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作者：Della Corte, Pasquale; Sarno, Lucio; Schmeling, Maik; Wagner, Christian
作者单位：Imperial College London; University of Cambridge; Goethe University Frankfurt; Vienna University of Economics & Business
摘要：An increase in a country's sovereign risk, as measured by credit default swap spreads, is accompanied by a contemporaneous depreciation of its currency and an increase of its volatility. The relation between currency excess returns and sovereign risk is mainly driven by default expectations (rather than distress risk premia) and exposure to global sovereign risk shocks and also emerges in a predictive setting for currency risk premia. We show that a sovereign risk factor is priced in the cross...
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作者：Chao, Matthew; Fisher, Geoffrey
作者单位：Williams College; Cornell University
摘要：Nonprofits regularly use conditional thank you gifts to entice prospective donors to give, yet experimental evidence suggests that their effects are mixed in practice. This paper uses multiple laboratory experiments to test when and why thank you gifts vary in effectiveness. First, we demonstrate that although gifts often increase donations to charities that donors did not rate highly, many of the same gifts had no effects or negative effects for charities that prospective donors already liked...
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作者：Wu, Qi; Lai, Guoming
作者单位：University System of Ohio; Case Western Reserve University; University of Texas System; University of Texas Austin
摘要：Classic inventory theories typically focus on the operational trade-offs to optimize inventory decisions. However, managers of public firms who obtain stock-based incentives may alter inventory operations to influence the stock price. We develop a stylized model, which shows that, in the presence of an interest in the stock price, managers over-install inventory when it can either inflate sales or deflate the reported cost of goods sold even if the market anticipates such actions. We analyze t...
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作者：Wang, Jing; Li, Gen; Hui, Kai-Lung
作者单位：Hong Kong University of Science & Technology; Fudan University
摘要：We examine how the introduction of monetary incentives by a knowledge-sharing platform affects the nonrewarded knowledge activity on the platform. Our setting is a question-and-answer platform that provides monetary incentives for holding live talks. Using a combination of coarsened exact matching and difference-in-differences estimation techniques, we find that the launch of the paid feature creates a positive spillover effect on the hosts' free contributions, specifically, 9.4%-40.8% more an...
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作者：Zhang, Zan; Nan, Guofang; Li, Minqiang; Tan, Yong
作者单位：Beihang University; Tianjin University; University of Washington; University of Washington Seattle
摘要：When confronted with a new product, consumers often find it difficult to predict how it will perform, and such uncertainty reduces consumers' willingness to adopt the product. In this paper, we consider a market whereby consumers decide when and which product to buy, given that they know the product quality of the incumbent but are uncertain about that of the entrant. We investigate how consumer uncertainty about product quality affects firms' behavior-based pricing and customer acquisition an...
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作者：Jin, Ginger Zhe; Lee, Ajin; Lu, Susan Feng
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Michigan State University; Stanford University; Purdue University System; Purdue University
摘要：Medicare does not pay for a skilled nursing facility (SNF) unless a fee-for-service patient has stayed in the hospital for at least three days. This Medicare reimbursement rule, or the three-day rule, provides full coverage for the first 20 days and partial coverage for days 21-100 for skilled nursing care provided at any Centers for Medicare and Medicaid Services-approved SNF. In this paper, we study how this Medicare reimbursement rule affects patient routing to SNFs and whether an SNF disch...
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作者：Batista, Catia; Sequeira, Sandra; Vicente, Pedro C.
作者单位：Universidade Nova de Lisboa; University of London; London School Economics & Political Science
摘要：We examine the impact of providing access to mobile savings accounts and im-proving financial management skills on the performance of microenterprises in Mozambique. The effects are highly heterogeneous: Combining both types of support is associated with a large increase in both short-and long-term firm profits and in financial security for female microentrepreneurs. This allowed female-headed microenterprises, particularly those with a higher level of profits at baseline, to close the gender ...
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作者：Yoganarasimhan, Hema; Barzegary, Ebrahim; Pani, Abhishek
作者单位：University of Washington; University of Washington Seattle
摘要：Free trial promotions are a commonly used customer acquisition strategy in the Software as a Service industry. We use data from a large-scale field experiment to study the effect of trial length on customer-level outcomes. We find that, on average, shorter trial lengths (surprisingly) maximize customer acquisition, retention, and profitability. Next, we examine the mechanism through which trial length affects conversions and rule out the demand cannibalization theory, find support for the cons...
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作者：Guo, Jiaqi; Li, Peng; Li, Youwei
作者单位：University of Birmingham; University of Leeds; University of Hull
摘要：This study comprehensively evaluates and ranks a large number of competing explanations for the momentum anomaly. As a benchmark for evaluation, firm fundamentals are found to be the most promising among well-known explanations of momentum, followed by prospect theory and mental accounting, and anchoring effect. Collectively, all explanations capture 31% of momentum, whereas 69% of momentum remains unexplained. This study thoroughly examines what fractions of the momentum anomaly emerge from t...
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作者：Burtch, Gordon; He, Qinglai; Hong, Yili; Lee, Dokyun
作者单位：Boston University; University of Wisconsin System; University of Wisconsin Madison; University of Houston System; University of Houston
摘要：We theorize peer awards' effects on the volume and novelty of creative user -generated content (UGC) produced at online platform communities. We then test our hypotheses via a randomized field experiment on Reddit, wherein we randomly and anonymously assigned Reddit's Gold Award to 905 users' posts over a two-month period. We find that peer awards induced recipients to make longer, more frequent posts and that these effects were particularly pronounced among newer community members. Further, w...
