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作者：Wang, Ruxian; Wang, Zizhuo
作者单位：Johns Hopkins University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Network externality arises when the utility of a product depends not only on its attributes but also on the number of consumers who purchase the same product. In this paper, we study consumer choice models that endogenize such network externality. We first characterize the choice probabilities under such models and conduct studies on comparative statics. Then we investigate the assortment optimization problem under such choice models. Although the problem is generally NP-hard, we show that a n...
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作者：Colliard, Jean-Edouard
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：Many market participants invest resources to acquire information about liquidity rather than fundamentals. I show that agents using such information can reduce the magnitude of short-lived pricing errors by trading against liquidity shocks. However, the short-run stabilizing effect of this behavior also makes it more difficult to identify liquidity shocks, a signal-jamming effect that slows down price discovery in the long run. As more agents invest in nonfundamental information, market prices...
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作者：Gandy, Axel; Veraart, Luitgard A. M.
作者单位：Imperial College London; University of London; London School Economics & Political Science
摘要：We develop a Bayesian methodology for systemic risk assessment in financial networks such as the interbank market. Nodes represent participants in the network, and weighted directed edges represent liabilities. Often, for every participant, only the total liabilities and total assets within this network are observable. However, systemic risk assessment needs the individual liabilities. We propose a model for the individual liabilities, which, following a Bayesian approach, we then condition on...
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作者：Luo, Yulei
作者单位：University of Hong Kong
摘要：This paper provides a tractable continuous-time, constant absolute risk aversion-Gaussian framework to explore how the interactions of fundamental uncertainty, model uncertainty due to a preference for robustness, and state uncertainty due to information-processing constraints (rational inattention) affect strategic consumption-portfolio rules and precautionary savings in the presence of uninsurable labor income. Specifically, after solving the model explicitly, I compute and compare the elast...
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作者：Lu, Susan Feng; Lu, Lauren Xiaoyuan
作者单位：Purdue University System; Purdue University; University of North Carolina; University of North Carolina Chapel Hill
摘要：During the 2000s, over a dozen U.S. states passed laws that prohibit healthcare employers from mandating overtime for nurses. Using a nationwide panel data set from 2004 to 2012, we find that these mandatory overtime laws reduced the service quality of nursing homes, as measured by an increase in deficiency citations. This outcome can be explained by two undesirable changes in the staffing hours of registered nurses: decreased hours of permanent nurses and increased hours of contract nurses pe...
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作者：Barrot, Jean-Noel
作者单位：Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR)
摘要：This paper studies whether and how the contractual horizon of venture capital funds affects their investments in innovative firms. I find that funds with a longer remaining horizon select younger companies at an earlier stage of their development, which grow their patent stock significantly more than companies financed by funds with a shorter horizon. The sensitivity of investment decisions to horizon is stronger among experienced venture capital firms, who allocate investments across a larger...
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作者：He, Simin; Offerman, Theo; van de Ven, Jeroen
作者单位：Shanghai University of Finance & Economics; University of Amsterdam; Tinbergen Institute; University of Amsterdam
摘要：Face-to-face communication drastically increases cooperation rates in social dilemmas. We test which factors are the most important drivers of this communication gap. We distinguish three main categories. First, communication may decrease social distance. Second, communication may enable subjects to assess their opponent's cooperativeness (type detection) and condition their own action on that information. Third, communication allows subjects to make promises, which create commitment for subje...
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作者：Massacci, Daniele
作者单位：Bank of England
摘要：We propose a new time-varying peaks over threshold model to study tail risk dynamics in equity markets: the laws of motion for the parameters are defined through the score-based approach. We apply the model to daily returns from U.S. size-sorted decile stock portfolios and show that large firms' tail risk increases during recessions more than small firms' tail risk. Our results are consistent with the granular hypothesis of aggregate fluctuations, and we quantify the impact of large firms' tai...
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作者：Bernstein, Fernando; Martinez-de-Albeniz, Victor
作者单位：Duke University; University of Navarra; IESE Business School
摘要：Dynamic product rotation is perceived as a useful lever to increase sales. The effect over individual customers is, however, unclear: more choice in the future may induce them to postpone a purchase if the current offer is not sufficiently appealing, hoping to buy a better product in the future; moreover, visiting a store to learn about a new product may be costly, thereby diminishing the value of product updates. We analyze a model of strategic customer behavior in the face of a rotating prod...
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作者：Bansal, Naresh; Joseph, Kissan; Ma, Minghui; Wintoki, M. Babajide
作者单位：Saint Louis University; University of Kansas; University of North Carolina; Appalachian State University
摘要：Despite growing interest in various facets of the position of chief marketing officer (CMO), there is very little research on CMO compensation. Accordingly, we set out to investigate the determinants of CMO compensation and its effect on firm performance. Employing the lens of agency theory, we hypothesize that the CMO's marginal productivity will positively impact the amount of total compensation as well as the extent of performance-based compensation in the CMO's compensation contract. Moreo...
