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作者：Li, Jun E.
作者单位：University of Warwick
摘要：Cross-sectional dispersion and macro uncertainty (volatility of aggregate economic variables) are conceptually distinct. However, empirically, they both comove and are countercyclical. This paper builds a general equilibrium model and demonstrates that credit market frictions allow cross-sectional dispersion to drive time-varying macro uncertainty endogenously. In the model, as firm-level productivity becomes more dispersed, more firms are pushed to the left tail of the productivity distributi...
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作者：Ebrahimian, Mehran; Wachter, Jessica A.
作者单位：Stockholm School of Economics; University of Pennsylvania; U.S. Securities & Exchange Commission (SEC)
摘要：We build a model with inalienable human capital, in which investors finance individuals who can potentially become skilled. Although investment in skill is always optimal, it does not take place in some states of the world, due to moral hazard. In intermediate states of the world, individuals acquire skill; however outside investors and individuals inefficiently share risk. We show that this simple moral hazard problem, combined with risk aversion of individuals and outside investors, amplifie...
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作者：Hagmann, David; Sajons, Gwendolin B.; Tinsley, Catherine H.
作者单位：Hong Kong University of Science & Technology; heSam Universite; ESCP Business School; Georgetown University
摘要：Statistical discrimination relies on people inferring unobservable characteristics of group members based on their beliefs about the group. Across four preregistered experiments (N = 9,002), we show that accurate information about the composition of top performers can induce incorrect beliefs about performance differences across groups when the groups are of unequal size. Because people fail to account for base rates, they underestimate the performance of individuals from smaller groups. As a ...
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作者：Henderson, Brian; Jostova, Gergana; Philipov, Alexander
作者单位：George Washington University; George Mason University
摘要：We document that stock lenders are informed about market conditions and pursue revenue maximization by setting premiums or offering discounts on stock loan fees. Using a model of supply and demand in the equity lending market, we illustrate the effect of stock borrowers' private information on the elasticity of shorting demand. Strategic lenders respond to demand elasticity and increase their revenues through premiums or discounts on lending fees. Empirically, decomposing stock loan fees into ...
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作者：Dutta, Sunil; Langer, Lukasz; Patatoukas, Panos N.
作者单位：University of California System; University of California Berkeley
摘要：Many studies use linear regressions of investment on Tobin's q to estimate normal investment levels, often concluding that financial reporting quality enhances investment efficiency. Our findings suggest these inferences are confounded by two key factors. First, consistent with asymmetric capital adjustment costs, investment is significantly less responsive to q values below one than to those above one. Second, firms with q values below one systematically exhibit lower financial reporting qual...
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作者：Kim, Jong Yeob; Ishihara, Masakazu
作者单位：Nanyang Technological University; New York University
摘要：The obesity rate has grown to epidemic proportions in the United States. Recent scientific studies suggest that excess intake of sugar-sweetened beverages (SSBs) is one of the primary contributors to weight gain. One option to address the growing obesity epidemic is to discourage SSB consumption through fiscal policies such as imposing a soda excise tax. In this paper, we apply the Becker-Murphy model of rational addiction to present evidence that consumers are rationally addicted to the consu...
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作者：Liao, Li; Wang, Zhengwei; Yan, Hongjun; Yang, Jun; Zhou, Congyi
作者单位：Tsinghua University; DePaul University; Nanyang Technological University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers' social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on because of collection agents' excessive workload. Using two approaches to estimate the local treatment effect, we show that this socialshaming tactic backfires and substantially increases the borrowers' default rate. Borrowers with better outside options for credit access and male...
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作者：Dai, Rui; Duan, Rui; Ng, Lilian
作者单位：University of Pennsylvania; The Chinese University of Hong Kong, Shenzhen; McMaster University; York University - Canada
摘要：This study shows that competition drives corporate innovation under intense environmental regulatory pressure. Using the nonattainment status of U.S. counties as an exogenous variation in regulation, we find that competition spurs green innovation as firms respond to stricter policies. Firms are particularly motivated to innovate in clean technology when operating in pollution-intensive industries, facing high relocation costs, and possessing a strong history of innovation. Regulation-driven g...
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作者：Sun, Xu; Zhu, Xiaohan
作者单位：University of Miami; Nanjing University
摘要：Deriving control policies for a make-to-order manufacturing system is often predicated on a well-specified probabilistic model that governs demand realization. In practice, however, such a model may be a simplification of the actual scenario because of tractability considerations. Consequently, policies obtained under such simplifications may perform poorly if the assumed model does not accurately capture reality. In this paper, we propose a modeling paradigm that can generate control policies...
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作者：Bolton, Patrick; Kacperczyk, Marcin
作者单位：Imperial College London; Center for Economic & Policy Research (CEPR); Columbia University
摘要：A growing fraction of companies globally have made commitments to reduce their carbon emissions by a certain date. Whereas the companies that make commitments subsequently reduce their emissions, the effect on overall emissions of companies (including those that do not commit) has been small. The companies that commit and those that make the most ambitious commitments tend to have lower emissions; firm commitments are less prevalent in countries where governments have made national commitments...
