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作者：Li, Wei; Xu, Qiping; Zhu, Qifei
作者单位：City University of Hong Kong; University of Illinois System; University of Illinois Urbana-Champaign; National University of Singapore
摘要：We exploit within-firm variations in plant-level toxic releases to examine the effect of managerial hometown preference on corporate environmental policies. We find that pollution levels are about 30% lower for plants located near chief executive officers' (CEOs') hometowns. This reduction is achieved through resource-intensive pollution control efforts, including source reduction and waste management activities. Analyses using CEO turnover provide causal inferences. Local residents benefit fr...
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作者：Aleti, Saketh; Bollerslev, Tim; Siggaard, Mathias
作者单位：Duke University; Aarhus University; CREATES
摘要：We provide strong empirical evidence for time-series predictability of the intraday return on the aggregate market portfolio by exploiting lagged high-frequency crosssectional returns on the factor zoo. Our results rely on the use of modern machine-learning techniques to regularize the predictive regressions and help tame the signals stemming from the zoo together with techniques from financial econometrics to differentiate between continuous and theoretically nonpredictable discontinuous high...
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作者：Song, Tingting; Ho, Yi-Chun (Chad)
作者单位：Shanghai Jiao Tong University; George Washington University
摘要：This study investigates how tie formation shapes the production of usergenerated content on social media, offering insights into enhancing user engagement and alleviating social media fatigue. We conceptualize tie formation as a relationship codevelopment process involving a tie initiator and a respondent. Drawing on social psychology literature, we propose a framework that traces how initiators' social cognition evolves throughout this process-from proactively extending an inviting social tie...
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作者：Li, Sophia Zhengzi; Tang, Yushan
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Shanghai University of Finance & Economics
摘要：We develop an automated system to forecast volatility by leveraging more than 100 features and five machine learning algorithms. Considering the universe of S&P 100 stocks, our system results in superior out-of-sample volatility forecasts compared with existing risk models across forecast horizons. We further demonstrate that our system remains robust to different specifications and is scalable to a broader S&P 500 stock universe via hyperparameter transfer learning. Finally, the statistical i...
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作者：Pinter, Gabor; Uslu, Semih
作者单位：Bank for International Settlements (BIS); Johns Hopkins University
摘要：We develop a parsimonious price formation model to study information aggregation and information acquisition in the presence of trading delays. If delays apply uniformly to uninformed and informed traders, the level of delays does not affect information aggregation. Traders' information acquisition incentives are, however, weaker in a market with longer delays. Therefore, the equilibrium fraction of informed traders is lower if delays are longer, establishing an inverse relationship between tr...
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作者：Guasoni, Paolo; Huberman, Gur; Shikhelman, Clara
作者单位：Dublin City University; University of Bologna; Columbia University
摘要：By design, the Bitcoin protocol has a low throughput. The Lightning Network (LN) is a layer-two solution built to increase throughput by cryptographically securing commitments to transactions and only occasionally converting cumulative balances into on-chain transactions. LN channels enable payments between nodes connected by a path of channels. The payment flow through a channel determines its cost. Different channel topologies can support the same underlying flows but impose different costs....
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作者：Minardi, Stefania; Wang, Fan; Gilboa, Itzhak
作者单位：Reichman University
摘要：Consumption decisions are partly influenced by values and ideologies. Consumers care about global warming, child labor, fair trade, etc. We develop an axiomatic model of intrinsic values-those that are carriers of meaning in and of themselves-and argue that they often introduce discontinuities near zero. For example, a vegetarian's preferences would be discontinuous near zero amount of animal meat. We distinguish intrinsic values from instrumental ones, which are means rather than ends and ser...
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作者：Cowgill, Bo; Davis, Jonathan M. V.; Montagnes, B. Pablo; Perkowski, Patryk
作者单位：Columbia University; University of Oregon; Emory University; Yeshiva University
摘要：A principal often needs to match agents to perform coordinated tasks, but agents can quit or slack off if they dislike their match. We study two prevalent approaches for matching within organizations: centralized assignment by firm leaders and self -organization through market -like mechanisms. We provide a formal model of the strengths and weaknesses of both methods under different settings, incentives, and production technologies. The model highlights trade-offs between match -specific produ...
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作者：Bao, Ying; Landry, Peter; Shi, Mengze
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Toronto; University Toronto Mississauga
摘要：We study the market consequences of advances in consumption tracking technologies-such as mobile banking apps that help consumers monitor their spending and avoid overdrawn accounts-using a two -period consumption model. In the model, consumers pay a penalty fee if they consume in both periods. In the second period, consumers may be forgetful of their first -period consumption, although the use of consumption tracking can remind them. According to our analysis, the availability of consumption ...
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作者：Giannetti, Mariassunta; Jang, Yeejin
作者单位：Stockholm School of Economics; Swedish House of Finance; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of New South Wales Sydney
摘要：Existing studies assume that all lenders have similar incentives to take on risks during different phases of the lending cycle. We show that foreign lenders and low market share lenders extend more credit in comparison with other lenders during lending booms leading to banking crises but not during other credit expansions. These less established lenders also shorten loan maturity and increase the amount of credit they extend to riskier borrowers without asking for collateral or imposing covena...
