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作者：D'Aeth, Josh C.; Ghosal, Shubhechyya; Grimm, Fiona; Haw, David; Koca, Esma; Lau, Krystal; Liu, Huikang; Moret, Stefano; Rizmie, Dheeya; Smith, Peter C.; Forchini, Giovanni; Miraldo, Marisa; Wiesemann, Wolfram
作者单位：Imperial College London; Imperial College London; Imperial College London; Imperial College London; Imperial College London; Shanghai University of Finance & Economics; Umea University
摘要：The COVID-19 pandemic has seen dramatic demand surges for hospital care that have placed a severe strain on health systems worldwide. As a result, policy makers are faced with the challenge of managing scarce hospital capacity to reduce the backlog of non-COVID patients while maintaining the ability to respond to any potential future increases in demand for COVID care. In this paper, we propose a nationwide prioritization scheme that models each individual patient as a dynamic program whose st...
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作者：Gerarden, Todd D.
作者单位：Cornell University
摘要：Private sector innovation is critical to mitigating and adapting to climate change. This paper studies innovation in solar energy technology, a key source of clean energy that has experienced rapid price declines over the past decade. To understand the causes and effects of innovation, I estimate a dynamic structural model of competition among solar panel manufacturers. The model captures important features of the industry, including the role of government subsidies for solar adoption, and I e...
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作者：Camara, Odilon; Jia, Nan; Raffiee, Joseph
作者单位：University of Southern California; University of Southern California
摘要：We examine strategic communication in labor market recommendations. Our formal model features two-sided asymmetric information: An adviser has private information about his own preference bias for a focal candidate and a signal of the quality of this candidate, whereas the hiring firm has private information about the quality of an alternative candidate. The adviser can choose whether to recommend his focal candidate to the firm. If he recommends and the firm hires the candidate, then the advi...
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作者：Cortes, Felipe; Marcet, Francisco
作者单位：Northeastern University; Universidad de Chile
摘要：This paper studies the role of shared analysts, who cover the target and the acquirer, in mergers and acquisitions outcomes. We find that deals where both firms are connected through shared analysts are less likely to be completed than deals without shared analysts. If completed, however, deals with shared analysts exhibit higher expected synergy gains, acquirer announcement returns, and acquirer post-completion performance. Shared analysts are also more likely to issue estimates about the acq...
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作者：Kaynar, Nur; Siddiq, Auyon
作者单位：Cornell University; University of California System; University of California Los Angeles
摘要：The design of performance-based incentives-commonly used in online labor platforms-can be naturally posed as a moral hazard principal-agent problem. In this setting, a key input to the principal's optimal contracting problem is the agent's production function: the dependence of agent output on effort. Although agent production is classically assumed to be known to the principal, this is unlikely to be the case in practice. Motivated by the design of performance-based incentives, we present a m...
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作者：Gross, Daniel P.
作者单位：Duke University; National Bureau of Economic Research
摘要：One of the most commanding powers of the U.S. Patent and Trademark Office (USPTO) is to compel inventions into secrecy, withholding patent rights and prohibiting disclosure, to prevent technology from leaking to foreign competitors. This paper studies the impacts of compulsory secrecy on firm invention and the wider innovation system. In WorldWar II, USPTO issued secrecy orders to more than 11,000 patent applications, which it rescinded en masse at the end of the war. Compulsory secrecy caused...
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作者：Chen, Zeyang; Liu, Yu-Jane; Meng, Juanjuan; Wang, Zeng
作者单位：Renmin University of China; Peking University
摘要：Facial information is essential in daily life, but relatively little is known about whether seeing a face improves people's decision quality. This experimental paper studies the loan-approval decisions based on the historical cash-loan data with real repayment outcomes and exogenously varies whether and how a borrower's facial information is provided. We find that facial information does not improve subjects' decisions, despite the fact that it can predict repayment behavior in a machine-learn...
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作者：Mai, Yunke; Hu, Bin; Pekec, Sasa
作者单位：University of Kentucky; University of Texas System; University of Texas Dallas; Duke University
摘要：In this paper, we study how an on-demand service platform could improve its performance through managing user conduct. In such a platform, service providers may reject certain platform-proposed service requests, and their responses, in turn, incentivize users to adjust their conduct. We develop an evolutionary game theory model of user conduct and provider responses that shows that the platform could improve user conduct through either setting a low wage for service providers or implementing p...
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作者：Chabi-Yo, Fousseni; Dim, Chukwuma; Vilkov, Grigory
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Frankfurt School Finance & Management
摘要：We derive generalized bounds on conditional expected excess returns that can be computed from option prices. The generalized lower bound may serve as an expected excess return proxy for individual and basket-type assets, is conditionally tight, accounts for the entire risk-neutral distribution of returns, and outperforms existing variance-based models in out-of-sample predictions. Bounds calibrated to realized returns correspond to reasonable risk aversion and prudence. On average, expected st...
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作者：Ammer, John; Rogers, John; Wang, Gang; Yu, Yang
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Fudan University; Shanghai University of Finance & Economics; Shanghai Jiao Tong University
摘要：Although many central banks in the 21st century have become more transparent, Chinese monetary policy communications have been relatively opaque, suggesting that financial market participants must commit significant resources to predicting the central bank???s actions. We conduct a novel systematic textual analysis of the discussion in the quarterly reports of China fund managers, from which we infer their near-term expectations for monetary policy. We construct an aggregate index of manager e...
