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作者：Cohen, Wesley M.; Sauermann, Henry; Stephan, Paula
作者单位：Duke University; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：Scholarly work seeking to understand academics' commercial activities often draws on abstract notions of the academic reward system and the representative scientist. Few scholars have examined whether and how scientists' motives to engage in commercial activities differ across fields. Similarly, efforts to understand academics' choices have focused on three self-interested motives-recognition, challenge, and money-ignoring the potential role of the desire to have an impact on others. Using pan...
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作者：Iachan, Felipe S.
摘要：Limited external financing creates a hedging motive that distorts resource allocation for investment projects. I study these distortions through a dynamic model with endogenous collateral constraints. The hedging motive can be broken into three components: expected future productivity, leverage capacity, and current net worth. Although constrained firms behave as if averse to transitory fluctuations in net worth, they can endogenously pursue increased exposure to both persistent factors that p...
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作者：Kabra, Ashish; Belavina, Elena; Girotra, Karan
作者单位：University System of Maryland; University of Maryland College Park; Cornell University
摘要：The cities of Paris, London, Chicago, and New York (among many others) have set up bike-share systems to facilitate the use of bicycles for urban commuting. This paper estimates the impact of two facets of system performance on bike-share ridership: accessibility (how far the user must walk to reach stations) and bike-availability (the like-lihood of finding a bicycle). We obtain these estimates from a structural demand model for ridership estimated using data from the Velib' system in Paris. ...
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作者：Bradley, Daniel; Gokkaya, Sinan; Liu, Xi
作者单位：State University System of Florida; University of South Florida; University System of Ohio; Ohio University; University System of Ohio; Miami University
摘要：We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with professional connections to coverage firms have more accurate earnings forecasts and issue more informative buy and sell recommendations. These analysts are more likely to participate, be chosen first, and ask more questions during earnings conference calls and analyst/investor days. Homophily based on gender, age, and ethnicity is orthogonal to professional connect...
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作者：Simchi-Levi, David
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
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作者：van Bilsen, Servaas; Laeven, Roger J. A.; Nijman, Theo E.
作者单位：University of Amsterdam; Tilburg University
摘要：We explicitly derive and explore the optimal consumption and portfolio policies of a loss-averse individual who endogenously updates his or her reference level over time. We find that the individual protects current consumption by delaying painful reductions in consumption after a drop in wealth, and increasingly so with higher degrees of endogeneity. The incentive to protect current consumption is stronger with a medium wealth level than with a high or low wealth level. Furthermore, this indi...
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作者：Gamba, Andrea; Saretto, Alessio
作者单位：University of Warwick; University of Texas System; University of Texas Dallas
摘要：We calibrate a dynamic model of credit risk and analyze the relation between growth options and credit spreads. Our model features real and financing frictions, a technology with decreasing returns to scale, and endogenous investment options driven by both systematic and idiosyncratic shocks. We find a negative relation between credit spreads and growth options after controlling for determinants of credit risk. This negative relation is a result of the current decision to invest and the associ...
