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作者：Cheung, Stephen L.; Tymula, Agnieszka; Wang, Xueting
作者单位：University of Sydney; Royal Melbourne Institute of Technology (RMIT)
摘要：This paper reports a meta-analysis of 86 studies of the two parameters of quasihyperbolic (13-6) discounting, the dominant model of self-control failures in behavioral economics. The central tenet of the model is that decision makers have a present bias, 13, for immediate rewards, on top of standard exponential discounting of the future, 6. After correcting for selective reporting, we obtain a meta-analytic estimate of 13 for money of 0.938, with 95% confidence interval [0.905, 0.972]. For non...
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作者：Ding, Tingting; Lehrer, Steven F.
作者单位：James Madison University; Shanghai University of Finance & Economics; Queens University - Canada; National Bureau of Economic Research
摘要：We conduct a series of laboratory experiments to examine whether the gradual exogenous revelation of sellers' private information influences the occurrence of trades in a bilateral bargaining setting with a static lemon condition. We find that, although information does not increase efficiency, it reduces the likelihood that buyers incur losses when trading with low-quality sellers. Anticipating that additional signals will arrive, buyers hesitate to finalize deals immediately and exhibit a wa...
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作者：Bhojraj, Sanjeev; Yu, Yong; Zhao, Wuyang
作者单位：Cornell University; University of Texas Austin; University of Texas System; University of Texas Austin; McGill University
摘要：We examine whether ownership by benchmarked investors constrains short sellers' ability to quickly cover their positions following positive earnings news and thereby exacerbates price pressure from short covering. We find that high benchmarked ownership is related to greater price overshooting in highly shorted stocks at positive earnings announcements. This effect is driven by benchmarked ownership amplifying both price and volume impacts of short covering. Exploring shocks from Russell index...
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作者：Makridis, Christos A.; Schloetzer, Jason
作者单位：Arizona State University; Arizona State University-Tempe; Gallup, Inc.; University of Nicosia; Georgetown University
摘要：We study how working remotely impacts employee job satisfaction and retention using unique data on the remote work arrangements of nearly 165,000 employees. Our findings show that the positive association between working remotely more frequently and job satisfaction diminishes substantially after controlling for employee compensation, occupation, demographics, and workplace characteristics (e.g., feeling appreciated at work). Moreover, remote work is associated with a higher intention to leave...
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作者：Ke, Tony; Shin, Tiwoong; Zhu, Xu
作者单位：Chinese University of Hong Kong; Yale University; Beihang University
摘要：Loyalty programs are widespread across various markets, offering members rewards based on their past purchases for future benefits. This study offers new insights into the strategic use of loyalty programs and their impact on market competition by explor-ing the dynamics of loyalty programs within a repeated ordered search framework, in which consumers sequentially search for the optimal product across multiple firms over two peri-ods. Our findings highlight distinct roles for price discounts ...
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作者：Li, Sophia Zhengzi; Yuan, Peixuan; Zhou, Guofu
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Hong Kong Baptist University; Washington University (WUSTL)
摘要：We uncover a new price pattern: The stock systematic component exhibits momentum. This systematic momentum further yields a return momentum: Stocks sorted by systematic component have persistent positive returns. In comparison with the extremely popular and extensively studied momentum sorted by return, which is valid only monthly, our systematic return momentum holds intraday, daily, weekly, and monthly. Furthermore, our systematic momentum, the strongest ever discovered, is different from th...
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作者：Dahlquist, Magnus; Ibert, Markus; Wilke, Felix
作者单位：Stockholm School of Economics; Centre for Economic Policy Research - UK; Copenhagen Business School; Danish Finance Institute; Universidade Nova de Lisboa
摘要：We recover forward-looking expected net-of-fee abnormal returns (alphas) for active equity mutual funds from analyst ratings. In contrast to the typical equilibrium implication of zero alphas, analyst alphas are negative for most funds, but positive for the largest funds. We compare analysts' subjective expectations with expectations from a rational expectations learning model. The model's rational learner believes that an increase in fund size leads to a decrease in returns, but we find no ev...
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作者：Aridor, Guy; Che, Yeon-Koo; Hollenbeck, Brett; Kaiser, Maximilian; McCarthy, Daniel
作者单位：Northwestern University; Columbia University; University of California System; University of California Los Angeles; University of Hamburg; University System of Maryland; University of Maryland College Park
摘要：Assembling novel data sets on online advertiser spending, performance, and revenue, we quantify the economic effects of Apple's App Tracking Transparency (ATT) privacy policy on e-commerce firms. We find that conversion-optimized Meta advertisements, affected most by ATT, saw a 37% reduction in click-through rates after ATT. Although firms responded by shifting ad spending from Meta to the Google ecosystem, firms with higher baseline Meta dependence nevertheless experienced a substantial decli...
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作者：Enache, Andreea; Rhodes, Andrew
作者单位：Stockholm School of Economics; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We consider a setting in which a platform matches buyers and sellers, who then wish to transact with each other multiple times. The platform charges fees for hosting transactions but also offers convenience benefits. We consider two scenarios. In one scenario, all transactions must occur on the platform; in the other scenario, buyers and sellers can disintermediate the platform after the first transaction and do subsequent transactions offline. We find that the platform reacts to disintermedia...
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作者：Birru, Justin; Mohrschladt, Hannes; Young, Trevor
作者单位：University System of Ohio; Ohio State University; University of Potsdam; University of Munster; Tulane University
摘要：We examine the cross-section of returns from the perspective of a benchmark model that only includes systematic mispricing factors. In contrast to conclusions from standard benchmark models, we recover robust positive risk-return relations for many cross-sectional risk, distress, and friction proxies. Our findings are consistent with systematic mispricing that primarily affects speculative stocks and predominantly results in overpricing, predicting lower returns. Hence, failing to control for ...
