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作者：Cerqueiro, Geraldo; Hegde, Deepak; Penas, Maria Fabiana; Seamans, Robert C.
作者单位：Universidade Catolica Portuguesa; New York University; Tilburg University
摘要：Firms' innovative activities can be sensitive to public policies that affect the availability of capital. In this paper, we investigate the effects of regional and temporal variation in U.S. personal bankruptcy laws on firms' innovative activities. We find that bankruptcy laws that provide stronger debtor protection decrease the number of patents produced by small firms. Stronger debtor protection also decreases the average quality, and variance in quality, of firms' patents. We find evidence ...
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作者：Bowen, Donald E., III; Fresard, Laurent; Taillard, Jerome P.
作者单位：University System of Maryland; University of Maryland College Park; Babson College
摘要：We study the diffusion of techniques designed to identify causal relationships in corporate finance research. We estimate that the diffusion started in the mid-1990s, lagged 20 years compared to economics, and is now used in the majority of corporate finance articles. Consistent with recent theories of technology diffusion, the adoption varies across researchers based on individuals' expected net benefits of adoption. Younger scholars, holders of PhDs in economics, and those working at top ins...
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作者：Zhang, Ting; Gino, Francesca; Norton, Michael I.
作者单位：Columbia University; Harvard University
摘要：Contrary to the tendency of mediators to defuse negative emotions between adversaries by treating them kindly, we demonstrate the surprising effectiveness of hostile mediators in resolving conflict. Hostile mediators generate greater willingness to reach agreements between adversaries (Experiment 1). Consequently, negotiators interacting with hostile mediators are better able to reach agreements in incentive-compatible negotiations than those interacting with nice mediators (Experiment 2). By ...
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作者：Chen, Yong; Qin, Nan
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Christopher Newport University
摘要：This paper provides a comprehensive examination of money flows in corporate bond funds, which, although less researched, represent an important setting to study investor behavior. Based on a large sample of corporate bond funds over 1991-2014, we first show that flows are sensitive to both fund performance and macroeconomic conditions, but unlike equity funds, the flow-performance relationship is not convex. Then, we find that investor flows can predict fund performance. More importantly, the ...
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作者：Wang, Ruxian; Wang, Zizhuo
作者单位：Johns Hopkins University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Network externality arises when the utility of a product depends not only on its attributes but also on the number of consumers who purchase the same product. In this paper, we study consumer choice models that endogenize such network externality. We first characterize the choice probabilities under such models and conduct studies on comparative statics. Then we investigate the assortment optimization problem under such choice models. Although the problem is generally NP-hard, we show that a n...
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作者：Colliard, Jean-Edouard
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：Many market participants invest resources to acquire information about liquidity rather than fundamentals. I show that agents using such information can reduce the magnitude of short-lived pricing errors by trading against liquidity shocks. However, the short-run stabilizing effect of this behavior also makes it more difficult to identify liquidity shocks, a signal-jamming effect that slows down price discovery in the long run. As more agents invest in nonfundamental information, market prices...
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作者：Gandy, Axel; Veraart, Luitgard A. M.
作者单位：Imperial College London; University of London; London School Economics & Political Science
摘要：We develop a Bayesian methodology for systemic risk assessment in financial networks such as the interbank market. Nodes represent participants in the network, and weighted directed edges represent liabilities. Often, for every participant, only the total liabilities and total assets within this network are observable. However, systemic risk assessment needs the individual liabilities. We propose a model for the individual liabilities, which, following a Bayesian approach, we then condition on...
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作者：Luo, Yulei
作者单位：University of Hong Kong
摘要：This paper provides a tractable continuous-time, constant absolute risk aversion-Gaussian framework to explore how the interactions of fundamental uncertainty, model uncertainty due to a preference for robustness, and state uncertainty due to information-processing constraints (rational inattention) affect strategic consumption-portfolio rules and precautionary savings in the presence of uninsurable labor income. Specifically, after solving the model explicitly, I compute and compare the elast...
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作者：Lu, Susan Feng; Lu, Lauren Xiaoyuan
作者单位：Purdue University System; Purdue University; University of North Carolina; University of North Carolina Chapel Hill
摘要：During the 2000s, over a dozen U.S. states passed laws that prohibit healthcare employers from mandating overtime for nurses. Using a nationwide panel data set from 2004 to 2012, we find that these mandatory overtime laws reduced the service quality of nursing homes, as measured by an increase in deficiency citations. This outcome can be explained by two undesirable changes in the staffing hours of registered nurses: decreased hours of permanent nurses and increased hours of contract nurses pe...
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作者：Barrot, Jean-Noel
作者单位：Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR)
摘要：This paper studies whether and how the contractual horizon of venture capital funds affects their investments in innovative firms. I find that funds with a longer remaining horizon select younger companies at an earlier stage of their development, which grow their patent stock significantly more than companies financed by funds with a shorter horizon. The sensitivity of investment decisions to horizon is stronger among experienced venture capital firms, who allocate investments across a larger...
