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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; Qian, Wenlan; Zou, Xin
作者单位：National University of Singapore; Hong Kong Baptist University
摘要：Using transaction-level credit-card spending from a large U.S. financial institution, we show that disaggregated sales provide accurate and persistent signals of customer demand relevant to a firm's stock pricing. After controlling for earnings and sales surprises, one interquintile increase in the adjusted customer spending during a firm's fiscal quarter leads to a 1.5 percentage point increase in the 60-day post-earnings announcement cumulative abnormal return. The predictability concentrate...
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作者：Tserenjigmid, Gerelt
作者单位：Virginia Polytechnic Institute & State University
摘要：I develop a simple axiomatic model that incorporates the order effect: the ordering of alternatives (e.g., ranking of universities, the location of products in a grocery store, the order of candidates on a ballot) affects choice frequencies. In my model, the probability of choosing an alternative is proportional to the utility of the alternative, similar to the Luce model. However, the utility of the alternative depends on the relative ordering of the alternative in the menu. I characterize th...
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作者：Zolitz, Ulf; Feld, Jan
作者单位：University of Zurich; University of Zurich; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; Victoria University Wellington
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness for a particular purpose, or non-infringement. Descriptions of, or references to, produ...
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作者：Ben-David, Itzhak; Franzoni, Francesco; Moussawi, Rabih; Sedunov, John
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Universita della Svizzera Italiana; University of Geneva; Villanova University
摘要：Large institutional investors own an increasing share of the equity markets in the United States. The implications of this development for financial markets are still unclear. The paper presents novel empirical evidence that ownership by large institutions predicts higher volatility and greater noise in stock prices as well as greater fragility in times of crisis. When studying the channel, we find that large institutional investors exhibit traits of granularity (i.e., subunits within a firm d...
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作者：Yang, Luyi; Wang, Zhongbin; Cui, Shiliang
作者单位：University of California System; University of California Berkeley; Nankai University; Georgetown University
摘要：Recent years have witnessed the rise of queue scalping in congestion-prone service systems. A queue scalper has no material interest in the primary service but proactively enters the queue in hopes of selling his spot later. This paper develops a queueing-game-theoretic model of queue scalping and generates the following insights. First, we find that queues with either a very small or very large demand volume may be immune to scalping, whereas queues with a nonextreme demand volume may attract...
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作者：Aydogan, Ilke
摘要：Prior beliefs and their updating play a crucial role in decisions under uncertainty, and theories about them have been well established in classical Bayesianism. Yet, they are almost absent for ambiguous decisions from experience. This paper proposes a new decision model that incorporates the role of prior beliefs, beyond the role of ambiguity attitudes, into the analysis of such decisions. Hence, it connects ambiguity theories, popular in economics, with decision from experience, popular (mos...
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作者：Cooper, David J.; Saral, Krista; Villeval, Marie Claire
作者单位：State University System of Florida; Florida State University; University of East Anglia; University of North Carolina; University of North Carolina Charlotte; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; CNRS - Institute for Humanities & Social Sciences (INSHS); IZA Institute Labor Economics
摘要：We present experiments exploring why high ability workers join teams with less able coworkers when there are no short-term financial benefits. We distinguish between two explanations: prosocial preferences and expected long-term financial gains from teaching future teammates. Participants perform a real-effort task and decide whether to work independently or join a two-person team. Treatments vary the payment scheme (piece rate or revenue sharing), whether teammates can communicate, and the ro...
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作者：Wager, Stefan; Xu, Kuang
作者单位：Stanford University
摘要：Classical approaches to experimental design assume that intervening on one unit does not affect other units. There are many important settings, however, where this noninterference assumption does not hold, as when running experiments on supply-side incentives on a ride-sharing platform or subsidies in an energy marketplace. In this paper, we introduce a new approach to experimental design in large-scale stochastic systems with considerable cross-unit interference, under an assumption that the ...
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作者：Agrawal, Vishal; Atasu, Atalay; Ulku, Sezer
作者单位：Georgetown University; University System of Georgia; Georgia Institute of Technology; INSEAD Business School
摘要：We investigate the economic and environmental implications of jointly implementing leasing and modularity, two prominent circular economy strategies, and their interaction. We develop a durable goods model to obtain insights for firms considering the use of these strategies. We first analyze the effect of adopting leasing on a firm's product architecture choice. We find that a modular product architecture is more attractive under leasing only if off-lease products depreciate to a greater exten...
