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作者：Greenstein, Shane; Gu, Grace; Zhu, Feng
作者单位：Harvard University; Boston College
摘要：Online communities bring together participants from diverse backgrounds and often face challenges in aggregating their opinions. We infer lessons from the experience of individual contributors to Wikipedia articles about U.S. politics. We identify two factors that cause a tendency toward moderation in collective opinion: Either biased contributors contribute less, which shifts the composition of participants, or biased contributors moderate their own views. Our findings show that shifts in the...
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作者：Butler, Alexander W.; Gao, Xiang; Uzmanoglu, Cihan
作者单位：Rice University; University of North Dakota Grand Forks; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：We study the influence of credit default swaps (CDS) trading on the costs of bond intermediation. After CDS initiation, CDS firms pay 12% to 28% (8 to 20 basis points) lower underwriting fees than similar non-CDS firms do. Underwriting fees decline more for riskier issuers and illiquid bonds for which the ability to hedge with CDS is more valuable. In bond offerings, participation by investors facing risk-based regulatory requirements increases after CDS initiation. Our evidence suggests that ...
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作者：Galasso, Alberto; Luo, Hong
作者单位：University of Toronto; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Harvard University
摘要：We study the impact of consumers' risk perception on firm innovation. Our analysis exploits a major surge in the perceived risk of radiation diagnostic devices following extensive media coverage of a set of overradiation accidents involving computed tomography (CT) scanners in late 2009. Using data on radiation diagnostic device patents and Food and Drug Administration (FDA) product clearances, we find that the increased perception of radiation risk spurred the development of new technologies ...
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作者：Bastani, Hamsa
作者单位：University of Pennsylvania
摘要：Predictive analytics is increasingly used to guide decision making in many applications. However, in practice, we often have limited data on the true predictive task of interest and must instead rely on more abundant data on a closely related proxy predictive task. For example, e-commerce platforms use abundant customer click data (proxy) to make product recommendations rather than the relatively sparse customer purchase data (true outcome of interest); alternatively, hospitals often rely on m...
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作者：Banerjee, Sanjay
作者单位：University of Alberta
摘要：This paper studies the effect of competition on analysts' forecast informativeness. Analysts compete to achieve a higher rank in forecast accuracy. Competition can impair, improve, or have no effect on analysts' forecast informativeness. Competition impairs informativeness if and only if the prior uncertainty of the economic state is high, and analysts' private signals are positively correlated conditional on the state. The more intense the competition in terms of a higher prize-to-penalty rat...
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作者：Levine, Ross; Lin, Chen; Xie, Wensi
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Hong Kong; Chinese University of Hong Kong
摘要：We assess the impact of geographic diversification on a bank's costs of interest-bearing liabilities. We employ a new identification strategy and discover that geographic expansion across U.S. states lowered funding costs. Consistent with expansion facilitating risk diversification, we find that (1) funding costs fall more when banks expand into states whose economies are less correlated with the banks' state and (2) geographic diversification reduces the costs of uninsured, but not insured, d...
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作者：Kruger, Samuel; Maturana, Gonzalo
作者单位：University of Texas System; University of Texas Austin; Emory University
摘要：Securitized mortgage appraisals routinely target pre-specified valuations, 45% of purchase loan appraisals exactly equal purchase prices, and appraisals virtually never fall below purchase prices. As a result, appraisals exceed automated valuation model (AVM) valuations 60% of the time and are 5% higher than AVM valuations on average. High appraisals and indicators of appraisal targeting predict loan delinquency and residential mortgage-backed security (RMBS) losses and are priced at the loan ...
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作者：Bavafa, Hessam; Jonasson, Jonas Oddur
作者单位：University of Wisconsin System; University of Wisconsin Madison; Massachusetts Institute of Technology (MIT)
摘要：The expansive learning curve literature in operations management has established how various facets of prior experience improve average performance. In this paper, we explore how increased cumulative experience affects performance variability or consistency. We use a two-stage estimation method of a heteroskedastic learning curve model to examine the relationship between experience and performance variability among paramedics at the London Ambulance Service. We find that, for paramedics with l...
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作者：Chen, Zhiyao; Strebulaev, Ilya A.; Xing, Yuhang; Zhang, Xiaoyan
作者单位：Chinese University of Hong Kong; Stanford University; National Bureau of Economic Research; Rice University; Tsinghua University
摘要：We find strong empirical support for the risk-shifting mechanism to account for the puzzling negative relation between idiosyncratic volatility and future stock returns. First, equity holders take on investments with high idiosyncratic risk when their firms are in distress and receive less monitoring from institutional holders as well as when the aggregate economy is in a bad state. Second, the strategically increased idiosyncratic volatility decreases equity betas, particularly in bad states ...
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作者：Gupta, Sudip; Sundaram, Rangarajan K.; Sundaresan, Suresh
作者单位：Fordham University; New York University; Columbia University
摘要：In this paper, we examine a novel two-stage mechanism for selling government securities, wherein the dealers underwrite in the first stage the sale of securities, which are auctioned in stage 2 via either a discriminatory auction (DA) or a uniform price auction (UPA). Using proprietary data on auctions during 2006-2013, we find that (a) the first stage underwriting auction generates significant information, including predicting the likelihood of devolvement, and bid shading, and (b) the outcom...
