-
作者：Fraisse, Henri; Le, Mathias; Thesmar, David
作者单位：European Central Bank; Bank of France; European Central Bank; Bank of France; Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR)
摘要：We measure the impact of bank capital requirements on corporate borrowing, investment, and employment using loan-level data. The Basel II regulatory framework makes capital requirements vary across both banks and firms, which allows us to control for time-varying firm-level risk and bank-level credit supply shocks. We find that a 1 percentage point increase in capital requirements reduces lending by 2.3%-4.5%. Firms can attenuate this reduction by substituting borrowing across banks, but only ...
-
作者：Chen, Jialie; Rao, Vithala R.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Cornell University
摘要：Current regulations on e-cigarettes are minimal compared with cigarette regulations, despite their growing popularity globally. Advocates of e-cigarettes claim that they aid in ceasing smoking habits. However, leaving e-cigarettes unregulated has raised growing health concerns. Policymakers in several countries, including the United States and those in Europe, are considering and experimenting with policy interventions. To evaluate current policies and implement potential regulations on e-ciga...
-
作者：Cornaggia, Jess N.; Cornaggia, Kimberly J.; Israelsen, Ryan D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; Michigan State University's Broad College of Business
摘要：This paper tests whether home bias exists among information producers. We find that credit analysts are more generous when rating issuers from their home states compared with (a) benchmark analysts from outside the state and (b) their own standards for rating issuers from other states. This home analyst effect strengthens around key rating certifications (AAA and investment grade), reduces credit spreads, and expands affected issuers' debt capacity. We conduct several tests to address the poss...
-
作者：Karehnke, Paul; de Roon, Frans
作者单位：heSam Universite; ESCP Business School; Tilburg University; Tilburg University
摘要：We draw on the skewness literature to propose regression-based performance evaluation tests designed for investments with option-like returns. These tests deliver conclusions valid for all risk-averse mean-variance-skewness investors and can better account for nonlinearities in returns than option-based factor models. Applied to mutual and hedge funds, our tests usually suggest selecting different funds than standard tests and find that a significant fraction (11%) of hedge funds adds value to...
-
作者：Shani, Yaniv; Appel, Gil; Danziger, Shai; Shachar, Ron
作者单位：Tel Aviv University; University of Southern California; University of Sydney; Reichman University
摘要：In this article, we examine whether consumers may accidentally endanger a product they own when a new version of the product is introduced. We propose that owners endanger their product when they want to upgrade to a new version but have difficulty justifying the upgrade and that owners find justification more difficult when a new version offers an improved design but does not offer a significant technological improvement. Owners endanger their product hoping that it will be fortuitously damag...
-
作者：Bhat, Nikhil; Farias, Vivek F.; Moallemi, Ciamac C.; Sinha, Deeksha
作者单位：Columbia University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We consider the problem of A-B testing when the impact of the treatment is marred by a large number of covariates. Randomization can be highly inefficient in such settings, and thus we consider the problem of optimally allocating test subjects to either treatment with a view to maximizing the precision of our estimate of the treatment effect. Our main contribution is a tractable algorithm for this problem in the online setting, where subjects arrive, and must be assigned, sequentially, with co...
-
作者：Karolyi, G. Andrew; Kim, Dawoon; Liao, Rose
作者单位：Cornell University; Nanyang Technological University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：Using proprietary survey data of investor relations (IR) officers from 59 countries, we uncover new stylized facts on a wide variety of IR functions, such as the firm's interactions with brokers and investors, the formulation of its disclosure policies, and its global outreach efforts. We find that IR activities vary widely across firms, industries, and countries. They have become increasingly important, as reflected by the more frequent involvement of IR officers with senior executives on a d...
-
作者：Tsoukalas, Gerry; Falk, Brett Hemenway
作者单位：University of Pennsylvania; University of Pennsylvania
摘要：Blockchain-based platforms often rely on token-weighted voting (t-weighting) to efficiently crowdsource information from their users for a wide range of applications, including content curation and on-chain governance. We examine the effectiveness of such decentralized platforms for harnessing the wisdom and effort of the crowd. We find that t-weighting generally discourages truthful voting and erodes the platform's predictive power unless users are strategic enough to unravel the underlying a...
-
作者：Ke, T. Tony; Lin, Song
作者单位：Massachusetts Institute of Technology (MIT); Hong Kong University of Science & Technology
摘要：Many products have similar or common attributes and are thus correlated. We show that, when these attributes are uncertain for consumers, a complementarity effect can arise among competing products in the sense that the lower price of one product may increase the demands for the others. This effect occurs when consumers sequentially search for information about both common and idiosyncratic product attributes before purchase. We characterize the optimal search strategy for the correlated searc...
-
作者：Bott, Kristina M.; Cappelen, Alexander W.; Sorensen, Erik O.; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH)
摘要：We report from a large-scale randomized field experiment conducted on a unique sample of more than 15,000 taxpayers in Norway who were likely to have misreported their foreign income. By randomly manipulating a letter from the tax authorities, we cleanly identify that moral suasion and the perceived detection probability play a crucial role in shaping taxpayer behavior. The moral letter mainly works on the intensive margin, while the detection letter has a strong effect on the extensive margin...
