-
作者：Naess, Ole-Andreas Elvik
作者单位：Norwegian School of Economics (NHH)
摘要：This paper examines the preferences of 10,000 capital owners worldwide, including nearly 3,000 from the world's largest sovereign wealth fund, regarding green shareholder voting and divestment. Findings indicate substantial support (53%-72%) for shareholder engagement and green voting, which is more popular and less politically divisive than divestment. Preferences for green voting increase with the likelihood of green outcomes being implemented though 63% of the payoff is attributed to expres...
-
作者：Wang, Quanmeng; Lyu, Guodong; He, Long; Teo, Chung Piaw
作者单位：Tongji University; Hong Kong University of Science & Technology; George Washington University; National University of Singapore; National University of Singapore
摘要：The Locker Alliance Network (LAN), a cutting-edge initiative under Singapore's Smart Nation vision, aims to revolutionize parcel pickup processes. This government-led project seeks to implement two major changes in Singapore's urban logistics: (i) establishing an open-access facility for all logistic service providers (LSPs) and (ii) enhancing the last mile delivery efficiency of each LSP, thereby reducing its operational footprint. This research investigates the impact of locker network desig...
-
作者：Bjerksund, Petter; Orpetveit, Andreas; Sjuve, Andre Watto; Orpetveita, Andreas
作者单位：Norwegian School of Economics (NHH)
摘要：Mutual funds known as closet indexers are marketed as active but actually operate as low-activity funds. Investors end up paying for full service but receiving only a part of it. Supervisory authorities around the world are considering ways to regulate these funds. In this context, we examine the impact of regulatory interventions by Scandinavian regulators. We compare the scrutinized Scandinavian funds with similar unaffected European funds. The findings suggest that the regulated Scandinavia...
-
作者：Wu, Ziye; Zhong, Songfa
作者单位：National University of Singapore; Hong Kong University of Science & Technology
摘要：Understanding cultural differences in risk perception is critical in an increasingly uncertain world. Here we examine the relationship between the individualism-collectivism continuum and risk perception around the world using a data set from the Lloyd's Register Foundation World Risk Poll. The data set contains rich information of a representative sample of 150,000 participants from 142 countries, and investigates risk perception in terms of perceived likelihood and personal experiences for a...
-
作者：Hu, Edwin; Murphy, Dermot
作者单位：University of Virginia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The closing auction is an increasingly important trade mechanism due to the rise of passive funds that require closing price execution. We study differences in auction mechanism design on NYSE and Nasdaq that may affect closing price efficiency. Unlike Nasdaq, NYSE allows late auction orders through its floor brokers, providing traders with more flexibility to mitigate or create large last-minute auction imbalances. Price changes in the closing auction are more likely to reverse on NYSE compar...
-
作者：Agarwal, Sumit; Qian, Wenlan; Ren, Yuan; Tsai, Hsin-Tien; Yeung, Bernard
作者单位：National University of Singapore; Zhejiang University; Zhejiang University; National University of Singapore; Southern University of Science & Technology; National University of Singapore
摘要：We utilize the introduction of mobile payment technology by the largest bank in Singapore in 2017 to study how mobile payment technology reshapes economic activities and stimulates business creation. After the introduction, business-to-consumer industries witnessed 18.3% more business creation relative to business-to-business industries, with the effect driven by small firms and more pronounced among industries with higher cash handling costs. Underlying this pattern is consumers' strong adopt...
-
作者：Lu, Ying; Qiao, Dandan; He, Shu; Tan, Bernard C. Y.
作者单位：IE University; National University of Singapore; State University System of Florida; University of Florida
摘要：Despite the public's familiarity with search engines, little existing research empir-ically investigates the impact of such a search-cost-reduction tool on online market struc-ture. Knowledge scarcity of this question can mainly be attributed to the challenge of accessing detailed data from a cross-website search engine. Using data from the online ille-gal transaction platform, the Darknet markets, we manage to empirically evaluate the influ-ence of a cross-website search engine (i.e., GRAMS) ...
-
作者：Cornaggia, Jess; Cornaggia, Kimberly J.; Xia, Han
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine effects on productivity, employment, and debt outcomes among college students whose parents reside in areas that experience financial shocks caused by natural disasters. After shocks, treated students exhibit poorer academic performance. To boost the impaired grade point average, these students sacrifice educational content by withdrawing from more courses and enrolling in fewer STEM (Science, Technology, Engineering, Mathematics) courses. Effects are stronger for middle class stude...
-
作者：Tinn, Katrin
作者单位：McGill University; Centre for Economic Policy Research - UK
摘要：This paper considers introducing asymmetric privacy in the design of central bank digital currencies (CBDC) and digital currencies more generally to preserve the privacy of money spent while keeping the benefits of digital records for money received. It is shown that this feature would help minimize real distortions between consumers, firms, and financiers while enabling tax optimization and better access to external financing. Protecting the privacy of consumers is desirable from a welfare an...
-
作者：Prat, Julien; Danos, Vincent; Marcassa, Stefania
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris; Institut Polytechnique de Paris; CY Cergy Paris Universite
摘要：We propose a framework for the fundamental valuation of utility tokens. We introduce a requirement that is reminiscent of the cash-in-advance constraint, stipulating that services have to be accessed immediately. Our model endogenizes the velocity of token circulation, yielding a microfounded pricing formula that we calibrate using Ethereum's adoption data. The equilibrium price path goes through two successive phases: initially, a portion of the tokens are held for purely speculative motives,...
