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作者：Johnson, Garrett A.; Lin, Tesary; Zhong, Liang; Cooper, James C.
作者单位：Boston University; University of Hong Kong; George Mason University
摘要：We examine how privacy restrictions affect online content creation and consumption by evaluating the impact of YouTube's settlement with the Federal Trade Commission over violating the Children's Online Privacy Protection Act. Under the settlement, YouTube limited personalization for made-for-kids (MFK) content starting in January 2020, and this included personalized ads and content engagement features such as subscriber notifications and playlists. We study the resulting impact on 5,066 top A...
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作者：Agarwal, Sumit; Ayyagari, Meghana; Cheng, Yuxi; Ghosh, Pulak
作者单位：National University of Singapore; George Washington University; University of Texas System; University of Texas at San Antonio; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：This paper examines how infrastructure development affects stock market participation in India using trading data from more than 13 million individuals. Using the phased rollout of a national road construction program as a natural experiment, we find that new road connections lead to significant increases in both trading activity and the number of investors. These effects are driven primarily by new market entrants and are most pronounced in rural and intermediately developed regions as well a...
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作者：Kulkarni, Kartik; Bansal, Manish
作者单位：Virginia Polytechnic Institute & State University
摘要：We study serial supply chain problems where a product is transported from a supplier to a warehouse (inbound transportation), and then from the warehouse (outbound transportation) to a retailer such that demand for a given planning horizon is satisfied. We consider heterogeneous vehicles of varying capacities for transportation in each time period, and the objective is to plan inbound and outbound transportation along with inventory in each time period so that overall inventory and transportat...
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作者：Badidi, Samia; Boons, Martijn; Frehen, Rik
作者单位：Tilburg University; Universidade Nova de Lisboa
摘要：Studying a large set of macroeconomic announcements (MAs) and disentangling their news content, we show that a portfolio of stocks that pays off around MAs that negatively impact the aggregate stock market commands a positive risk premium. Adding this portfolio to a position in the aggregate market substantially increases Sharpe ratio while reducing MA risk exposure, which implies a rejection of the CAPM. Using state-ofthe-art measures of cash flow and discount rate news and consistent with pr...
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作者：Li, Chenxu; Song, Xiaojun; Wan, Yating
作者单位：Peking University; Tianjin University of Finance & Economics
摘要：This paper proposes and implements a novel nonparametric method for estimating the state price density (SPD) over the entire state space, including the tails. This SPD estimator achieves shape consistency properties in theory, particularly at the tails. Monte Carlo simulations demonstrate the accuracy and robustness of our method. In particular, our estimator accurately captures the risk-neutral tail distribution, which is often underestimated by existing alternative methods. In an empirical a...
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作者：Anthropelos, Michail; Feng, Runhuan; Kim, Seongyoon
作者单位：University of Piraeus; Tsinghua University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Risk pooling has become an increasingly critical tool for managing risks among corporations, institutions, states, and nations, with examples including multinational pooling, decentralized insurance schemes, catastrophe risk pooling, and burden sharing for nuclear accidents. Although there has been a rich literature on such practices, little is known from a theoretical viewpoint regarding the operational strategies of risk pools and, in particular, on issues about the effect of a pool's expans...
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作者：Rogers, Parker
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness for a particular purpose, or non-infringement. Descriptions of, or references to, produ...
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作者：Lee, Yeonjoon
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：I study the role of vertical incentives between upstream issuers and downstream brokers in the retail bond market when there exist agency problems. Although arms-length transaction regulations require that vertical incentives not influence their activities, I show that both upstream issuers and downstream brokers are sensitive to vertical incentives. I then present a structural model in order to measure the degree of vertical incentives for downstream brokers, controlling for the extent of age...
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作者：Martin, Melissa; Timmermans, Oscar
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Relative performance evaluation has become an increasingly common component of executive compensation contracts. We study how these incentive plans relate to corporate disclosure and predict that they introduce an incremental disclosure cost. This cost arises because disclosures can help competitors make better investment decisions, enhancing their performance and thereby reducing managers' expected compensation. Consistent with this prediction, we find a negative association between relative ...
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作者：Bae, Joonho; Kapuscinski, Roman; Silberholz, John
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Michigan System; University of Michigan; University System of Maryland; University of Maryland College Park
摘要：Despite the great potential benefits of battery energy storage systems (BESSs) to electrical grids, most standalone uses of BESS are not economical due to batteries' high upfront costs and limited lifespans. Energy stacking, a strategy of providing two or more services with a single BESS, has been of great interest to improve profitability. However, some key questions, for example, the underlying mechanism by which stacking works or why and how much it may improve profitability, remain unanswe...
