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作者：Yang, Jeremy; Eckles, Dean; Dhillon, Paramveer; Aral, Sinan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：Decision makers often want to target interventions so as to maximize an outcome that is observed only in the long term. This typically requires delaying decisions until the outcome is observed or relying on simple short-term proxies for the long-term outcome. Here, we build on the statistical surrogacy and policy learning literatures to impute the missing long-term outcomes and then approximate the optimal targeting policy on the imputed outcomes via a doubly robust approach. We first show tha...
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作者：Cui, Xinyu; Kolokolova, Olga; Wang, Jiaguo (George)
作者单位：University of Bristol; University of Manchester; Alliance Manchester Business School; Lancaster University
摘要：Hedge funds earn positive ex post abnormal returns and avoid negative abnormal returns on their equity portfolios when trading in the opposite direction of highly diversified low -turnover institutional investors (quasi indexers). This pattern seems to be driven by the preferences of quasi indexers for high -market -beta stocks together with the ability of hedge funds to identify subsets of especially profitable trades. It remains pronounced when accounting for other determinants of hedge fund...
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作者：Du, Wenxin; Gadgil, Salil; Gordy, Michael B.; Vega, Clara
作者单位：Columbia University; United States Department of the Treasury; Office of Financial Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We investigate how market participants price and manage counterparty credit risk using confidential trade repository data on single-name credit default swap (CDS) transactions. We find that counterparty risk has a modest impact on the pricing of CDS contracts but a large impact on the choice of counterparties. For contracts ineligible for central clearing, we show that market participants are significantly less likely to trade with counterparties whose credit risk is highly correlated with the...
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作者：Frake, Justin; Harmon, Derek
作者单位：University of Michigan System; University of Michigan
摘要：This paper investigates how organizational misconduct is perpetuated through intergenerational transmission. We theorize that early exposure to a subculture of misconduct imprints newcomers with the belief that misconduct is normal, which is then carried by these individuals into managerial positions and passed down to their subordinates. We test this using longitudinal administrative data from the Chicago Police Department from 1980 to 2017. We exploit a lottery that assigns applicants to tra...
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作者：Roach, Michael; Sauermann, Henry
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Early stage technology startups rely critically on talented scientists and engineers to commercialize new technologies. And yet these startups compete with established technology firms to hire the best workers. Theories of ability sorting predict that highability workers will choose jobs in established firms that offer greater complementary assets and higher pay, leaving low -ability workers to take lower paying and riskier jobs in startups. We propose an alternative view in which heterogeneit...
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作者：Battalio, Robert; Hatch, Brian; Saglam, Mehmet
作者单位：University of Notre Dame; University System of Ohio; University of Cincinnati
摘要：We use a novel data set to examine the impact of exposing institutional orders to electronic liquidity providers (ELPs). We present empirical evidence that marketable pieces of large parent orders are routed to ELPs seemingly to avoid paying liquidity fees on exchanges. This routing decision results in lower net effective spreads for these child orders but leads to higher execution shortfall for the parent order. We provide evidence suggestive of a causal relation by utilizing the parent order...
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作者：Fu, Shiming; Trigilia, Giulio
作者单位：Shanghai University of Finance & Economics; University of Rochester
摘要：We study a dynamic moral hazard setting where the manager has private evidence that predicts the firm's cash flows. Bad -news disclosure is rewarded by a lower borrowing cost relative to the no -evidence case, whereas no disclosure leads to higher borrowing costs. For a given capital structure, disclosure reduces the firm's default risk by lowering its pay -for -performance sensitivity. However, for a set of low -profitability firms, the anticipation of future disclosure of information by mana...
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作者：Hsu, Vernon; Wu, Jing
作者单位：Chinese University of Hong Kong
摘要：Classic inventory theory suggests that inventory plays a vital role in matching demand and supply. This paper provides both country- and firm-level evidence that inventory can be used as a financial instrument to take advantage of arbitrage opportunities in financial markets with limited capital mobility. Using data from China customs' metal imports and firm-level inventory from metal processing industries, we show that firms can utilize the inventory of an imported product to carry lower cost...
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作者：Fang, Limin; Yang, Nathan
作者单位：University of British Columbia; Cornell University
摘要：This paper presents a novel decomposition approach for measuring deterrence motives in dynamic oligopoly games. Our approach yields a formalized, scale -free, and interpretable measure of deterrence motives that informs researchers about the proportion for which deterrence motives account of all entry motives. In addition, the decomposition leads to a set of conditions for counterfactual analysis where hypothetical scenarios with deterrence motives eliminated can be explored. We illustrate the...
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作者：Ifcher, John; Zarghamee, Homa
作者单位：Santa Clara University; Columbia University
摘要：We examine whether the gender gap in competitiveness in stereotypically male tasks persists when the decision to compete is made by someone else. In a within -subject laboratory experiment, decision makers make competition entry decisions for both themselves and a randomly selected other. Although we replicate the standard gender gap in decisions for oneself, we do not find a gender gap when the decision to compete is made by someone else. This is driven by men being significantly more willing...
