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作者：Yang, S. Alex; Bakshi, Nitin; Chen, Christopher J.
作者单位：University of London; London Business School; University of Hong Kong; Utah System of Higher Education; University of Utah; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：Trade credit insurance (TCI) is a risk management tool commonly used by suppliers to guarantee against payment default by credit buyers. TCI contracts can be either cancelable (the insurer has the discretion to cancel this guarantee during the insured period) or noncancelable (the terms cannot be renegotiated within the insured period). This paper identifies two roles of TCI: the (cash flow) smoothing role (smoothing the supplier's cash flows) and the monitoring role (tracking the buyer's cont...
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作者：Beattie, Graham; Durante, Ruben; Knight, Brian; Sen, Ananya
作者单位：Pompeu Fabra University; ICREA; Barcelona School of Economics; Brown University; National Bureau of Economic Research; Carnegie Mellon University
摘要：Do mass media bias content in favor of advertisers? If so, what market conditions limit or exacerbate this bias? We examine the relationship between advertising by auto manufacturers in U.S. newspapers and news coverage of car safety recalls between 2000 and 2014. This context allows us to separate the influence of advertisers, who prefer less coverage, from that of readers, who prefer more information about the safety risks associated with the recalls. Consistent with theoretical predictions,...
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作者：Hsu, Alex; Li, Erica X. N.; Palomino, Francisco
作者单位：University System of Georgia; Georgia Institute of Technology; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper quantitatively explores the role of external habits, nominal rigidities, and monetary policy for real and nominal bond yields in an asset-pricing endogenous growth model. The calibration captures the reported average positive slopes of U.S. real and nominal yield curves with sizable positive real and nominal bond risk premia. Habits are critical to generate positive real premia by altering the comovement of real rates and productivity shocks. Nominal rigidities generate monetary pol...
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作者：Rosu, Ioanid; Saleh, Fahad
作者单位：Hautes Etudes Commerciales (HEC) Paris; Wake Forest University
摘要：Do the rich always get richer by investing in a cryptocurrency for which new coins are issued according to a proof-of-stake (PoS) protocol? We answer this question in the negative: Without trading, the investor shares in the cryptocurrency are martingales that converge to a well-defined limiting distribution and, hence, are stable in the long run. This result is robust to allowing trading when investors are risk neutral. Then, investors have no incentive to accumulate coins and gamble on the P...
