-
作者：Birru, Justin; Chague, Fernando; De-Losso, Rodrigo; Giovannetti, Bruno
作者单位：University System of Ohio; Ohio State University; Getulio Vargas Foundation; Universidade de Sao Paulo
摘要：We first provide evidence of investor inattention to a very simple and well-known capital gains tax exemption in the Brazilian stock market. We then show that inattentive investors exhibit worse trading performance and stronger trading biases even after controlling for several investor-level variables, such as past trading experience. The evidence is consistent with inattention being one of the explanations for the prevalence of behavioral biases.
-
作者：Brogaard, Jonathan; Engelberg, Joseph E.; Eswar, Sapnoti K.; Van Wesep, Edward D.
作者单位：Utah System of Higher Education; University of Utah; University of California System; University of California San Diego; University of St Andrews; University of Colorado System; University of Colorado Boulder
摘要：Papers published in finance and economics journals whose first authors are famous have more citations than papers whose second or third authors are famous. As a paper ages, its citation rate varies most with variation in the fame of the first author and less so with the fame of second and third authors. Author order is alphabetical, so these patterns are unrelated to underlying quality. The magnitudes we find are large; a threeauthor paper written by the most prolific author in economics and h...
-
作者：Crego, Julio A.; Gider, Jasmin
作者单位：Tilburg University
摘要：We propose a method to identify the informativeness of a future scheduled announcement at the daily level, exploiting the discontinuity it creates in the term structure of option volatility. We implement the strategy in a panel data model to estimate the relation between prior signals and the future announcement. This method allows us to separate substitutes from complements, it can isolate multiple signals within the same quarter, and it can condition on the timing and signal characteristics....
-
作者：Burbano, Vanessa C.; Folke, Olle; Meier, Stephan; Rickne, Johanna
作者单位：Columbia University; Uppsala University; Stockholm University; Stockholm School of Economics; University of Nottingham
摘要：An understanding of differences in nonmonetary work conditions is fundamental for a complete characterization of individuals' well-being at work. Thus, to fully characterize gender inequalities in the labor market, scholars have begun to explore gender differences in nonmonetary work conditions. We examine one such condition-meaningful work-using nationally representative survey data linked with worker and employer administrative data. We document a large and expanding gender gap in meaningful...
-
作者：Guilbeault, Douglas; van Loon, Austin; Lix, Katharina; Goldberg, Amir; Srivastava, Sameer B.
作者单位：University of California System; University of California Berkeley; Duke University; Stanford University
摘要：Cognitive differences can catalyze social learning through the process of one-toone social influence. Yet the learning benefits of exposure to the ideas of cognitively dissimilar others often fail to materialize. Why do cognitive differences produce learning from interpersonal influence in some contexts but not in others? To answer this question, we distinguish between cognition that is expressed-one's public stance on an issue and the way in which supporting arguments are framed-and cognition...
-
作者：Xu, Nianhang; Chan, Kam C.; Xie, Rongrong; Chen, Qinyuan; Agarwal, Sumit
作者单位：Renmin University of China; Shanghai Business School; Central University of Finance & Economics; Nanjing University; National University of Singapore
摘要：We examine the impact of family-based human capital stemming from a chairperson's having siblings vis-a`-vis not having siblings on corporate innovation in Chinese family firms. Using hand-collected data, we document that when a firm has a siblingchairperson, it holds more patents, receives more total citations to its patents, and has greater innovation efficiency and innovation quality than an otherwise equivalent firm with a chairperson having no siblings. The results are economically signif...
-
作者：Liu, Yan; Zhang, Dan
作者单位：Hong Kong Polytechnic University; University of Colorado System; University of Colorado Boulder
摘要：Consumers often receive a full or partial refund for product returns or service cancellations. Much of the existing literature studies cash refunds, where consumers get the money back minus a fee upon a product return or service cancellation. However, not all refunds are issued in cash. Sometimes consumers receive credit that can be used for future purchases, oftentimes with an expiration term after which the credit is forfeited. We study the optimal design of credit refund policies. Different...
-
作者：Falk, Armin; Zimmermann, Florian
作者单位：University of Bonn
摘要：Recent models assume that the anticipation of future consumption can have direct utility consequences. This gives rise to preferences over the timing and structure of information. Using a novel and purposefully simple setup, we study the determinants of preferences for sooner versus later information. Our main results are as follows. We find that the majority of subjects prefer receiving information sooner. This preference, however, is not uniform but depends on the context. When the environme...
-
作者：Marquez, Robert; Nguyen, Thanh; Yavuz, M. Deniz
作者单位：University of California System; University of California Davis; Purdue University System; Purdue University
摘要：It is common for lenders to require innovative firms to report all innovations and take actions, such as patenting, to protect their value. However, many future innovations are difficult to verify, making enforcement of such requirements difficult. This creates a tension for firms between protecting their innovations through patenting and creating assets that can be liquidated by a lender when not fully repaid. We show that the endogeneity of the patenting decision introduces an upper bound on...
-
作者：Carvalho, Margarida; Dragotto, Gabriele; Feijoo, Felipe; Lodi, Andrea; Sankaranarayanan, Sriram
作者单位：Universite de Montreal; Universite de Montreal; Princeton University; Technion Israel Institute of Technology; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad
摘要：This article introduces a class of Nash games among Stackelberg players (NASPs), namely, a class of simultaneous noncooperative games where the players solve sequential Stackelberg games. Specifically, each player solves a Stackelberg game where a leader optimizes a (parametrized) linear objective function subject to linear constraints, whereas its followers solve convex quadratic problems subject to the standard optimistic assumption. Although we prove that deciding if a NASP instance admits ...
