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作者：Chen, Zeyang; Liu, Yu-Jane; Meng, Juanjuan; Wang, Zeng
作者单位：Renmin University of China; Peking University
摘要：Facial information is essential in daily life, but relatively little is known about whether seeing a face improves people's decision quality. This experimental paper studies the loan-approval decisions based on the historical cash-loan data with real repayment outcomes and exogenously varies whether and how a borrower's facial information is provided. We find that facial information does not improve subjects' decisions, despite the fact that it can predict repayment behavior in a machine-learn...
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作者：Mai, Yunke; Hu, Bin; Pekec, Sasa
作者单位：University of Kentucky; University of Texas System; University of Texas Dallas; Duke University
摘要：In this paper, we study how an on-demand service platform could improve its performance through managing user conduct. In such a platform, service providers may reject certain platform-proposed service requests, and their responses, in turn, incentivize users to adjust their conduct. We develop an evolutionary game theory model of user conduct and provider responses that shows that the platform could improve user conduct through either setting a low wage for service providers or implementing p...
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作者：Chabi-Yo, Fousseni; Dim, Chukwuma; Vilkov, Grigory
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Frankfurt School Finance & Management
摘要：We derive generalized bounds on conditional expected excess returns that can be computed from option prices. The generalized lower bound may serve as an expected excess return proxy for individual and basket-type assets, is conditionally tight, accounts for the entire risk-neutral distribution of returns, and outperforms existing variance-based models in out-of-sample predictions. Bounds calibrated to realized returns correspond to reasonable risk aversion and prudence. On average, expected st...
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作者：Ammer, John; Rogers, John; Wang, Gang; Yu, Yang
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Fudan University; Shanghai University of Finance & Economics; Shanghai Jiao Tong University
摘要：Although many central banks in the 21st century have become more transparent, Chinese monetary policy communications have been relatively opaque, suggesting that financial market participants must commit significant resources to predicting the central bank???s actions. We conduct a novel systematic textual analysis of the discussion in the quarterly reports of China fund managers, from which we infer their near-term expectations for monetary policy. We construct an aggregate index of manager e...
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作者：Kallus, Nathan
作者单位：Cornell University
摘要：Because the average treatment effect (ATE) measures the change in social welfare, even if positive, there is a risk of negative effect on, say, some 10% of the population. Assessing such risk is difficult, however, because any one individual treatment effect (ITE) is never observed, so the 10% worst-affected cannot be identified, whereas distributional treatment effects only compare the first deciles within each treatment group, which does not correspond to any 10% subpopulation. In this paper...
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作者：Bae, Joon Woo; Belo, Frederico; Li, Jun; Lin, Xiaoji; Zhao, Xiaofei
作者单位：University System of Ohio; Case Western Reserve University; INSEAD Business School; Centre for Economic Policy Research - UK; University of Texas System; University of Texas Dallas; University of Minnesota System; University of Minnesota Twin Cities; Georgetown University
摘要：We evaluate the impact of complexity and information content of 10-K filings on uncertainty dynamics following the filings. We have three main findings. First, the option-implied volatility on average increases in the first four weeks after the filings, followed by a net decrease in the subsequent six weeks. Second, this hump-shaped volatility dynamic is more pronounced for firms with larger 10-K file sizes. Third, we provide a novel decomposition of 10-K file size based on the individual sect...
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作者：Gartenberg, Claudine; Serafeim, George
作者单位：University of Pennsylvania; Harvard University
摘要：Analyzing data from approximately 1.5 million employees across 1,108 established public and private U.S. companies, we find that the strength of employee beliefs related to purpose is weaker in public companies. Among public companies, those beliefs are stronger for firms with more committed owners. These patterns are most pronounced within the salaried middle and hourly ranks rather than senior executives. Differences across firms can be attributed, in part, to differences in leadership and i...
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作者：Wang, Kemin; Yu, Xiaoyun; Zhang, Bohui
作者单位：Fudan University; Shanghai Jiao Tong University; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen
摘要：We show that firms strategically alter their disclosures when investors' access to information via search engines is interrupted. We conduct a textual analysis and exploit an exogenous event-Google's 2010 surprising withdrawal from mainland China, which significantly hampered domestic investors' ability to search for foreign information but did not affect their cost to access domestic information. Following Google's exit, Chinese firms' announcements on foreign transactions become more bullish...
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作者：Bratten, Brian; Larocque, Stephannie; Yohn, Teri Lombardi
作者单位：University of Kentucky; University of Notre Dame; Emory University
摘要：Analysts' street earnings forecasts are sometimes based on GAAP earnings and sometimes based on non-GAAP earnings, which exclude various GAAP earnings components. Therefore, differences in analysts' street earnings forecastsmay capture differences in not only expected performance but also the earnings metric forecasted. We argue that analysts who forecast non-GAAP, rather than GAAP, street earnings are more likely to separately analyze earnings components. Consistent with this argument, we fin...
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作者：Chen, Wei; Wei, Zaiyan; Xie, Karen
作者单位：University of Arizona; Purdue University System; Purdue University; University of Denver
摘要：We study professional players and their roles in peer-to-peer (P2P) markets. Most notably, P2P home-sharing platforms (e.g., Airbnb) consist of both professional hosts and nonprofessional individual hosts. What are the roles of the professionals? Should home-sharing platforms regulate their participation? Professional hosts may primarily offer properties that nonprofessional hosts would not supply and attract more guests-the differentiation effect. Or they may mostly supply similar properties ...
