-
作者：Houde, Sebastien
作者单位：Grenoble Ecole Management
摘要：Voluntary environmental certification programs have been a popular tool used by governments, industry groups, and nonprofit organizations alike. A central question in the design of such programs is who should pay for them. In a context where firms respond strategically to a certification, the answer to this question is a priori ambiguous and, ultimately, empirical. This paper provides important insights on this question using ENERGY STAR, a voluntary certification program for energy-efficient ...
-
作者：Aloosh, Arash; Bekaert, Geert
作者单位：NEOMA Business School; Columbia University
摘要：We examine the ability of existing and new factor models to explain the comovements of G10 currency changes, measured using ???currency baskets.??? A clustering technique reveals a clear two-block structure in currency comovements, with the first block containing mostly the dollar currencies and the other the European currencies. A factor model incorporating this ???clustering??? factor and two additional factors, a commodity currency factor and a ???world??? factor based on trading volumes, f...
-
作者：Wang, Guihua; Zheng, Ronghuo; Dai, Tinglong
作者单位：University of Texas System; University of Texas Dallas; University of Texas System; University of Texas Austin; Johns Hopkins University
摘要：Every year, nearly 5,000 patients die while waiting for kidney transplants, and yet an estimated 3,500 procured kidneys are discarded. Such a polarized coexistence of dire scarcity and massive wastefulness has been mainly driven by insufficient pooling of cadaveric kidneys across geographic regions. Although numerous policy initiatives are aimed at broadening organ pooling, they rarely account for a key friction-efficient airline transportation, ideally direct flights, is necessary for long-di...
-
作者：Wang, Hongchang; Overby, Eric M.
作者单位：University of Texas System; University of Texas Dallas; University System of Georgia; Georgia Institute of Technology
摘要：By providing quick and easy access to credit, online lending platforms may help borrowers overcome financial setbacks and/or refinance high-interest debt, thereby decreasing bankruptcy filings. On the other hand, these platforms may cause borrowers to overextend themselves financially, leading to a ???debt trap??? and increasing bankruptcy filings. To investigate the impact of online lending on bankruptcy filings, we leverage variation in when state regulators granted approval for a major onli...
-
作者：Xie, Fei; Zhang, Bohui; Zhang, Wenrui
作者单位：University of Delaware; European Corporate Governance Institute; The Chinese University of Hong Kong, Shenzhen; Chinese University of Hong Kong
摘要：Innovation is a contract-intensive economic activity in a world of incomplete contracts. We show that trust mitigates incomplete contracting and enhances innovation by acting as an informal contracting mechanism. Trust plays an especially important role when formal laws and regulations are lacking, and it promotes innovation by encouraging collaboration and fostering tolerance for failure. Further analyses show that trust also facilitates cross-border technological spillover and innovation col...
-
作者：Adler, Nicole; Hanany, Eran; Proost, Stef
作者单位：Hebrew University of Jerusalem; Tel Aviv University
摘要：We analyze congested network-based markets and their impact on competition, equilibrium charges and efficiency. Several strategies are explored including price caps, mergers and investments in new technologies. We find that congested networks served by collaborating (serial) and competing (parallel) firms may lead to excessive prices. Additionally, oligopolists may only serve captive demand, leading to inefficiently low flows. Perhaps surprisingly, permitting a firm with market power to horizo...
-
作者：Amaya, Diego; Begin, Jean-Francois; Gauthier, Genevieve
作者单位：Wilfrid Laurier University; Simon Fraser University; Universite de Montreal; HEC Montreal
摘要：We propose the option realized variance as an observable variable to summarize the information from high-frequency option data. This variable aggregates intraday option returns from midquote prices to compute an option's total variability for a given day, providing additional information about the jump activity in the data generating process. Using the S&P 500 index time series and options data, this paper documents the performance of this realized measure in predicting the index realized vari...
-
作者：Wong, Tak-Yuen; Yu, Jin
作者单位：National Tsing Hua University; Monash University
摘要：We analyze the impact of credit default swaps (CDSs) trading on firm investment, long-term debt financing, and valuation. In our model, the firm is endowed with a real option to initiate a project and enhance its future growth. Its creditors have access to CDS contracts that hedge them against default losses. We show that CDS protection increases the firm's pledgable income: that is, the maximum amount of debt it can raise. However, at the same time CDS protection decreases asset growth and im...
-
作者：Lyandres, Evgeny; Palazzo, Berardino; Rabetti, Daniel
作者单位：Tel Aviv University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We compile a comprehensive data set of initial coin offerings (ICOs) from 19 data sources including 11 ICO aggregators. We alleviate severe limitations of available ICO data by performing the first systematic analysis of ICO data quality. We use our data set to study determinants of ICO funding success as well as post-ICO operating performance and provide evidence on some novel determinants of initial and longer-term ICO success. Finally, we show that post-ICO operating performance is positive...
-
作者：Chen, Manlu; Hu, Ming; Wang, Jianfu
作者单位：Renmin University of China; University of Toronto; City University of Hong Kong
摘要：With food delivery services, customers can hire delivery workers to pick up food on their behalf. To investigate the long-term impact of food delivery services on the restaurant industry, we model a restaurant serving food to customers as a stylized single-server queue with two streams of customers. One stream consists of tech-savvy customers who have access to a food delivery service platform. The other stream consists of traditional customers who are not able to use a food delivery service a...
