-
作者：Garlappi, Lorenzo; Song, Zhongzhi
作者单位：University of British Columbia
摘要：Using two macro-based measures and one return-based measure of investment-specific technology (IST) shocks, we find that over the 1964-2012 period, exposure to IST shocks cannot explain cross-sectional return spreads based on book-to-market, momentum, asset growth, net share issues, accrual, and price-to-earnings ratio. Only one of the two macro-based measures can explain a sizable portion of the value premium over the longer 1930-2012 period. We also find that the IST risk premium estimates a...
-
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...
-
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...
-
作者：Moore, Don A.; Swift, Samuel A.; Minster, Angela; Mellers, Barbara; Ungar, Lyle; Tetlock, Philip; Yang, Heather H. J.; Tenney, Elizabeth R.
作者单位：University of California System; University of California Berkeley; University of Pennsylvania; Massachusetts Institute of Technology (MIT); Utah System of Higher Education; University of Utah
摘要：This research examines the development of confidence and accuracy over time in the context of forecasting. Although overconfidence has been studied in many contexts, little research examines its progression over long periods of time or in consequential policy domains. This study employs a unique data set from a geopolitical forecasting tournament spanning three years in which thousands of forecasters predicted the outcomes of hundreds of events. We sought to apply insights from research to str...
-
作者：Banerjee, Suman; Noe, Thomas H.
作者单位：University of Wyoming; University of Oxford; University of Oxford
摘要：This paper develops a new theory of the capital structure of parent-subsidiary organizations based on legal-system arbitrage: the capital structure of parent-subsidiary organizations is chosen to minimize the agency costs generated by selective renegotiation of claims written on the component legal entities. We show that optimal mixes of parent-subsidiary-level financing minimize the default premia associated with the organization's overall financing package by equating the marginal enforceabi...
-
作者：Koch, Andrew
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：I develop fund-level measures of the similarity in trading of mutual fund managers, resulting in the identification of leaders, contemporaneously herding managers, and followers. I find evidence of a persistent group of funds whose trades lead the aggregate trades of the mutual fund industry; these leader funds exhibit strong subsequent performance, consistent with informed trading. By contrast, there is no evidence that managers that trade together, either contemporaneously or with a lag, out...
-
作者：Cettolin, Elena; Riedl, Arno
作者单位：Tilburg University; Maastricht University
摘要：Uncertain outcomes are an inevitable feature of policy choices and their public support often depends on their perceived justice. We theoretically and experimentally explore just allocations when recipients are exposed to certainty and uncertainty. In the experiment, uninvolved participants unequivocally choose to allocate resources equally between recipients, when there is certainty. In stark contrast, with uncertainty just allocations are widely dispersed and recipients exposed to higher deg...
