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作者：Margolin, Maximilian; Reimer, Marko; Schaupp, Daniel
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; WHU - Otto Beisheim School of Management
摘要：New digital technologies allow companies to provide employees with performance feedback in real time. We investigate the causal effects of such real-time feedback on individual effort and the quality of initial (prefeedback) and final (post feedback) decisions by exploiting a natural quasi-experiment in the setting of professional soccer refereeing. Our results suggest that real-time feedback has differential effects for experienced compared with inexperienced agents. Specifically, we find som...
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作者：Arslan, Yavuz; Degerli, Ahmet; Kabas, Gazi
作者单位：University of Liverpool; Federal Reserve System - USA; Federal Reserve System Board of Governors; Tilburg University
摘要：We use disaggregated U.S. data and a border discontinuity design to show that more generous unemployment insurance (UI) policies lower bank deposits. We test several channels that could explain this decline and find evidence consistent with households lowering their deposit holdings due to reduced precautionary savings. Because deposits are the largest and most stable source of funding for banks, the decrease in deposits affects bank lending. Banks that raise deposits in states with generous U...
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作者：Chen, Shuzhen; Baron, Opher; Chen, Ningyuan
作者单位：Central South University; University of Toronto
摘要：We investigate the optimal clearing policy for a financial payment system composed of a number of member banks and a central bank in a dynamic setting, when new payment obligations or debts between member banks are generated over time. The central bank clears the debts among members in the system in order to minimize the costs, including the setup cost of each clearing, the variable cost of clearing the net debts, and the liquidity cost of uncleared debts. We formulate the problem using dynami...
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作者：Dimitriadis, Stefan; Koning, Rembrand
作者单位：University of Toronto; Harvard University
摘要：Relationships with peers help entrepreneurs learn and improve firm performance. Recent scholarship confirms that events-social gatherings such as mixers, conferences, or training programs-can help entrepreneurs build valuable social connections. Yet, for entrepreneurs in developing economies, networking frictions may make connecting with peers challenging and undermine the benefits of events. We argue that when networking frictions are high, the value of events will lie more in connecting neig...
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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：Chen, Yangyang; Ma, Lijun; Pittman, Jeffrey; Yang, Xin
作者单位：City University of Hong Kong; University of International Business & Economics; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Shanghai University of Finance & Economics
摘要：We examine whether managers' activities in striving to reach earnings targets through real earnings manipulation affect their firms' product recalls. Our evidence implies that firms suspected of manipulating real activities in trying to meet earnings benchmarks exhibit a higher likelihood and frequency of product recalls. In cross-sectional results consistent with expectations, we find that the impact of exploiting real activities to attain earnings benchmarks on product recalls intensifies fo...
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作者：Coffman, Katherine; Klinowski, David
作者单位：Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Across multiple studies, we investigate whether there are gender differences in preferences for receiving performance feedback. We vary many features of the feedback context: whether the performance task is a cognitive test or a mock interview, the feedback is objective or subjective, and it is possible for the provider of the feedback to discriminate on the basis of gender. Consistent with past work, we find that women are less optimistic about their performance than men and that, on average,...
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作者：Epperson, Raphael; Diederich, Johannes; Goeschl, Timo
作者单位：University of Innsbruck; Universitat Kassel; Ruprecht Karls University Heidelberg
摘要：Unit donations are an alternative fundraising scheme in which potential donors choose how many units of a charitable good to fund rather than just giving money. Based on evidence from an online experiment with 8,673 participants, we demonstrate that well-designed unit donation schemes can significantly boost giving above and beyond the standard money donation scheme. A decomposition of the underlying mechanisms shows patterns consistent with the conjecture that unit donations increase impact s...
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作者：Guo, Nan; Kou, Steven; Wang, Bin; Wang, Ruodu
作者单位：Boston University; Chinese Academy of Sciences; University of Waterloo
摘要：We propose a theory for rating financial securities in the presence of structural maximization by the issuer in a market with investors who rely on credit rating. Two types of investors, simple investors who price tranches solely based on the ratings and modelbased investors who use the rating information to calibrate models, are considered. Concepts of self-consistency and information gap are proposed to study different rating criteria. In particular, the expected loss criterion used by Moody...
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作者：Eberhardt, Frederick; Kaynar, Nur; Siddiq, Auyon
作者单位：California Institute of Technology; Cornell University; University of California System; University of California Los Angeles
摘要：We propose a new optimization-based method for learning causal structures from observational data, a process known as causal discovery. Our method takes as input observational data over a set of variables and returns a graph in which causal relations are specified by directed edges. We consider a highly general search space that accommodates latent confounders and feedback cycles, which few extant methods do. We formulate the discovery problem as an integer program, and propose a solution tech...
