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作者：Minson, Julia A.; Chen, Frances S.; Tinsley, Catherine H.
作者单位：Harvard University; University of British Columbia; Georgetown University
摘要：We develop an 18-item self-report measure of receptiveness to opposing views. Studies 1a and 1b present the four-factor scale and report measures of internal, convergent, and discriminant validity. In study 2, more receptive individuals chose to consume proportionally more information from U.S. senators representing the opposing party than from their own party. In study 3, more receptive individuals reported less mind wandering when viewing a speech with which they disagreed, relative to one w...
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作者：Subramanian, Ajay; Yang, Baozhong
作者单位：University System of Georgia; Georgia State University
摘要：We analyze the design and impact of bank regulation using a dynamic structural framework. The optimal regulatory policy combines a target capital requirement, the mitigation of underinvestment, an intervention capital requirement to control inefficient risk taking, and recapitalization of distressed banks. The optimal target and intervention capital requirements from our structural estimation are consistent with the substantially higher capital requirements proposed in Basel III and together a...
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作者：Levy, Moshe
作者单位：Hebrew University of Jerusalem
摘要：Levy [Levy H (2016) Aging population, retirement, and risk taking. Management Sci. 62( 5):1415-1430] argues that the portfolio with the maximal geometric mean (MGM) asymptotically dominates any other portfolio; that is, as the investment horizon becomes very long, the MGM portfolio is preferred over any other portfolio for all preferences with marginal utility bounded from above, U' <= M. The important economic implication is that in the long run, an all-equity portfolio dominates bond (or mix...
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作者：Cachon, Gerard P.
作者单位：University of Pennsylvania
摘要：Every firm has a business model, which is the collection of strategic decisions that determine how the firm generates a sustainable enterprise through the creation of enough value (its supply model) and the extraction of a sufficient portion of that value (its revenue model). Innovative business models-for example, fast fashion (e.g., Zara), e-tailing (e.g., Amazon), and ride-sharing (e.g., Uber)-are capable of offering new products and services that generate considerable consumer utility and ...
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作者：Brolley, Michael
作者单位：Wilfrid Laurier University
摘要：Dark pools offer price improvement over displayed quotes, but nondisplayed liquidity implies execution uncertainty. Because investor limit orders also provide price improvement with execution risk, dark pools offer a natural substitute. In a model of informed trading in a market with a displayed limit order book and a dark pool that offers price improvement, higher valuation investors sort into order types with lower execution risk, generating an immediacy hierarchy. Dark pool price improvemen...
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作者：Yu, Sandy
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Accelerators aim to help nascent companies reach successful outcomes by providing capital, enabling industry connections, and increasing exposure to investors. Critically, however, accelerators also provide informative signals to founders about the probability of success. Founders use this information to decide whether to continue or shut down. To better understand these issues, I provide a model of accelerator participation and performance and then test empirical predictions from the model us...
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作者：Leippold, Markus; Vasiljevic, Nikola
作者单位：University of Zurich
摘要：In this paper, we theoretically and empirically study the intrahorizon value at risk (iVaR) in a general jump-diffusion setting. We propose a new class of models of asset returns, the displaced mixed exponential model, which can arbitrarily closely approximate finite and infinite activity Levy processes. We then derive analytical results for the iVaR and disentangle, in a theoretically consistent way, the jump and diffusion contributions to the intrahorizon risk. We estimate historical and opt...
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作者：Pennycook, Gordon; Bear, Adam; Collins, Evan T.; Rand, David G.
作者单位：University of Regina; Harvard University; Yale University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：What can be done to combat political misinformation? One prominent intervention involves attaching warnings to headlines of news stories that have been disputed by third-party fact-checkers. Here we demonstrate a hitherto unappreciated potential consequence of such a warning: an implied truth effect, whereby false headlines that fail to get tagged are considered validated and thus are seen as more accurate. With a formal model, we demonstrate that Bayesian belief updating can lead to such an i...
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作者：Foerderer, Jens
作者单位：Technical University of Munich; University of Mannheim
摘要：Platform firms' success depends on complementary innovation. This paper studies the relation between opportunities for interfirm exchange and complementary innovation. An empirical study of a sample of app developer firms attending Apple's 2016 Worldwide Developers Conference suggests three findings. First, the opportunity to exchange stimulated innovation in the formofmajor app updates that received positive consumer feedback. Second, the effects were more pronounced for older and larger firm...
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作者：Jagabathula, Srikanth; Subramanian, Lakshminarayanan; Venkataraman, Ashwin
作者单位：New York University; Harvard University; New York University; Harvard University
摘要：Mixture models are versatile tools that are used extensively in many fields, inducting operations, marketing, and econometrics. The main challenge in estimating mixture models is that the mixing distribution is often unknown, and imposing a priori parametric assumptions can lead to model misspecification issues. In this paper, we propose a new methodology for non-parametric estimation of the mixing distribution of a mixture of logit models. We formulate the likelihood-based estimation problem ...
