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作者：Elkamhi, Redouane; Jo, Chanik; Nozawa, Yoshio
作者单位：University of Toronto; Chinese University of Hong Kong
摘要：A one-factor model based on long-run consumption growth explains the risk premiums on corporate bond portfolios sorted on credit rating, credit spreads, downside risk, idiosyncratic volatility, long-term reversals, maturity, and sensitivity to the financial intermediary capital factor. The estimated risk-aversion coefficient is lower when we use the consumption growth of wealthy households over a longer horizon as a risk factor, and a model with a 20-quarter horizon yields a risk-aversion coef...
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作者：Angelici, Marta; Profeta, Paola
作者单位：Bocconi University; Bocconi University
摘要：Does removing constraints on the time and place of work benefit the utility of workers and firms? We design a randomized experiment of a sample of workers in a large Italian company; workers are randomly divided into a treated group that engages in flexible place and time of work (which we call smart working) one day per week for nine months and a control group that continues to work traditionally. By comparing the treated and control groups, we find causal evidence that the flexibility of sma...
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作者：He, Junnan
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Classic theories show that choices can be represented by a stable utility function when they satisfy consistency axioms, such as transitivity and the independence of irrelevant alternatives. Empirical choice data, however, display several contextual choice effects that violate these axioms. We study a choice model with a fixed underlying utility function and explain contextual choices with a novel type of information friction: the agent's perception of the options is affected by attribute-spec...
