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作者：Correa, Jose; Cristi, Andres; Feuilloley, Laurent; Oosterwijk, Tim; Tsigonias-Dimitriadis, Alexandros
作者单位：Universidad de Chile; Universidad de Chile; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Information Sciences & Technologies (INS2I); Institut National des Sciences Appliquees de Lyon - INSA Lyon; Universite Claude Bernard Lyon 1; Vrije Universiteit Amsterdam; European Central Bank
摘要：The secretary problem is probably the most well -studied optimal stopping problem with many applications in economics and management. In the secretary problem, a decision maker faces an unknown sequence of values, revealed successively, and has to make irrevocable take -it -or -leave -it decisions. Her goal is to select the maximum value in the sequence. Although in the classic secretary problem the values of upcoming elements are entirely unknown, in many realistic situations, the decision ma...
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作者：Deng, Yongheng; Wei, Shang-Jin
作者单位：University of Wisconsin System; University of Wisconsin Madison; Columbia University; National Bureau of Economic Research
摘要：We estimate the size of the likely unofficial income of the government official household by assessing the difference between the income necessary to explain their observed home purchase behavior and the official income. Using unique and comprehensive House Provident Fund and home purchases data between 2006 and 2013 in a large Chinese city, we reach three conclusions. First, an average official's unofficial income is 83% of her official income; this percentage increases sharply with the offic...
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作者：Choi, Lyungmae; Faurel, Lucile; Hillegeist, Stephen
作者单位：University of Sydney; Arizona State University; Arizona State University-Tempe
摘要：Insider trading conveys insiders' private information to outsiders. This private information potentially benefits rival firms, which may reduce the competitive advantage of the insiders' firms. Using a composite proprietary cost measure, we find proprietary costs are negatively associated with insiders' purchases, especially when their trades are more likely to be informative to rivals. Consistent with proprietary costs increasing the costs of insider purchases and, hence, the expected benefit...
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作者：Huang, Zongbo
作者单位：The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen
摘要：I analyze runs on credit lines in an infinite-horizon banking model, focusing on the strategic complementarity between bankers and credit line borrowers. Panic drawdowns by borrowers coupled with bank liquidity rationing can mutually reinforce each other, creating a vicious cycle. Using data from U.S. banks, I estimate the model and quantify the amplification effect arising from strategic complementarity. This amplification effect accounted for two-thirds of the contraction of bank credit duri...
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作者：Evans, Richard B.; Prado, Melissa Porras; Rizzo, A. Emanuele; Zambrana, Rafael
作者单位：University of Virginia; Universidade Nova de Lisboa; University of Notre Dame
摘要：We examine team diversity and performance in the asset management industry through the lens of identity. Focusing on political ideology as the relevant dimension of identity, we find that diverse teams outperform homogeneous teams. The mechanism involves both improved decision making due to more diverse perspectives and increased monitoring by heterogeneous team members. The benefits of ideological diversity are undone when political polarization is higher, consistent with increased intrateam ...
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作者：Gupta, Arpit; Sachdeva, Kunal
作者单位：New York University; University of Michigan System; University of Michigan
摘要：Hedge fund managers contribute substantial personal capital, or skin in the game, into their funds. Although these allocations may better align incentives, managers may also strategically allocate their private capital in ways that negatively affect outside investors. We find that funds with more inside investment outperform other funds within the same family. This relationship is driven by managerial decisions to invest their own capital in their least-scalable strategies and restrict the ent...
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作者：Bar-Isaac, Heski; Johnson, Justin P.; Nocke, Volker
作者单位：University of Toronto; Cornell University; University of Mannheim
摘要：It is often argued that startups are acquired for the sole purpose of hiring specialized talent. We show that the goal of such acquihires might be to shut down the most relevant labor market competitor. This grants the acquirer monopsony power over specialized talent. As a consequence, acquihiring may harm employees and be socially inefficient. We explore the robustness of these effects, allowing for private benefits associated with working at a startup, varying bargaining protocols, multiple ...
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作者：Avramov, Doron; Lioui, Abraham; Liu, Yang; Tarelli, Andrea
作者单位：Reichman University; Universite Catholique de Lille; EDHEC Business School; University of Hong Kong; Catholic University of the Sacred Heart
摘要：This paper proposes a conditional asset pricing model that integrates environmental, social, and governance (ESG) demand and supply dynamics. Shocks in the demand for sustainable investing represent a novel risk source, characterized by diminishing marginal utility and positive premium. Green assets exhibit positive exposure to ESG demand shocks, hence commanding higher premia. Conversely, time-varying convenience yield leads to lower expected returns for green assets. Moreover, ESG demand sho...
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作者：Basov, Suren; Erkal, Nisvan; Minehart, Deborah; Scotchmer, Suzanne
作者单位：University of Melbourne; University of California System; University of California Berkeley
摘要：We consider a model of innovation that distinguishes between ideas and innovations. Although innovation responds to incentives, ideas are a scarce resource that provides an exogenous constraint on the rate of innovation. We investigate how the optimal reward structure is shaped by the scarcity of ideas. Substitute ideas for innovation in the model arrive to random recipients at random times. By forgoing investment in a current idea, society preserves an option to invest in a better idea for th...
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作者：Kim, Hyunjin
作者单位：INSEAD Business School
摘要：To what extent do firms know available information on key competitor decisions, and how does competitor information change their own strategic choices? These questions are fundamental to understanding how firms compete and make strategic decisions, yet systematic evidence on them remains limited. I designed a field experiment across 3,218 differentiated firms in the personal care industry, where firms randomly assigned to treatment received easily accessible information on competitor prices. A...
