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作者：Cespa, Giovanni; Foucault, Thierry
作者单位：City St Georges, University of London; Hautes Etudes Commerciales (HEC) Paris
摘要：Exchanges sell both trading services and price information. We study how the joint pricing of these products affects price discovery and the distribution of gains from trade in an asset market. A wider dissemination of price information reduces pricing errors and the transfer from liquidity traders to speculators. This effect reduces the fee that speculators are willing to pay for trading. Therefore, to raise its revenue from trading, a for-profit exchange optimally charges a high fee for pric...
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作者：Azoulay, Pierre; Stuart, Toby; Wang, Yanbo
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Berkeley; Boston University
摘要：In a market context, a status effect occurs when actors are accorded differential recognition for their efforts depending on their location in a status ordering, holding constant the quality of these efforts. In practice, because it is very difficult to measure quality, this ceteris paribus proviso often precludes convincing empirical assessments of the magnitude of status effects. We address this problem by examining the impact of a major status-conferring prize that shifts actors' positions ...
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作者：Joo, Mingyu; Wilbur, Kenneth C.; Cowgill, Bo; Zhu, Yi
作者单位：University System of Ohio; Ohio State University; University of California System; University of California San Diego; University of California System; University of California Berkeley; University of Minnesota System; University of Minnesota Twin Cities
摘要：Despite a 20-year trend toward integrated marketing communications, advertisers seldom coordinate television and search advertising campaigns. We find that television advertising for financial services brands increases both the number of related Google searches and searchers' tendency to use branded keywords in place of generic keywords. The elasticity of a brand's total searches with respect to its TV advertising is 0.17, an effect that peaks in the morning. These results suggest that practit...
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作者：Gamba, Andrea; Triantis, Alexander J.
作者单位：University of Warwick; University System of Maryland; University of Maryland College Park
摘要：We analyze the value created by a dynamic integrated risk management strategy involving liquidity management, derivatives hedging, and operating flexibility, in the presence of several frictions. We show that liquidity serves a critical and distinct role in risk management, justifying high levels of cash. We find that the marginal value associated with derivatives hedging is likely to be low, though we explain why some empirical studies find a higher value. We explore the complex interactions ...
