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作者：McMahon, Christopher; McGillivray, Donald; Desai, Ajit; Rivadeneyra, Francisco; Lam, Jean-Paul; Lo, Thomas; Marsden, Danica; Skavysh, Vladimir
作者单位：Bank of Canada; University of Waterloo
摘要：High-value payment systems (HVPSs) are typically liquidity intensive because payments are settled on a gross basis. State-of-the-art solutions to this problem include algorithms that seek netting sets and allow for ad hoc reordering of submitted payments. This paper introduces a new algorithm that explores the entire space of payments reordering to improve the liquidity efficiency of these systems without significantly increasing payment delays. Finding the optimal payment order among the enti...
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作者：Choi, Hyun-Soo; Loh, Roger K.
作者单位：Korea Advanced Institute of Science & Technology (KAIST); Singapore Management University
摘要：The behavioral literature suggests that minor frictions can elicit desirable behavior without obvious coercion. Using closures of ATMs in a densely populated city as an instrument for small frictions to physical banking access, we find that customers affected by ATM closures increase their usage of the bank's digital platform. Other spillover effects of this adoption of financial technology include increases in point-of-sale transactions, electronic funds transfers, automatic bill payments, an...
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作者：Cen, Xiao
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Using proprietary individual-level trading data around a natural experiment- the release of a smartphone trading app by a large investment advisor-this study investigates how smartphone trading technology affects retail investor behavior and mutual fund performance. App adoption by retail investors leads to an increase in investor attention and trading volume. App adopters' flows become more sensitive to short-term fund returns and market sentiment, resulting in higher aggregate flow volume am...
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作者：Bai, Yuanlu; Huang, Zhiyuan; Lam, Henry; Zhao, Ding
作者单位：Columbia University; Tongji University; Carnegie Mellon University
摘要：In rare-event simulation, an importance sampling (IS) estimator is regarded as efficient if its relative error, namely, the ratio between its standard deviation and mean, is sufficiently controlled. It is widely known that when a rare-event set contains multiple important regions encoded by the so-called dominating points, the IS needs to account for all of them via mixing to achieve efficiency. We argue that in typical experiments, missing less significant dominating points may not necessaril...
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作者：Campello, Murillo; Gao, Janet; Xu, Qiping
作者单位：Cornell University; National Bureau of Economic Research; Georgetown University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Using big data on U.S. job postings, we show that firms increase skill requirements when hiring workers in states that cut personal income taxes. We trace a significant driver of this effect to companies' reallocation of skilled job postings across states based on tax differentials. The tax-induced upskilling is observed within occupations and is more pronounced for high-skill positions within firms. It is accompanied and amplified by concurrent increases in information technology expenditures...
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作者：Black, Paul W.; Kirwan, Brock; Meservy, Thomas O.; Tayler, William B.; Williams, Jeffrey
作者单位：Auburn University System; Auburn University; Brigham Young University; Brigham Young University; Utah System of Higher Education; Utah Valley University
摘要：A central feature of most organizations is the use of measures to represent key elements of performance across multiple strategic objectives. Prior research demonstrates a tendency for individuals to treat these measures as though they are the higher order strategic objectives the measures were intended to represent as opposed to imperfect representations of those strategic objectives-a phenomenon labeled surrogation. We employ an experiment to further understand this phenomenon. In this study...
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作者：Soule, David; Grushka-Cockayne, Yael; Merrick, Jason
作者单位：University of Richmond; University of Virginia; Virginia Commonwealth University
摘要：It is intuitive and theoretically sound to combine experts' forecasts based on their proven skills, while accounting for correlation among their forecast submissions. Simpler combination methods, however, which assume independence of forecasts or equal skill, have been found to be empirically robust, in particular, in settings in which there are few historical data available for assessing experts' skill. One explanation for the robust performance by simple methods is that empirical estimation ...
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作者：Abdellaoui, Mohammed; Bleichrodt, Han; Gutierrez, Cedric
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Universitat d'Alacant; Bocconi University; Bocconi University
摘要：Overconfident behavior, the excessive willingness to bet on one's performance, may be driven by optimistic beliefs and/or ambiguity attitudes. Separating these factors is key for understanding and correcting overconfident behavior, as they call for different corrective actions. We present a method to do so, which we implement in two incentivized experiments. The first experiment shows the importance of ambiguity attitudes for overconfident behavior. Optimistic ambiguity attitudes (ambiguity se...
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作者：Kuang, Xu; Wagera, Stefan
作者单位：Stanford University
摘要：We use the lens of weak signal asymptotics to study a class of sequentially randomized experiments, including those that arise in solving multiarmed bandit problems. In an experiment with n time steps, we let the mean reward gaps between actions scale to the order 1= ffififfi root n to preserve the difficulty of the learning task as n grows. In this regime, we show that the sample paths of a class of sequentially randomized experiments-adapted to this scaling regime and with arm selection prob...
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作者：Baranski, Andrzej; Geraldes, Diogo; Kovaliukaite, Ada; Tremewan, James
作者单位：New York University; New York University Abu Dhabi; New York University; New York University Abu Dhabi; University College Dublin; University College Dublin; University of Vienna; University of Vienna; IESEG School of Management; Universite de Lille; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS)
摘要：Women are underrepresented in business, academic, and political decisionmaking bodies across the world. To investigate the causal effect of gender representation on multilateral negotiations, we experimentally manipulate the composition of triads in a majoritarian, divide-the-dollar game. We document a robust gender gap in earnings driven largely by the exclusion of women from alliances rather than differential shares within alliances. Experiments with different subject pools show that distinc...
