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作者：Yang, Zihui; Zhou, Yinggang
作者单位：Sun Yat Sen University; Xiamen University; Xiamen University
摘要：We identify networks of volatility spillovers and examine time-varying spillover intensities with daily implied volatilities of U.S. Treasury bonds, global stock indices, and commodities. The U.S. stock market is the center of the international volatility spillover network, and its volatility spillover to other markets has intensified since 2008. Moreover, U.S. quantitative easing alone explains 40%-55% of intensifying spillover from the United States. The addition of interest rate and currenc...
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作者：Qi, Jin
作者单位：Hong Kong University of Science & Technology
摘要：We consider an appointment system where heterogeneous participants are sequenced and scheduled for service. Because service times are uncertain, the aims are to mitigate the unpleasantness experienced by the participants in the system when their waiting times or delays exceed acceptable thresholds and to address fairness in the balancing of service levels among participants. To evaluate uncertain delays, we propose the Delay Unpleasantness Measure, which takes into account the frequency and in...
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作者：Danilov, Anastasia; Sliwka, Dirk
作者单位：University of Cologne
摘要：We investigate whether incentive schemes signal social norms and thus affect behavior beyond their direct economic consequences. A one-shot principal-agent experiment is studied where prior to contract choice principals are informed about the past actions of other agents and thus have more information about norms of behavior. Compared with a setting in which principals are uninformed, agents exert substantially higher effort under a fixed wage contract when they are aware that an informed prin...
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作者：Serpa, Juan Camilo; Krishnan, Harish
作者单位：McGill University; University of British Columbia
摘要：The use of business insurance has been traditionally studied in a single-firmsetting, but in reality preventing operational accidents involves the (unobservable) efforts of multiple firms. We show that, in a multifirm setting, insurance can be used strategically as a commitment mechanism to prevent excessive free riding by other firms. In the presence of wealth imbalances, contracts alone leave wealth-constrained firms with inefficiently low incentives to exert effort (because of limited liabi...
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作者：Hardisty, David J.; Pfeffer, Jeffrey
作者单位：University of British Columbia; Stanford University
摘要：Three studies explored the effects of uncertainty on people's time preferences for financial gains and losses. In general, individuals seek to avoid uncertainty in situations of intertemporal choice. While holding the expected value of payouts constant, participants preferred immediate gains and losses if the future was uncertain, and preferred future gains and losses if the present was uncertain. This pattern of preferences is incompatible with current models of intertemporal choice, in which...
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作者：Egelman, Carolyn D.; Epple, Dennis; Argote, Linda; Fuchs, Erica R. H.
作者单位：Carnegie Mellon University; Carnegie Mellon University
摘要：Extending research on organizational learning to multiproduct environments is of particular importance given that the vast majority of products are manufactured in such environments. We investigate learning in a multiproduct facility drawing on exceptionally rich data for a manufacturing firmthat is a leading producer of high-technology hardware components. Weekly data for 10 years from the firm's production and human resource tracking systems are augmented by surveys of managers and engineers...
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作者：Denrell, Jerker; Le Mens, Gael
作者单位：University of Warwick; Pompeu Fabra University; Pompeu Fabra University
摘要：We demonstrate that a sampling-based mechanism can offer an alternative explanation for belief synchronization in social groups and the persistence of collective illusions. Our model assumes that people are more likely to sample popular alternatives than unpopular alternatives. We show that this mechanism is sufficient to explain belief synchronization: a strong majority of opinions will likely emerge in favor of one alternative. The reason is that the group is unlikely to move away from a sta...
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作者：McNally, William J.; Shkilko, Andriy; Smith, Brian F.
作者单位：Wilfrid Laurier University
摘要：We examine trading activity around insider transactions on the Toronto Stock Exchange and find evidence that some traders mimic insider positions. Our unique data set allows us to establish a direct connection between insiders, their brokerages, and the brokerages' other clients. The findings are consistent with the possibility that some brokerages tip their clients about insider trades. Insiders in our sample have good timing; returns are usually positive (negative) after insider purchases (s...
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作者：Chung, Doug J.
作者单位：Harvard University
摘要：Intercollegiate athletics in the United States have become a multibillion-dollar industry over the past several decades. In this study, we investigate the short-and longterm direct monetary effects of operating a winning athletics program for an academic institution of higher education. We construct a unique panel data set from multiple sources and utilize the latest dynamic panel data estimation methods to account for heterogeneity while also addressing endogeneity concerns. We find that succ...
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作者：Frankel, Richard; Levy, Hagit; Shalev, Ron
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY); New York University
摘要：Working capital is an important indicator of firm operational efficiency. All else being equal, lower levels signal greater efficiency. Managers are thus likely to be motivated to report lower levels of working capital at times of greater external attention. We find that working capital levels decrease in the fourth fiscal quarter significantly more than expected, conditional on seasonal changes in economic activity. The decrease subsequently reverses in the following first fiscal quarter. Evi...
