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作者：Agarwal, Sumit; Qian, Wenlan; Yeung, Bernard; Zheng, Huanhuan
作者单位：National University of Singapore; National University of Singapore
摘要：Based on a representative sample of consumer financial transaction data, this paper studies the consumption and savings response to a 2015 permanent increase in the marginal income tax of the high-income taxpayers. Using difference-in-differences regressions, controlling for individual and time fixed effects, we show robust results that the affected consumers experienced little change in their spending. The pattern is prevalent across consumer demographics and is found even among consumers who...
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作者：Shin, Minkyu; Shin, Jiwoong; Ghili, Soheil; Kim, Jaehwan
作者单位：City University of Hong Kong; Yale University; Korea University
摘要：This paper seeks to demonstrate the impact of the gig economy on product quality in seemingly unrelated local industries through the labor market. Our empirical context is the quality of service for restaurants in the city of Austin, and we examine how they were impacted by the exogenous exit and reentry of rideshare platforms, Uber and Lyft, because of regulatory changes. We leverage these exogenous shocks and combine them with sentiment-analyzed data from Yelp reviews that capture how custom...
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作者：Da, Zhi; Tang, Ke; Tao, Yubo; Yang, Liyan
作者单位：University of Notre Dame; Tsinghua University; University of Macau; University of Macau; University of Toronto; Peking University
摘要：Recent financialization in commodity markets makes it easier for institutional investors to trade a portfolio of commodities via various commodity-indexed products. We present several pieces of novel causal evidence that daily exposure to such index trading results in price overshoots and reversals, as reflected in negative daily return autocorrelations, only among commodities in that index. This is because index trading propagates non fundamental noise to all indexed commodities. We present d...
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作者：Unal, Murat; Park, Young-Hoon
作者单位：Cornell University
摘要：E-commerce retailers are increasingly faced with challenges of finding ways to provide a seamless shopping experience to customers. The checkout process and its related touch points are especially critical in shaping the customer experience. We study the impact of adopting one-click buying, a feature that reduces the number of steps required to place a purchase order to a single click, on subsequent customer behavior. Using quasi-experimental data over a period of 35 months from an online reta...
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作者：Drakopoulos, Kimon; Makhdoumi, Ali
作者单位：University of Southern California; Duke University
摘要：We consider the problem of a seller of data who sells information to a buyer regarding an unknown (to both parties) state of the world. Traditionally, the literature explores one-round strategies for selling information because of the seller's holdup problem: once a portion of the data set is released, the buyer's estimate improves, and as a result, the value of the remaining data set drops. In this paper, we show that this intuition is true when the buyer's objective is to improve the precisi...
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作者：He, Ai; Huang, Dashan; Li, Jiaen; Zhou, Guofu
作者单位：University of South Carolina System; University of South Carolina Columbia; Singapore Management University; Washington University (WUSTL)
摘要：We provide a reduced-rank approach (RRA) to extract a few factors from a large set of factor proxies and apply the extracted factors to model the cross-section of expected stock returns. Empirically, we find that the RRA five-factor model outperforms the wellknown Fama-French five-factor model as well as the corresponding principal component analysis, partial least squares, and least absolute shrinkage and selection operator models for pricing portfolios. However, at the stock level, our RRA f...
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作者：Cohen-Hillel, Tamar; Panchamgam, Kiran; Perakisc, Georgia
作者单位：University of British Columbia; Massachusetts Institute of Technology (MIT)
摘要：In-store promotions are a highly effective marketing tool that can have a significant impact on revenue. In this research, we study the question of dynamic promotion planning in the face of Bounded-Memory Peak-End demandmodels. In order to determine promotion strategies, we establish that a High-Low pricing policy is optimal under diagonal dominance conditions (so that the current period price dominates both past period price effects and competitive product price effects on the demand), as wel...
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作者：Dergunov, Ilya; Meinerding, Christoph; Schlag, Christian
作者单位：Australian National University; Deutsche Bundesbank; Goethe University Frankfurt
摘要：In a parsimonious regime switching model, we find strong evidence that expected consumption growth varies over time. Adding inflation as a second variable, we uncover two states in which expected consumption growth is low, one with high and one with negative expected inflation. Embedded in a general equilibrium asset pricing model with learning, these dynamics replicate the observed time variation in stock return volatilities and stock-bond return correlations. They also provide an alternative...
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作者：Schmid, Thomas; Urban, Daniel
作者单位：University of Hong Kong; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper examines how female directors (FDs) affect firm value in the absence of mandatory gender quotas. Using a newly collected data set on director deaths around the globe, we find that stock prices decrease approximately 2% more when an FD passes away, compared with a male director. What explains this negative capital market reaction? We find evidence that finding successors for deceased FDs is challenging for firms: Succession delays are longer, and although firms try to replace FDs wit...
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作者：Choudhury, Prithwiraj (Raj); Khanna, Tarun; Sevcenko, Victoria
作者单位：Harvard University; INSEAD Business School
摘要：Firm-induced migration typically entails firms relocating workers to fill value-creating positions at destination locations. But such relocated workers are often exposed to external employment opportunities at their destinations, possibly triggering turnover. We conceptualize the firm induced migration path, consisting of the relocated workers' place of origin and destination, as relevant in determining worker performance and turnover post-relocation. Using a unique data set from a large India...
