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作者：Macchiavelli, Marco; Zhou, Xing (Alex)
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We provide direct evidence of how dealers' funding liquidity affects their liquidity provision in securities markets. Worse funding liquidity (higher repo haircuts and rates) leads to larger bid-ask spreads and transaction costs in corporate bonds. We also find that dealers' relationships with money funds are important determinants of their repo haircuts and rates. Using dealers' exposure to the 2016 Securities and Exchange Commission (SEC) money fund reform as an instrument, we show that fund...
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作者：Chin, Alex; Eckles, Dean; Ugander, Johan
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Stanford University; Stanford University
摘要：When trying to maximize the adoption of a behavior in a population connected by a social network, it is common to strategize about where in the network to seed the behavior, often with an element of randomness. Selecting seeds uniformly at random is a basic but compelling strategy in that it distributes seeds broadly throughout the network. A more sophisticated stochastic strategy, one-hop targeting, is to select random network neighbors of random individuals; this exploits a version of the fr...
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作者：Bogomolnaia, Anna; Moulin, Herve; Sandomirskiy, Fedor
作者单位：University of Glasgow; HSE University (National Research University Higher School of Economics); Technion Israel Institute of Technology
摘要：Ann likes oranges much more than apples; Bob likes apples much more than oranges. Tomorrow they will receive one fruit that will be an orange or an apple with equal probability. Giving one half to each agent is fair for each realization of the fruit. However, agreeing that whatever fruit appears will go to the agent who likes it more gives a higher expected utility to each agent and is fair in the average sense: in expectation, each agent prefers the allocation to the equal division of the fru...
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作者：Derakhshan, Mahsa; Golrezaei, Negin; Manshadi, Vahideh; Mirrokni, Vahab
作者单位：University System of Maryland; University of Maryland College Park; Massachusetts Institute of Technology (MIT); Yale University; Alphabet Inc.; Google Incorporated
摘要：On online platforms, consumers face an abundance of options that are displayed in the form of a position ranking. Only products placed in the first few positions are readily accessible to the consumer, and she needs to exert effort to access more options. For such platforms, we develop a two-stage sequential search model where, in the first stage, the consumer sequentially screens positions to observe the preference weight of the products placed in them and forms a consideration set. In the se...
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作者：Xu, Heng; Zhang, Nan
作者单位：American University
摘要：Research and practical development of data-anonymization techniques have proliferated in recent years. Yet, limited attention has been paid to examine the potentially disparate impact of privacy protection on underprivileged subpopulations. This study is one of the first attempts to examine the extent to which data anonymization could mask the gross statistical disparities between subpopulations in the data. We first describe two common mechanisms of data anonymization and two prevalent types ...
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作者：Jiang, George J.; Liang, Bing; Zhang, Huacheng
作者单位：Washington State University; University of Massachusetts System; University of Massachusetts Amherst; Southwestern University of Finance & Economics - China
摘要：Using a novel style identification procedure, we show that style-shifting is a dynamic strategy commonly used by hedge fund managers. Three quarters of hedge funds shifted their investment styles at least once over the period from January 1994 to December 2013. We perform empirical tests of two hypotheses for the motivations of hedge fund style-shifting, namely backward-looking and forward-looking hypotheses. We find no evidence that style-shifting funds are backward-looking. Instead, we show ...
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作者：Kallus, Nathan; Mao, Xiaojie; Zhou, Angela
作者单位：Cornell University; Tsinghua University; University of California System; University of California Berkeley
摘要：The increasing impact of algorithmic decisions on people's lives compels us to scrutinize their fairness and, in particular, the disparate impacts that ostensibly color-blind algorithms can have on different groups. Examples include credit decisioning, hiring, advertising, criminal justice, personalized medicine, and targeted policy making, where in some cases legislative or regulatory frameworks for fairness exist and define specific protected classes. In this paper we study a fundamental cha...
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作者：Heese, Jonas
作者单位：Harvard University
摘要：I study whether industry employment of active regulators weakens oversight. To examine this question, I exploit that the Financial Reporting Enforcement Panel (FREP), the German capital-market regulator responsible for enforcing public firms' compliance with accounting standards, allows its senior regulators to serve on boards of public firms during their FREP tenure. I find that firms are less likely to face enforcement actions after they appoint active regulators to their board. After such a...
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作者：Carson, Richard T.; Zivin, Joshua Graff; Louviere, Jordan J.; Sadoff, Sally; Shrader, Jeffrey G.
作者单位：University of California System; University of California San Diego; University of California System; University of California San Diego; University of South Australia; University of California System; University of California San Diego; Columbia University
摘要：Innovation is important for firm performance and broader economic growth. However, breakthrough innovations necessarily require greater risk taking than more incremental approaches. To understand how managers respond to uncertainty when making research and development decisions, we conducted experiments with master's degree students in a program focused on the intersection of business and technology. Study participants were asked to choose whether to fund hypothetical research projects using a...
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作者：Kremer, Michael; Levin, Jonathan; Snyder, Christopher M.
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research; Stanford University; Dartmouth College
摘要：Advance market commitments (AMCs) provide a mechanism to stimulate investment by suppliers of products to low-income countries. In an AMC, donors commit to a fund from which a specified subsidy is paid per unit purchased by low-income countries until the fund is exhausted, strengthening suppliers' incentives to invest in research, development, and capacity. Last decade saw the launch of a $1.5 billion pilot AMC to distribute pneumococcal vaccine to the developing world; in the current pandemic...
