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作者：Hagendorff, Jens; Lim, Sonya; Nguyenc, Duc Duy
作者单位：University of London; King's College London; DePaul University; Durham University
摘要：We examine the contractual implications of a lender's trust for corporate loans. We measure how trusting a lender is using the average trust attitude in the chief executive officer's ancestral country of origin. We find that banks with trusting CEOs charge lower interest rates in U.S. syndicated loans. This effect is identified within existing lender-borrower relationships and similar types of loans. Further analyses indicate that trust reduces the cost of credit by boosting the perceived cred...
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作者：Heath, Davidson; Mitchell, Mark
作者单位：Utah System of Higher Education; University of Utah; University of Chicago
摘要：A primary concern in mergers and acquisitions is the risk the deal may be cancelled before it is completed. We document that ???interim risk??? varies asymmetrically with the aggregate market return. Deals tend to be renegotiated when the market rises, but cancelled when the market crashes. These effects are conditional on the method of payment and the contracting stage of the deal, consistent with a mechanism of ex post renegotiation. Variation in interim risk over time alters the method of p...
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作者：Crosetto, Paolo; Gaudeul, Alexia
作者单位：INRAE; Communaute Universite Grenoble Alpes; Institut National Polytechnique de Grenoble; Universite Grenoble Alpes (UGA); Centre National de la Recherche Scientifique (CNRS); European Commission Joint Research Centre
摘要：We explore the nature and robustness of the attraction effect. The attraction effect can be seen as a persistent bias or as the result of heuristics that may not persist upon reflection. We provide robust experimental evidence that the attraction effect first rises and then falls over time when participants are incentivized to make a quick choice they can later revise. Participants in two experiments under continuous time pressure make choices among options with the aim to maximize an objectiv...
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作者：Klusak, Patrycja; Agarwala, Matthew; Burke, Matt; Kraemer, Moritz; Mohaddes, Kamiar
作者单位：University of East Anglia; University of Cambridge; University of East Anglia; Yale University; University of Oxford; Goethe University Frankfurt; University of Cambridge; University of Cambridge
摘要：Enthusiasm for greening the financial system is welcome, but a fundamental challenge remains: financial decision makers lack the necessary information. It is not enough to know that climate change is bad. Markets need credible, digestible information on how climate change translates into material risks. To bridge the gap between climate science and real-world financial indicators, we simulate the effect of climate change on sovereign credit ratings for 109 countries, creating the world's first...
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作者：Floyd, Eric; Tomar, Sorabh; Lee, Daniel J.
作者单位：University of California System; University of California San Diego; Southern Methodist University; University of Delaware
摘要：We study the effects of grade nondisclosure (GND) policies implemented within master of business administration (MBA) programs at highly ranked business schools. GND precludes students from disclosing their grades and grade point averages (GPAs) to employers. In the labor market, we find that GND weakens the positive relation between GPA and employer desirability. During the MBA program, we find that GND reduces students' academic effort for a given course by approximately 4.9% relative to com...
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作者：Zhang, Luhao; Yang, Jincheng; Gao, Rui
作者单位：University of Texas System; University of Texas Austin; University of Texas System; University of Texas Austin
摘要：We study policy optimization for the feature-based newsvendor, which seeks an end-to-end policy that renders an explicit mapping from features to ordering decisions. Most existing works restrict the policies to some parametric class that may suffer from sub -optimality (such as affine class) or lack of interpretability (such as neural networks). Differ-ently, we aim to optimize over all functions of features. In this case, the classic empirical risk minimization yields a policy that is not wel...
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作者：Rossi, Stefano; Yun, Hayong
作者单位：Bocconi University; Michigan State University; Michigan State University's Broad College of Business
摘要：Does financial reform improve public good provision? We examine state-level adoption of municipal bankruptcy law. After reform, municipalities' borrowing costs decrease and bonds' issuance increase, particularly for bonds financing hospitals; hospitals' investments increase, particularly when using such bonds; local firms' investment and performance increase, particularly in the construction sector. Ex ante, reform occurs earlier in states with weaker unions, stronger bondholders' interests, a...
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作者：Savva, Nicos; Debo, Laurens; Shumsky, Robert A.
作者单位：University of London; London Business School; Dartmouth College
摘要：Hospitals throughout the developed world are reimbursed based on diagnosis-related groups (DRGs). Under this scheme, patients are divided into clinically meaningful groups, and hospitals receive a fixed fee per patient episode tied to the patient DRG. The fee is based on the average cost of providing care to patients who belong to the same DRG across all hospitals. This scheme, sometimes referred to as yardstick competition, provides incentives for cost reduction, as no hospital wants to opera...
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作者：Jeziorski, Przemyslaw
作者单位：University of California System; University of California Berkeley
摘要：The paper introduces a method to conduct a forward-looking antitrust review of horizontal mergers. The method utilizes a dynamic oligopoly model in which mergers, entry/exit, and product repositioning are endogenous. The model provides long-run industry trajectories with and without the merger under review, enabling the regulator to obtain dynamically robust welfare comparisons. The paper demonstrates the framework's application to regulate the U.S. radio broadcasting industry. In particular, ...
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作者：dehaan, Ed; de Kok, Ties; Matsumoto, Dawn; Rodriguez-Vazquez, Edgar
作者单位：University of Washington; University of Washington Seattle; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：The timely flow of financial information is critical for efficient capital market functioning, yet we have little understanding of firms' and auditors' collective abilities to maintain timely financial reporting when under duress. We use COVID as a stress test case to examine whether reporting systems can withstand systemic increases in complex economic events and coordination challenges. Despite COVID-related challenges persisting through 2020 and beyond, we document surprisingly modest avera...
