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作者：Malinova, Katya; Park, Andreas
作者单位：McMaster University; University of Toronto
摘要：In a token offering, investors fund a venture in exchange for tokens that grant rights to future economic output. To many financial industry insiders, tokens have no intrinsic merit and exist only as a way to evade regulations. We demonstrate that generic revenue-based token contracts are indeed economically inferior to equity and lead to overor underproduction. However, an optimally designed token contract, which is a combination of an output presale and an incremental revenue-sharing agreeme...
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作者：Capponi, Agostino; Olafsson, Sveinn; Alsabah, Humoud
作者单位：Columbia University; Stevens Institute of Technology; Kuwait University
摘要：Does the proof-of-work consensus protocol serve its intended purpose of supporting decentralized cryptocurrency mining? To address this question, we develop a game-theoretical model in which miners first invest in hardware to improve the efficiency of their operations and then compete for mining rewards in a rent-seeking game. We show that centralization grows with heterogeneity in mining costs, but hardware capacity constraints prevent the most efficient miners from monopolizing the mining pr...
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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 tr...
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作者：Allouah, Amine; Bahamou, Achraf; Besbes, Omar
作者单位：Columbia University; Columbia University
摘要：Historical data are typically limited. We study the following fundamental data-driven pricing problem. How can/should a decision maker price its product based on data at a single historical price? How valuable is such data? We consider a decision maker who optimizes over (potentially randomized) pricing policies to maximize the worst-case ratio of the garnered revenue compared to an oracle with full knowledge of the distribution of values, when the latter is only assumed to belong to a broad n...
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作者：El Ghoul, Sadok; Guedhami, Omrane; Mansi, Sattar A.; Yoon, Hyo Jin
作者单位：University of Alberta; University of South Carolina System; University of South Carolina Columbia; Sungkyunkwan University (SKKU); Virginia Polytechnic Institute & State University; University of Texas System; University of Texas El Paso
摘要：Using a new measure of shareholder inattention constructed from exogenous industry shocks to institutional investor portfolios, we find that firms with distracted shareholders are associated with a higher cost of debt. This effect is stronger for firms with more powerful CEOs, firms with higher information asymmetry, and those operating in less competitive product markets. Further testing suggests that the inattention-cost of debt relation is driven primarily by dual holders directly observing...
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作者：Chen, Chen; Dasgupta, Sudipto; Huynh, Thanh D.; Xia, Ying
作者单位：Monash University; Chinese University of Hong Kong; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; Monash University
摘要：We show that intensified competition changes the location of business activity and, in turn, affects supply chain relationships. Using establishment-level data, we find that, when upstream product markets become more competitive, suppliers are more likely to relocate their establishments closer to customers. Following the supplier's relocation, its sales to the customer increase, its relationship with the customer is less likely to be terminated, and its innovation is more aligned with the cus...
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作者：Jullien, Bruno; Reisinger, Markus; Rey, Patrick
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Frankfurt School Finance & Management; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The availability of consumer data is inducing a growing number of firms to adopt more personalized pricing policies. This affects both the performance of, and the competition between, alternative distribution channels, which in turn has implications for firms' distribution strategies. We develop a formal model to examine a brand manufacturer's choice between mono distribution (selling only through its own direct channel) or dual distribution (selling through an independent retailer as well). W...
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作者：Gupta, Shivam; Chen, Wei; Dawande, Milind; Janakiraman, Ganesh
作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Kansas; University of Texas System; University of Texas Dallas
摘要：We consider a principal who periodically offers a fixed and costly nonmonetary reward to agents to incentivize them to invest effort over the long run. An agent's output, as a function of his effort, is a priori uncertain and is worth a fixed per-unit value to the principal. The principal's goal is to design an attractive reward policy that specifies how the rewards are to be given to an agent over time based on that agent's past performance. This problem, which we denote by P, is motivated by...
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作者：Watson, Jeremy; MacGarvie, Megan; McKeon, John
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Boston University; National Bureau of Economic Research
摘要：This paper examines the effect of the expiry of recording copyright on the supply of music???in the form of rereleases, availability on streaming platforms, and concert performances???by artists popular in the United Kingdom in the 1960s. We find that recording copyright expiry has different effects on a song???s availability in different distribution channels. The lapsing of copyright leads to a large increase in the number of rereleases in physical formats, holding constant artist, age, and ...
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作者：Sosic, Greys
作者单位：University of Southern California
摘要：Is it feasible to build desalination plants for the coproduction of salt and fresh water from U.S. seawater that could lead to a restructuring of supply chains for salt imports? As it is predicted that climate change will increase water stress worldwide, an increasing number of countries are using desalination plants to generate fresh water. In most such cases, residual concentrates must be disposed of, and the disposal cost is increasing as countries are becoming more environmentally consciou...
