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作者：Thakor, Richard T.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT)
摘要：Financing frictions may create a misallocation of assets in a market, thus depressing output, productivity, and asset values. This paper empirically explores how liquidity shocks generate a reallocation that diminishes this misallocation. Using a unique data set of agricultural outcomes, I explore how farmers respond to a relaxation of financial constraints through a liquidity shock unrelated to farming fundamentals, namely exogenous cash inflows caused by an expansion of hydraulic fracturing ...
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作者：Besbas, Omar; Mouchtaki, Omar
作者单位：Columbia University
摘要：We study the classical newsvendor problem in which the decision maker must trade off underage and overage costs. In contrast to the typical setting, we assume that the decision maker does not know the underlying distribution driving uncertainty but has only access to historical data. In turn, the key questions are how to map existing data to a decision and what type of performance to expect as a function of the data size. We analyze the classical setting with access to past samples drawn from ...
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作者：Si, Nian; Zhang, Fan; Zhou, Zhengyuan; Blanchet, Jose
作者单位：Stanford University; New York University
摘要：Policy learning using historical observational data are an important problem that has widespread applications. Examples include selecting offers, prices, or advertisements for consumers; choosing bids in contextual first-price auctions; and selecting medication based on patients' characteristics. However, existing literature rests on the crucial assumption that the future environment where the learned policy will be deployed is the same as the past environment that has generated the data: an a...
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作者：Johnson, Garrett A.; Shriver, Scott K.; Goldberg, Samuel G.
作者单位：Boston University; University of Colorado System; University of Colorado Boulder; Stanford University
摘要：We show that websites' vendor use falls after the European Union's (EU's) General Data Protection Regulation (GDPR), but that market concentration also increases among technology vendors that provide support services to websites. We collect panel data on the web technology vendors selected by more than 27,000 top websites internationally. The week after the GDPR's enforcement, website use of web technology vendors falls by 15% for EU residents. Websites are relatively more likely to retain top...
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作者：Babenko, Ilona; Fedaseyeu, Viktar; Zhang, Song
作者单位：Arizona State University; Arizona State University-Tempe; China Europe International Business School; University of Delaware
摘要：We study the involvement of corporate executives in U.S. politics over the last 40 years. First, we document that the share of business politicians in federal elected office increased from 13.3% in 1980% to 22.6% in 2018, with most of the increase occurring over the last two decades. Second, we find that business politicians enjoy an early fundraising advantage over their opponents, both because they are more likely to self-fund their campaigns and because they receive more campaign contributi...
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作者：Aygun, Orhan; Turhan, Bertan
作者单位：Bogazici University; Iowa State University
摘要：We study the joint implementation of reservation and de-reservation policies in India that has been enforcing comprehensive affirmative action since 1950. The landmark judgment of the Supreme Court of India in 2008 mandated that whenever the OBC category (with 27% reservation) has unfilled positions, they must be reverted to general category applicants in admissions to public schools without specifying how to implement it. We disclose the drawbacks of the recently reformed allocation procedure...
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作者：Gur, Yonatan; Macnamara, Gregory; Morgenstern, Ilan; Saban, Daniela
作者单位：Stanford University
摘要：We consider a platform facilitating trade between sellers and buyers with the objective of maximizing consumer surplus. Even though in many such marketplaces, prices are set by revenue-maximizing sellers, platforms can influence prices through (i) price-dependent promotion policies that can increase demand for a product by featuring it in a prominent position on the web page and (ii) the information revealed to sellers about the value of being promoted. Identifying effective joint information ...
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作者：Barth, Andreas; Mansouri, Sasan; Woebbeking, Fabian
作者单位：Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Martin Luther University Halle Wittenberg
摘要：Using a supervised machine learning framework on a large training set of questions and answers, we identify 1,364 trigrams that signal nonanswers in earnings call questions and answers (Q&A). We show that this glossary has economic relevance by applying it to contemporaneous stock market reactions after earnings calls. Our findings suggest that obstructing the flow of information leads to significantly lower cumulative abnormal stock returns and higher implied volatility. As both our method an...
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作者：Hui, Xiang; Liu, Zekun; Zhang, Weiqing
作者单位：Washington University (WUSTL); New York University
摘要：Quality certification is ubiquitously used in markets with asymmetric information, but little is known about the impact of the number of certification tiers on market outcomes. Exploiting a field experiment on a large e-commerce marketplace with an existing two-tier certification, we study the impact of introducing a new certification tier that is less history dependent and less demanding than the existing top tier. Consistent with the theoretical literature on information design, we find that...
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作者：Seifert, Matthias; Ulu, Canan; Guha, Sreyaa
作者单位：IE University; Georgetown University; Universidade Nova de Lisboa
摘要：In environments with impending regime shifts, previous research studies probability judgments of decision makers (DMs) regarding a regime shift and finds evidence for the system neglect hypothesis: In unstable environments with precise signals, DMs exhibit relatively more underreaction in their probability judgments, and in stable environments with noisy signals, they exhibit relatively more overreaction. In the present paper we focus on pricing decisions and study how risk attitudes, as well ...
