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作者：Hoga, Yannick; Demetrescu, Matei
作者单位：University of Duisburg Essen; Dortmund University of Technology
摘要：This paper introduces formal monitoring procedures as a risk-management tool. Continuously monitoring risk forecasts allows practitioners to swiftly review and update their forecasting procedures as soon as forecasts turn inadequate. Similarly, regulators may take timely action in case reported risk forecasts become poor. Extant (one-shot) backtests require, however, that all data are available prior to testing and are not informative of when inadequacies might have occurred. To monitor value-...
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作者：Alekseev, Georgij; Amer, Safaa; Gopal, Manasa; Kuchler, Theresa; Schneider, J. W.; Stroebel, Johannes; Wernerfelt, Nils
作者单位：New York University; Facebook Inc; University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We analyze a large-scale survey of small business owners, managers, and employees in the United States to understand the effects of the COVID-19 pandemic on those businesses. We explore two waves of the survey that were fielded on Facebook in April 2020 and December 2020. We document five facts about the impact of the pandemic on small businesses. (1) Larger firms, older firms, and male-owned firms were more likely to remain open during the early stages of the pandemic with many of these heter...
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作者：Balyuk, Tetyana
作者单位：Emory University
摘要：Using a unique setting of an online peer-to-peer lender, I show that banks expand credit access for consumers who obtain FinTech loans. Consistent with FinTech relieving information frictions, this effect is stronger for more credit-constrained consumers. Many borrowers, especially higher-quality ones, use peer-to-peer loans to repay expensive revolving debt. Yet, debt financing and credit score changes cannot fully explain higher bank credit. The increase in bank credit access is stronger whe...
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作者：Guasoni, Paolo; Huberman, Gur; Shikhelman, Clara
作者单位：Dublin City University; University of Bologna; Columbia University
摘要：Compared with existing payment systems, Bitcoin's throughput is low. Designed to address Bitcoin's scalability challenge, the Lightning Network (LN) is a protocol allowing two parties to secure bitcoin payments and escrow holdings between them. In a lightning channel, each party commits collateral toward future payments to the counterparty and payments are cryptographically secured updates of collaterals. The network of channels increases transaction speed and reduces blockchain congestion. Th...
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作者：Garratt, Rodney J.; van Oordt, Maarten R. C.
作者单位：Bank for International Settlements (BIS); University of California System; University of California Santa Barbara; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We assess how the cost structure of cryptocurrency mining affects the response of miners to exchange rate fluctuations and the immutability of cryptocurrency ledgers that rely on proof-of-work. We show that the amount of mining power supplied to currencies that rely on specialized hardware, such as Bitcoin, responds less to adverse exchange rate shocks than other currencies respond to such shocks, a fact that is instrumental to avoiding double-spending attacks. The results may change if mining...
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作者：Park, Andreas
作者单位：University of Toronto
摘要：Decentralized exchanges (DEXs) are an essential component of the nascent decentralized finance (DeFi) ecosystem. The most common DEXs are so-called automated market makers (AMMs): smart contracts that pool liquidity and process trades as atomic swaps of tokens. AMMs price transactions with a deterministic liquidity invariance rule that only uses the AMM's token deposits as inputs and that has no precedent in traditional finance. Yet, in the context of transparent and open blockchain operations...
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作者：Chen, Zhuoqiong; Stanton, Christopher; Thomas, Catherine
作者单位：Harbin Institute of Technology; Harvard University; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：Trialing an experience good allows consumers to learn their value for the sampled good and also informs beliefs about their value for similar products. These demandside information spillovers across products create a relatively well-informed group of potential future consumers for rival firms. When both switching consumers and repeat buyers are profitable, firms face reduced incentives to set a low initial price to attract inexperienced consumers. Switchers and repeat buyers are more likely to...
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作者：Bertazzi, Luca; Mogre, Riccardo; Trichakis, Nikolaos
作者单位：University of Brescia; Durham University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We deal with the problem of managing a project or a complex operational process by controlling the execution pace of the activities it comprises. We consider a setting in which these activities are clearly defined, are subject to precedence constraints, and progress randomly. We formulate a discrete-time, infinite-horizon Markov decision process in which the manager reviews progress in each period and decides which activities to expedite to balance expediting costs with delay costs. We derive ...
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作者：Li, Kathleen T.; Shankar, Venkatesh
作者单位：University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Marketing researchers are often interested in estimating causal effects when a randomized experiment is infeasible. The synthetic control (SC) method has emerged as a powerful tool in these quasiexperimental settings. It is important to verify the SC parallel pretrends assumption, the testable part of the identifying assumption, because its violation may lead to biased estimates. However, no formal test exists, so researchers have to rely on visual inspection. Even with a formal test, research...
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作者：Kumar, Nitish; Tang, Yuehua; Wei, Kelsey D.
作者单位：State University System of Florida; University of Florida; University of Texas System; University of Texas Dallas
摘要：This paper examines mutual funds' dual role as both clients and shareholders of broker banks. Mutual funds are more likely to hold and significantly overweight stocks of their broker banks. In line with the portfolio decisions, fund voting is biased toward broker management in contentious proposals. Such voting bias is inconsistent with maximizing broker banks' shareholder value yet significantly affects voting outcomes and the presence of contentious proposals at the banks' shareholder meetin...
