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作者：Chun, Albert Lee; Namvar, Ethan; Ye, Xiaoxia; Yu, Fan
作者单位：Rensselaer Polytechnic Institute; University of California System; University of California Berkeley; University of Liverpool; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：We develop an intensity-based model of municipal yields, making simultaneous use of the credit default swap premiums of the insurers and both insured and uninsured municipal bond transactions. We estimate the model individually for 61 municipal issuers by exploiting the dramatic decline in credit quality of the bond insurers from July 2007 to June 2008, and decompose the municipal yield spread based on the estimated parameters. The decomposition reveals a dominant role of the liquidity compone...
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作者：Albuquerque, Ana; Zhu, Julie Lei
作者单位：Boston University; Universidade Catolica Portuguesa; Fudan University
摘要：Prior studies conclude that an unintended consequence of firms complying with the Sarbanes-Oxley Act is lower levels of risk-taking activities, including investment. We first show that prior studies cannot isolate the effects of SOX from other contemporaneous events. We then use the implementation requirements of SOX404 to construct a natural experiment that isolates the effects of SOX404 for a sample of small firms. We do not find a reduction in investment and other risk-taking activities for...
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作者：Hellmann, Thomas; Thiele, Veikko
作者单位：University of Oxford; Queens University - Canada
摘要：Governments across the globe are eager to foster entrepreneurial ecosystems, yet there is no consensus on what policies to use. We develop a theory about the equilibrium consequences of two canonical types of entrepreneurship policies: policies that encourage entrepreneurs to found new ventures and policies that encourage investors to fund new ventures. We distinguish between a short-term impact on current market activity versus a long-term impact on future activity. Investing in entrepreneuri...
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作者：Armstrong, Will J.; Genc, Egemen; Verbeek, Marno
作者单位：Texas Tech University System; Texas Tech University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We investigate Morningstar's new qualitative, forward-looking analyst ratings, which reflect independent analysts' expectations of a fund's future performance. We find relatively higher flows to funds receiving higher ratings, suggesting that the average investor values the analyst's subjective views when allocating their wealth. Performance tests show that investors would have earned significantly higher returns over our sample period by investing in funds with the highest analyst conviction....
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作者：Bhat, Gauri; Ryan, Stephen G.; Vyas, Dushyantkumar
作者单位：Southern Methodist University; New York University; University of Toronto; University of Toronto
摘要：Economic policymakers express concern that procyclical lending by banks imperils financial stability. Prior research finds that banks that record timelier loan loss provisions originate more loans during downturns, consistent with loan loss-provision timeliness mitigating loan-origination procyclicality. Motivated by this concern and research, we examine whether banks' credit risk modeling disciplines both their loan loss provisions and loan origination. We identify two forms of credit risk mo...
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作者：Guda, Harish; Subramanian, Upender
作者单位：University of Texas System; University of Texas Dallas
摘要：On-demand platforms (e.g., Uber, Lyft) often rely on independent workers, who are not directly under the platform's control, to be available at the right time and locations to serve consumers at short notice. To manage fluctuating demand across market locations (zones), on-demand platforms share market forecasts with workers to inform them where they should be available, and use surge pricing-wherein the price at a particular zone is temporarily raised above the regular price. We analyze these...
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作者：Marz, Oliver
作者单位：Universite Libre de Bruxelles
摘要：I show that a central result in Acland and Levy [Acland D, Levy MR (2015) Naivete, projection bias, and habit formation in gym attendance. Management Sci. 61(1):146-160] is based on erroneously reported statistical estimates. In an experimental study, the authors provide financial incentives for regular attendance at a gym and report that these incentives induce a habit formation effect, resulting in sustained increased gym attendance after incentives are removed. This habit formation effect i...
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作者：Baucells, Manel; Zhao, Lin
作者单位：University of Virginia; Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS
摘要：We introduce the fatigue disutility model. Set in continuous time, the model formalizes the notion that fatigue accumulates with effort, decays with rest, and produces an increase in marginal instant disutility. The model is meant to be prescriptive, although it rationalizes several anomalies observed in time preference. Under very general conditions, the most efficient temporal profile of effort exhibits a high-low-high pattern. We consider a variant whereby marginal productivity decreases wi...
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作者：Feldman, Pnina; Papanastasiou, Yiangos; Segev, Ella
作者单位：Boston University; University of California System; University of California Berkeley; Ben-Gurion University of the Negev
摘要：Consumers often consult the reviews of their peers before deciding whether to purchase a new experience good; however, their initial quality expectations are typically set by the product's observable attributes. This paper focuses on the implications of social learning for a monopolist firm's choice of product design. In our model, the firm's design choice determines the product's ex ante expected quality, and designs associated with (stochastically) higher quality incur higher costs of produc...
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作者：Roy, Abhishek; Gilbert, Stephen M.; Lai, Guoming
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Texas System; University of Texas Austin
摘要：It is now widely accepted that a retailer's use of strategic inventory can mitigate double marginalization and improve the coordination of a supply chain, potentially benefiting both the downstream retailer and an upstream manufacturer. However, this conclusion has typically been based on the assumption that the manufacturer can observe the retailer's level of inventory before making wholesale pricing decisions. In reality, there are many situations in which neither the retailer's sales nor in...
