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作者：Agarwal, Sumit; Bubna, Amit; Lipscomb, Molly
作者单位：National University of Singapore; University of Virginia
摘要：We show that consumers spend 15% more per day in the first week following the receipt of a credit card statement than in the days just prior to the statement. This increase in spending includes both an increase in the likelihood that they use the credit card in the first weeks following their statement and an increase in transaction amount on days they use the credit card. In contrast to the effect on credit card spending, debit card spending is unaffected by credit card statement issuance, su...
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作者：de Vaan, Mathijs; Mumtaz, Saqib; Nagaraj, Abhishek; Srivastava, Sameer B.
作者单位：University of California System; University of California Berkeley
摘要：As conveners that bring various stakeholders into the same physical space, firms can powerfully influence the course of pandemics such as coronavirus disease 2019. Even when operating under government orders and health guidelines, firms have considerable discretion to keep their establishments open or closed during a pandemic. We examine the role of social learning in the exercise of this discretion at the establishment level. In particular, we evaluate how the closure decisions of chain estab...
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作者：Gur, Yonatan; Iancu, Dan; Warnes, Xavier
作者单位：Stanford University; INSEAD Business School
摘要：Many operational settings share the following three features: (i) a centralized planning system allocates tasks to workers or service providers, (ii) the providers generate value by completing the tasks, and (iii) the completion of tasks influences the providers' welfare. In such cases, the planning system's allocations often entail trade-offs between the service providers' welfare and the total value that is generated (or that accrues to the system itself), and concern arises that allocations...
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作者：Monfort, Alain; Pegoraro, Fulvio; Renne, Jean-Paul; Roussellet, Guillaume
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Ecole Polytechnique; University of Lausanne; McGill University
摘要：We propose a discrete-time affine pricing model that simultaneously allows for (i) the presence of systemic entities by departing from the no-jump condition on the factors' conditional distribution, (ii) contagion effects, and (iii) the pricing of credit events. Our affine framework delivers explicit pricing formulas for default-sensitive securities such as bonds and credit default swaps (CDSs). We estimate a euro-area multicountry version of the model and address economic questions related to...
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作者：Lee, Junghee; Lee, Hyun Seok (Huck); Shin, Hyoduk; Krishnan, Vish
作者单位：Tulane University; Korea University; University of California System; University of California San Diego
摘要：The ongoing shortage of pharmaceutical drugs critically threatens public health. With increasing industry consolidation, operational disruptions at a firm can lead to a nationwide shortage of life-saving drugs. In 2012, the U.S. Food and Drug Administration mandated all manufacturers to report any manufacturing interruption that can potentially cause shortages. The goal of the mandate was to mitigate drug shortages by enhancing operational transparency in the pharmaceutical industry. Subsequen...
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作者：Lin, Chen; Schmid, Thomas; Weisbach, Michael S.
作者单位：University of Hong Kong; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：Product price risk is a potentially important factor for firms' liquidity management. A natural place to evaluate the impact of this risk on liquidity management is the electricity industry, because producing firms face substantial price volatility in wholesale markets. Empirically, higher volatility of electricity prices leads to an increase in cash holdings, and this effect is robust to instrumenting for price risk using weather volatility. Cash increases more with price risk in firms using ...
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作者：Beattie, Graham; Durante, Ruben; Knight, Brian; Sen, Ananya
作者单位：Barcelona School of Economics; ICREA; Pompeu Fabra University; Brown University; National Bureau of Economic Research; Carnegie Mellon University
摘要：Do mass media bias content in favor of advertisers? If so, what market conditions limit or exacerbate this bias? We examine the relationship between advertising by auto manufacturers in U.S. newspapers and news coverage of car safety recalls between 2000 and 2014. This context allows us to separate the influence of advertisers, who prefer less coverage, from that of readers, who prefer more information about the safety risks associated with the recalls. Consistent with theoretical predictions,...
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作者：Szydlowski, Martin
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：I study an entrepreneur who finances a project with uncertain cash flows and who jointly chooses the disclosure and financing policies. In the Bayesian persuasion framework, I show that it is optimal to truthfully reveal whether the project's cash flows are above a threshold. This class of threshold policies is optimal for any prior belief, monotone security, and increasing utility function of the entrepreneur. I characterize how the disclosure threshold depends on the underlying security, the...
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作者：Nguyen, Hai; Nguyen, Thanh; Teytelboym, Alexander
作者单位：Purdue University System; Purdue University; Purdue University System; Purdue University; University of Oxford; University of Oxford
摘要：We develop a model of many-to-one matching markets in which agents with multiunit demand aim to maximize a cardinal linear objective subject to multidimensional knapsack constraints. The choice functions of agents with multiunit demand are therefore not substitutable. As a result, pairwise stable matchings may not exist and even when they do, may be highly inefficient. We provide an algorithm that finds a group-stable matching that approximately satisfies all the multidimensional knapsack cons...
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作者：Reinholtz, Nicholas; Fernbach, Philip M.; de Langhe, Bart
作者单位：University of Colorado System; University of Colorado Boulder; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：Diversification-investing in imperfectly correlated assets-reduces volatility without sacrificing expected returns. Although the expected return of a diversified portfolio is the weighted average return of its constituent parts, the variance of the portfolio is less than the weighted average variance of its constituent parts. Our results suggest that very few people have correct statistical intuitions about the effects of diversification. The average person in our data sees no benefit of diver...
