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作者：He, Junnan
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Classic theories show that choices can be represented by a stable utility function when they satisfy consistency axioms, such as transitivity and the independence of irrelevant alternatives. Empirical choice data, however, display several contextual choice effects that violate these axioms. We study a choice model with a fixed underlying utility function and explain contextual choices with a novel type of information friction: the agent's perception of the options is affected by attribute-spec...
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作者：Chen, Huafeng (Jason); Chen, Jason Victor; Li, Feng
作者单位：Fudan University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Shanghai Jiao Tong University
摘要：This study quantifies the number of estimates involved in firms' accruals and examines whether it is informative about the relation between accruals and future earnings. We measure the number of estimates using the frequency of the use of the word estimate in the qualitative portions of a firm's Notes to the Financial Statements (footnotes). Motivated by arguments regarding the impact of estimation errors in accruals, we hypothesize and find that the accruals of firms that have more estimates ...
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作者：Grigoris, Fotis; Segalb, Gill
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of North Carolina; University of North Carolina Chapel Hill
摘要：We study the interaction of flexible capital utilization and depreciation for expected returns and investment of firms. Empirically, an investment strategy that buys (sells) equities with low (high) utilization rates earns 5% per annum. Utilization predicts excess returns beyond other production-based variables. We reconcile this novel utilization premium quantitatively using a production model. The model suggests that flexible utilization is important for matching the cross-sectional distribu...
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作者：Li, Yuexin; Ma, Xiaoyin; Renneboog, Luc
作者单位：Renmin University of China; Ant Group; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tilburg University
摘要：Whereas trust is the cornerstone of any market's functioning, it is of particular importance in markets that are unregulated, illiquid, and opaque, such as the art market. This study examines the role of authenticity, as captured by provenance information in auction catalogs, on the probability of auctioned oil paintings, watercolors, and prints being sold; their price formation; and returns. Auction catalogs include four authenticity dimensions: pedigree (ownership blockchain, descendance inf...
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作者：Bazley, William; Bonaparte, Yosef; Korniotis, George; Kumar, Alok
作者单位：University of Kansas; University of Colorado System; University of Colorado Denver; University of Colorado Anschutz Medical Campus; Children's Hospital Colorado
摘要：This paper examines whether perceptions of discrimination affect the economic expectations of U.S. households. We focus on two forms of expectations that play a central role in economic and financial decisions of households: labor income and inflation. Using experimental data, we demonstrate that discrimination generates greater dispersion in household forecasts. It increases subjective expectations of income uncertainty by 8% and inflation uncertainty by 5%. The impact of discrimination is co...
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作者：Pathak, Parag A.; Soenmez, Tayfun; Unver, M. Utku; Yenmez, M. Bumin
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Boston College; Deakin University
摘要：A priority system has traditionally been the protocol of choice for the allocation of scarce life-saving resources during public health emergencies. COVID-19 revealed the limitations of this allocation rule. Many argue that priority systems abandon ethical values, such as equity, by discriminating against disadvantaged communities. We show that a restrictive feature of the traditional priority system largely drives these limitations. Following minimalist market design, an institution design pa...
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作者：Wang, Wenli; Cai, Gangshu (George)
作者单位：Taiyuan University of Science & Technology; Santa Clara University
摘要：Because of many firms' lack of collateral, banks have imposed loan limits as a form of risk-control regulations of bank financing. In response, loan insurance has emerged as a useful instrument to lift loan limits. To study the joint value of bank loans and loan insurance, this article investigates a supply chain composed of one supplier and one capital-constrained buyer who takes out a bank loan and potentially purchases loan insurance. The analysis reveals that both the supplier and the buye...
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作者：Moss, Austin; Naughton, James P.; Wang, Clare
作者单位：University of Colorado System; University of Colorado Boulder; University of Virginia
摘要：Using an hourly data set on retail investor individual security positions from Robinhood Markets, we find no evidence that environmental, social, and governance (ESG) disclosures inform retail investors' buy and sell decisions. The response on ESG press release days by retail investors is indistinguishable from nonevent days. In contrast, these same investors make economically meaningful changes to their portfolios in response to non-ESG press releases, especially those that pertain to earning...
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作者：Li, Zongxi; Reppen, A. Max; Sircar, Ronnie
作者单位：Princeton University; Boston University
摘要：We propose a mean field game model to study the question of how centralization of reward and computational power occur in Bitcoin-like cryptocurrencies. Miners compete against each other for mining rewards by increasing their computational power. This leads to a novel mean field game of jump intensity control, which we solve explicitly for miners maximizing exponential utility and handle numerically in the case of miners with power utilities. We show that the heterogeneity of their initial wea...
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作者：Okat, Deniz; Vasudevan, Ellapulli V.
作者单位：Hong Kong University of Science & Technology; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad
摘要：We analyze banks' protected-weekend policies that restrict junior bankers from working during weekends. We use taxi rides from bank addresses in New York City to infer bankers' working hours. We find the policies induced bankers to shift their work to late-night hours on weekdays. We then investigate whether such shifts in working hours affected the quality of work. After the policy, analysts of the policy-implementing banks make more errors in their earnings forecasts. They also herd more tow...
