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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,...
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作者：Allee, Kristian D.; Dinh, Tami; Stenzel, Arthur
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of St Gallen; Norwegian School of Economics (NHH)
摘要：We examine whether the mandated convergence of local German Generally Accepted Accounting Principles with International Financial Reporting Standards (IFRS) increases investment by foreign equity investors in German private firms. Exploiting a large-sample quasi-experimental setting, we document an average foreign ownership increase of 2%-8% in firms affected by the accounting reform compared with our unaffected control firms. Based on our identification strategy, using both the unique setting...
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作者：Ehlers, Lars
作者单位：Universite de Montreal; Universite de Montreal
摘要：A generalized matching problem consists of a set of agents, a set of objects, the agents' endowments, a set of feasible matchings, and the agents' preferences over feasible matchings. Respect for improvement means that when the ranking of an agent's endowment improves in some other agent's preference (while keeping other preferences unchanged), then this agent weakly benefits from it. Our main result shows across matching applications that on the strict domain, individual rationality, strategy...
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作者：Morgan, John; Orzen, Henrik; Sisak, Dana
作者单位：University of California System; University of California Berkeley; University of Mannheim; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute
摘要：Today's employees often work in teams on complex problems. Yet, we know very little about how to incentivize such work. We conduct two laboratory experiments where groups of three work on a complex task and are paid by the quality of their answer. We then study whether a peer evaluation which determines the individual pay share improves group performance. We do so both in an in-person as well as in an online setting. In both settings, overall group performance was not significantly affected by...
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作者：Athey, Susan; Castillo, Juan Camilo; Chandar, Bharat
作者单位：Stanford University
摘要：Online marketplaces have adopted new quality control mechanisms that can accommodate a flexible pool of providers. In the context of ride-hailing, we measure the effectiveness of these mechanisms, which include ratings, incentives, and behavioral nudges. Using telemetry data as an objective measure of quality, we find that drivers not only respond to user preferences but also improve their behavior after receiving warnings about their low ratings. Furthermore, we use data from a randomized exp...
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作者：Durney, Michael; Kyung, Hoyoun; Markov, Stanimir; Park, Jihwon
作者单位：University of Iowa; University of Missouri System; University of Missouri Columbia; University of Texas System; University of Texas Dallas; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We examine the impact of working from home (WFH) practices on the financial services industry, focusing on sell-side equity analysts. We find that analysts who previously benefited from access to in-person interactions with other informed parties experience a greater decline in earnings forecast accuracy following the COVID lockdown and the shift to WFH. Notably, the informational advantage associated with the in-person access disappears during the lockdown and returns once restrictions are li...
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作者：Ghitti, Marco; Lopez-de-Silanes, Florencio; Matta, Rafael
作者单位：University of Padua; SKEMA Business School; Universite Cote d'Azur; National Bureau of Economic Research
摘要：We study how relationship lending affects the transmission of bankruptcy reforms on credit terms and bank enforcement mechanisms, using a unique database containing the universe of credits of a large Italian bank. Lower creditor rights lead the bank to reduce expected recovery rates, worsen credit terms, and tighten bank enforcement actions. Bank-borrower power dampens the terms' impact at the cost of tougher borrower renegotiations. Older and more credit-dependent borrowers receive less unfav...
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作者：Shi, Yuan; de Zegher, Joann F.; Lo, Irene Y.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Information platforms have emerged in the developing world to improve price transparency and welfare for smallholder suppliers. Meanwhile, sustaining welfare improvement often requires such platforms to benefit both suppliers and buyers. This paper studies the impact of price transparency on market price and welfare in smallholder supply chains, and identifies conditions and driving forces for creating benefits to both suppliers and buyers. Motivated by granular data from smallholder supply ch...
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作者：Li, Ivan; Derdenger, Tim
作者单位：University of Texas System; University of Texas Dallas; Carnegie Mellon University
摘要：We investigate the impact of personalized pricing through Name, Image, and Likeness (NIL) rights within college athletics on the recruitment of high school football players by college programs. We focus on whether the new policy disrupts competitive balance by increasing the concentration of talent among top-ranked institutions. Using a data set that encompasses pre- and post-NIL recruitment patterns to examine the distribution of 3, 4, and 5* recruits at college football programs, we find a n...
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作者：Wu, Zhiyan; Cao, Wenjiao
作者单位：Zhejiang University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Using a regression discontinuity design in a sample of U.S. federal special elections, we investigate how donor firms' political wins impact the adaptive responses of their product-market peers in their political activities, with a particular focus on the appointment of politicians to their boardrooms. By analyzing closely contested special elections, we find that when donor firms had donated to a candidate who narrowly won a special election, their peer firms were 41% more likely to appoint p...
