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作者：Boustanifar, Hamid; Verriest, Arnt
作者单位：Universite Catholique de Lille; EDHEC Business School; KU Leuven
摘要：When liabilities are deemed improbable or cannot be reliably estimated by management, they are not recorded on the balance sheet. Instead, they are disclosed qualitatively in the company's filings. Examples include obligations related to pending or future lawsuits, product liability, environmental matters, false advertising, or patent and copyright infringements. We refer to these obligations as intangible liabilities. We construct a firmlevel, text-based measure of intangible liabilities (IL)...
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作者：Barbon, Andrea; Ranaldo, Angelo
作者单位：University of St Gallen; University of Basel
摘要：We analyze the market quality of centralized crypto exchanges and decentralized blockchain-based venues (DEXs) using a unique and comprehensive data set. Focusing on two fundamental aspects, transaction costs and deviations from the no-arbitrage condition, we estimate the causal effect of gas fees on DEX market quality. We show that these fixed costs impose a significant burden on relatively small trades and cause persistent arbitrage deviations. Conversely, DEXs offer more competitive transac...
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作者：Ashlagi, Itai; Kerimov, Suleyman; Tamuz, Omer; Zhao, Geng
作者单位：Stanford University; Rice University; California Institute of Technology; University of California System; University of California Berkeley
摘要：In economies without monetary transfers, token systems serve as an alternative to sustain cooperation and increase efficiency. This paper studies whether a token-based economy can be effective in marketplaces with thin exogenous supply. We consider a marketplace in which at each time period one agent requests a service, one agent provides the service, and one token (artificial currency) is used to pay for service provision. The number of tokens each agent has represents the difference between ...
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作者：Choi, Seungju; Ferri, Fabrizio; Macciocchi, Daniele
作者单位：University of Hong Kong; University of Miami
摘要：Using a quasi-experimental setting, we study whether mutual fund investors respond to a purely mechanical change in environmental, social, and governance (ESG) ratings-that is, a change independent of concurrent changes in firms' actual ESG activities. We find that when a firm experiences a mechanical increase in ESG ratings, the probability of being selected by an ESG fund increases (extensive margin). In contrast, if the firm is already in the fund's portfolio, its holdings do not change (in...
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作者：Bhojraj, Sanjeev; Ochani, Ashish; Rajgopal, Shiva
作者单位：Cornell University; University of Calgary; Columbia University
摘要：We document the disconnect between earnings expectations as captured in stock prices and the ultimate realization of earnings over long periods. To do so, we compare firms' stock prices on the first trading day and the beginning of each year to the realized earnings over their remaining lifetime (RLTEP ratio). We document that the RLTEP ratio, averaged over long periods and over 15,000 U.S. domestic public firms, approximates one, suggesting that expectations match actuals in the aggregate. Ho...
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作者：Leuz, Christian; Meyer, Steffen; Muhn, Maximilian; Soltes, Eugene; Hackethal, Andreas
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Aarhus University; Danish Finance Institute; Harvard University; Goethe University Frankfurt
摘要：Price distortions created by so-called pump-and-dump schemes are well documented, but relatively little is known about the investors in these schemes. By examining 470 pump-and-dump schemes and a large data set of trading records for over 110,000 individual investors from a major German bank, we provide comprehensive evidence on the participation rate, the magnitude of the investments, the losses, and the characteristics of the individuals who invest in such schemes. Participation is quite com...
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作者：Na, Ke
摘要：I study the influence of tax deductibility on decisions to defer executive compensation by exploiting a plausibly exogenous tax change that increases the deductibility of the chief financial officer's (CFO's) nonperformance-based compensation, with no impact on the nontax determinants of deferrals. Using a difference-in-differences research design, I find that CFO deferred compensation significantly decreases after the tax change, relative to the deferrals of the chief executive officer (CEO) ...
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作者：Akchen, Yi-Chun; Mitrofanov, Dmitry
作者单位：University of London; University College London; Boston College
摘要：Consideration sets play a crucial role in discrete choice modeling, where customers often form consideration sets in the first stage and then use a second-stage choice mechanism to select the product with the highest utility. Although many recent studies aim to improve choice models by incorporating more sophisticated second-stage choice mechanisms, this paper takes a step back and goes into the opposite extreme. We simplify the second-stage choice mechanism to its most basic form and focus on...
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作者：Alban, Andres; Chick, Stephen E.; Zoumpoulis, Spyros I.
作者单位：Frankfurt School Finance & Management; INSEAD Business School; INSEAD Business School
摘要：Biomedical research may uncover insights regarding the interaction of the treatments of a disease with patient covariates. We show how to use such insights to improve the efficiency of adaptive clinical trials for precision medicine by extending ideas from optimal Bayesian learning. We present a model for response-adaptive multi-arm clinical trials that leverages knowledge about the predictive-prognostic covariate structure to accelerate the learning of personalized treatment strategies that o...
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作者：Ma, Will; Simchi-Levi, David; Zhao, Tinglong
作者单位：Columbia University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Boston University
摘要：We study a wholesale supply chain ordering problem. In this problem, the supplier has an initial stock and faces an unpredictable stream of incoming orders, making real-time decisions on whether to accept or reject each order. What makes this wholesale supply chain ordering problem special is its knapsack constraint; that is, we do not allow partially accepting an order or splitting an order. The objective is to maximize the utilized stock. We model this wholesale supply chain ordering problem...
