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作者：Bojinov, Iavor; Simchi-Levi, David; Zhao, Jinglong
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Boston University
摘要：Switchback experiments, where a firm sequentially exposes an experimental unit to random treatments, are among the most prevalent designs used in the technology sector, with applications ranging from ride-hailing platforms to online marketplaces. Although practitioners have widely adopted this technique, the derivation of the optimal design has been elusive, hindering practitioners from drawing valid causal conclusions with enough statistical power. We address this limitation by deriving the o...
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作者：Cvijanovic, Dragana; Gantchev, Nickolay; Li, Rachel
作者单位：University of Warwick; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Alabama System; University of Alabama Tuscaloosa
摘要：Despite intense scrutiny from investors, markets, and regulators, many public companies have no formal succession plans. Anecdotal evidence links succession risk to significant value destruction, but there is limited academic research evaluating the effects of succession planning on chief executive officer (CEO) turnover outcomes. We provide evidence that succession planning reduces the cost of management transitions by improving their efficiency. Firms with succession plans experience not onl...
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作者：Goldstein, Michael; Kwan, Amy; Philip, Richard
作者单位：Babson College; University of New South Wales Sydney; University of Sydney
摘要：We examine the effect of high-frequency trading on market quality from the perspective of a limit order trader. By competing with slower limit order traders, high-frequency traders impose a welfare externality by selectively crowding out the most profitable limit orders. The order book imbalance immediately before each order submission, cancellation, and trade suggests that high-frequency traders strategically use limit order book information to supply liquidity on the thick side of the order ...
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作者：Jain, Sanjay; Chen, Haipeng (Allan)
作者单位：University of Texas System; University of Texas Dallas; University of Kentucky
摘要：It is generally acknowledged that sunk cost bias leads to suboptimal decisions, such as escalation of commitment. Some researchers, however, suggest that sunk cost bias can be beneficial when consumers have self-control problems. In this paper we explore the case when consumers with sunk cost bias have time-inconsistent preferences and, therefore, suffer from self-control problems. We experimentally demonstrate that sunk costs can make subjects better off by inducing higher effort. We then dev...
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作者：Neufeld, Ariel; Papapantoleon, Antonis; Xiang, Qikun
作者单位：Nanyang Technological University; Delft University of Technology; Foundation for Research & Technology - Hellas (FORTH)
摘要：We consider derivatives written on multiple underlyings in a one-period financial market, and we are interested in the computation of model-free upper and lower bounds for their arbitrage-free prices. We work in a completely realistic setting, in that we only assume the knowledge of traded prices for other single- and multi-asset derivatives and even allow for the presence of bid-ask spread in these prices. We provide a fundamental theorem of asset pricing for this market model, as well as a s...
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作者：De Angelis, Tiziano; Tankov, Peter; Zerbib, Olivier David
作者单位：University of Turin; Collegio Carlo Alberto; Institut Polytechnique de Paris; Ecole Polytechnique; Boston University; Universite Catholique de Lille; EDHEC Business School
摘要：This paper shows how green investing spurs companies to mitigate their carbon emissions by raising the cost of capital of the most carbon-intensive companies. Companies??? emissions decrease when the wealth share of green investors and their sensitivity to climate externalities increase. We show that the impact of green investors primarily governs companies??? long-run emissions. Companies are further incentivized to reduce their emissions when green investors anticipate tighter climate regula...
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作者：Dieler, Tobias; Biswas, Sonny; Calzolari, Giacomo; Castiglionesi, Fabio
作者单位：University of Bristol; European University Institute; Centre for Economic Policy Research - UK; Tilburg University
摘要：We study the impact of a financial transaction tax (FTT) in a model that combines asset trading and real investment. An informed trader holds private information about the fundamental value of a firm, and the firm'smanager relies on the asset price to infer such information and invest accordingly. We characterize an informative, but illiquid, equilibrium where the firm's value is optimal but trade is inefficiently low, together with an uninformative equilibrium with maximal liquidity but ineff...
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作者：Beyhaghi, Mehdi; Khashabi, Pooyan; Mohammadi, Ali
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; ESSEC Business School; Copenhagen Business School; Danish Finance Institute
摘要：We examine the relationship between pre-grant patent disclosure and analyst forecast accuracy. We take advantage of the passage of the American Inventor's Protection Act (1999), which mandates the pre-grant public disclosure of all information in patent application documents within 18 months of the initial filings. We find that, on average, the pre-grant patent disclosure of corporate inventions significantly improves the accuracy of analyst forecasts about the patenting firm and this improvem...
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作者：Landsman, Wayne R.; Li, Chao Kevin; Zhao, Jianxin Donny
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of New South Wales Sydney; Emory University
摘要：This study uses an information-asymmetry framework to examine the effect of initiation of credit default swaps (CDS) trading on firm dividend payout policy. We find evidence that CDS initiation is associated with increasing dividends, which is consistent with firms distributing excess free cash flow to mitigate exacerbated manager-equityholder agency conflicts resulting from reduced monitoring by banks following CDS initiation. Additional findings support this explanation by showing that the d...
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作者：Gallego, Guillermo; Berbeglia, Gerardo
作者单位：The Chinese University of Hong Kong, Shenzhen; University of Melbourne
摘要：For a large class of demand models that allow for multiple consumer types, we present performance guarantees for simple nonpersonalized pricing heuristics relative to optimal personalized pricing. Our results demonstrate that in a general setting, the effectiveness of pricing along a positive vector depends on how the price vector aligns with optimal personalized price vectors. We propose two positive direction vectors: the economic and robust directions. The economic direction is a convex com...
