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作者：deHaan, Ed; Kim, Jungbae; Lourie, Ben; Zhu, Chenqi
作者单位：Stanford University; Singapore Management University; University of California System; University of California Irvine
摘要：Buy -now -pay -later (BNPL) is a relatively unregulated FinTech innovation that provides consumers with easy access to credit for retail purchases. BNPL spending is projected to reach $1 trillion by 2025, but we know little about its effects. Using banking data for 10.6 million U.S. consumers, we investigate the effects of BNPL on leading indicators of users' financial health. We find that new BNPL users experience rapid increases in bank overdraft charges and credit card interest and fees com...
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作者：Hao, Lin; Kumar, Subodha
作者单位：Fordham University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Consumer showrooming has become a common phenomenon in the retail industry, but little is known about its influence on the interplay between an upstream supplier and a downstream retailer in a distribution channel. Our study examines such an influence by considering an upstream supplier who sells a product through a downstream physical retailer based on a wholesale contract. At the same time, based on an agency contract, the supplier sells the product on an online retail platform where a nonne...
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作者：Bradley, Daniel; Gokkaya, Sinan; Liu, Xi; Michaely, Roni
作者单位：State University System of Florida; University of South Florida; University System of Ohio; Ohio University; University System of Ohio; Miami University; University of Hong Kong; European Corporate Governance Institute
摘要：Washington policy research analysts (WAs) monitor political developments and produce research to interpret the impact of these events. We find institutional clients channel more commissions to brokerages providing policy research and commission-allocating institutional clients generate superior returns on their politically sensitive trades. We find that WA policy research reports are associated with significant price and volume reactions. Finally, we find sell-side analysts with access to WA i...
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作者：Flory, Jeffrey A.; Leibbrandt, Andreas; Rott, Christina; Stoddard, Olga
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; Monash University; Vrije Universiteit Amsterdam; Tinbergen Institute; Brigham Young University
摘要：We conduct a large-scale natural field experiment with a Fortune 500 company to test several light-touch approaches to attract minorities to high-profile positions. A total of 5,000 prospective applicants were randomized into treatments that vary a small portion of recruiting materials. We find that self-selection at two early-career stages exhibits a substantial race gap. We then show that this gap can be strongly influenced by several treatments, with some closing the race gap and increasing...
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作者：Fry, Caroline; MacGarvie, Megan
作者单位：University of Hawaii System; University of Hawaii Manoa; Boston University; National Bureau of Economic Research
摘要：Online platforms such as preprint servers have become an important way to disseminate new scientific knowledge prior to peer review. However, little is known about how attention to preprints may vary across authors from different countries of origin, particularly relative to evaluation in expert-controlled systems such as scientific journals. This study explores how readers allocated attention across preprints in the initial months of the COVID-19 pandemic, a time when there was an increase in...
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作者：Huang, Shiyang; Liu, Xin; Lou, Dong; Polk, Christopher
作者单位：University of Hong Kong; Renmin University of China; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR)
摘要：Low-beta stocks deliver high average returns and low risk relative to high-beta stocks, an opportunity for professional investors to arbitrage away. We argue that beta arbitrage activity generates booms and busts in the strategy's abnormal trading profits. In times of low arbitrage activity, the beta-arbitrage strategy exhibits delayed correction, taking up to three years for abnormal returns to be realized. In contrast, when arbitrage activity is high, prices overshoot and then revert in the ...
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作者：Bradley, Daniel; Finer, David Andrew; Gustafson, Matthew; Williams, Jared
作者单位：State University System of Florida; University of South Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We introduce taxi ridership between the Federal Reserve (Fed) Bank of New York and large financial institutions headquartered in New York City as a novel proxy for Fed-bank face-to-face interactions. We document a negative relation between past Fed-bank interactions and future stock market returns, particularly on days around the Fed's public announcements. We also find significantly elevated Fed-bank interactions immediately following the lifting of the Federal Open Market Committee blackout....
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作者：Bi, Xuan; Gupta, Alok; Yang, Mochen
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Limited access to large-scale data is a key obstacle to building machine learning (ML) applications in practice, partly due to a reluctance of information exchange among data owners out of privacy and data security concerns. To address this information silo problem, federated learning (FL) techniques have been proposed to enable decentralized model training via an orchestrating central server and have received increasing attention in several industries (including healthcare and finance). Despi...
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作者：Nikzad, Afshin; Strack, Philipp
作者单位：University of Southern California; Yale University
摘要：Waitlists are commonly used to allocate scarce resources, such as public housing or organs. Waitlist policies attempt to prioritize agents who wait longer by assigning them priority points (a` la first come, first served). We show that such point systems can lead to severe inequality across the agents' assignment probabilities unless they use randomization. In particular, deterministic point systems lead to a more unequal allocation than any other rule that prioritizes earlier arrivals, an axi...
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作者：Sheng, Jinfei; Sun, Zheng; Wang, Wanyi
作者单位：University of California System; University of California Irvine
摘要：Using two proxies for investors' political affiliation, we document sharp differences in stock returns between firms likely dominated by Democratic investors (blue stocks) and those dominated by Republican investors (red stocks) during the COVID pandemic. Red stocks have 20 basis points higher risk-adjusted returns than blue stocks on COVID news days (Partisan Return Gap). Lockdown policies, COVID cases, industry and firm fundamentals only explain at most 40% of the return gap. Polarized polit...
