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作者：Chen, Keith; Feinerman, Katherine; Haggag, Kareem
作者单位：University of California System; University of California Los Angeles
摘要：Modern tech platforms provide workers real-time control over when they work and, increasingly, flexible pay: the option to be paid immediately after work. We investigate the labor supply effects of pay flexibility and the implications of present-biased preferences among gig-economy workers. Using granular data from a nationwide randomized controlled trial at Uber, we estimate the effects of switching from a fixed weekly pay schedule to Instant Pay, a system that allows on-demand, within-day wi...
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作者：de Roure, Calebe; Moench, Emanuel; Pelizzon, Loriana; Schneider, Michael
作者单位：Reserve Bank of Australia; Frankfurt School Finance & Management; Goethe University Frankfurt; Universita Ca Foscari Venezia; Deutsche Bundesbank
摘要：We document a pecking order of transaction costs in the interdealer market for German sovereign bonds, where three trading protocols coexist. Dealers can trade over the counter (OTC), either bilaterally or via brokers, as well as on an exchange. Trading on the exchange is more expensive than OTC, and broker-intermediated trades are more costly than bilateral OTC trades. The existence of an OTC discount is difficult to square with theories centered around search-and-bargaining frictions but is ...
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作者：Loch, Christoph
作者单位：University of Navarra
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作者：An, Jiafu; Lin, Chen; Tai, Mingzhu
作者单位：University of Hong Kong; University of Hong Kong
摘要：An influential line of research emphasizes that colonial legacy plays a key role in formal financial development. Can colonial legacy also shape informal finance? We investigate the impact of colonial legacy on informal financial development using a manually georeferenced data set within a credible empirical framework. In the 19th century, Europeans arbitrarily designed colonial borders that partitioned many ethnicities across multiple countries in Africa. Leveraging several spatial regression...
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作者：Huberts, Nick F. D.; Wen, Xingang; Dawid, Herbert; Huisman, Kuno J. M.; Kort, Peter M.
作者单位：University of Bielefeld; University of Bielefeld; Tilburg University; ASML Holding
摘要：This paper considers a firm's investment decision determining the timing and capacity level in a dynamic setting with demand uncertainty. Its investment is financed by borrowing from a lender that has market power, generating a capital market inefficiency. We show that the firm's investment is subject to double marginalization in the sense that the need for external financing results in a considerably smaller investment and thus, a reduction in welfare. In addition, we find that the presence o...
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作者：Liang, Yucheng
作者单位：Carnegie Mellon University
摘要：When an agent receives information from a source whose accuracy might be either high or low, standard theory dictates that she update as if the source has medium accuracy. In a laboratory experiment, subjects deviate from this benchmark by reacting less to uncertain sources, especially when the sources release good news. This pattern is validated using observational data on stock price reactions to analyst earnings forecasts, where analysts with no forecast records are classified as uncertain ...
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作者：Baek, Jackie; Farias, Vivek F.; Georgescu, Andreea; Levi, Retsef; Peng, Tianyi; Sinha, Deeksha; Wilde, Joshua T.; Zheng, Andrew T.
作者单位：New York University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Columbia University; University of British Columbia
摘要：This paper provides the first sample complexity lower bounds for the estimation of simple diffusion models, including the Bass model (used in modeling consumer adoption) and the Susceptible-Infected-Recovered (SIR) model (used in modeling epidemics). We show that one cannot hope to learn such models until quite late in the diffusion. Specifically, we show that the time required to collect a number of observations that exceeds our sample complexity lower bounds is large. For the Bass model, our...
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作者：Cheng, Miyuki P. S.; Tang, Christopher; Lo, Chris K. Y.; Yeung, Andy C. L.; Lam, Hugo K. S.
作者单位：Hong Kong Polytechnic University; University of California System; University of California Los Angeles; University of Liverpool
摘要：With soaring labor and logistics costs in developing countries, supply chain disruptions during the COVID-19 pandemic triggered Western firms to reshore some of their offshore operations (performed in-house or outsourced) for certain strategically important products or production processes from foreign countries to their home countries. Although reshoring can create more domestic jobs and reduce supply chain risks, the impact of various external and internal risks associated with reshoring on ...
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作者：Whited, Robert L.
作者单位：North Carolina State University
摘要：Academic journals certify and disseminate scientific knowledge. However, institutional ties between journals and universities can lead to conflicts of interest that compromise peer review. I consider publication patterns in the Top 3 accounting journals in light of the journals' governance structures and institutional ties. The Accounting Review (TAR), governed by the American Accounting Association (AAA), has no university affiliations. Journal of Accounting and Economics (JAE) and Journal of...
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作者：Hasbrouck, Joel; Rivera, Thomas J.; Saleh, Fahad
作者单位：New York University; McGill University; State University System of Florida; University of Florida
摘要：We develop an economic model of a decentralized exchange with concentrated liquidity (e.g., Uniswap v3 and v4), with a particular focus on the economics of liquidity provision. We demonstrate that providing liquidity for a risky/risk-free asset pool is comparable to investing in a covered call, except that the call option therein is sold at intrinsic rather than market value. Hence, when providing liquidity, liquidity providers forgo the time premium of the call option in exchange for fees, an...
