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作者：Agrawal, Vishal; Zhang, Can
作者单位：Georgetown University; Duke University
摘要：Sustainability certifications have gained increasing popularity for agricultural product sourcing. To help improve smallholder farmers' livelihoods, these certifications set a premium that firms must pay to farmers for certified crops on top of the market price. This premium can be structured in different ways: a popular approach adopted by several major certifications is called a fixed premium, under which farmers receive a fixed level of premium independent of the market price. However, this...
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作者：d'Avernas, Adrien; Maurin, Vincent; Vandeweyer, Quentin
作者单位：Stockholm School of Economics; Hautes Etudes Commerciales (HEC) Paris; University of Chicago
摘要：This paper provides a general model of stablecoins, cryptocurrencies pegged to a traditional currency. We characterize the optimal design of a stablecoin protocol that generates seigniorage fees from issuance. We use this framework to assess the ability of various protocol designs to maintain the peg. Our model rationalizes algorithmic backing of stablecoins but highlights its greater fragility relative to collateralization. Immutable smart contracts improve stability because the issuer suffer...
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作者：Besbes, Omar; Ma, Will; Mouchtaki, Omar
作者单位：Columbia University; New York University
摘要：In this work, we study how the relevance/quality and quantity of past data influence performance by analyzing a contextual Newsvendor problem, in which a decision maker trades off between underage and overage costs under uncertain demand. We consider a setting in which past demands observed under close-by contexts come from close-by distributions and analyze the performance of data-driven algorithms through a notion of context-dependent worst-case expected regret. We analyze the broad class of...
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作者：Jiang, Shangrong; Li, Yuze; Wang, Shouyang
作者单位：Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS; University of Hong Kong; Chinese University of Hong Kong; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; ShanghaiTech University
摘要：The lack of formal and verifiable credit records among borrowers is a significant barrier to financial inclusion in developing countries. In this paper, we assess the effectiveness of blockchain technology in improving credit information authenticity and enhancing financial inclusion. Using a novel data set from the online prosocial lending platform Kiva, we exploit the implementation of a blockchain-based lending protocol change in Kiva Sierra Leone as an exogenous shock to conduct difference...
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作者：Bollerslev, Tim; Li, Sophia Zhengzi; Tang, Yushan
作者单位：Duke University; National Bureau of Economic Research; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Shanghai University of Finance & Economics
摘要：We propose a novel and easy-to-implement framework for forecasting timevarying correlations based on a large set of salient realized correlation features and the sparsity-encouraging Least Absolute Shrinkage and Selection Operator technique. Considering the universe of S&P 500 stocks, we find that the new approach manifests in statistically superior out-of-sample forecasts compared with commonly used procedures. We further demonstrate how the forecasts translate into significant economic gains...
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作者：Cai, Wei; Ju, Kunlu; Rouen, Ethan; Zou, Yuan
作者单位：Columbia University; University of California System; University of California Los Angeles; Harvard University
摘要：Cooperativeness is essential to individual and organizational success. We exploit a unique feature of conference calls to study individual executives' cooperativeness, indicated by their directly inviting colleagues to respond to analysts' questions, and its relation with their career outcomes and firm performance. After validating our measure, we find that cooperativeness is associated with relevant executive characteristics. Older, more senior, and more experienced executives are more likely...
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作者：Hagen, Johannes; Hodor, Michal; Hurwitz, Abigail
作者单位：Jonkoping University; Tel Aviv University; Hebrew University of Jerusalem
摘要：This study examines how a first-time malignant cancer diagnosis, acting as an informational shock to perceived longevity, affects the demand for life annuities. Using a quasi-experimental design and exploiting Swedish administrative data, we show that receiving a cancer diagnosis close to retirement reduces annuitization rates by 5.5%. The diagnosis lowers the money's worth ratio of a life annuity by 33%, representing a substantial financial loss. Combined with the modest behavioral response, ...
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作者：Cui, Kevin Zheyuan; Demirer, Mert; Jaffe, Sonia; Musolff, Leon; Peng, Sida; Salz, Tobias
作者单位：Princeton University; Massachusetts Institute of Technology (MIT); Microsoft; University of Pennsylvania
摘要：This study evaluates the effect of generative artificial intelligence (AI) on software developer productivity via randomized controlled trials at Microsoft, Accenture, and an anonymous Fortune 100 company. These field experiments, run by the companies as part of their ordinary course of business, provided a random subset of developers with access to an AI-based coding assistant suggesting intelligent code completions. Although each experiment is noisy and results vary across experiments, when ...
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作者：Ozturk, Orgu; Thomas, Danna; Woodworth, Lindsey
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：This study considers a voluntary hospital certification program and how it shapes patient health outcomes. The Baby-Friendly Hospital Initiative designates participating hospitals as Baby-Friendly if they adhere to various practices thought to promote breastfeeding. We estimate the effect of being born in a Baby-Friendly hospital on breastfeeding initiation and infant health. Identification relies on a within-mother analysis that compares siblings who were born in the same hospital: one when t...
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作者：Dai, Min; Lei, Yaoting; Liu, Hong; Yang, Chen
作者单位：Hong Kong Polytechnic University; Hong Kong Polytechnic University; Nanchang University; Washington University (WUSTL); Fudan University; Chinese University of Hong Kong
摘要：We develop a dynamic portfolio model incorporating capital gains tax (CGT), transaction costs, and year-end taxation. We find that even tiny transaction costs can lead to significant deferral of large losses and that transaction costs affect loss deferrals much more than gain deferrals. Our model can thus help explain the puzzle that even when investors face equal long-term/short-term CGT rates, they may still defer realizing large capital losses for an extended period of time, displaying the ...
