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作者：Wong, Tak-Yuen; Yu, Jin
作者单位：National Tsing Hua University; Monash University
摘要：We analyze the impact of credit default swaps (CDSs) trading on firm investment, long-term debt financing, and valuation. In our model, the firm is endowed with a real option to initiate a project and enhance its future growth. Its creditors have access to CDS contracts that hedge them against default losses. We show that CDS protection increases the firm's pledgable income: that is, the maximum amount of debt it can raise. However, at the same time CDS protection decreases asset growth and im...
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作者：Lyandres, Evgeny; Palazzo, Berardino; Rabetti, Daniel
作者单位：Tel Aviv University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We compile a comprehensive data set of initial coin offerings (ICOs) from 19 data sources including 11 ICO aggregators. We alleviate severe limitations of available ICO data by performing the first systematic analysis of ICO data quality. We use our data set to study determinants of ICO funding success as well as post-ICO operating performance and provide evidence on some novel determinants of initial and longer-term ICO success. Finally, we show that post-ICO operating performance is positive...
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作者：Chen, Manlu; Hu, Ming; Wang, Jianfu
作者单位：Renmin University of China; University of Toronto; City University of Hong Kong
摘要：With food delivery services, customers can hire delivery workers to pick up food on their behalf. To investigate the long-term impact of food delivery services on the restaurant industry, we model a restaurant serving food to customers as a stylized single-server queue with two streams of customers. One stream consists of tech-savvy customers who have access to a food delivery service platform. The other stream consists of traditional customers who are not able to use a food delivery service a...
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作者：Feunou, Bruno; Fontaine, Jean-Sebastien; Le, Anh; Lundblad, Christian
作者单位：Bank of Canada; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of North Carolina; University of North Carolina Chapel Hill
摘要：We introduce a new framework that facilitates term structure modeling with both positive interest rates and flexible time series dynamics but that is also tractable, meaning amenable to quick and robust estimation. Using both simulations and U.S. historical data, we compare our approach with benchmark Gaussian and stochastic volatility models as well as a shadow rate model that enforces positive interest rates. Our approach, which remains arbitrarily close to arbitrage free, offers a more accu...
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作者：Ma, Song; Tong, Joy Tianjiao; Wang, Wei
作者单位：Yale University; National Bureau of Economic Research; Western University (University of Western Ontario); Queens University - Canada
摘要：We study how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically critical and valuable), rather than peripheral, patents in bankruptcy. The selling pattern is driven almost entirely by firms with greater use of secured debt, and the mechanism is secured creditors exercising their control rights on collateralized patents. Creditor-driven patent sales in bankruptcy have ...
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作者：Li, Zhao; Ma, Kebin
作者单位：Zhongnan University of Economics & Law; University of Warwick
摘要：In a crisis, regulators and private investors can find it difficult, if not impossible, to tell whether banks facing runs are insolvent or merely illiquid. We introduce such an information constraint into a global-games-based bank run model with multiple banks and aggregate uncertainties. The information constraint creates a vicious cycle between contagious bank runs and falling asset prices and limits the effectiveness of traditional emergency liquidity assistance programs. We explain how a r...
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作者：Girotti, Mattia; Salvade, Federica
作者单位：European Central Bank; Bank of France
摘要：This paper studies whether greater competition can mitigate agency problems within banks. We measure the intensity of the agency conflict within a bank by the volume of loans that the bank lends to its insiders (e.g., executives). We first check that these loans are a form of private benefit. By exploiting interstate branching deregulation, we then show that banks react to greater competition by reducing insider lending, especially when the entry of new competitors may more strongly affect ban...
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作者：Capponi, Agostino; Olafsson, Sveinn; Zariphopoulou, Thaleia
作者单位：Columbia University; University of Texas System; University of Texas Austin; University of Texas System; University of Texas Austin; University of Oxford
摘要：Automated investment managers, or robo-advisors, have emerged as an alternative to traditional financial advisors. The viability of robo-advisors crucially depends on their ability to offer personalized financial advice. We introduce a novel framework in which a robo-advisor interacts with a client to solve an adaptive mean-variance portfolio optimization problem. The risk-return tradeoff adapts to the client???s risk profile, which depends on idiosyncratic characteristics, market returns, and...
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作者：Bobroske, Katherine; Freeman, Michael; Huan, Lawrence; Cattrell, Anita; Scholtes, Stefan
作者单位：University of Cambridge; INSEAD Business School
摘要：Although medical research has addressed the clinical management of chronic opioid users, little is known about how operational interventions shortly after opioid initiation can impact a patient's likelihood of long-term opioid use. Using a nationwide U.S. database of medical and pharmaceutical claims, we investigate the care delivery process at the most common entry point to opioid use: the primary care setting. For patients who return to primary care for a follow-up appointment within 30 days...
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作者：Chang, Pao-Li; Fujii, Tomoki; Jin, Wei
作者单位：Singapore Management University; Nankai University; Nankai University
摘要：This paper estimates the effects of time-varying consumer preference bias on trade flows and welfare. We use a unique data set from the BBC World Service Poll, which surveys (annually during 2005-2017 with some gaps) the populations of a wide array of countries on their views of whether an evaluated country is having a mainly positive or negative influence in the world. We identify the effects on consumer preference parameters due to shifts in these country image perceptions and quantify their...
