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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：Zhou, Ying
作者单位：University of Connecticut
摘要：The mandated increase in segment disaggregation under SFAS 131 could have harmed shareholders by revealing proprietary information or benefited them by reducing agency problems. Using a sample of firms that lobbied against SFAS 131 on the grounds of competitive harm, I examine whether concerns about proprietary costs, a much-cited reason for nondisclosure, motivate firms to lobby against reporting mandates to protect firms??? competitive position or are used as an excuse to disguise managers??...
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作者：Mobius, Markus M.; Niederle, Muriel; Niehaus, Paul; Rosenblat, Tanya S.
作者单位：Microsoft; University of Michigan System; University of Michigan; National Bureau of Economic Research; Stanford University; University of California System; University of California San Diego
摘要：We use a series of experiments to understand whether and how people's beliefs about their own abilities are biased relative to the Bayesian benchmark and how these beliefs then affect behavior. We find that subjects systematically and substantially overweight positive feedback relative to negative (asymmetry) and also update too little overall (conservatism). These biases are substantially less pronounced in an ego-free control experiment. Updating does retain enough of the structure of Bayes'...
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作者：Donna, Javier D.; Pereira, Pedro; Pires, Tiago; Trindade, Andre
作者单位：State University System of Florida; University of Florida; Autoridade da Concorrencia; Instituto Universitario de Lisboa; University of North Carolina; University of North Carolina Chapel Hill; Amazon.com
摘要：We investigate the welfare of intermediaries in oligopolistic markets where intermediaries offer additional services. We exploit the unique circumstance that in the empirical setting studied, outdoor advertising, consumers can purchase from manufacturers or intermediaries. Intermediaries provide additional services to the consumers and charge a margin for them. Intermediaries provide the following additional services: search services (information about products), purchase-aggregation services ...
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作者：Chen, Tao; Tan, Youchao; Wang, Jinghua; Zeng, Cheng (Colin)
作者单位：Nanyang Technological University; Jinan University; Nanjing Audit University; Nanjing Audit University; Hong Kong Polytechnic University
摘要：Using a large sample of unlisted industrial firms in China, we find that a decrease in local governments' land transfer revenues leads to lower tax avoidance by firms within their jurisdiction. Our cross-sectional variation tests suggest that the tax-avoidance-reduction effect is stronger in cities with higher land finance dependence and government intervention, as well as where the political leaders have stronger promotion incentives. However, the effect is moderated for politically connected...
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作者：Fang, Limin
作者单位：University of British Columbia
摘要：This paper quantifies the effects of online review platforms on restaurant revenue and consumer welfare. Using a novel data set containing revenues and information from major online review platforms in Texas, I show that online review platforms help consumers learn about restaurant quality more quickly. The effects on learning show up in restaurant revenues. Specifically, doubling the review activity increases the revenue of a high-quality independent restaurant by 5%-19% and decreases that of...
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作者：Heath, Davidson; Sertsios, Giorgo
作者单位：Utah System of Higher Education; University of Utah; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：The relationship between profitability and leverage is controversial in the capital structure literature. We revisit this relation in light of a novel quasi-natural experiment that increases market power for a subset of firms. We find that treated firms increase their profitability throughout the treatment period. However, they only transiently reduce financial leverage, gradually reverting to their preshock level. Firms respond differently according to size with large firms gradually adjustin...
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作者：Garcia, Daniel; Tolvanen, Juha; Wagner, Alexander K.
作者单位：University of Vienna; University of Vienna; Salzburg University
摘要：We provide a new framework to identify demand elasticities in markets where managers rely on algorithmic recommendations for price setting and apply it to a data set containing bookings for a sample of midsized hotels in Europe. Using nonbinding algorithmic price recommendations and observed delay in price adjustments by decision makers, we demonstrate that a control-function approach, combined with state-of-the-art model selection techniques, can be used to isolate exogenous price variation a...
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作者：Arya, Anil; Mittendorf, Brian; Ramanan, Ram N., V
作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：Although corporate insiders face substantial restrictions on stock sales, securing tax deductions through charitable donations of stock is viewed as an attractive alternative. Recent press coverage and growing empirical evidence confirm that insider donations occur frequently and often precede stock price drops. Securities regulators have also taken note, with a recent push for new rules to require rapid disclosure as with insider trades. This paper develops a model of informed stock trading w...
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作者：Kesavan, Saravanan; Lambert, Susan J.; Williams, Joan C.; Pendem, Pradeep K.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Chicago; University of California System; University of California San Francisco; University of Oregon
摘要：We estimate the causal effects of responsible scheduling practices on store financial performance at the U.S. retailer Gap, Inc. The randomized field experiment evaluated a multicomponent intervention designed to improve dimensions of work schedules??? consistency, predictability, adequacy, and employee control???shown to foster employee well-being. The experiment was conducted in 28 stores in the San Francisco and Chicago metropolitan areas for nine months between November 2015 and August 201...
