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作者：Hu, Tiayin; Liu, Songrui; Yao, Yang; Zong, Zhu
作者单位：Peking University; Peking University; Peking University; Renmin University of China
摘要：We document a novel trade-credit channel through which government deleveraging affects the private economy. Our empirical analysis exploits China's 2017 deleveraging campaign that reduced local governments' net financing capacity and a purpose-built data set of listed firms matched with government procurement contracts. Compared with noncontractors, private contractors experience larger increases in accounts receivable and deterioration in financial conditions, leading to fewer investments, wo...
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作者：Ross, Chase P.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Banks are vital suppliers of money-like safe assets, which they produce by issuing short-term liabilities and pledging collateral. But their ability to create safe assets varies over time as leverage constraints fluctuate. I write a simple model to describe private safeasset production when intermediaries face leverage constraints. I directly measure leverage constraints using confidential supervisory data on high-frequency changes in the largest banks' repurchase agreements (repos). The colla...
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作者：Noussair, Charles N.; Qiao, Liang
作者单位：University of Arizona; Nankai University; Nankai University
摘要：Users are now typically able to access historical data in traffic, restaurant, and retailing contexts. This availability of information can be viewed as a means to reduce congestion. However, scientific support for this notion is weak. We investigate, using a laboratory experiment, whether an intermediate level of information provision might reduce congestion. We also study how the effect of making more information available changes over time. We show that providing all users with information ...
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作者：Vilkkumaa, Eeva; Rikkinen, Petri; Liesio, Juuso
作者单位：Aalto University; Aalto University
摘要：Companies pursue their goals by selecting and implementing a combination or portfolio of actions that consume resources. The extent to which these actions help attain the companies' objectives is often contingent on whether a given future scenario is realized. In this paper, we present a model-based framework for supporting the selection of a portfolio of actions that is robust across different scenarios while accounting for the impacts that the actions may have on the probabilities of these s...
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作者：Wu, Anqi; Wu, Qi; Seshadri, Sridhar
作者单位：State University System of Florida; Florida International University; University System of Ohio; Case Western Reserve University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Bank credit access allows firms to borrow funds from banks and other financial institutions. Although theories have been developed on how bank financing affects firms' operational decisions, empirical investigations in operations management (OM) literature remain limited. This study examines firms' inventory management strategies in response to the enhanced credit lines from the adoption of interstate bank branching laws, which introduced staggered access to bank credit for operational firms. ...
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作者：Hagmann, David; Sajons, Gwendolin B.; Tinsley, Catherine H.
作者单位：Hong Kong University of Science & Technology; heSam Universite; ESCP Business School; Georgetown University
摘要：Statistical discrimination relies on people inferring unobservable characteristics of group members based on their beliefs about the group. Across four preregistered experiments (N = 9,002), we show that accurate information about the composition of top performers can induce incorrect beliefs about performance differences across groups when the groups are of unequal size. Because people fail to account for base rates, they underestimate the performance of individuals from smaller groups. As a ...
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作者：Henderson, Brian; Jostova, Gergana; Philipov, Alexander
作者单位：George Washington University; George Mason University
摘要：We document that stock lenders are informed about market conditions and pursue revenue maximization by setting premiums or offering discounts on stock loan fees. Using a model of supply and demand in the equity lending market, we illustrate the effect of stock borrowers' private information on the elasticity of shorting demand. Strategic lenders respond to demand elasticity and increase their revenues through premiums or discounts on lending fees. Empirically, decomposing stock loan fees into ...
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作者：Dutta, Sunil; Langer, Lukasz; Patatoukas, Panos N.
作者单位：University of California Berkeley; University of California System; University of California Berkeley
摘要：Many studies use linear regressions of investment on Tobin's q to estimate normal investment levels, often concluding that financial reporting quality enhances investment efficiency. Our findings suggest these inferences are confounded by two key factors. First, consistent with asymmetric capital adjustment costs, investment is significantly less responsive to q values below one than to those above one. Second, firms with q values below one systematically exhibit lower financial reporting qual...
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作者：Kim, Jong Yeob; Ishihara, Masakazu
作者单位：Nanyang Technological University; New York University
摘要：The obesity rate has grown to epidemic proportions in the United States. Recent scientific studies suggest that excess intake of sugar-sweetened beverages (SSBs) is one of the primary contributors to weight gain. One option to address the growing obesity epidemic is to discourage SSB consumption through fiscal policies such as imposing a soda excise tax. In this paper, we apply the Becker-Murphy model of rational addiction to present evidence that consumers are rationally addicted to the consu...
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作者：Liao, Li; Wang, Zhengwei; Yan, Hongjun; Yang, Jun; Zhou, Congyi
作者单位：Tsinghua University; DePaul University; Nanyang Technological University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers' social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on because of collection agents' excessive workload. Using two approaches to estimate the local treatment effect, we show that this socialshaming tactic backfires and substantially increases the borrowers' default rate. Borrowers with better outside options for credit access and male...
