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作者：Gill, Andrej; Heinz, Matthias; Schumacher, Heiner; Sutter, Matthias
作者单位：Johannes Gutenberg University of Mainz; University of Cologne; Max Planck Society; Centre for Economic Policy Research - UK; University of Innsbruck; KU Leuven; University of Cologne; IZA Institute Labor Economics; Leibniz Association; Ifo Institut
摘要：Trust is an important element of many financial transactions. Yet, the financial industry has been struggling with public mistrust. One explanation for this could be the selection of individuals who wish to work in and get job offers from the financial industry. In this paper, we examine the selection into the financial industry based on social preferences. We identify the social preferences of business and economics students, and, for more than six years, follow up on their early career choic...
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作者：Cheng, Stephanie F.; Cuny, Christine; Xue, Hao
作者单位：Tulane University; New York University; Duke University
摘要：Ownership segmentation in the municipal bond market gives rise to competition among local issuers for a limited supply of capital. We consider the disclosure implications of this competition for capital, using Moody's 2010 recalibration of the municipal rating scale. The recalibration placed lowly upgraded issuers at a disadvantage relative to their highly upgraded peers within the same market segment. We develop a model in which two municipal bond issuers compete for investors' capital by cho...
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作者：Moon, Ken; Bergemann, Patrick; Brown, Daniel; Chen, Andrew; Chu, James; Eisen, Ellen A.; Fischer, Gregory M.; Loyalka, Prashant; Rho, Sungmin; Cohen, Joshua
作者单位：University of Pennsylvania; University of California System; University of California Irvine; Apple Inc; Columbia University; University of California System; University of California Berkeley; Boston Consulting Group (BCG); Apple Inc
摘要：To maximize productivity, manufacturers must organize and equip their workforces to efficiently handle variable workloads. Their success depends on their ability to assign experienced and skilled workers to specialized tasks and coordinate work on production lines. Worker turnover may disrupt such efforts. We use staffing, productivity, and pay data from within a major consumer electronics manufacturer's supply chain to study how firms should manage worker turnover and its effects using produc...
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作者：Lin, Chen-An; Shang, Kevin; Sun, Peng
作者单位：Duke University
摘要：This paper studies a pricing problem for a single-server queue where customers arrive according to a Poisson process. For each arriving customer, the service provider announces a price rate and system wait time. In response, the customer decides whether to join the queue, and, if so, the duration of the service time. The objective is to maximize either the long-run average revenue or social welfare. We formulate this problem as a continuous-time control model whose optimality conditions involv...
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作者：Bonfim, Diana; Cerqueiro, Geraldo; Degryse, Hans; Ongena, Steven
作者单位：Universidade Catolica Portuguesa; KU Leuven; Centre for Economic Policy Research - UK; University of Zurich; Swiss Finance Institute (SFI); Norwegian University of Science & Technology (NTNU)
摘要：Zombie lending remains a widespread practice by banks around the world. In this paper, we exploit a series of large-scale on-site inspections made on the credit portfolios of several Portuguese banks to investigate how these inspections affect banks' future lending decisions. We find that an inspected bank becomes 20% less likely to refinance zombie firms, immediately spurring their default. Overall, banks seemingly reduce zombie lending because the incentives to hold these loans disappear onc...
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作者：Mamadehussene, Samir; Sguera, Francesco
作者单位：University of Texas System; University of Texas Dallas; Universidade Catolica Portuguesa
摘要：The Becker-DeGroot-Marschak (BDM) mechanism is frequently used in experimental research to measure willingness-to-pay (WTP). The mechanism is very appealing given its incentive compatibility property. However, a growing body of experimental evidence finds that WTP is sensitive to the underlying price distribution of the BDM mechanism. The literature suggests that these findings can be rationalized only if subjects have context-dependent preferences. Under context-dependent preferences, the use...
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作者：Hagendorff, Jens; Lim, Sonya; Nguyenc, Duc Duy
作者单位：University of London; King's College London; DePaul University; Durham University
摘要：We examine the contractual implications of a lender's trust for corporate loans. We measure how trusting a lender is using the average trust attitude in the chief executive officer's ancestral country of origin. We find that banks with trusting CEOs charge lower interest rates in U.S. syndicated loans. This effect is identified within existing lender-borrower relationships and similar types of loans. Further analyses indicate that trust reduces the cost of credit by boosting the perceived cred...
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作者：Heath, Davidson; Mitchell, Mark
作者单位：Utah System of Higher Education; University of Utah; University of Chicago
摘要：A primary concern in mergers and acquisitions is the risk the deal may be cancelled before it is completed. We document that ???interim risk??? varies asymmetrically with the aggregate market return. Deals tend to be renegotiated when the market rises, but cancelled when the market crashes. These effects are conditional on the method of payment and the contracting stage of the deal, consistent with a mechanism of ex post renegotiation. Variation in interim risk over time alters the method of p...
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作者：Crosetto, Paolo; Gaudeul, Alexia
作者单位：INRAE; Communaute Universite Grenoble Alpes; Institut National Polytechnique de Grenoble; Universite Grenoble Alpes (UGA); Centre National de la Recherche Scientifique (CNRS); European Commission Joint Research Centre
摘要：We explore the nature and robustness of the attraction effect. The attraction effect can be seen as a persistent bias or as the result of heuristics that may not persist upon reflection. We provide robust experimental evidence that the attraction effect first rises and then falls over time when participants are incentivized to make a quick choice they can later revise. Participants in two experiments under continuous time pressure make choices among options with the aim to maximize an objectiv...
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作者：Klusak, Patrycja; Agarwala, Matthew; Burke, Matt; Kraemer, Moritz; Mohaddes, Kamiar
作者单位：University of East Anglia; University of Cambridge; University of East Anglia; Yale University; University of Oxford; Goethe University Frankfurt; University of Cambridge; University of Cambridge
摘要：Enthusiasm for greening the financial system is welcome, but a fundamental challenge remains: financial decision makers lack the necessary information. It is not enough to know that climate change is bad. Markets need credible, digestible information on how climate change translates into material risks. To bridge the gap between climate science and real-world financial indicators, we simulate the effect of climate change on sovereign credit ratings for 109 countries, creating the world's first...
