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作者：Chen, Mark A.; Hu, Shuting Sophia; Wang, Joanna; Wu, Qinxi
作者单位：University System of Georgia; Georgia State University; Baylor University; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：Real-world contractual agreements between firms are often incomplete, leading to suboptimal investment and loss of value in supply chain relationships. To what extent can blockchain technology help alleviate problems arising from contractual incompleteness? We examine this issue by exploiting a quasi-natural experiment based on the staggered adoption of U.S. state laws that increased firms' in-state ability to develop, adopt, and use blockchain technology. We find that, after exposure to a pro...
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作者：Ifcher, John; Zarghamee, Homa
作者单位：Santa Clara University; Columbia University
摘要：We examine whether the gender gap in competitiveness in stereotypically male tasks persists when the decision to compete is made by someone else. In a within-subject laboratory experiment, decision makers make competition entry decisions for both themselves and a randomly selected other. Although we replicate the standard gender gap in decisions for oneself, we do not find a gender gap when the decision to compete is made by someone else. This is driven by men being significantly more willing ...
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作者：Slager, Rieneke; Chuah, Kevin; Gond, Jean-Pascal; Furnari, Santi; Homanen, Mikael
作者单位：University of Groningen; Northeastern University; University of London
摘要：We study collaborative shareholder engagements on climate change issues. These engagements involve coalitions of investors pursuing behind-the-scenes dialogue to encourage target firms to adopt environmental sustainability practices. Drawing on a unique data set of 553 engagements coordinated by the United Nations-supported Principles for Responsible Investment-and an innovative mixed-methods approach integrating fuzzy-set qualitative comparative analysis with regression analysis and qualitati...
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作者：[Anonymous]
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作者：Basu, Soumya; Easley, David; O'Hara, Maureen; Sirer, Emin Gun
作者单位：Cornell University; Cornell University; Cornell University; Cornell University
摘要：Blockchain-based cryptocurrencies must solve the problem of assigning priorities to competing transactions. The most widely used mechanism involves each transaction offering a fee to be paid once the transaction is processed, but this discriminatory price mechanism fails to yield stable equilibria with predictable prices. We propose an alternate fee setting mechanism, StableFees, that is based on uniform price auctions. We prove that our proposed protocol is free from manipulation by users and...
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作者：Abada, Ibrahim; Lambin, Xavier
作者单位：Grenoble Ecole Management; Engie; ESSEC Business School
摘要：Strategic decisions are increasingly delegated to algorithms. We extend previous results of the algorithmic collusion literature to the context of dynamic optimization with imperfect monitoring by analyzing a setting where a limited number of agents use simple and independent machine-learning algorithms to buy and sell a storable good. No specific instruction is given to them, only that their objective is to maximize profits based solely on past market prices and payoffs. With an original appl...
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作者：Diop, Moussa; Zheng, Chen
作者单位：University of Southern California; The Brattle Group
摘要：We study incentive problems associated with the compensation of servicers during default remediation. First, we fill a gap in the literature by identifying stylized facts about servicing fees. Next, we present evidence showing that servicing fees drive mortgage modifications and foreclosures, likely to the detriment of investors. Servicers modify loans paying high servicing fees and delay their foreclosure to protect servicing cash flows. These effects are causal. Voluntary mortgage renegotiat...
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作者：Ke, T. Tony; Sudhir, K.
作者单位：Chinese University of Hong Kong; Yale University
摘要：General Data Protection Regulation (GDPR)-the European Union's data protection regulation-has two key principles. It recognizes that individuals own and control their personal (but not contractual) data in perpetuity, leading to three critical privacy rights, namely, the rights to (i) explicit consent (data opt-in), (ii) to be forgotten (data erasure), and (iii) portability (data transfer). It also includes data security mandates against privacy breaches through unauthorized access. We study G...
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作者：Bartov, Eli; Faurel, Lucile; Mohanram, Partha
作者单位：New York University; Arizona State University; Arizona State University-Tempe; University of Toronto
摘要：Prior studies document the role social media information plays in the stock market and the important dissimilarities between the bond and stock markets. Bridging these two types of literature, we examine the role of social media information in the corporate bond market. Analyzing a broad sample of messages by Twitter individual users, posted just prior to earnings announcements, containing bond, credit risk, and fundamental information, we find that aggregate Twitter opinion (DPI) predicts upc...
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作者：Zeng, Zhixiong; Jin, Yi
作者单位：Nanchang University; Nanchang University; Southwestern University of Finance & Economics - China
摘要：This paper studies how liquidity management affects asset markets and aggregate economic performance. We explore the connection between liquidity allocation and capital allocation. The policy that changes the liquidity premia on assets has broad implications for private-sector behavior and market efficiency. Liquidity tightening, that is, a reduction in the aggregate quantity of liquid debt, is associated with credit loosening, that is, an increase in funds raised through the issuance of priva...
