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作者：Liu, Yu; Wang, Hao; Wang, Tan; Zhang, Lihong
作者单位：Jinan University; Jinan University; Tsinghua University; Shanghai Jiao Tong University
摘要：This paper develops a new approach to volatility ambiguity and studies its implications for equilibrium consumption, portfolio choice, and asset prices. Our approach does not require equivalence between priors. The measure of ambiguity is based on the statistical confidence in the reference model that can be assessed with sample statistics. The approach is analytically tractable and amenable to empirical/calibration analysis. A stochastic discount pricing formula is given. At sensible levels o...
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作者：Peng, Lin; Zhang, Linyi
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); The Chinese University of Hong Kong, Shenzhen
摘要：We identify the crucial role social networks play in crowdfunding markets. Investors are 50% more likely to fund projects that their peers support and are 11.2% more likely to fund projects from regions where they share strong social ties, given a one-standarddeviation change in the variables. More influential peers exert a greater influence, especially in the case of riskier projects, and the peer effects are amplified in crowdfunding platforms that prioritize transparency and accountability....
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作者：Bellet, Clement S.; Dubois, David; Godart, Frederic
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; INSEAD Business School
摘要：This paper explores whether and how consumers respond to global social movements challenging systemic discrimination and stereotypes. We examine the impact of the #MeToo movement on the market for products with stereotypical markers of femininity. Our analysis of high-frequency stockout and price data from a leading global fashion retailer spans from January 2017 to December 2018 and covers 32 countries, or 89% of the Organization for Economic Cooperation and Development (OECD) population. Usi...
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作者：Karle, Heiko; Reisinger, Markus
作者单位：Frankfurt School Finance & Management
摘要：The ability to successfully target consumers has been substantially affected by recent developments in digital markets, such as improvements in tracking technologies or General Data Protection Regulation. In this paper, we set up a game theoretic model to examine the implications of such changes in targeting success on firms' targeting strategies and profits. We explicitly consider that firms can target different consumer groups-that is, high- or low-valuation consumers-and that targeting is i...
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作者：Kanoria, Yash; Min, Seungki; Qian, Pengyu
作者单位：Columbia University; Korea Advanced Institute of Science & Technology (KAIST); Boston University
摘要：We study the competition for partners in two-sided matching markets with heterogeneous agent preferences, with a focus on how the equilibrium outcomes depend on the connectivity in the market. We model random partially connected markets, with each agent having an average degree d in a random (undirected) graph and a uniformly random preference ranking over their neighbors in the graph. We formally characterize stable matchings in large random markets with small imbalance and find a threshold i...
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作者：Bonaparte, Yosef; Korniotis, George M.; Kumar, Alok; Michaelides, Alexander; Zhang, Yuxin
作者单位：Children's Hospital Colorado; University of Colorado System; University of Colorado Anschutz Medical Campus; University of Colorado Denver; University of Miami; Imperial College London; University of Nottingham Ningbo China
摘要：A significant portion of U.S. households enters and exits investment accounts. Empirically, income and wealth changes are related to these transitions, with income changes not affecting the retired. A life cycle model with participation costs cannot match the observed ownership dynamics, but an extension with stock market crash better fits the average participation rate and ownership transitions of the middle-aged and retired. This extended model does not match the ownership dynamics of the yo...
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作者：Banerjee, Siddhartha; Freund, Daniel
作者单位：Cornell University; Massachusetts Institute of Technology (MIT)
摘要：We consider a class of online decision-making problems with exchangeable actions, where in each period a controller is presented an input type drawn from some stochastic arrival process. The controller must choose an action, and the final objective depends only on the aggregate type-action counts. Such a framework encapsulates many online stochastic variants of common optimization problems with knapsack, bin packing, and generalized assignment as canonical examples. In such settings, we study ...
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作者：Lin, Chen; Ma, Chicheng; Sun, Yuchen; Xu, Yuchen
作者单位：University of Hong Kong; University of International Business & Economics; University of New South Wales Sydney
摘要：We examine how the supply of talent affected financial development based on an experiment that abruptly changed the allocation of talent in historical China. Under the meritocratic civil examination system, government service was the main employment for the Chinese intellectuals. The abolition of this system in 1905 reduced the status and wealth attached to government service, which led the intellectuals to turn to modern banking as a high-status sector of employment. We find that regions wher...
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作者：Borges, Bruna; Estevan, Fernanda
摘要：The underrepresentation of women in traditionally male-dominated fields of study can generate a lack of role models for female students, influencing their career choices. We investigate whether having higher shares of female professors and classmates throughout undergraduate studies in economics affects female students' labor market outcomes up to five years after graduation. To deal with self-selection into professors and peers, we exploit the assignment rule of students to course sections at...
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作者：Bregolin, Jacopo
作者单位：University of Liverpool
摘要：The transmission of information is crucial for productivity and growth. However, language differences may limit its effectiveness. This is particularly relevant for knowledge platforms that aim to be global, given the cultural diversity of the pool of users. In this paper, I empirically investigate how the exogenous cost of language affects communication quality and the trade-offs faced by knowledge platforms in implementing their website in multiple languages. I exploit the staggered introduc...
