-
作者：Nistor, Cristina; Selove, Matthew; Villas-Boas, J. Miguel
作者单位：Chapman University System; Chapman University; University of California System; University of California Berkeley
摘要：Social media influencers can grow their number of followers by endorsing products that are authentic for their social media persona or, alternatively, monetize their followers by endorsing a wider variety of products. We develop a dynamic model in which an influencer continuously decides whether to be authentic as she balances increasing awareness with generating revenues from sponsored posts. We derive conditions in which the influencer is authentic during an early growth phase, but she becom...
-
作者：Gornall, Will; Strebulaev, Ilya A.
作者单位：University of British Columbia; Stanford University; National Bureau of Economic Research
摘要：We study gender and race in high-impact entrepreneurship using a tightly controlled randomized field experiment. We sent out 80,000 pitch emails introducing promising but fictitious start-ups to 28,000 venture capitalists and angels. Each email was sent by a fictitious entrepreneur with randomly assigned gender and race. Female entrepreneurs received 9% more interested replies than males pitching identical projects and Asians received 6% more than Whites. Our results suggest that investors do ...
-
作者：Jeon, Yoontae; Kan, Raymond; Li, Gang
作者单位：McMaster University; University of Toronto; Chinese University of Hong Kong
摘要：We show that the return autocorrelation of underlying stock is an important determinant of expected equity option returns. Using an extended Black-Scholes model incorporating the presence of stock return autocorrelation, we demonstrate that expected returns of both call and put options are increasing in the return autocorrelation coefficient of the underlying stock. Consistent with this insight, we find strong empirical support in the cross-section of average returns of equity options. Our pap...
-
作者：Chen, Fengqin Freya; Saffar, Walid; Shang, Longfei
作者单位：Shanghai University of Finance & Economics; Hong Kong Polytechnic University; Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China
摘要：Using detailed household data, we find that households working in locally agglomerated economies have high mortgage loans and are more likely to have mortgage loans. Channel testing shows that local agglomeration increases housing and mortgage demand as well as mortgage supply. The increase in mortgage loans is driven by purchases of larger houses and smaller down payments. Mechanism analyses document that local agglomeration affects mortgage loans by increasing career upward potential and pro...
-
作者：Chu, Yongqiang; Huang, Bo; Zhang, Chengsi
作者单位：University of North Carolina; University of North Carolina Charlotte; University of North Carolina; University of North Carolina Charlotte; Renmin University of China; Renmin University of China
摘要：The racial disparity in mortgage approval rates decreases by four percentage points as a result of hedge fund activism targeting banks. Target banks experience a higher turnover of mortgage officers and open new bank branches in areas with greater racial disparities in mortgage approval rates. We show that the results are driven by hedge fund activists' efforts to increase profitability and comply with the community reinvestment act. Our results suggest that hedge funds' incentives to maximize...
-
作者：Wang, Shixin
作者单位：Chinese University of Hong Kong
摘要：We study a robust selling problem where a seller attempts to sell one item to a buyer but is uncertain about the buyer's valuation distribution. The existing literature shows that robust screening provides a stronger theoretical guarantee than robust deterministic pricing but at the expense of implementation complexity as it requires a menu of infinite options. Our research aims to find simple mechanisms to hedge against market ambiguity effectively. We develop a general framework for robust s...
-
作者：Kieren, Pascal; Weber, Martin
作者单位：Ruprecht Karls University Heidelberg; University of Mannheim; Centre for Economic Policy Research - UK
摘要：How do individuals process nondiagnostic information? According to Bayes' theorem, signals that do not carry relevant information are treated as if no signal occurred. This paper provides evidence that individuals update their expectations even after observing uninformative signals. Importantly, the direction in which they update depends on the valence of the signal. Prior beliefs become more optimistic after desirable uninformative signals and more pessimistic after undesirable uninformative ...
