-
作者：Acharya, Viral; Plantin, Guillaume
作者单位：Centre for Economic Policy Research - UK; New York University; National Bureau of Economic Research; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：We study a model in which a low monetary policy rate lowers the cost of corporate debt, potentially spurring productive investment; low interest rates, however, also induce firms to lever up so as to increase payouts to equity. Whereas such leveraged payouts privately benefit shareholders, leverage comes at the social cost of distorting their incentives, thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, because of the presence of a shadow banki...
-
作者：Liu, Sheng; Siddiq, Auyon; Zhang, Jingwei
作者单位：University of Toronto; University of California System; University of California Los Angeles; Cornell University
摘要：Urban infrastructure is vital for sustainable cities. In recent years, municipal governments have invested heavily in the expansion of bike lane networks to meet growing demand, promote ridership, and reduce emissions. However, reallocating road capacity to cycling is often contentious because of the risk of amplifying traffic congestion. In this paper, we develop a method for planning bike lanes that accounts for ridership and congestion effects. We first present a procedure for estimating pa...
-
作者：Lo, Andrew W.; Zhang, Ruixun
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); The Santa Fe Institute; Peking University; Peking University
摘要：We propose a new performance attribution framework that decomposes a constrained portfolio's holdings, expected returns, variance, expected utility, and realized returns into components attributable to (1) the unconstrained mean-variance optimal portfolio; (2) individual static constraints; and (3) information, if any, arising from those constraints. A key contribution of our framework is the recognition that constraints may contain information that is correlated with returns, in which case im...
-
作者：August, Terrence; Noh, Daehoon; Shamir, Noam; Shin, Hyoduk
作者单位：University of California System; University of California San Diego; University of San Diego; Tel Aviv University
摘要：With the increased frequency and magnitude of cyberattacks, policymakers and the private sector search for ways to counter this threat. One of the main initiatives suggested to achieve this goal is sharing cybersecurity-related information. Although the general belief is that information sharing can increase both industry profit and social welfare, it is unclear whether firms would voluntarily share such information. In this paper, we examine the incentives of firms to share cybersecurity-rela...
-
作者：Zeithammer, Robert; Choi, W. Jason
作者单位：University of California System; University of California Los Angeles; University System of Maryland; University of Maryland College Park
摘要：Online advertising impressions are traded through a multitiered network of intermediaries. We model the revenue optimization of a publisher that auctions off advertising impressions to intermediary exchanges, which, in turn, run their own internal auctions among the advertisers they represent. We show that the resulting auction-of-auctions market arrangement suffers from a double marginalization problem: the multitier bid shading prompts the publisher to raise the reserve price above the level...
-
作者：Katuscak, Peter; Kittsteiner, Thomas
作者单位：RWTH Aachen University
摘要：There is evidence that many people do not report their types truthfully in strategy-proof mechanisms. One of the leading explanations is mechanism complexity. We propose a novel way of describing any strategy-proof mechanism with the aim to reduce the ensuing cognitive load on players and, hence, to increase truthful reporting. The description highlights that a player is guaranteed to obtain a most preferred feasible allocation based on her reported type and that feasibility depends only on th...
-
作者：Han, Xia; Lin, Liyuan; Wang, Ruodu
作者单位：Nankai University; Nankai University; Monash University; University of Waterloo
摘要：We establish the first axiomatic theory for diversification indices using six intuitive axioms: nonnegativity, location invariance, scale invariance, rationality, normalization, and continuity. The unique class of indices satisfying these axioms, called the diversification quotients (DQs), are defined based on a parametric family of risk measures. A further axiom of portfolio convexity pins down DQs based on coherent risk measures. The DQ has many attractive properties, and it can address seve...
-
作者：Jin, Wang; McElheran, Kristina
作者单位：Stanford University; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：We examine how dimensions of information technology (IT) strategy affect the performance of young businesses, as well as dynamics as they age. Drawing from lifecycle theory and firm boundary research, we derive the relationship between age-based performance differences and IT sourcing decisions. We highlight the dynamic tension between outsourcing's support for accessing frontier inputs in the short term and ownership's advantages for developing organization-specific resources and capabilities...
-
作者：Cunat, Vicente; Groen-Xu, Moqi
作者单位：University of London; London School Economics & Political Science; University of London; Queen Mary University London
摘要：Investors have limited and time-varying attention. These constraints are heterogeneous across investors, which can create asymmetric information and adverse selection problems. We show how firms take these constraints into account: They release harder-toprocess news in periods when investor attention is higher. We use an institutional discontinuity within the U.S. corporate filing system to measure these effects. Filings before 5:30 p.m. become available immediately, whereas filings after 5:30...
-
作者：Marinoni, Astrid; Roche, Maria P.
作者单位：University System of Georgia; Georgia Institute of Technology; Harvard University
摘要：This paper examines the impact of the expansion of the U.S. Postal Service in the late 19th century on firm creation and performance. Utilizing newly digitized archival data on historic business establishments, post office locations, and road networks in California, our study identifies a positive relationship between the expansion of the Postal Service and the emergence of new firms. To address endogeneity concerns, we leverage an unexpected change in the Postal Service route network. Our fin...
