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作者：Moller, Stig Vinther; Pedersen, Thomas; Schutte, Erik Christian Montes; Timmermann, Allan
作者单位：Aarhus University; Danish Finance Institute; University of California System; University of California San Diego; Centre for Economic Policy Research - UK
摘要：We develop a new housing search index (HSI) extracted from online search activity on a limited set of keywords related to the house-buying process. We show that HSI has strong predictive power over subsequent changes in house prices, both in-sample and out-of-sample and after controlling for the effect of commonly used predictors, and relate our findings to models of search-induced frictions. Our results imply that search data can be used as an early indicator of where the market is going.
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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：Compared with existing payment systems, Bitcoin's throughput is low. Designed to address Bitcoin's scalability challenge, the Lightning Network (LN) is a protocol allowing two parties to secure bitcoin payments and escrow holdings between them. In a lightning channel, each party commits collateral toward future payments to the counterparty and payments are cryptographically secured updates of collaterals. The network of channels increases transaction speed and reduces blockchain congestion. Th...
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作者：Li, Chen
作者单位：New York University; NYU Shanghai
摘要：I develop two empirical models to quantify agency friction caused by moral hazard in top management teams. They capture shareholders' distinct perspectives on compensating top managers: the Individual Model, in which managers in a firm unilaterally shirk, and the Team Model, in which managers choose effort jointly. The Team Model rationalizes observed compensation better than the Individual Model, underlining the importance of managerial coordination and team -based incentives. This paper also...
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作者：Subramanian, Upender; Zhang, Z. John
作者单位：University of Texas System; University of Texas Dallas; University of Pennsylvania
摘要：Retailers often employ professionals known as retail buyers to determine the right quantities of products to order. However, in many economies and industries, a manufacturer may seek to unduly influence the buyer through various means. One such means is to offer the buyer kickbacks (incl. entertainment, travel, gifts) in return for a large order. Despite prominent examples of retailers taking initiatives against kickbacks, the practice persists in many economies and industries. To aid initiati...
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作者：Xiong, Ruoxuan; Athey, Susan; Bayati, Mohsen; Imbens, Guido
作者单位：Emory University; Stanford University
摘要：In this paper, we study the design and analysis of experiments conducted on a set of units over multiple time periods in which the starting time of the treatment may vary by unit. The design problem involves selecting an initial treatment time for each unit in order to most precisely estimate both the instantaneous and cumulative effects of the treatment. We first consider nonadaptive experiments, in which all treatment assignment decisions are made prior to the start of the experiment. For th...
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作者：Baranski, Andrzej; Geraldes, Diogo; Kovaliukaite, Ada; Tremewan, James
作者单位：New York University; New York University Abu Dhabi; New York University; New York University Abu Dhabi; University College Dublin; University College Dublin; University of Vienna; University of Vienna; IESEG School of Management; Universite de Lille; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS)
摘要：Women are underrepresented in business, academic, and political decisionmaking bodies across the world. To investigate the causal effect of gender representation on multilateral negotiations, we experimentally manipulate the composition of triads in a majoritarian, divide-the-dollar game. We document a robust gender gap in earnings driven largely by the exclusion of women from alliances rather than differential shares within alliances. Experiments with different subject pools show that distinc...
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作者：Chen, Qianwen; Choi, Jaewon
作者单位：Bank of Communications; University of Illinois System; University of Illinois Urbana-Champaign; Seoul National University (SNU)
摘要：Reaching for yield, which we define as an investor preference for higher-yield bonds at a given rating or for higher-rated bonds at given yields, is associated with inflated valuation and thus negatively predicts risk-adjusted returns. Controlling for ratings, alphas are lower for higher-yield bonds, whereas, controlling for yields, alphas are lower for safer-looking, higher-rated bonds. Future bond returns are particularly low when current interest rates are low and demand from yield-reaching...
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作者：Li, Xi; Wang, Xin (Shane); Nault, Barrie R.
作者单位：University of Hong Kong; Virginia Polytechnic Institute & State University; University of Calgary
摘要：We consider the role of personalized pricing (PP) on product differentiation when PP is costly to implement. Using a stylized yet commonly used formulation, we find that when firms decide on positioning before deciding on PP implementation, PP implementation cost affects not only the amount of differentiation firms choose in their positioning, firm profits, consumer surplus, and social welfare, but also whether firms implement PP. When PP implementation cost is low, firms cannot help but to im...
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作者：Beer, Ruth; Qi, Anyan
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Texas System; University of Texas Dallas
摘要：Interfirm innovation projects often require tight collaboration among firms with complementary skills and resources. The success of such projects depends on all firms generating high-quality outputs, which can be difficult to attain for aspects of quality that are not easily observable or contractible. We consider a setting with a focal firm and its collaborating firm (henceforth, the collaborator) engaging in a joint project, in which they make their quality decisions over time, respectively,...
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作者：Girma, Sourafel; Paton, David
作者单位：University of Nottingham; University of Nottingham
摘要：Laws mandating vaccination against Covid-19 as a condition of employment in health and care sectors were commonplace during the pandemic. Using weekly data at the local authority level, we examine the impact of the vaccine mandate for elderly care homes in England on vaccine take-up, staffing levels, and mortality. Our identification strategy involves (1) comparing take-up and staffing in English elderly care homes relative to other social care settings unaffected by the mandate; (2) comparing...
