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作者：Duffy, John; Jiang, Janet Hua; Xie, Huan
作者单位：University of California System; University of California Irvine; Bank of Canada; Concordia University - Canada
摘要：We study indefinitely lived assets in experimental markets and find that the traded prices of these assets are on average about 40% of the risk -neutral fundamental value. Neither uncertainty about the value of total dividend payments nor horizon uncertainty about the duration of trade can account for this low traded price. An Epstein-Zin recursive preference specification that models the dynamic realization of dividend payments, combined with either probability weighting or subjects' heteroge...
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作者：Ramadorai, Tarun; Zeni, Federica
作者单位：Imperial College London; Center for Economic & Policy Research (CEPR); The World Bank
摘要：We measure firms' beliefs about climate regulation, plans for future abatement, and current emissions mitigation from responses to the Carbon Disclosure Project. These measures vary strikingly around the Paris announcement. A dynamic model of a representative firm facing a future carbon levy, trading off abatement and capital growth, and facing convex adjustment costs cannot fit the data. A two-firm model with crossfirm reputational externalities, heterogeneous beliefs over climate regulation,...
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作者：Guo, Lixiong; Kong, Jing; Masulis, Ronald W.
作者单位：University of Mississippi; University of Michigan System; University of Michigan; University of New South Wales Sydney
摘要：We explore whether employee interests affect the evaluation of acquisition offers by target boards of directors. Exploiting changes in state unemployment insurance (UI) as sources of exogenous variation in worker unemployment costs, we find that lower unemployment costs increase acquisition activity. The adoption of state constituency statutes strengthens this relation. Boards of target firms having high labor intensity, low short-term institutional ownership, headquartered in low population o...
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作者：Agarwal, Sumit; Sing, Tien Foo; Song, Changcheng; Zhang, Jian
作者单位：National University of Singapore; National University of Singapore; Singapore Management University; University of Hong Kong
摘要：Working at home benefits entrepreneurs by lowering fixed costs and allowing them to engage in joint market and household production. We evaluate a large-scale reform in Singapore, the Home Office Scheme, that allowed business creation at one's residential property and study whether home-based entrepreneurship spurs entrepreneurial activities. The difference-in-differences estimate shows that the reform led to a significantly higher level of business creation and the firms newly created in resp...
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作者：Pazarbasi, Altan; Schneider, Paul; Vilkov, Grigory
作者单位：Ihsan Dogramaci Bilkent University; Universita della Svizzera Italiana; Swiss Finance Institute (SFI); Frankfurt School Finance & Management
摘要：We present a nonparametric method to recover a bound on ex ante dispersion of beliefs (DBB) from asset prices with minimal assumptions. DBB constrains the dispersion among all possible distributions in an economy, consistent with observed prices and subject to a good -deal bound. In model -based economies, DBB effectively tracks belief heterogeneity and serves as a diagnostic tool for evaluating model calibrations. Empirically, DBB relates to common proxies of belief dispersion, offering a rea...
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作者：Aloosh, Arash; Li, Jiasun
作者单位：George Mason University
摘要：We use the internal trading records of a major Bitcoin exchange leaked by hackers to detect and characterize wash trading-a type of market manipulation in which a single trader clears the trader's own limit orders to cook transaction records. Our finding provides direct evidence for the widely suspected fake volume allegation against cryptocurrency exchanges, which has so far only been backed by indirect estimation. We then use our direct evidence to evaluate various indirect techniques for de...
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作者：Asparouhova, Elena; Bossaerts, Peter; Yang, Wenhao
作者单位：Utah System of Higher Education; University of Utah; University of Cambridge; University of North Carolina; University of North Carolina Charlotte
摘要：This study tests the rationality of the decisions to purchase information, the informational efficiency of prices, and the optimality of the resulting allocations in decentralized markets with a series of laboratory experiments. The theory predicts that markets with dispersed information and natural buyers and sellers converge to a fully revealing equilibrium. It is profitable to pay for information, and as such, the Grossman-Stiglitz paradox does not emerge. Statistically significant improvem...
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作者：Bisetti, Emilio
作者单位：Hong Kong University of Science & Technology
摘要：While conventional wisdom suggests that financial supervision is costly for bank shareholders, agency theory suggests that supervisors' audits can reduce shareholder monitoring costs. I study this trade-off in the context of an unexpected decrease in off -site surveillance intensity by the U.S. Federal Reserve. Banks subject to reduced surveillance experience a 1% loss in bank Tobin's q and a 7% loss in equity market -to -book. These banks engage in more earnings management, and appear to comp...
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作者：Ashraf, Musaib; Choudhary, Preeti; Jaggi, Jacob
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Arizona; Washington State University
摘要：Audit committee (AC) responsibilities have increased over time, prompting concerns that overloading the AC with too many duties may impair the AC's ability to oversee financial reporting. Using new AC charter -based proxies to measure AC responsibilities, we find that an emphasis on the AC overseeing financial risk management (which is a noncore AC duty) is associated with worse financial reporting quality, as proxied by restatements-consistent with the argument of AC overload by distraction. ...
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作者：To, Thuy-Duong; Tran, Ngoc-Khanh
作者单位：University of New South Wales Sydney; Virginia Polytechnic Institute & State University
摘要：Output fluctuations in nontraded sectors are an important country-specific risk factor because nontraded outputs are only consumed domestically. In interest rate markets, countries with higher nontraded output growth risks are associated with stronger motives for precautionary savings and lower interest rates. In currency markets, strategies with higher exposures to nontraded output growth risks offer higher average excess returns. Economic sizes play an important role in exacerbating the pric...
