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作者：Sun, Chengzhu; Wang, Shujing; Zhang, Chu
作者单位：Hong Kong Polytechnic University; Tongji University; Hong Kong University of Science & Technology
摘要：We examine whether and how payout policy affects credit risk using evidence from the credit default swap (CDS) market. CDS spreads increase substantially in response to announcements of dividend cuts, especially during recessions and among firms ex-periencing financial distress. CDS spreads also react more strongly to permanent and less anticipated dividend cuts. The size of the CDS reaction is more pronounced for financial firms, which are inherently more opaque. In contrast, CDS spreads reac...
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作者：Banulescu-Radu, Denisa; Hurlin, Christophe; Leymarie, Jeremy; Scaillet, Olivier
作者单位：Universite de Orleans; Universite Catholique de Lille; EDHEC Business School; University of Geneva; University of Geneva; Swiss Finance Institute (SFI)
摘要：This paper proposes an original approach for backtesting systemic risk measures. This backtesting approach makes it possible to assess the systemic risk measure forecasts used to identify the financial institutions that contribute the most to the overall risk in the financial system. Our procedure is based on simple tests similar to those generally used to backtest the standard market risk measures such as value-at-risk or expected shortfall. We introduce a concept of violation associated with...
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作者：Glover, Jonathan; Kim, Eunhee
作者单位：Columbia University; City University of Hong Kong
摘要：We study optimal team design. In our model, a principal assigns either heterogeneous agents to a team (a diverse team) or homogenous agents to a team (a specialized team) to perform repeated team production. We assume that specialized teams exhibit a productive substitutability (e.g., interchangeable efforts with decreasing returns to total effort), whereas diverse teams exhibit a productive complementarity (e.g., crossfunctional teams). Diverse teams have an inherent advantage in fostering de...
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作者：Ban, Gah-Yi; Keskin, N. Bora
作者单位：University System of Maryland; University of Maryland College Park; Duke University
摘要：We consider a seller who can dynamically adjust the price of a product at the individual customer level, by utilizing information about customers' characteristics encoded as a d-dimensional feature vector. We assume a personalized demand model, parameters of which depend on s out of the d features. The seller initially does not know the relationship between the customer features and the product demand but learns this through sales observations over a selling horizon of T periods. We prove that...
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作者：Boudreau, Kevin J.
作者单位：Northeastern University
摘要：A platform might have the potential to bring enormous value to its users. However, without a well-orchestrated launch strategy that coordinates a sufficient number of users onto the platform, this potential will not be realized. The theoretical literature predicts that one approach to coordinating platform take-off is to influence the market's subjective focal expectations of the future installed base of users. This paper reports on a field experiment investigating the causal role of subjectiv...
