2025

最新文章

• Information Ambiguity, Market Institutions, and Asset Prices: Experimental Evidence AI翻译
  作者：Bao, Te; Duffy, John; Zhu, Jiahua
  作者单位：Nanyang Technological University; University of California System; University of California Irvine; University of Osaka; University of London; King's College London; University of Essex
  摘要：We explore how information ambiguity and traders' attitudes toward such ambiguity affect expectations and asset prices under three different market institutions. Specifically, we test a theoretical prediction that information ambiguity will lead market prices to overreact to bad news and underreact to good news. We find that such an asymmetric reaction exists and is strongest in individual prediction markets. It occurs to a lesser extent in single price call markets. It is weakest of all in do...
• The (Heterogeneous) Economic Effects of Private Equity Buyouts AI翻译
  作者：Davis, Steven J.; Haltiwanger, John; Handley, Kyle; Lipsius, Ben; Lerner, Josh; Miranda, Javier
  作者单位：Stanford University; University System of Maryland; University of Maryland College Park; University of California System; University of California San Diego; Harvard University; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH)
  摘要：The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever compiled, encompassing thousands of buyout targets from 1980 to 2013 and millions of control firms. Employment shrinks 12% over two years after buyouts of publicly listed firms-on average, and relative to contr...
• Vaccine Progress, Stock Prices, and the Value of Ending the Pandemic AI翻译
  作者：Acharya, Viral V.; Johnson, Timothy; Sundaresan, Suresh; Zheng, Steven
  作者单位：National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR); New York University; University of Illinois System; University of Illinois Urbana-Champaign; Columbia University
  摘要：One measure of the ex ante cost of disasters is the welfare gain from shortening their expected duration. We introduce a stochastic clock into a standard disaster model that summarizes information about progress (positive or negative) toward disaster resolution. We show that the stock market response to duration news is essentially a sufficient statistic to identify the welfare gain to interventions that alter the state. Using information on clinical trial progress during 2020, we build contem...
• Fundamental Pricing of Utility Tokens AI翻译
  作者：Prat, Julien; Danos, Vincent; Marcassa, Stefania
  作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; CY Cergy Paris Universite
  摘要：We propose a framework for the fundamental valuation of utility tokens. We introduce a requirement that is reminiscent of the cash-in-advance constraint, stipulating that services have to be accessed immediately. Our model endogenizes the velocity of token circulation, yielding a microfounded pricing formula that we calibrate using Ethereum's adoption data. The equilibrium price path goes through two successive phases: initially, a portion of the tokens are held for purely speculative motives,...
• Gender Differences in High-Stakes Performance and College Admission Policies AI翻译
  作者：Arenas, Andreu; Calsamiglia, Caterina
  作者单位：University of Barcelona; ICREA; Centre for Economic Policy Research - UK; IZA Institute Labor Economics
  摘要：The Gale-Shapley algorithm is one of the most popular college allocation mechanisms around the world. A crucial policy question in its setting is designing admission priorities for students, understanding how they disadvantage certain demographic groups, and whether these differences relate to differences in college performance potential. Studying a policy change in Spain, we find a negative effect of increasing the weight of standardized highstakes exams on female college admission grades, dr...
• Timing Complex News to Target Attention AI翻译
  作者：Cunat, Vicente; Groen-Xu, Moqi
  作者单位：University of London; London School Economics & Political Science; University of London; Queen Mary University London
  摘要：Investors have limited and time-varying attention. These constraints are heterogeneous across investors, which can create asymmetric information and adverse selection problems. We show how firms take these constraints into account: They release harder-toprocess news in periods when investor attention is higher. We use an institutional discontinuity within the U.S. corporate filing system to measure these effects. Filings before 5:30 p.m. become available immediately, whereas filings after 5:30...
• You've Got Mail! The Late 19th Century US Postal Service Expansion, Firm Creation, and Firm Performance AI翻译
  作者：Marinoni, Astrid; Roche, Maria P.
  作者单位：University System of Georgia; Georgia Institute of Technology; Harvard University
  摘要：This paper examines the impact of the expansion of the U.S. Postal Service in the late 19th century on firm creation and performance. Utilizing newly digitized archival data on historic business establishments, post office locations, and road networks in California, our study identifies a positive relationship between the expansion of the Postal Service and the emergence of new firms. To address endogeneity concerns, we leverage an unexpected change in the Postal Service route network. Our fin...
• The Crowdfunding Effects on Venture Capital Investment AI翻译
  作者：Hu, Ming; Jin, Yannan; Keppo, Jussi
  作者单位：University of Toronto; Shanghai University of Finance & Economics; National University of Singapore
  摘要：We examine the impact of crowdfunding on venture capital (VC) investments in the presence of competition among VC firms. Our economic model comprises a startup, a crowdfunding platform, and two VC firms, each with its own perception of the startup's potential. The startup seeks equity funding from the VC firms and decides on the size of its equity offer. If the VC firms decline to invest, the startup pivots to crowdfunding. Following the crowdfunding campaign, all firms update their beliefs ab...
• Does Employing Skilled Immigrants Enhance Competitive Performance? Evidence from European Football Clubs AI翻译
  作者：Glennon, Britta; Morales, Francisco; Carnahan, Seth; Hernandez, Exequiel
  作者单位：University of Pennsylvania; National Bureau of Economic Research; Universidad de los Andes - Chile; Washington University (WUSTL)
  摘要：We investigate the effect of employing skilled immigrants on the competitive performance of organizations by studying European football (soccer) clubs in Germany, Italy, France, England, and Spain from 1990 to 2020. Microdata from this setting offers unusual transparency about players' birthplaces and their contributions to organizational performance. Further, country-level rules govern how many immigrant players clubs can deploy. Using changes to these rules as the basis for instrumental vari...
• Influencer Authenticity: To Grow or to Monetize AI翻译
  作者：Nistor, Cristina; Selove, Matthew; Villas-Boas, J. Miguel
  作者单位：Chapman University System; Chapman University; University of California System; University of California Berkeley
  摘要：Social media influencers can grow their number of followers by endorsing products that are authentic for their social media persona or, alternatively, monetize their followers by endorsing a wider variety of products. We develop a dynamic model in which an influencer continuously decides whether to be authentic as she balances increasing awareness with generating revenues from sponsored posts. We derive conditions in which the influencer is authentic during an early growth phase, but she becom...