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作者：Cocco, Joao F.; Gomes, Francisco; Lopes, Paula
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; Tilburg University
摘要：We use panel data on expected and realized changes in household finances to study the process of expectation formation. Households extrapolate from improvements in financial situation, but deteriorations are associated with an increased dispersion of forecasts, and higher probabilities of both negative and positive forecast errors. Individuals who expect earnings declines to revert too quickly save less and are more likely to be financially worse off again in the future. Learning from past err...
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作者：Guo, Liang
作者单位：City University of Hong Kong
摘要：The supply and the demand for data analytics are growing rapidly. Recent years have seen a surge in the availability of massive consumer data and in the emergence of data sellers (e.g., brokers and intermediaries). Unlike standard products, the value of data analytics for marketers depends on how their business decisions can be enabled and improved. In this paper, we investigate how a monopoly seller can offer a menu of databased service plans to screen heterogenous marketers that can decide w...
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作者：Korgaonkar, Sanket
作者单位：University of Virginia
摘要：This paper offers a novel framework to quantify the expected gains from renegotiating delinquent loans. The framework accounts for important trade-offs between concessions to borrowers, postdelinquency loan performance, and expected collateral values. The framework's parameters are calibrated using data on renegotiated 30-year residential fixed-rate mortgages that went delinquent during the Great Recession. Our model-implied expected gains increase during the 2007-2009 period coinciding with a...
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作者：Arora, Kashish; Gaur, Vishal
作者单位：Chinese University of Hong Kong; Cornell University
摘要：Effective management of a firm's operating cash flow is essential for supporting growth, servicing debt, and maintaining overall financial health. Mismanagement of cash flows can result in severe liquidity challenges and even business failure. However, managing operating cash flow is complex because of its intricate, endogenous relationships with operational variables, like sales, operating costs, inventory, payables, and the impact of exogenous macroeconomic factors on a firm. In this paper, ...
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作者：Burke, Joseph; Sommerfeldt, Ryan D.; Wang, Laura W.
作者单位：Indiana University System; Indiana University Bloomington; Brigham Young University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Many companies now use peer-recognition systems that allow employees to publicly recognize their peers for positive behaviors. Practitioners have touted the potential for these systems to increase helping among employees. However, the extent to which employees actually use these systems to recognize their peers varies across organizations; some are used broadly by many employees across all functional, specialty, geographic, and hierarchical subgroups of the organization, whereas others are onl...
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作者：Forsgren, Mattias; Frimanson, Lars; Juslin, Peter
作者单位：Uppsala University; Uppsala University
摘要：Many social scientists have assumed that people's preferences can be described by stable and coherent utility functions. This notion of stable utility functions has been challenged by cognitive psychologists who suggest that preferences are malleable and constructed in the moment, but neither camp has explained how the subjective valuations underpinning preferences arise. One influential attempt to do so is the Decision by Sampling (DbS) model, which suggests that a quantitative attribute's (e...
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作者：Hu, Beidi; Gaertig, Celia; Dietvorst, Berkeley J.
作者单位：University of Chicago; University of California System; University of California Berkeley
摘要：Businesses across industries, such as food delivery apps and GPS navigation systems, routinely provide customers with time estimates in inherently uncertain contexts. How does the format of these time estimates affect customers' satisfaction? In particular, should companies provide customers with a point estimate representing the best estimate, or should they communicate the inherent uncertainty in outcomes by providing a range estimate? In eight preregistered experiments (N = 5,323), particip...
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作者：Chen, Huaizhi; Cohen, Lauren; Liu, Weiling
作者单位：University of Notre Dame; Harvard University; National Bureau of Economic Research; Northeastern University
摘要：Ninety-five percent of long-term municipal bonds have callable features, and yet, we find new evidence of a substantial fraction of local governments exercising these valuable options suboptimally, with significant delays-resulting in sizable losses. Using data from 2001 to 2019, we estimate that U.S. municipals lost over $26 billion from delayed refinancing, whereas the entire U.S. corporate sector, facing the same low interest-rate environment, lost only a comparatively modest $1.4 billion. ...
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作者：Acharya, Viral V.; Qian, Jun (QJ); Su, Yang; Yang, Zhishu
作者单位：New York University; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; National Bureau of Economic Research; Fudan University; Chinese University of Hong Kong; Tsinghua University
摘要：The rise of shadow banking and attendant financial fragility in China can be traced to intensified deposit competition following the 2008-2009 global financial crisis (GFC). A large, state-owned bank's deposits from cross-border money inflows fell significantly following the GFC, and it supported the government's fiscal stimulus more aggressively than other large banks by issuing larger volumes of new loans. Small and mediumsized banks with more branch-level overlaps with this large bank relie...
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作者：Engelberg, Joseph E.; Evans, Richard B.; Leonard, Greg; Reed, Adam, V; Ringgenberg, Matthew C.
作者单位：University of California System; University of California San Diego; University of Virginia; Virginia Polytechnic Institute & State University; University of North Carolina; University of North Carolina Chapel Hill; Utah System of Higher Education; University of Utah
摘要：We find that equity loan fees, which have been largely ignored by the anomalies literature, are the best predictor of cross-sectional returns. When compared with 102 other anomalies and other short-selling measures, the loan fee anomaly has the highest monthly long-short return (4.01%), the highest monthly Sharpe Ratio (0.66), and, unlike other anomalies, exhibits strong persistence throughout the sample. Although prior work has shown that existing anomalies reside in high loan fee stocks, we ...
