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作者：Hermosilla, Manuel
作者单位：Johns Hopkins University
摘要：We study the drug licensing behavior (acquisition of rights for developing drugs) of large pharmaceutical firms in the aftermath of large negative shocks to their pipelines, phase 3 failures (P3Fs). We find that P3Fs lead to increased licensing within a year of the event. This result is significant, because one year is a short window given the usual timelines-licensing is a lengthy process that requires extensive planning and careful execution. Supported by a series of additional results, we i...
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作者：Mao, Connie X.; Song, Wei-Ling
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Louisiana State University System; Louisiana State University
摘要：Reciprocity is a subtle but influential factor in maintaining business relationships. We examine the stock recommendations, earnings forecasts, and target prices issued by reciprocity-pressured analysts affiliated with securities underwriters who rely on other major underwriters' invitations to be in syndicates. Consistent with the reciprocal pressure hypothesis, we find that reciprocity-pressured analysts delay releasing negative information on other major underwriters' clients despite the fa...
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作者：Webb, Ryan; Glimcher, Paul W.; Louie, Kenway
作者单位：University of Toronto; NYU Langone Medical Center; New York University; New York University
摘要：Consumer valuations are shaped by choice sets, exemplified by patterns of substitution between alternatives as choice sets are varied. Building on recent neuroeconomic evidence that valuations are transformed during the choice process, we incorporate the canonical divisive normalization computation into a discrete choice model and characterize how choice behaviour depends on both size and composition of the choice set. We then examine evidence for such behaviour from two choice experiments tha...
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作者：Arvanitis, Stelios; Post, Thierry; Topaloglou, Nikolas
作者单位：Athens University of Economics & Business; Nazarbayev University; Athens University of Economics & Business; Athens University of Economics & Business
摘要：A stochastic bound is a portfolio that stochastically dominates all alternatives in a reference portfolio set instead of a single alternative portfolio. An approximate bound is a portfolio that comes as close as possible to this ideal. To identify and analyze exact or approximate bounds, feasible approaches to numerical optimization and statistical inference are developed based on linear programming and subsampling. The use of reference sets and stochastic bounds is shown to improve investment...
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作者：Schlag, Christian; Semenischev, Michael; Thimme, Julian
作者单位：Goethe University Frankfurt; Helmholtz Association; Karlsruhe Institute of Technology
摘要：Many modern macro finance models imply that excess returns on arbitrary assets are predictable via the price-dividend ratio and the variance risk premium of the aggregate stock market. We propose a simple empirical test for the ability of such a model to explain the cross-section of expected returns by sorting stocks based on the sensitivity of expected returns to these quantities. Models with only one uncertainty-related state variable, like the habit model or the long-run risks model, cannot...
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作者：He, Ying
作者单位：University of Southern Denmark
摘要：In this paper, a two-stage evaluation (TSE) model for decision making under ambiguity is proposed. Events in state space are classified into risky and ambiguous events, which correspond to different types of uncertainty generated by different sources. In this TSE model, uncertainty of two different types are evaluated by decision maker (DM) in different stages. In the first stage, DM evaluates more uncertain consequences of an act locally by applying local subjective expected utility (SEU) mod...
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作者：de Vericourt, Francis; Gurkan, Huseyin; Wang, Shouqiang
作者单位：European School of Management & Technology; University of Texas System; University of Texas Dallas
摘要：This paper explores how governments may efficiently inform the public about an epidemic to induce compliance with their confinement measures. Using an information design framework, we find the government has an incentive to either downplay or exaggerate the severity of the epidemic if it heavily prioritizes the economy over population health or vice versa. Importantly, we find that the level of economic inequality in the population has an effect on these distortions. The more unequal the disea...
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作者：Glazer, Jacob; Kremer, Ilan; Perry, Motty
作者单位：University of Warwick; Tel Aviv University; Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：We consider a sequential investment process that is characteristic of crowd-funding platforms, among other contexts. Investors wish to avoid the cost of information acquisition and thus prefer to rely on information acquired by previous investors. This may lead to a phenomenon similar to an information cascade. We characterize the optimal policy that balances between the incentive to acquire information and the optimal investment decision. The policy is based on time-varying transparency level...
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作者：Schmitz, Jan
作者单位：Radboud University Nijmegen
摘要：The competition for donations between charities is tough. Yet, little is known about how giving behavior is affected by competition between charities. Do people have a need to satisfy their demand for giving by contributing to a particular charity? Or can the demand for doing good be satisfied by giving to any organization? In a donation dictator game, I vary competition between charities by (i) altering the set of similar real charities to which subjects can donate and (ii) changing the relat...
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作者：Sun, Chengzhu; Wang, Shujing; Zhang, Chu
作者单位：Hong Kong Polytechnic University; Tongji University; Hong Kong University of Science & Technology
摘要：We examine whether and how payout policy affects credit risk using evidence from the credit default swap (CDS) market. CDS spreads increase substantially in response to announcements of dividend cuts, especially during recessions and among firms ex-periencing financial distress. CDS spreads also react more strongly to permanent and less anticipated dividend cuts. The size of the CDS reaction is more pronounced for financial firms, which are inherently more opaque. In contrast, CDS spreads reac...
