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作者：Atanasov, Vladimir; Merrick, John J., Jr.; Schuster, Philipp
作者单位：University of Stuttgart
摘要：We study mismarking of newly purchased odd lot and two classes of round lot structured product positions in mutual funds. Such mismarking artificially inflates net asset values and overstates cumulative returns. Applied to funds launched after January 2010, a simulation-tested mismarking fund filter identifies 12 Highly Questionable funds managing $75 billion. The performance of these funds matches closely the predicted pattern of mismarking: extremely high alpha and skewness, particularly imm...
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作者：Hasler, Michael; Martineau, Charles
作者单位：University of Texas System; University of Texas Dallas; University of Toronto; University of Toronto; University Toronto Scarborough
摘要：When the cost of hedging is nil, the conditional capital asset pricing model (CAPM) holds. We empirically test the conditional CAPM by regressing asset returns onto the product of their conditional betas and market returns. Estimated intercepts are not statistically different from zero, implying that the conditional CAPM successfully explains the conditional level of asset returns. Yet, unconditional betas do not explain the cross section of average asset returns; the unconditional CAPMfails. ...
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作者：An, Yu; Zheng, Zeyu
作者单位：Johns Hopkins University; University of California System; University of California Berkeley
摘要：Dealers can choose between two intermediation methods: providing immediacy to customers using their own inventory and making matches between customers' order flows. We show that dealers have an incentive to prioritize inventory turnover for immediacy provision rather than making matches between customers. Compared with a counterfactual scenario without this incentive, dealers in equilibrium provide immediacy to more customers in order to extract extra rents. Compared with the counterfactual, t...
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作者：Hai Long Duong; Chu, Junhong; Yao, Dai
作者单位：National University of Singapore; Hong Kong Polytechnic University
摘要：We study how daily labor supply responds to unanticipated earnings shocks among Singapore's taxi drivers using a novel identification strategy that uses idiosyncratic variation in booking cancellations and passenger no-shows (CNS) that drivers repeatedly receive. Our results provide new and more compelling evidence in support of the income-targeting model of labor supply. Not only are the average responses on the extensive margin consistent with the income-targeting model, but the responses on...
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作者：Saghafian, Soroush; Song, Lina; Newhouse, Joseph; Landrum, Mary Beth; Hsu, John
作者单位：Harvard University; University of London; University College London; Harvard University; Harvard Medical School; Harvard University; Harvard T.H. Chan School of Public Health; National Bureau of Economic Research; Harvard University; Harvard University Medical Affiliates; Massachusetts General Hospital
摘要：The U.S. healthcare system is undergoing a period of substantial change with hospitals purchasing many physician practices (vertical integration). In theory, this vertical integration could improve quality by promoting care coordination but could also worsen it by impacting the care delivery patterns. The evidence quantifying these effects is limited because of the lack of understanding of how physicians' behaviors alter in response to the changes in financial ownership and incentive structure...
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作者：Desai, Hemang; Lam, Pauline; Li, Bin; Rajgopal, Shiva
作者单位：Southern Methodist University; New York University; University of Houston System; University of Houston; Columbia University
摘要：We study carbon-reduction pledges of publicly traded U.S. oil exploration and production (E&P) companies. Of the 69 firms in the sample, 18 have committed to net-zero carbon targets, 14 have announced significant emissions cuts, whereas the remaining 37 firms have not announced any formal commitment to reduce emissions. We find that a firm's energy production and ownership by BlackRock is positively associated with its decision to announce a net-zero pledge or significant emission cuts. E&P fi...
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作者：Choi, Syngjoo; Goyal, Sanjeev; Moisan, Frederic; To, Yu Yang Tony
作者单位：Seoul National University (SNU); University of Cambridge; New York University; New York University Abu Dhabi; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; emlyon business school
摘要：Subjects observe a private signal and make an initial guess; they then observe their neighbors' guesses, update their own guess, and so forth. We study learning dynamics in three large-scale networks capturing features of real-world social networks: Erdo center dot s-Re ' nyi, Stochastic Block (reflecting network homophily), and Royal Family (that accommodates both highly connected celebrities and local interactions). We find that the Royal Family network is more likely to sustain incorrect co...
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作者：Chava, Sudheer; Oettl, Alexander; Singh, Manpreet
作者单位：University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research
摘要：Using intertemporal variation in the bounding of a state's minimum wage by the federal rate and business credit-score data for 15.2 million establishments, we find that the increase in labor costs caused by a higher federal minimum wage leads to lower business credit scores and worsens the financial health of small businesses in the affected states. In particular, small, young, labor-intensive, and minimum-wage-sensitive establishments located in affected states and those located in competitiv...
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作者：Fang, Lily; Lerner, Josh; Wu, Chaopeng; Zhang, Qi
作者单位：INSEAD Business School; Harvard University; Harvard University; Xiamen University; Shandong University
摘要：We leverage an exogenous shock-the crackdown on corrupt Chinese officials beginning in 2012-and examine how the allocation of research subsidies and innovative outcomes were affected. We argue that the staggered removal of provincial heads on corruption charges during China's anticorruption campaign and the unanticipated departures of local government officials responsible for innovation programs led to plausibly exogenous reductions in corruption. After both events, the allocation of subsidie...
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作者：Shin, Jiwoong; Shin, Woochoel
作者单位：Yale University; State University System of Florida; University of Florida
摘要：Ad targeting technology has enabled a highly personalized delivery of online ads. Behind this development is the belief that better targeting will lead to more relevant ads. This paper challenges this lay belief by showing that irrelevant advertising can arise not necessarily from technological imperfection but also from the incentive problem embedded in the ad agency-advertisers relationship. We first demonstrate that the ad agency serving multiple advertisers may strategically allocate an ad...
