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作者：Dalton, Patricio S.; Rueschenpoehler, Julius; Uras, Burak; Zia, Bilal
作者单位：Tilburg University; Tilburg University; University of California System; University of California Berkeley; The World Bank
摘要：Business practices and performance vary widely across businesses within the same sector. A key outstanding question is why profitable practices do not readily diffuse. We conduct a field experiment among urban retailers in Indonesia to study whether alleviating informational and behavioral frictions can facilitate such diffusion in a cost-effective manner. Through quantitative and qualitative fieldwork, we curate a handbook that associates locally relevant practices with performance, and provi...
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作者：Bell, Brian; Pedemonte, Simone; Van Reenen, John
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT)
摘要：We exploit the large rise in relative performance awards in the United Kingdom over the last two decades to investigate whether these contracts improve the alignment between CEO pay and firm performance. We first document that corporate governance appears to be stronger when institutional ownership is greater. Then, using hand-collected data from annual reports on explicit contracts, we show that (1) CEO pay still responds more to increases in the firms' stock performance than to decreases, an...
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作者：Ellison, Martin; Tischbirek, Andreas
作者单位：University of Oxford; University of Lausanne
摘要：A novel decomposition highlights the scope for information to influence the term structure of interest rates. Based on the law of total covariance, we show that real term premia in macroeconomic models contain a component that depends on covariances of realised stochastic discount factors and a component that depends on covariances of expectations of those stochastic discount factors. The covariance of expectations is typically low in macrofinance models, which contributes to the real term pre...
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作者：Iovino, Luigi
作者单位：Bocconi University
摘要：This paper studies how market signals-such as stock prices-can help alleviate the severity of the asymmetric information problem in credit and liquidity management. Asymmetric information hinders the ability of borrowers (firms, investment banks, etc.) to undertake profitable investment opportunities and to insure themselves against liquidity shocks. I show that on the equilibrium path creditors do not learn anything from market signals because they can use a menu of contracts to screen the di...
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作者：Bouacida, Elias; Martin, Daniel
作者单位：Lancaster University; Northwestern University
摘要：When choices are inconsistent due to behavioral biases, there is a theoretical debate about whether the structure of a model is necessary for providing precise welfare guidance based on those choices. To address this question empirically, we use standard data sets from the lab and field to evaluate the predictive power of two model-free approaches to behavioral welfare analysis. We find they typically have high predictive power, which means there is little ambiguity about what should be select...
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作者：Che, Yeon-Koo; Sakovics, Jozsef
作者单位：Columbia University; University of Edinburgh; Universitat de les Illes Balears
摘要：We reexamine the role of incomplete contracts in a dynamic model of renegotiation that endogenizes the timing of investments and trade. The interaction between bargaining and investment significantly alters the lessons learned from static models. When the opportunity to trade is expected to be long lasting, contracts that exacerbate the parties' absolute vulnerability to hold-up-especially following under-investment-are desirable. For example, joint ownership of complementary assets can be opt...
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作者：Matejka, Filip; Tabellini, Guido
作者单位：Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Bocconi University
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作者：Apesteguia, Jose; Ballester, Miguel A.
作者单位：ICREA; Pompeu Fabra University; Barcelona School of Economics; University of Oxford
摘要：We propose a novel measure of goodness of fit for stochastic choice models, that is, the maximal fraction of data that can be reconciled with the model. The procedure is to separate the data into two parts: one generated by the best specification of the model and another representing residual behavior. We claim that the three elements involved in a separation are instrumental in understanding the data. We show how to apply our approach to any stochastic choice model and then study the case of ...
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作者：De Philippis, Marta; Rossi, Federico
作者单位：European Central Bank; Bank of Italy; University of Warwick
摘要：This paper studies the contribution of parental influence in accounting for cross-country gaps in human capital achievements. We argue that the cross-country variation in unobserved parental characteristics is at least as important as the one in commonly used observable proxies of parental socioeconomic background. We infer this through an indirect empirical approach, based on the comparison of the school performance of second-generation immigrants. We document that, within the same host count...
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作者：Fisman, Raymond; Kuziemko, Ilyana; Vannutelli, Silvia
作者单位：Boston University; Princeton University
摘要：We study distributional preferences in larger societies. We conduct experiments via Mechanical Turk, in which subjects choose between two income distributions, each with seven (or more) individuals, with hypothetical incomes that aim to approximate the actual distribution of income in the United States. In contrast to prior work, our design allows us to flexibly capture the particular distributional concerns of subjects. Consistent with standard maximin (Rawlsian) preferences, subjects select ...
