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作者：Carlson, Stacy; Nguyen, Quang
作者单位：Uber Technologies, Inc.
摘要：We examine how borrowers in digital credit markets respond to dynamic incentives. To this end, we leverage quasi-experimental variation in progressive lending policies to identify causal effects on repayment behavior. Our empirical strategy uncovers systematic heterogeneity in borrower responses across different stages of the borrower-lender relationship. We find that first-time borrowers who receive exogenously larger initial loans are significantly more likely to default-consistent with elev...
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作者：Hung, Mingyi; Lin, Yupeng; Wang, Lynn Linghuan; Zhang, Zilong
作者单位：Hong Kong University of Science & Technology; National University of Singapore; University of Hong Kong; Zhejiang University
摘要：This paper examines how an increase in bank lending affects firms' investment disclosures and policies. Exploiting the unconventional liquidity injections by the European Central Bank in 2011-2012, we find that U.S. borrowers of European Union (EU) banks receive greater bank financing and issue more management capital expenditure (capex) forecasts following the liquidity injections. In contrast, we find no evidence of changes in bond financing or issuance of management earnings forecasts. We a...
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作者：Huh, Woonghee Tim; Kim, Michael Jong; Lin, Meichun
作者单位：University of British Columbia; Singapore Management University
摘要：We consider a sequential search over a group of similar alternatives. The individual value of an alternative contains two components: an observable utility and an idiosyncratic value. Observable utilities share an unknown population distribution, which captures the similarity across the alternatives and allows for knowledge transfer within the group. Once a decision maker encounters an alternative, its utility is revealed immediately, whereas the idiosyncratic value is unobservable and needs t...
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作者：Avramov, Doron; Lioui, Abraham; Liu, Yang; Tarelli, Andrea
作者单位：Reichman University; Universite Catholique de Lille; EDHEC Business School; University of Hong Kong; Catholic University of the Sacred Heart
摘要：This paper proposes a conditional asset pricing model that integrates environmental, social, and governance (ESG) demand and supply dynamics. Shocks in the demand for sustainable investing represent a novel risk source, characterized by diminishing marginal utility and positive premium. Green assets exhibit positive exposure to ESG demand shocks, hence commanding higher premia. Conversely, time-varying convenience yield leads to lower expected returns for green assets. Moreover, ESG demand sho...
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作者：Brogaard, Jonathan; Sokolov, Konstantin; Zhang, Jiang
作者单位：Utah System of Higher Education; University of Utah; University of Memphis; University of St Thomas Minnesota
摘要：We test competing theories of liquidity dynamics during extreme volatility spikes (EVSs). We find that liquidity providers strategically allow for price pressures and are compensated from correcting pricing errors. As a result, liquidity provision intensifies toward the end of a typical EVS. This goes counter to a widespread concern that marketmaking constraints cause liquidity to deteriorate as EVSs develop. The prevailing limit order book dynamics during EVSs are in line with the socially be...
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作者：Canayaz, Mehmet I.; Cornaggia, Jess; Cornaggia, Kimberly
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine the relationship between a firm's successful protest of a government agency's conduct or terms of a procurement contract and the amount of business the firm conducts with the government going forward. We find firms receive fewer and less valuable government contracts, face more contract cancellations, and experience significant reductions in sales growth and employee growth. Despite widespread belief, successful bid protesters do not delay government procurement because of lengthy d...
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作者：Gans, Joshua S.
作者单位：University of Toronto; National Bureau of Economic Research
摘要：This paper robustly concludes that it cannot. A model is constructed under idealized conditions that presume that the risks associated with artificial general intelligence (AGI) are real, that safe AGI products are possible, and that there exist socially minded funders who are interested in funding safe AGI, even if this does not maximize profits. It is demonstrated that a socially minded entity formed by such funders would not be able to minimize harm from AGI that unrestricted products relea...
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作者：Yao, Jiayu; Lin, Mingfeng; Wu, D. J.
作者单位：Nanyang Technological University; University System of Georgia; Georgia Institute of Technology
摘要：Despite the popularity of the phrase wisdom of the crowd, not all crowds are wise because not everyone in them acts in an informed, rational manner. Identifying informative actions, therefore, can help to isolate the truly wise part of a crowd. Motivated by this idea, we evaluate the informational value of investors' bids using data from online, debt-based crowdfunding, in which we were able to track both investment decisions and ultimate repayment statuses for individual loans. We propose sev...
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作者：Loch, Christoph; Li, Chengguang
作者单位：University of Navarra; IESE Business School; Technical University of Munich
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作者：Chu, Leon Yang; Feng, Qi; Shanthikumar, J. George; Shen, Zuo-Jun Max; Wu, Jian
作者单位：Purdue University System; Purdue University; University of Hong Kong; University of Hong Kong
摘要：We study the data-integrated, price-setting newsvendor problem in which the price-demand relationship is described by some parametric model with unknown parameters. We develop the operational data analytics (ODA) formulation of this problem that features a data-integration model and a validation model. The data-integration model consists of a class of functions called the operational statistics. Each operational statistic maps the available data to the ordering decision. The validation model f...
