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作者：Drakopoulos, Kimon; Jain, Shobhit; Randhawa, Ramandeep
作者单位：University of Southern California
摘要：We study a pricing and information provisioning game between a better-informed seller (such as a retailer) and its customers. The seller is (ex post) better informed about product availability and can choose how to communicate this information to the customers. The customers are heterogeneous in their valuation for the product. The firm optimizes on publicly posted prices (which are the same for all customers) and its information provisioning (which can be personalized). Using a Bayesian persu...
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作者：Balzer, Benjamin; Rosato, Antonio
作者单位：University of Technology Sydney; University of Naples Federico II
摘要：We analyze the bidding behavior of expectations-based loss-averse bidders in auctions with interdependent values. We emphasize the difference between the risk bidders face over whether they win the auction (extensive risk) and the risk they face over the value of the prize conditional on winning (intensive risk). The extensive risk creates an attachment effect, whereas the intensive risk operates via a comparison effect. How loss-averse bidders react to these different risks depends on whether...
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作者：Chakrabarty, Bidisha; Jain, Pankaj K.; Shkilko, Andriy; Sokolov, Konstantin
作者单位：Saint Louis University; University of Memphis; Wilfrid Laurier University; University of Sydney
摘要：In November 2011, the U.S. Securities and Exchange Commission implemented the final provision of Rule 15c3-5 curbing unfiltered market access. The provision mandated that brokers verify their clients' order flow for compliance with credit and capital thresholds before routing to market centers. We find that the new checks introduce latency to order flow and force some latency-sensitive strategies out of the market. As a result, liquidity providers are better able to revise their quotes in resp...
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作者：Freeman, Michael; Savva, Nicos; Scholtes, Stefan
作者单位：INSEAD Business School; University of London; London Business School; University of Cambridge
摘要：General hospitals across the world are becoming larger (i.e., admitting more patients each year) and more complex (i.e., offering a wider range of services to patients with more diverse care needs). Prior work suggests that an increase in patient volume in a hospital service is associated with reduced costs per patient in that service. However, it is unclear how volume changes in one service affect the costs of the other services in the same hospital. This paper investigates such volume-cost s...
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作者：Atanasov, Vladimir; Black, Bernard
作者单位：Northwestern University; Northwestern University
摘要：Credible causal inference in accounting and finance research often comes from natural experiments. These experiments can be exploited using several shock-based research designs, including difference in differences (DID), shock-based instrumental variable (shock-IV), and regression discontinuity. We study here shock-IV designs using panel data. We identify all shock-IV papers in two broad data sets and reexamine three of the apparently strongest papers-Desai and Dharmapala [Desai M, Dharmapala ...
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作者：Beattie, Graham; Durante, Ruben; Knight, Brian; Sen, Ananya
作者单位：Loyola Marymount University; Barcelona School of Economics; Pompeu Fabra University; ICREA; Brown University; National Bureau of Economic Research; Carnegie Mellon University
摘要：Do mass media bias content in favor of advertisers? If so, what market conditions limit or exacerbate this bias? We examine the relationship between advertising by auto manufacturers in U.S. newspapers and news coverage of car safety recalls between 2000 and 2014. This context allows us to separate the influence of advertisers, who prefer less coverage, from that of readers, who prefer more information about the safety risks associated with the recalls. Consistent with theoretical predictions,...
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作者：Reed, Adam, V; Saffi, Pedro A. C.; Van Wesep, Edward D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Cambridge; University of Colorado System; University of Colorado Boulder
摘要：Disagreement about stock valuation, combined with short-sales constraints, can increase asset prices. We build a model showing that, so long as investor beliefs are not perfectly correlated, investors disagree less about the value of a conglomerate than about each of its individual divisions. This generates a conglomerate discount with disagreement and short-sales constraints being complementary in explaining its cross-sectional variation. We test these predictions empirically and find substan...
