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作者：Lambert, Thomas
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：This paper analyzes the relationship between bank lobbying and supervisory decisions of regulators and documents its moral hazard implications. Exploiting bank-level information on the universe of commercial and savings banks in the United States, I find that regulators are 44.7% less likely to initiate enforcement actions against lobbying banks. This result is robust across measures of lobbying and accounts for endogeneity concerns by employing instrumental variables strategies. In addition, ...
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作者：Huang, Yilin; Nadauld, Taylor D.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Brigham Young University
摘要：When a firm is facing default, equity holders have incentives to engage in asset substitution, underinvest, or directly transfer wealth. Few papers document investment distortions on account of debt-equity agency conflicts, only that the threat of distortions influence ex ante financing costs. A nonagency residential mortgage-backed security deal represents an entity that is highly leveraged where, ex ante, equity holders know they will face default. This provides an ideal laboratory for testi...
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作者：Bommier, Antoine; Le Grand, Francois
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; emlyon business school; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We study the saving behavior of infinitely long-lived agents who face income uncertainty and deterministic interest rates. Using monotone recursive preferences, we prove that risk aversion unambiguously increases savings. The result accounts for possibly binding borrowing constraints and holds for very general specification of income uncertainty, which can follow any kind of stochastically monotone process.
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作者：Carpena, Fenella; Cole, Shawn; Shapiro, Jeremy; Zia, Bilal
作者单位：Harvard University; The World Bank
摘要：This paper uses a large-scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that can stymie the link between financial education and financial outcomes. The study complements financial education with (i) financial incentives on a financial literacy test to affect participant motivation, (ii) financial goal setting to provide a psychological nudge, and (iii) personalized financial counseling to enhance the intensity of treatment. The analysis finds no imp...
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作者：Chen, Yiwei; Ozer, Ozalp
作者单位：University System of Ohio; University of Cincinnati; University of Texas System; University of Texas Dallas
摘要：This paper determines categories of contracts that facilitate vertical information sharing in a supply chain while precluding horizontal information leakage among competing newsvendors. We consider a supply chain in which retailers replenish inventory from a common supplier to satisfy uncertain demand and are engaged in newsvendor competition. Each retailer has imperfect demand information. Yet one of the retailers (the incumbent) has a more accurate demand forecast than the other (the entrant...
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作者：Chiang, Yao-Min; Lowry, Michelle; Qian, Yiming
作者单位：National Taiwan University; Drexel University; University of Iowa
摘要：Using a unique data set of dealer-level trading data in bookbuilding initial public offerings (IPOs), we find strong evidence that lead underwriter trades in IPO firms are significantly related to subsequent IPO abnormal returns. This relation is concentrated among issues in which underwriters' information advantage is likely greater, specifically among IPOs with higher information asymmetry or subject to higher investor sentiment and among underwriters with the most industry experience. In co...
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作者：Buterin, Vitalik; Hitzig, Zoe; Weyl, E. Glen
作者单位：Harvard University; Microsoft
摘要：We propose a design for philanthropic or publicly funded seeding to allow (near) optimal provision of a decentralized, self-organizing ecosystem of public goods. The concept extends ideas from quadratic voting to a funding mechanism for endogenous community formation. Citizens make contributions to public goods of value to them. The amount received by the public good is (proportional to) the square of the sum of the square roots of contributions received. Under the standard model, this mechani...
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作者：Ghamami, Samim; Glasserman, Paul
作者单位：University of California System; University of California Berkeley; Columbia University
摘要：We analyze the optimal allocation of trades to portfolios when the cost associated with an allocation is proportional to each portfolio's risk. Our investigation is motivated by changes in the over-the-counter derivatives markets, under which some contracts may be traded bilaterally or through central counterparties, splitting a set of trades into two or more portfolios. A derivatives dealer faces risk-based collateral and capital costs for each portfolio, and it seeks to minimize total margin...
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作者：Kilic, Mete; Shaliastovich, Ivan
作者单位：University of Southern California; University of Wisconsin System; University of Wisconsin Madison
摘要：We measure good and bad variance premia that capture risk compensations for the realized variation in positive and negative market returns, respectively. The two variance premium components jointly predict excess returns over the next one and two years with statistically significant positive (negative) coefficients on the good (bad) component. The R(2)s reach about 10% for aggregate equity and portfolio returns and 20% for corporate bond returns. To explain the new empirical evidence, we devel...
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作者：Akkas, Arzum; Gaur, Vishal; Simchi-Levi, David
作者单位：Boston University; Cornell University; Massachusetts Institute of Technology (MIT)
摘要：Product expiration is an important problem in the consumer packaged goods (CPG) industry costing 1%-2% of gross retail sales and eroding industry profits substantially. It can be caused by several factors related to store operations, supply chain practices, and product characteristics. Existing methods used in the industry are inadequate to identify the causes of expiration, leading to inadequate efforts to reduce expiration. Using retail data for 768 SKUs and 10,000 stores (745,638 store-SKU-...
