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作者：Morrison, Alan D.; Walther, Ansgar
作者单位：University of Oxford; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Imperial College London
摘要：We analyze a general equilibrium model in which financial institutions generate endogenous systemic risk Banks optimally select correlated investments and thereby expose themselves to fire sale risk so as to sharpen their incentives. Systemic risk is therefore a natural consequence of banks' fundamental role as delegated monitors. Our model sheds light on recent and historical trends in measured systemic risk. Technological innovations and government-directed lending can cause surges in system...
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作者：Adena, Maja; Huck, Steffen
作者单位：University of London; University College London
摘要：We provide the first field evidence pointing at the role of pure self-image, independent of social image, in charitable giving. In an online fundraising campaign for a social youth project run on an opera ticket booking platform, we document how individuals seem to engage in self-deception to preserve their self-image. In addition, we provide evidence on stark adverse long-run effects of the fundraising campaign for ticket sales. Avoiding the ask, opera customers who faced more insistent onlin...
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作者：Ip, Edwin; Leibbrandt, Andreas; Vecci, Joseph
作者单位：Monash University; University of Gothenburg
摘要：Gender quotas are frequently proposed to address persistent gender imbalances in managerial roles. However, it is unclear how quotas for female managers affect organizations and whether quotas improve or damage relationships between managers and their subordinates. We conduct a representative survey to study opinions on quotas for female managers and, based upon the survey, design a novel set of experiments to investigate how quotas influence wage setting and effort provision. Our findings rev...
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作者：Kong, Qingxia; Granic, Georg D.; Lambert, Nicolas S.; Teo, Chung Piaw
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Stanford University; National University of Singapore; National University of Singapore
摘要：We demonstrate that lottery markets can exhibit the hot-hand phenomenon, in which past winning numbers tend to have a greater share of the betting proportion in future draws even though past and future events are independent. This is surprising as previous works have instead documented the presence of an opposite effect, the gambler's fallacy in the U.S. lottery market. The current literature also suggests that the gambler's fallacy prevails when random numbers are generated by mechanical devi...
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作者：Exley, Christine L.
作者单位：Harvard University
摘要：There is an increasing pressure to give more wisely and effectively. There is, relatedly, an increasing focus on charity performance metrics. Through a series of experiments, this paper provides a caution to such a focus. Although information on charity performance metrics may facilitate more effective giving, it may also facilitate the development of excuses not to give. Managers of nonprofit organizations should carefully assess this tension when determining whether and how to provide inform...
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作者：He, Jia; Liu, Haoming; Sing, Tien Foo; Song, Changcheng; Wong, Wei-Kang
作者单位：Nankai University; National University of Singapore; National University of Singapore; Singapore Management University
摘要：We study effect of superstition and conspicuous spending motives on housing demand and price in Singapore. We find that buyers pay less for homes with unlucky addresses and more for homes with lucky addresses. There were fewer housing transactions on inauspicious days of the lunar calendar when people are advised to avoid making major economic decisions. This suggests that superstitious belief still affects economic activities. The demand for lucky addresses is also weaker on these inauspiciou...
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作者：Lei, Yaoting; Li, Ya; Xu, Jing
作者单位：Nanchang University; Hong Kong Metropolitan University; Renmin University of China
摘要：In asset return predictability, realized returns and future expected returns tend to move in opposite directions. This generates a tension between tax- and market-timing incentives. In this study, a portfolio choice problem in the presence of both return predictability and capital gains tax is examined. We characterize various features of the optimal trading strategy, and demonstrate that the optimal strategy helps mitigate the tension between market- and tax-timing. The calibrated model sugge...
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作者：Desir, Antoine; Goyal, Vineet; Segev, Danny; Ye, Chun
作者单位：INSEAD Business School; Columbia University; University of Haifa; Amazon.com
摘要：Assortment optimization is an important problem that arises in many practical applications such as retailing and online advertising. The fundamental goal is to select a subset of items to offer from a universe of substitutable items to maximize expected revenue when customers exhibit a random substitution behavior captured by a choice model. We study assortment optimization under the Markov chain choice model in the presence of capacity constraints that arise naturally in many applications. Th...
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作者：Jia, Ning; Rai, Arun; Xu, Sean Xin
作者单位：Tsinghua University; University System of Georgia; Georgia State University; University System of Georgia; Georgia State University; Tsinghua University
摘要：We investigate how firms use information technology (IT) implementation to mitigate an anomaly in capital markets: investors underreacting to new public information. The theory of information uncertainty (IU) suggests that the anomaly is amplified with IU; that is, with ambiguity in information about firm value. We theorize that a firm's IT in general- and enterprise systems (ES) in particular-can mitigate IU, thus reducing the NJ-induced underreaction anomaly. Based on a difference-in-differe...
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作者：Dai, Tinglong; Zheng, Ronghuo; Sycara, Katia
作者单位：Johns Hopkins University; University of Texas System; University of Texas Austin; Carnegie Mellon University
摘要：The ongoing shortage of organs for transplantation has generated an expanding literature on efficient and equitable allocation of the donated cadaveric organs. By contrast, organ donation has been little explored. In this paper, we develop a parsimonious model of organ donation to analyze the welfare consequences of introducing the donor-priority rule, which grants registered organ donors priority in receiving organs should they need transplants in the future. We model an individual's decision...
