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作者：Jacquillat, Alexandre; Li, Michael Lingzhi
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：We define an online learning and optimization problem with discrete and irreversible decisions contributing toward a coverage target. In each period, a decision-maker selects facilities to open, receives information on the success of each one, and updates a classification model to guide future decisions. The goal is to minimize facility openings under a chance constraint reflecting the coverage target, in an asymptotic regime characterized by a large target number of facilities but a finite pl...
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作者：Cao, Sean; Da, Zhi; Jiang, Xin Daniel; Yang, Baozhong
作者单位：University System of Maryland; University of Maryland College Park; University of Notre Dame; University of Waterloo; University System of Georgia; Georgia State University
摘要：Hedge funds can subsequently amend their originally reported 13F quarterly holdings using restatements. We conduct the first systematic analysis of such filings, which are as common as confidential filings (used by funds to delay holding disclosures) but affect three times as many stocks. Restated holdings are associated with significant abnormal returns, suggesting that some original holdings are strategically misreported to hide funds' trading intentions and that later restatements facilitat...
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作者：Ke, T. Tony; Lin, Song; Lu, Michelle Y.
作者单位：Chinese University of Hong Kong; Hong Kong University of Science & Technology; China Europe International Business School
摘要：We study how an online platform strategically uses information to both guide consumer search and influence sellers' targeted advertising. Our model unifies personalized recommendations and targeted ads under an information design framework. We illustrate a fundamental tradeoff facing the platform between improving match efficiency and extracting seller surplus by inducing their competition for prominence. The optimal information design may be socially inefficient because it balances the tradeo...
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作者：Fecht, Falko; Genc, Egemen; Karabulut, Yigitcan; Weber, Patrick
作者单位：Deutsche Bundesbank; Frankfurt School Finance & Management; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We document a novel support mechanism in financial institutions-the direct flow channel-through which banks coordinate client investments to stabilize affiliated mutual funds facing severe redemptions. Inflows from banks' retail and institutional clients offset a sizable share of outflows, mitigating adverse performance effects, forced sales, and redemption spillovers. Support via the direct flow channel is liquidity driven, concentrated in fragile but viable funds, and most pronounced when ca...
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作者：Oehmke, Martin; Zawadowski, Adam
作者单位：University of London; London School Economics & Political Science
摘要：Complexity can create value. At the same time, understanding more complex goods requires more of an agent's attention. We show that equilibrium complexity is generally inefficient when agents face competing demands on their limited attention. Because attention allocation is hump-shaped in complexity, equilibrium complexity is distorted toward intermediate levels: well-understood goods are inefficiently complex, whereas less well-understood goods are oversimplified. We apply our model to financ...
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作者：Ding, Jiatao; Freeman, Michael; Zorc, Saga
作者单位：Nanyang Technological University; INSEAD Business School; University of Virginia
摘要：In malaria-endemic countries, the limited availability of affordable antimalarial medication has contributed to the widespread distribution of counterfeit drugs. This paper examines such markets to determine how philanthropic donors can best allocate limited funds to subsidize the purchase or sales of antimalarial drugs via private-sector distribution channels. We develop a game-theoretic model of the antimalarial supply chain wherein the retailer strategically sources legitimate drugs from a ...
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作者：Cui, Yumeng; Hong, Yongmiao; Huang, Naijing; Wang, Yicheng
作者单位：Central University of Finance & Economics; Chinese Academy of Sciences; Chinese Academy of Sciences; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：Economists and econometricians typically use aggregate economic and financial variables for gross domestic product (GDP) prediction. However, aggregation often results in a loss of valuable information, diminishing key features such as heterogeneity, interactions, nonlinearity, and structural breaks. We propose a novel microforecasting approach, using large panel data of firm accounting earnings from corporate financial reports to forecast GDP. By employing machine learning methods, we can eff...
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作者：Li, Kun; Liu, Xin; Wei, Shang-Jin
作者单位：Australian National University
摘要：S&P 500 is commonly used in empirical finance and macroeconomics as a measure of overall capital market sentiment, and the associated VIX is taken as an indicator of economic uncertainty. While both assume that the S&P 500 index is objectively constructed, we show that its membership decisions have a nontrivial amount of discretion unexplained by its published methodology. Importantly, we show that firms' purchases of S&P ratings appear to improve their chance of entering the index (but purcha...
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作者：Huang, Lingbo; Zhang, Jingjing; Zhang, Jun
作者单位：Shandong University; Royal Melbourne Institute of Technology (RMIT); University of Technology Sydney; Zhejiang University of Finance & Economics
摘要：This paper examines the optimal design of contests in the presence of negative prizes and establishes the optimality of a modified all-pay auction with entry fee and reserve. The entry fee always equals the contestants' liability, and the reserve is weakly higher than in contests without negative prizes. The modification involves awarding all contestants a strictly positive prize if none meet the reserve. This optimal contest better incentivizes high-ability contestants by offering them a high...
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作者：Liu, Crocker H.; Zheng, Chen; Zhu, Bing
作者单位：Cornell University; University of Bath; Technical University of Munich
摘要：Does agglomeration within a building and/or neighborhood enhance or weaken property value? The valuation impact is unclear ex ante, given that agglomeration tradesoff enhanced productivity at the expense of a more concentrated tenant base. We find that a value premium exists only when agglomeration at both the building and neighborhood levels consists of firms in the same industry. This premium represents capitalized knowledge spillover externalities. Additionally, we show the stock market rew...
