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作者：Hugonnier, Julien; Prieto, Rodolfo
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); INSEAD Business School
摘要：We study a dynamic general equilibrium model with costly-to-short stocks and heterogeneous beliefs. Costly short sales drive a wedge between the valuation of assets that promise identical cash flows but that are subject to different trading arrangements. In particular, we show that the price of an asset is given by the risk-adjusted present value of its future cash flows, which include both dividends and an endogenous lending yield that we characterize explicitly. This valuation formula implie...
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作者：Barardehi, Yashar; Bird, Andrew; Karolyi, Stephen; Ruchti, Thomas
作者单位：Chapman University System; Chapman University; United States Department of the Treasury; Office of the Comptroller of the Currency; United States Department of the Treasury; Office of Financial Research
摘要：Despite strong theoretical predictions based on disagreement, limited empirical evidence links short-selling restrictions to higher prices. We test this relationship using quasi-experimental methods based on rule 201, a threshold-based policy that restricts aggressive short selling when intraday returns cross -10%. When comparing stocks on either side of the threshold in the same hour of trading, we find that the restriction leads to 8% lower short-sale volume and 35 basis points higher daily ...
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作者：Segev, Danny
作者单位：Tel Aviv University; Tel Aviv University
摘要：The main contribution of this paper resides in developing a new algorithmic approach for addressing the continuous-time joint replenishment problem, termed Psi-pairwise alignment. The latter mechanism, through which we synchronize multiple economic order quantity models, allows us to devise a purely combinatorial algorithm for efficiently approximating optimal policies within any degree of accuracy. As a result, our work constitutes the first quantitative improvement over power-of-2 policies, ...
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作者：Gong, Binglin; Liang, Yingzhi
作者单位：East China Normal University; Zhejiang University; University of Texas System; University of Texas Dallas
摘要：Market design provides managerial insights into the success and failure of various market institutions in allocating scarce resources. We investigate a dynamic matching mechanism used in real-world college admissions, where students share a common priority ranking. Theoretically, we prove that efficient and stable matching occurs with an arbitrarily high probability, assuming sufficient revision opportunities and rationality. This predicts that the dynamic mechanism is less stable than the def...
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作者：Hugonnier, Julien; Prieto, Rodolfo
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); INSEAD Business School
摘要：We study a dynamic general equilibrium model with costly-to-short stocks and heterogeneous beliefs. Costly short sales drive a wedge between the valuation of assets that promise identical cash flows but that are subject to different trading arrangements. In particular, we show that the price of an asset is given by the risk-adjusted present value of its future cash flows, which include both dividends and an endogenous lending yield that we characterize explicitly. This valuation formula implie...
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作者：Singh, Manasvini; Zureich, Jacob
作者单位：Carnegie Mellon University; Lehigh University
摘要：We use clinical data on more than 240,000 surgeries and quasi-experimental methods to examine how physicians respond to the surprise release of a performance report card. Such feedback interventions are commonly used to encourage physicians to improve performance yet show limited evidence of success. Our results show that these limited effects mask heterogeneous behavioral responses to feedback valence. In particular, physicians improve more from positive feedback than from negative feedback, ...
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作者：Carvalho, Jean-Paul; Pradelski, Bary S. R.; Williams, Cole
作者单位：University of Oxford; Centre National de la Recherche Scientifique (CNRS); Durham University
摘要：Studying the design of affirmative action policies when identities are multidimensional, we provide a formal demonstration of the importance of intersectionality. Prevailing affirmative action policies are based only on one identity dimension (e.g., race, gender, socioeconomic class). We find that any such nonintersectional policy can almost never achieve a representative outcome. In fact, nonintersectional policies often increase the underrepresentation of underrepresented groups in a manner ...
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作者：Kusterer, David J.; Sliwka, Dirk
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Cologne
摘要：We study biases and the informativeness of subjective performance evaluations in an online experiment, testing the implications of a standard formal framework of rational subjective evaluations. In the experiment, subjects in the role of workers perform a real effort task. Subjects in the role of supervisors observe samples of the workers' output and assess their performance. We conduct six experimental treatments varying (i) whether workers' pay depends on the performance evaluation, (ii) whe...
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作者：Yuan, Peixuan
作者单位：Hong Kong Baptist University
摘要：Analyzing the specifications of pricing models for the joint valuation of S&P 500 and VIX options, I find that the existing models cannot adequately represent the two options markets. I introduce a new factor that controls the higher-order moments of the risk-neutral return distribution. The model I propose significantly outperforms all other alternatives, and particularly improves on the benchmark two-variance-factor model with cojumps by 23.66% in-sample and 31.64% out-of-sample. The perform...
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作者：Ribas, Rafael P.; Sampaio, Breno; Trevisan, Giuseppe
作者单位：Boise State University; Universidade Federal de Pernambuco
摘要：The ranking system within academic environments may impact future professional trajectories. Examining the influence of class rank on college students' managerial attainment is crucial for understanding some determinants of career advancement. This paper estimates the effect of a low rank in a high-performing class on the probability of college students attaining a managerial position in the future. Our data combine administrative records from a highly selective university in Brazil and employ...
