland; University of Maryland College Park; Cornell University; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：To understand the disruption and implications of distributed ledger technologies for financial reporting and auditing, we analyze firm misreporting, auditor monitoring and competition, and regulatory policy in a unified model. A federated blockchain for financial reporting and auditing can improve verification efficiency not only for transactions in private databases but also for cross-chain verifications through privacypreserving computation protocols. Despite the potential benefit of blockch...
-
作者：Hu, Maggie (Rong); Tsang, Desmond; Wan, Wayne Xinwei
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Chinese University of Hong Kong; Monash University
摘要：Using a comprehensive database of corporate relocation events in the United States from 1994 to 2017, we investigate the impact of headquarters relocation on the local economy by examining its spillover effects on the housing market. We find that headquarters relocation into a district at zip code level leads to 10% higher housing price growth. We also document a temporal spillover effect whereby housing prices increase one year before the relocation and rise further until two years afterward ...
-
作者：Hurwitz, Abigail; Sade, Orly
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：We investigate the consequences of holding multiple accounts for payout decisions at retirement. Using proprietary data of retirees' annuitization decisions, we find that small accounts are more likely to be cashed out. We use occupation information as a proxy for wealth to disentangle income from the multiple-accounts effect. We show that individuals with high expected wages are more likely to annuitize overall but less likely to annuitize their small accounts (comparing to individuals with l...
-
作者：Qi, Lian; Song, Haotian; Xiao, Wenqiang
作者单位：Rutgers University System; Rutgers University New Brunswick; Zhejiang University; New York University
摘要：We study the dynamic incentive interactions between a platform and a third-party seller over two stages, where the seller exerts product-value-enhancement effort in the first stage in anticipation of the platform's potential entry in the second stage. Upon entry, the platform can exert effort to boost the value of the product sold by the platform, with positive spillovers to the value of the product sold by the platform. We show the existence of both the protective and the receptive regimes, c...
-
作者：Gornall, Will; Gredil, Oleg R.; Howell, Sabrina T.; Liu, Xing; Sockin, Jason
作者单位：University of British Columbia; Tulane University; New York University; National Bureau of Economic Research; Tsinghua University; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; Cornell University
摘要：We show that private equity leveraged buyouts reduce perceived job quality despite not impacting average base pay. This appears to reflect employees bearing more risk. Both job quality and employee incentive pay are more related to firm performance at private equity-owned companies than at public control firms with 1% higher deal rate of return associated with 0.7% more employee incentive pay. Deals with high leverage and employees with worse outside options fuel the declines in job satisfacti...
-
作者：Zhou, Hao; Zhang, Jun
作者单位：Zhejiang University of Finance & Economics; University of Technology Sydney
摘要：This paper establishes the optimal selling mechanism when a seller can incentivize an existing buyer to refer his privately known potential buyer to participate. We identify three optimal channels for providing referral incentives. First, if the existing buyer declares that no potential buyer exists, his virtual value is penalized. Second, if the existing buyer refers the potential buyer to the seller, his virtual value is boosted. Third, in some scenarios where this carrots-and-sticks-via-vir...
-
作者：An, Jiafu; Lin, Chen; Tai, Mingzhu
作者单位：University of Hong Kong; University of Hong Kong
摘要：An influential line of research emphasizes that colonial legacy plays a key role in formal financial development. Can colonial legacy also shape informal finance? We investigate the impact of colonial legacy on informal financial development using a manually georeferenced data set within a credible empirical framework. In the 19th century, Europeans arbitrarily designed colonial borders that partitioned many ethnicities across multiple countries in Africa. Leveraging several spatial regression...
-
作者：Huberts, Nick F. D.; Wen, Xingang; Dawid, Herbert; Huisman, Kuno J. M.; Kort, Peter M.
作者单位：University of Bielefeld; University of Bielefeld; Tilburg University; ASML Holding
摘要：This paper considers a firm's investment decision determining the timing and capacity level in a dynamic setting with demand uncertainty. Its investment is financed by borrowing from a lender that has market power, generating a capital market inefficiency. We show that the firm's investment is subject to double marginalization in the sense that the need for external financing results in a considerably smaller investment and thus, a reduction in welfare. In addition, we find that the presence o...
-
作者：Liang, Yucheng
作者单位：Carnegie Mellon University
摘要：When an agent receives information from a source whose accuracy might be either high or low, standard theory dictates that she update as if the source has medium accuracy. In a laboratory experiment, subjects deviate from this benchmark by reacting less to uncertain sources, especially when the sources release good news. This pattern is validated using observational data on stock price reactions to analyst earnings forecasts, where analysts with no forecast records are classified as uncertain ...
-
作者：Gong, Binglin; Liang, Yingzhi
作者单位：East China Normal University; Zhejiang University; University of Texas System; University of Texas Dallas
摘要：Market design provides managerial insights into the success and failure of various market institutions in allocating scarce resources. We investigate a dynamic matching mechanism used in real-world college admissions, where students share a common priority ranking. Theoretically, we prove that efficient and stable matching occurs with an arbitrarily high probability, assuming sufficient revision opportunities and rationality. This predicts that the dynamic mechanism is less stable than the def...
