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作者：Lei, Yanzhe (Murray); Miao, Sentao; Momot, Ruslan
作者单位：Queens University - Canada; University of Colorado System; University of Colorado Boulder; University of Michigan System; University of Michigan
摘要：This paper examines how data-driven personalized decisions can be made while preserving consumer privacy. Our setting is one in which the firm chooses a personalized price based on each new customer's vector of individual features; the true set of individual demand-generating parameters is unknown to the firm and so must be estimated from historical data. We extend the existing personalized pricing framework by requiring also that the firm's pricing policy preserve consumer privacy, or (formal...
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作者：Chang, Edward H.; Kirgios, Erika L.
作者单位：Harvard University; University of Chicago
摘要：People tasked with replacing a departing group member are disproportionately likely to choose a replacement with the same demographic identity, leading to demographic stickiness in group composition. We examine this effect in 2,163 U.S. federal judge appointments over 75 years, in the selection of 5,616 S & P 1500 board directors from 2014 to 2019, and in four preregistered experiments (n = 2,900). The patterns we document are generally consistent with both impact aversion (desires to minimize...
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作者：Ashlagi, Itai; Bichler, Martin; Jagabathula, Srikanth
作者单位：Stanford University; Technical University of Munich; New York University
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作者：Landsman, Wayne; Pan, Jing; Stubben, Stephen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Utah System of Higher Education; University of Utah
摘要：This study examines how equity market fragmentation affects firms' capital investment decisions. Recent empirical research finds that market fragmentation lowers trading costs and thus improves market quality. We examine whether this increase in market quality translates into greater revelatory price efficiency, where stock prices reveal with greater precision information to managers and/or creditors about firms' investment opportunities. Consistent with this notion, our findings reveal that t...
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作者：Edmans, Alex; Pu, Darcy; Zhang, Chendi; Li, Lucius
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Exeter
摘要：Studying 30 countries, we find that the link between employee satisfaction and stock returns is significantly increasing in a country's labor market flexibility. This result is consistent with employee satisfaction having greater recruitment, retention, and motivation benefits where firms face fewer hiring and firing constraints and employees have greater ability to respond to satisfaction. Labor market flexibility also increases the link between employee satisfaction and current valuation rat...
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作者：Kumar, Alok; Motahari, Mehrshad; Taffler, Richard J.
作者单位：University of Miami; City St Georges, University of London; University of Warwick
摘要：This study demonstrates that skewness preference of investors is an important driver of various market anomalies. Using a combined measure of mispricing based on 11 prominent anomaly strategies, we show that return predictability associated with the mispricing component of market anomalies is stronger among firms with higher idiosyncratic skewness. The predictability differences are driven by the higher underperformance of high-skewness firms in short anomaly portfolios. Skewness does not affe...
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作者：Ahnert, Toni; Kuncl, Martin
作者单位：European Central Bank; Centre for Economic Policy Research - UK; Bank of Canada
摘要：We study third-party loan guarantees in a model in which lenders can screen and sell loans before maturity when in need of liquidity. Loan guarantees improve market liquidity, reduce lending standards, and can have a positive overall welfare effect. Guarantees improve the average quality of nonguaranteed loans traded and thus, the market liquidity of these loans because of selection. This positive pecuniary externality provides a rationale for guarantee subsidies. Our results contribute to a d...
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作者：Canidio, Andrea; Danos, Vincent
作者单位：Centre National de la Recherche Scientifique (CNRS); CNRS - Institute of Chemistry (INC); Universite PSL; UNICANCER; Institut Curie; Sorbonne Universite; Ecole Normale Superieure (ENS)
摘要：We provide a game-theoretic analysis of the problem of front-running attacks. We use it to distinguish attacks from legitimate competition among honest users for having their transactions included earlier in the block. We also use it to introduce an intuitive notion of the severity of front-running attacks. We then study a simple commit-reveal protocol and discuss its properties. This protocol has costs because it requires two messages and imposes a delay. However, we show that it prevents the...
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作者：Jackson, Robert; Lynch-Levy, Bradford; Taylor, Daniel
作者单位：New York University; University of Chicago; University of Pennsylvania
摘要：Whereas corporate insiders at U.S.-listed, U.S.-domiciled companies must disclose their stock sales electronically within two business days on Form 4, the U.S. Securities and Exchange Commission (SEC) exempts insiders at U.S.-listed, foreign-domiciled companies from this requirement. Instead, these foreign insiders report their sales on a paper form mail -filed with the SEC. Using a unique data set compiled from digitized versions of thousands of paper forms, we examine the stock sales of fore...
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作者：Upton, Harvey
作者单位：Humboldt University of Berlin
摘要：We study an infinitely repeated game of team production, where agents must supply costly effort under moral hazard. The principal also has the option to delegate an additional production-relevant decision to a team member. We provide conditions under which delegation changes the scope of peer sanction and thus influences the implicit incentives generated by the agents' repeated interaction. Delegation can then become strictly optimal, despite misaligned preferences and symmetric information re...
