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作者：Pyun, Sungjune
作者单位：Yonsei University
摘要：Stock and bond prices of a country move together with increasing country-specific risk. Bonds effectively hedge growth expectation risk when country-specific risk is low, resulting in a negative stock-bond correlation. However, as country-specific risk increases, hedging is less effective because (1) rising domestic prices tend to reduce a country's growth potential and (2) global growth expectation shocks are more persistent than country-specific ones. Consequently, countries with greater cou...
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作者：Soltani, Mohamad; Batt, Robert . T.; Bavafa, Hessam
作者单位：University of Alberta; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：Quality knowledge spillovers can enhance the overall effectiveness of quality improvement initiatives. We study the presence and moderators of such spillovers in a multitask service setting, specifically in hospital inpatient care. Leveraging a national quality improvement regulation, the Hospital Readmissions Reduction Program (HRRP), which offers partial incentives for hospitals to reduce readmissions, we employ difference-in-differences econometric models on a nationwide database and find p...
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作者：Fattahi, Ali
作者单位：Johns Hopkins University
摘要：Experts estimate 20 million electric vehicles will be on U.S. roads by 2030, and the majority (around 80%) of the electric vehicle drivers will use home charging. Many utilities are designing managed home charging programs to centrally manage charging times to reduce cost, avoid new and aggravated peaks and blackouts, and ensure grid stability. These managed home charging programs are either active, in which the utility continuously controls the charging while the vehicle is plugged in, or pas...
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作者：Cici, Gjergji; Hendriock, Mario; Kempf, Alexander
作者单位：University of Kansas; University of Cologne; University of Cologne
摘要：To best utilize labor, companies need to match employees' skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. When fund managers are matched, they deliver a significantly higher risk-adjusted performance. Fund companies use this information to maximize company value by increasing assets under the management of these managers (i.e., assigning them to mo...
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作者：Cheng, Zhi (Aaron); Dong, Zhanyu; Pang, Min-Seok
作者单位：University of London; London School Economics & Political Science; Sun Yat Sen University; Sun Yat Sen University; University of Wisconsin System; University of Wisconsin Madison
摘要：Traffic safety poses a persistent challenge for society and public policy. Conventional law enforcement by human police is often cost-ineffective because of information asymmetry and negative externalities of unsafe driving behaviors. Automated enforcement, in the form of traffic cameras on the road, has gained prominence in recent decades, yet its effectiveness and underlying mechanisms remain debated. This study examines the impact of traffic cameras on road safety using longitudinal data fr...
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作者：Ivashina, Victoria; Vallee, Boris
作者单位：Harvard University; National Bureau of Economic Research
摘要：Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. Although negative covenants are widespread, carve-out and deductible clauses that qualify them are as frequent. We propose simple and comprehensive measures of contractual weakness based on the usage of such clauses. The economic significance of the actions allowed by these clauses and the market wide price reaction that followed the 2017 J.Crew restructuring, a high-prof...
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作者：Cong, Will; Harvey, Campbell; Rabetti, Daniel; Wu, Zong-Yu
作者单位：Cornell University; Fudan University; National Bureau of Economic Research; Duke University; National University of Singapore
摘要：The advent of cryptocurrencies and digital assets holds the promise of improving financial systems by offering cheap, quick, and secure transfer of value. However, it also opens up new payment channels for cybercrimes. Assembling a diverse set of public on- and off-chain, proprietary, and hand-collected data, including attacker-victim negotiations and dark web conversations in Russian, we present an initial anatomy of cryptoenabled cybercrimes, highlighting relevant economic issues and proposi...
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作者：Wang, Shuting; Greenwood, Brad N.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); George Mason University
摘要：Social media platforms aggressively compete for the participants who create content on their sites. In this study, we delve into one tactic of this competition that has become increasingly popular but received limited scholarly attention-the extension of length limits (i.e., the maximum number of characters in a post)-and how it affects both the production and consumption of social media posts. We investigate these questions by exploiting a natural experiment, the phased rollout of length limi...
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作者：Dai, Tinglong; Jerath, Kinshuk
作者单位：Johns Hopkins University; Columbia University
摘要：In this rejoinder, we address the concern about equilibrium existence in our previous work published in 2013. By making the simple adjustment of discretizing inventory ordering amounts to prevent inventory orders in arbitrarily small increments, we show that the results from that paper hold, thus maintaining the robustness of the insights obtained.
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作者：Yu, Peiwen; He, Haiyang; Lei, Lei
作者单位：Chongqing University
摘要：Many firms offer products that consist of a durable base good (e.g., a vehicle) and a durable add-on (e.g., autopilot software). Some lease the add-on, whereas others sell it through intertemporal price discrimination or bundled pricing. Motivated by these practices, we examine whether a monopolistic firm should lease or sell the add-on when offering both durables. The literature suggests that leasing is preferable for a single durable good as it avoids the time inconsistency problem associate...
