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作者：Bakshi, Gurdip; Gao, Xiaohui; Panayotov, George
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：This paper proposes a measure of dissimilarity between stochastic discount factors (SDFs) in different economies. The SDFs are made comparable using the respective bond prices as the numeraire. The measure is dimensionless, synthesizes features of the risk-neutral moments of excess currency returns, and can be extracted from currency option prices. Linking theory to data, we provide evidence gathered from (i) the cross section of 45 currency option prices, (ii) the time series of currency retu...
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作者：Freeman, Michael; Robinson, Susan; Scholtes, Stefan
作者单位：INSEAD Business School; University of Cambridge; University of Cambridge
摘要：Using data from over 300,000 visits to an emergency department (ED), we study the accuracy of gatekeeping decisions-the choices that physicians make regarding patient discharge or admission to the hospital. In our study context, we focus specifically on the effectiveness of a second gatekeeping stage in the ED-a clinical decision unit (CDU). Although only 9.9% of patients in our sample are routed through the CDU, we find that had the unit not been in place during the observation period, the ra...
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作者：Schneider, Christoph; Weinmann, Markus; Mohr, Peter N. C.; vom Brocke, Jan
作者单位：University of Navarra; IESE Business School; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Free University of Berlin; University of Liechtenstein
摘要：Scholars generally assume that consumer ratings reflect consumer satisfaction, but ratings can be influenced by the design of the rating system. We examine two rating designs-single-dimensional rating systems, which elicit overall ratings only, and multidimensional (MD) rating systems, which elicit both dimensional and overall ratings-and how they impact overall ratings. Drawing on the accessibility-diagnosticity framework, we argue that dimensional ratings in MD systems influence overall rati...
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作者：Csoka, Peter; Herings, P. Jean-Jacques
作者单位：Corvinus University Budapest; HUN-REN; HUN-REN Centre for Economic & Regional Studies; Maastricht University
摘要：The most important rule to determine payments in real-life bankruptcy problems is the proportional rule. Many such bankruptcy problems are characterized by network aspects, and the values of the agents' assets are endogenous as they depend on the extent to which claims on other agents can be collected. These network aspects make an axiomatic analysis challenging. This paper is the first to provide an axiomatization of the proportional rule in financial networks. Our main axiom is invariance to...
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作者：Allee, Kristian D.; Christensen, Theodore E.; Graden, Bryan S.; Merkley, Kenneth J.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University System of Georgia; University of Georgia; Utah System of Higher Education; Southern Utah University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We investigate a firm's decision to initiate earnings guidance during its first year as a public company following its initial public offering (IPO), which we label early guidance. Using a sample of firms with IPOs between 2001 and 2010, we find that almost 60% provide early guidance and that only one-third of the firms that do not provide guidance during the first year subsequently decide to guide. Consistent with the importance of liquidity incentives following the IPO, we find that firms ar...
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作者：Busse, Jeffrey A.; Chordia, Tarun; Jiang, Lei; Tang, Yuehua
作者单位：Emory University; Tsinghua University; State University System of Florida; University of Florida
摘要：We study the interdependencies between transaction costs, portfolio characteristics, and mutual fund performance. Using a novel data set of actual mutual fund trades, we find that, controlling for investment style, larger funds realize lower percentage transaction costs than smaller funds. Larger mutual funds trade less frequently and hold bigger stocks to actively avoid incurring higher trading costs. Gross returns of larger funds are lower than those of smaller funds due, in part, to the cha...
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作者：Xu, Yuqian; Armony, Mor; Ghose, Anindya
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; New York University
摘要：Social media platforms for healthcare services are changing how patients choose physicians. The digitization of healthcare reviews has been providing additional information to patients when choosing their physicians. On the other hand, the growing online information introduces more uncertainty among providers regarding the expected future demand and how different service features can affect patient decisions. In this paper, we derive various service-quality proxies from online reviews and show...
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作者：Hau, Harald; Hoffmann, Peter; Langfield, Sam; Timmer, Yannick
作者单位：Centre for Economic Policy Research - UK; University of Geneva; University of Geneva; European Central Bank; International Monetary Fund
摘要：For the first time, new regulatory data allow precise measurement of price discrimination against nonfinancial clients in the foreign exchange derivatives market. Consistent with the theoretical literature, transaction costs vary systematically with measures of client sophistication. The median client pays 10.9 pips more than blue-chip companies because of its lower level of sophistication, which compares with a sample average effective spread of 6.9 pips. However, price discrimination is full...
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作者：Agarwal, Sumit; Bubna, Amit; Lipscomb, Molly
作者单位：National University of Singapore; University of Virginia
摘要：We show that consumers spend 15% more per day in the first week following the receipt of a credit card statement than in the days just prior to the statement. This increase in spending includes both an increase in the likelihood that they use the credit card in the first weeks following their statement and an increase in transaction amount on days they use the credit card. In contrast to the effect on credit card spending, debit card spending is unaffected by credit card statement issuance, su...
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作者：de Vaan, Mathijs; Mumtaz, Saqib; Nagaraj, Abhishek; Srivastava, Sameer B.
作者单位：University of California System; University of California Berkeley
摘要：As conveners that bring various stakeholders into the same physical space, firms can powerfully influence the course of pandemics such as coronavirus disease 2019. Even when operating under government orders and health guidelines, firms have considerable discretion to keep their establishments open or closed during a pandemic. We examine the role of social learning in the exercise of this discretion at the establishment level. In particular, we evaluate how the closure decisions of chain estab...
