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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：Wang, Yicheng
作者单位：Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：This paper studies the impacts of financial shocks on firm insurance, firm dynamics, and macroeconomic implications. A key departure from the literature is that firms provide wage insurance contracts to risk-averse workers in a long-term relationship. Such contracts endogenously impose a form of inflexible debt liability to firms, and make firms with limited financial net worth more vulnerable to shocks than others. In our model, firms have heterogenous productivity and financial net worth, an...
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作者：Chen, Li; Mankad, Shawn
作者单位：Cornell University; North Carolina State University
摘要：We consider the common setting where one observes a large number of opinionated text documents and related covariates, such as the text of online reviews along with the date of the review and the author demographic information. In this setting it can be of interest to understand how the covariates determine the text composition, as well as the prevalence, sentiment, and/or discourse of various discussion themes. Yet, most topic modeling methods in the machine learning literature are designed t...
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作者：Akturk, Deniz; Candogan, Ozan; Gupta, Varun
作者单位：Washington University (WUSTL); University of Chicago
摘要：We consider the problem of managing resources in shared micromobility systems (bike sharing and scooter sharing). An important task in managing such systems is periodic repositioning/recharging/sourcing of units to avoid stockouts or excess inventory at nodes with unbalanced flows. We consider a discrete-time model; each period begins with an initial inventory at each node in the network, and then, customers (demand) materialize at the nodes. Each customer picks up a unit at the origin node an...
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作者：Shive, Sophie; Forster, Margaret
作者单位：University of Notre Dame
摘要：We examine whether leveraged buyout (LBO) sponsors' reputations as borrowers affect the refinancing terms of their portfolio companies. In 510 U.S. LBOs for which we can reconstruct debt financing activity, 67% of financing events occur one quarter before the earliest existing debt maturity. These On Time events generally improve borrowing terms, whereas Early events feature more dividends, leverage, and higher cost. In each case, dividend issuance decreases and cost increases with the proport...
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作者：Dong, Wanxue; Saar-Tsechansky, Maytal; Geva, Tomer
作者单位：Chinese University of Hong Kong; University of Texas System; University of Texas Austin; Tel Aviv University
摘要：Expert workers make non-trivial decisions with significant implications. Experts' decision accuracy is, thus, a fundamental aspect of their judgment quality, key to both management and consumers of experts' services. Yet, in many important settings, transparency in experts' decision quality is rarely possible because ground truth data for evaluating the experts' decisions is costly and available only for a limited set of decisions. Furthermore, different experts typically handle exclusive sets...
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作者：Soltani, Mohamad; Batt, Robert . T.; Bavafa, Hessam
作者单位：University of Alberta; University of Wisconsin System; University of Wisconsin Madison
摘要：Quality knowledge spillovers can enhance the overall effectiveness of quality improvement initiatives. We study the presence and moderators of such spillovers in a multitask service setting, specifically in hospital inpatient care. Leveraging a national quality improvement regulation, the Hospital Readmissions Reduction Program (HRRP), which offers partial incentives for hospitals to reduce readmissions, we employ difference-in-differences econometric models on a nationwide database and find p...
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作者：Devalve, Levi; Myles, Jabari
作者单位：University of Chicago; North Carolina State University
摘要：We provide the first approximation algorithm for dynamic inventory management on a network with stochastic demand and backlogging. Specifically, under a mild cost condition, we prove the cost of a specially designed base-stock policy is less than 1.618 times the cost of an optimal policy. We develop a novel stochastic programming analysis to prove this result: We carefully calibrate two stochastic programs (providing upper and lower bounds on the optimal policy), and compare their objectives. ...
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作者：Kao, Jennifer
作者单位：University of California System; University of California Los Angeles
摘要：This paper studies how competitive dynamics shape innovative firms' voluntary disclosure of product quality information. Our empirical context is the pharmaceutical industry, where firms must decide whether to disclose private drug quality information acquired in clinical trials. Using a difference-in-difference strategy, we show that the approval of a competitor's drug lowers the likelihood of a firm reporting its clinical trial results by 13%. We explore how these effects vary based on the p...
