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作者：Battalio, Robert; Jennings, Robert
作者单位：University of Notre Dame; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We obtain a proprietary data set of all marketable orders routed to one or more wholesalers in May 2022 to study wholesaler execution quality. Contrary to conventional wisdom, external liquidity is used to fill 28.6% of the shares in our sample. We find that order size, both absolute and relative to book depth, and recent order imbalance are associated with the decision to source external liquidity. Using a new benchmark, we find the value of both price and size improvement provided to sample ...
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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...
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作者：Haese, Jeremie; Peukert, Christian
作者单位：University of Lausanne
摘要：Firms are increasingly moving away from proprietary technology to building commercial products on top of open source software. However, it is unclear how such commercialization of open source affects contributions from the community, as well as product quality and firm performance. Web browser technology provides a unique setting to study such questions. The largest open source project is Chromium, led by Google, which serves as the core of various web browsers. Unexpectedly, Microsoft announc...
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作者：Rzeznik, Aleksandra
作者单位：York University - Canada
摘要：This paper examines how market uncertainty impacts the liquidity premium through a demand-side channel. I find that equity mutual funds actively increase the liquidity of their portfolios in response to increased redemptions during market stress. Liquidity preservation is more intense for funds more exposed to strategic complementarities. I show that a stock's relative illiquidity within a fund's portfolio is a key determinant in flow-induced rebalancing decisions, whereby funds follow a liqui...
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作者：Li, You; Tan, Weiqiang; Yao, Daifei; Zhang, Tian
作者单位：Macau University of Science & Technology; Education University of Hong Kong (EdUHK); Griffith University; University of Hong Kong
摘要：We study how households understand and respond to monetary policy by exploiting the open auctions of early-stage crowdfunding and inferring individuals' expectations based on their maximum requested interest rates. Using loan listings from Prosper, we find that borrowers adjust their willingness-to-pay interest rates in response to unexpected Federal funds rate changes, whereas anticipated shifts have negligible effects. These responses are more pronounced among high-income, high-credit-score ...
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作者：Vijairaghavan, Vaarun; Hidaji, Hooman; Nault, Barrie R.
作者单位：University of Calgary
摘要：Many jurisdictions have implemented data portability regulation (DPR) that requires that Data Controllers (DCs) enable users to download their personal data so that they can port their data to competing DCs. The intention of DPR is to return partial control of data to users, improve user choice of DCs, increase DC participation in the market, and reduce industry concentration. To achieve this, if nonmonetary corrective measures (e.g., warnings, orders to comply) to obtain portability complianc...
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作者：Klingler, Sven; Sundaresan, Suresh; Moran, Michael
作者单位：Frankfurt School Finance & Management; Columbia University
摘要：Sponsors of corporate defined benefit (DB) pension plans in the United States transferred $155 billion pension obligations to insurance companies between 2012 and 2022. These pension risk transfers (PRTs) reduced the pool of corporate DB plan participants by 12% and are a huge business for the involved insurers. We assemble a new PRT database and highlight three features of PRTs: (i) the burden associated with mandatory Pension Benefit Guaranty Corporation (PBGC) insurance premiums drives PRT ...
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作者：Barucci, Emilio; Brachetta, Matteo; Marazzina, Daniele
作者单位：Polytechnic University of Milan; University of Genoa
摘要：We investigate the adoption of Central Bank digital currency (CBDC) in a partial equilibrium setting, focusing on four key features: remuneration, monetary incentives, interoperability, and architecture. Agents are interested in adopting CBDC because they have a preference for digital payments, and the Central Bank may incentivize adoption through subsidies and platform development, potentially in collaboration with the private sector. Our results demonstrate that both the remuneration scheme ...
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作者：Paaso, Mikael; Pursiainen, Vesa; Torstila, Sami
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of St Gallen; Swiss Finance Institute (SFI); Aalto University
摘要：An entrepreneur's negative attitude toward debt (debt aversion) affects the financing decisions of the businesses they run. Controlling for a range of observable traits, firms run by highly debt-averse entrepreneurs are about 10 percentage points less likely to use debt. The same entrepreneurs are also almost 25% less likely to take up government-guaranteed debt during the COVID-19 crisis. These firms show less interest in COVID-19 support policies if they perceive them to involve debt based o...
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作者：Banerjee, Ritwik; Mustafi, Priyoma
作者单位：Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; Ahmedabad University
摘要：Research shows that women volunteer significantly more for tasks that people prefer others to complete. Such tasks carry little monetary incentives because of their very nature. We use a modified version of the volunteer's dilemma game to examine if nonmonetary interventions, particularly social recognition, can be used to reduce the gender gap associated with such tasks. We conduct a laboratory experiment with three treatments where (a) a volunteer receives positive social recognition, (b) a ...
