作者：Kim, Jeong-Bon; Wang, Chong; Wu, Feng (Harry)
作者单位：Simon Fraser University; Hong Kong Polytechnic University; Lingnan University
摘要：With the London Interbank Offered Rate (LIBOR) being replaced by risk-free rate (RFR)-based alternative reference rates, the fundamental differences between the two bench-marking frameworks impose significant risks on banks. Exploiting the Financial Conduct Authority (FCA)'s announcement of the phase-out of LIBOR, we conduct a difference-indifferences analysis based on banks' reliance on LIBOR and show that LIBOR discontinuation entails higher interest rate spread of bank loans. The result imp...
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...
