-
作者：Jiang, Liangliang; Levine, Ross; Lin, Chen; Xie, Wensi
作者单位：Hong Kong Polytechnic University; University of California System; University of California Berkeley; University of Hong Kong; Chinese University of Hong Kong
摘要：Does a bank's dependence on different external funding sources shape its voluntary disclosure of information? We evaluate whether economic shocks that increase the supply of bank deposits alter the cost-benefit calculations of bank managers concerning voluntary information disclosure. We measure information disclosure using 10-K filings, 8-K filings, and earnings guidance. As for the funding shock, we use unanticipated technological innovations that triggered shale development and booms in ban...
-
作者：Agranov, Marina; Buyalskaya, Anastasia
作者单位：California Institute of Technology
摘要：Private and public organizations are interested in finding effective ways to reduce crime and promote ethical behavior without investing heavy resources into monitoring and compliance. In this paper, we experimentally study how revealing different information about a fine distribution affects deterrence of an undesirable behavior. We use a novel incentive-compatible elicitation method to observe subjects lying (the undesirable behavior) and quantify the extent to which this behavior responds t...
-
作者：Birge, John R.; Candogan, Ozan; Feng, Yiding
作者单位：University of Chicago; Microsoft
摘要：Data on population movements can be helpful in designing targeted policy responses to curb epidemic spread. However, it is not clear how to exactly leverage such data and how valuable they might be for the control of epidemics. To explore these questions, we study a spatial epidemic model that explicitly accounts for population movements and propose an optimization framework for obtaining targeted policies that restrict economic activity in different neighborhoods of a city at different levels...
-
作者：Bu, Di; Liao, Yin
作者单位：Macquarie University
摘要：We study the effects of village credit information sharing on individual microloan repayment, using a randomized experiment with loan applicants from 40 villages in rural China. In our main treatment, customers received a message on the loan application form that overdue payment (40 days after each installment due date) will be considered for public disclosure among the village by showing debtors' names on a blackboard outside the village office of the microlending institution. On average, thi...
-
作者：Macchiavelli, Marco; Zhou, Xing (Alex)
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We provide direct evidence of how dealers' funding liquidity affects their liquidity provision in securities markets. Worse funding liquidity (higher repo haircuts and rates) leads to larger bid-ask spreads and transaction costs in corporate bonds. We also find that dealers' relationships with money funds are important determinants of their repo haircuts and rates. Using dealers' exposure to the 2016 Securities and Exchange Commission (SEC) money fund reform as an instrument, we show that fund...
-
作者：Wang, Guihua; Zheng, Ronghuo; Dai, Tinglong
作者单位：University of Texas System; University of Texas Dallas; University of Texas System; University of Texas Austin; Johns Hopkins University
摘要：Every year, nearly 5,000 patients die while waiting for kidney transplants, and yet an estimated 3,500 procured kidneys are discarded. Such a polarized coexistence of dire scarcity and massive wastefulness has been mainly driven by insufficient pooling of cadaveric kidneys across geographic regions. Although numerous policy initiatives are aimed at broadening organ pooling, they rarely account for a key friction-efficient airline transportation, ideally direct flights, is necessary for long-di...
-
作者：Wang, Hongchang; Overby, Eric M.
作者单位：University of Texas System; University of Texas Dallas; University System of Georgia; Georgia Institute of Technology
摘要：By providing quick and easy access to credit, online lending platforms may help borrowers overcome financial setbacks and/or refinance high-interest debt, thereby decreasing bankruptcy filings. On the other hand, these platforms may cause borrowers to overextend themselves financially, leading to a ???debt trap??? and increasing bankruptcy filings. To investigate the impact of online lending on bankruptcy filings, we leverage variation in when state regulators granted approval for a major onli...
-
作者：Xie, Fei; Zhang, Bohui; Zhang, Wenrui
作者单位：University of Delaware; European Corporate Governance Institute; The Chinese University of Hong Kong, Shenzhen; Chinese University of Hong Kong
摘要：Innovation is a contract-intensive economic activity in a world of incomplete contracts. We show that trust mitigates incomplete contracting and enhances innovation by acting as an informal contracting mechanism. Trust plays an especially important role when formal laws and regulations are lacking, and it promotes innovation by encouraging collaboration and fostering tolerance for failure. Further analyses show that trust also facilitates cross-border technological spillover and innovation col...
-
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...
-
作者：Wang, Jing; Li, Gen; Hui, Kai-Lung
作者单位：Hong Kong University of Science & Technology; Fudan University
摘要：We examine how the introduction of monetary incentives by a knowledge-sharing platform affects the nonrewarded knowledge activity on the platform. Our setting is a question-and-answer platform that provides monetary incentives for holding live talks. Using a combination of coarsened exact matching and difference-in-differences estimation techniques, we find that the launch of the paid feature creates a positive spillover effect on the hosts' free contributions, specifically, 9.4%-40.8% more an...
