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作者：Kuzmina, Olga
作者单位：New Economic School; Centre for Economic Policy Research - UK
摘要：Using a unique panel data set of manufacturing rms in Spain in 1994-2006, I show that the use of exible (shorter and cheaper-to-re) employment contracts promotes debt nancing. I build the identication strategy on the intertemporal, cross-regional, and cross-gender variation in government subsidies that differentially encouraged rms to hire workers on the less exible contracts. A thought experiment of prohibiting an average rm from hiring workers on exible contracts suggests that such a rm shou...
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作者：Hasler, Michael; Jeanneret, Alexandre
作者单位：University of Texas System; University of Texas Dallas
摘要：We propose a macrofinance model that rationalizes robust features in equity index option markets. When rare disasters are followed by economic recoveries, the slope of the implied volatility term structure is positive in good times but turns negative in bad times. Additionally, implied volatility decreases with moneyness in bad times (volatility skew), whereas the shape becomes a smile in good times in the presence of rare economic booms. Our theory contributes to understanding the dynamics of...
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作者：Tsui, David; Vance, Marshall
作者单位：University of Southern California; Virginia Polytechnic Institute & State University
摘要：We examine the sorting role of broad-based equity pay using detailed employee-level data. We propose trust in management as an important characteristic over which equity pay sorts employees, as such pay typically leaves employees with concentrated positions in employer stock and therefore more exposed to the outcomes of management's actions. Consistent with this conjecture, we find that the relation between employees' perceptions of management's credibility and voluntary turnover intentions is...
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作者：Mai, Yunke; Hu, Bin
作者单位：University of Kentucky; University of Texas System; University of Texas Dallas
摘要：We consider the optimal operating policies of a free-to-play multiplayer game with a premium subscription to maximize its lifetime operating profit. Accounting for social comparisons between free and premium players, we model the game attracting or losing players with a hybrid of the Bass diffusion model and the replicator equation in evolutionary game theory. Leveraging optimal control theory, we characterize optimal dynamic pricing and advertising policies and show that the developer should ...
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作者：Corgnet, Brice; Deck, Cary; DeSantis, Mark; Hampton, Kyle; Kimbrough, Erik O.
作者单位：Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; emlyon business school; University of Alabama System; University of Alabama Tuscaloosa; Chapman University System; Chapman University; Chapman University System; Chapman University; Chapman University System; Chapman University
摘要：We attempt to replicate a seminal paper that offered support for the rational expectations hypothesis and reported evidence that markets with certain features aggregate dispersed information. The original results are based on only a few observations, and our attempt to replicate the key findings with an appropriately powered experiment largely fails. The resulting poststudy probability that market performance is better described by rational expectations than the prior information (Walrasian) m...
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作者：Hollstein, Fabian; Prokopczukb, Marcel
作者单位：Saarland University; Leibniz University Hannover; University of Reading
摘要：We analyze the relation between time-series predictability and factor investing. We use a large set of financial, macroeconomic, and technical variables to time-series-manage the market portfolio. A combination of the out-of-sample market excess return forecasts of all variables yields a managed market portfolio that generates alphas relative to cross-sectional factor models that exceed 5% per annum. More broadly, the relation between time-series evaluation measures and (multifactor) alphas is...
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作者：Hoga, Yannick; Demetrescu, Matei
作者单位：University of Duisburg Essen; Dortmund University of Technology
摘要：This paper introduces formal monitoring procedures as a risk-management tool. Continuously monitoring risk forecasts allows practitioners to swiftly review and update their forecasting procedures as soon as forecasts turn inadequate. Similarly, regulators may take timely action in case reported risk forecasts become poor. Extant (one-shot) backtests require, however, that all data are available prior to testing and are not informative of when inadequacies might have occurred. To monitor value-...
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作者：Alekseev, Georgij; Amer, Safaa; Gopal, Manasa; Kuchler, Theresa; Schneider, J. W.; Stroebel, Johannes; Wernerfelt, Nils
作者单位：New York University; Facebook Inc; University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We analyze a large-scale survey of small business owners, managers, and employees in the United States to understand the effects of the COVID-19 pandemic on those businesses. We explore two waves of the survey that were fielded on Facebook in April 2020 and December 2020. We document five facts about the impact of the pandemic on small businesses. (1) Larger firms, older firms, and male-owned firms were more likely to remain open during the early stages of the pandemic with many of these heter...
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作者：Balyuk, Tetyana
作者单位：Emory University
摘要：Using a unique setting of an online peer-to-peer lender, I show that banks expand credit access for consumers who obtain FinTech loans. Consistent with FinTech relieving information frictions, this effect is stronger for more credit-constrained consumers. Many borrowers, especially higher-quality ones, use peer-to-peer loans to repay expensive revolving debt. Yet, debt financing and credit score changes cannot fully explain higher bank credit. The increase in bank credit access is stronger whe...
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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...
