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作者：Niu, Xiaofei; Li, Jianbiao; Li, Dahui; Cao, Qian
作者单位：Shandong University; University of Minnesota System; University of Minnesota Duluth; Nanjing University of Finance & Economics
摘要：This study tests whether modulating a brain region associated with cognitive control using noninvasive brain stimulation affects the disposition effect. A participant trades stocks in an experimental asset market while their level of cognitive control is exogenously manipulated by applying weak current stimulation to a control-related cortical region. We find that the stimulation significantly affects the participant's cognitive control and tendency to exhibit the disposition effect. This resu...
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作者：Sundaresan, Suresh; Wang, Zhenyu
作者单位：Columbia University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Banks strategically choose and dynamically restructure deposits and nondeposit debt in response to the minimum requirements on total capital and tangible equity. We derive the optimal strategic liability structure and show that it minimizes the protection for deposits conditional on capital requirements. Although, given any liability structure, regulators can set capital requirements high enough to remove the incentive for risk substitution, the strategic response to the capital requirements a...
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作者：Chyz, James; Henry, Erin; Omer, Thomas; Wu, Biyu
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Arkansas System; University of Arkansas Fayetteville; University of Nebraska System; University of Nebraska Lincoln
摘要：An IPO is a significant event for an individual firm, and the literature examining initial public offering (IPO) firms is extensive. However, there is little evidence on the subsequent effect of a significant IPO on incumbent firms. We extend this literature by using firms' tax policies as a powerful setting to identify whether incumbent firms respond to a significant IPO in their industry. Specifically, we use a first difference analysis to examine whether incumbent firms herd their effective...
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作者：Ajorlou, Amir; Jadbabaie, Ali
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：In this paper, we study a family of sales-based rebate mechanisms as an effective tool to implement price discrimination across a population of buyers with correlated heterogeneous valuations on indivisible goods and services. In order to implement such sales-based rebate mechanisms, the seller charges each buyer a fixed price at the time of purchase contingent on a rebate that is a function of the ex post sales volume to be realized at the end of the sales period. The seller declares both a p...
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作者：Elfenbein, Daniel W.; Fisman, Raymond; McManus, Brian
作者单位：Washington University (WUSTL); Boston University; University of North Carolina; University of North Carolina Chapel Hill
摘要：We use eBay data to investigate how within-U.S. trade is influenced by differences in socioeconomic characteristics. States' similarity in cultural characteristics (ethnicity, religious affiliations, and political behavior) predicts online trade; cultural similarity similarly predicts trade within product categories. The culture-trade relationship is stronger for transactions with sellers who lack extensive reputations or certification, suggesting that consumers infer seller trustworthiness fr...
