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作者：Daures, Laurence; Moinas, Sophie; Boussettac, Selma
作者单位：Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We examine traders' order submission strategies during the Euronext preopen, which uses price-time priorities to arrange opening trades via a call auction. Preopening order submissions follow a J-shape pattern. Sophisticated proprietary traders arrive late, consistent with information leakage concerns. Slow clients arrive early and place aggressive orders to advertise their trading needs and strategically gain time priority. Their early order submissions often occur in stocks with an increase ...
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作者：Beer, Ruth; Qi, Anyan; Rios, Ignacio
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Texas System; University of Texas Dallas
摘要：We study the behavioral effects of process automation on human workers interacting with automated tasks. We introduce a stylized normative model with two workers who complete their tasks sequentially, working toward a joint project to obtain a fixed payment plus a variable bonus that depends on how early the project is completed. The normative model prescribes that, if workers are fully rational, they will complete their tasks as soon as possible if the early completion bonus is high enough. H...
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作者：Knight, Benjamin; Mitrofanov, Dmitry
作者单位：Boston College
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 inclusion of an advertisement in this article, neither constitutes nor implies a guaran...
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作者：Aoki, Kosuke; Michaelides, Alexander; Nikolov, Kalin; Zhang, Yuxin
作者单位：University of Tokyo; Imperial College London; European Central Bank; University of Nottingham Ningbo China
摘要：We estimate a structural, nominal, life-cycle portfolio choice model with exogenous housing tenure and use shopping costs to generate money demand. Homeowners (renters) with negative (positive) net bond positions react differently to changing inflation risks. The correlation between real bond and real stock returns emerges as the strongest inflation risk quantitatively and generates large increases in stock market demand for homeowners in a 1970s counterfactual. Higher expected inflation encou...
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作者：Freed, Paul G.
作者单位：University of Virginia
摘要：Using online lending microdata, I show that sleep has important consequences for household financial outcomes. Insufficient sleep raises default risk, particularly for loan applications made in the morning when the effects of a lack of sleep are strongest. For identification, I apply a spatial regression discontinuity design leveraging exogenous discontinuities in sunset time across time zone boundaries, supplemented by analyses utilizing daylight savings time shifts. The results suggest that ...
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作者：She, Guoman; Wei, K. C. John; You, Haifeng
作者单位：National University of Singapore; Hong Kong Polytechnic University; Tsinghua University
摘要：This paper empirically investigates how exposures of an industry's cash flows and stock returns to discount rate shocks are affected by the market concentration of its upstream and downstream industries. In the cross-section of U.S. industries, we find that industries' cash flows and stock returns are more negatively exposed to fluctuations in the aggregate discount rate if their upstream or downstream industries are more concentrated. These industries also have higher expected stock returns a...
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作者：Ruan, Yanqiu; Li, Xiaobo; Murthy, Karthyek; Natarajan, Karthik
作者单位：Singapore University of Technology & Design; National University of Singapore; University of Southern California
摘要：Given data on the choices made by consumers for different offer sets, a key challenge is to develop parsimonious models that describe and predict consumer choice behavior while being amenable to prescriptive tasks, such as pricing and assortment optimization. The marginal distribution model (MDM) is one such model, which requires only the specification of marginal distributions of the random utilities. This paper aims to establish necessary and sufficient conditions for given choice data to be...
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作者：Fehrler, Sebastian; Hochleitner, Anna; Janas, Moritz
作者单位：University of Bremen; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH); University of Gothenburg
摘要：In many situations, an abundance of misleading evidence-such as fake customer reviews-can lead to false or deceptive conclusions. We experimentally investigate individual and collective decision-making in an information structure in which signals can be correlated, depending on the state of the world. In this setting, too much evidence pointing in one direction has the potential to mislead, necessitating a level of sophistication for rational decisionmaking. Overall, participants' performance ...
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作者：Jang, Donghyeok; Wu, Youchang
作者单位：American University of Sharjah; University of Oregon
摘要：Using data on over 160,000 U.S. private pension plans, we analyze the investment performance of defined benefit (DB) and defined contribution (DC) plans. We find a positive asset size effect in performance, stronger in DB plans partly because of greater economies of scale in administrative expenses. Small DB plans underperform small DC plans on various performance metrics and face the highest termination risk. After adjusting for investable passive benchmarks, DC plans outperform DB plans in a...
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作者：Bennett, Benjamin; Ham, Charles; Milbourn, Todd; Wang, Zexi
作者单位：Texas Christian University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Southern Methodist University; Lancaster University
摘要：Firms are exposed to litigation risk from various stakeholders, including investors, customers, and regulators, and prior research has shown that such risk shapes a range of corporate policies. In this study, we develop a simple and transparent measure of firmlevel litigation risk by parsing SEC 10-K annual reports. This measure demonstrates strong predictability for lawsuits, even after controlling for firm characteristics, existing lawsuits, geographic factors, and various fixed effects, inc...
