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作者：Abdellaoui, Mohammed; Diecidue, Enrico; Kemel, Emmanuel; Onculer, Ayse
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); INSEAD Business School; ESSEC Business School
摘要：This paper reports two experiments in which attitudes toward temporal risk resolution is elicited from choices between two-outcome lotteries that pay out at some future fixed date and can be resolved either now or later. We show that matching probabilities provides a simple method to measure attitudes toward temporal resolution-via the utility scale-under the recursive expected utility of Kreps and Porteus. We also analyze our data using a general recursive model that can reveal attitudes towa...
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作者：Arad, Ayala; Maltz, Amnon
作者单位：Tel Aviv University; University of Haifa
摘要：Could introducing a tiny interest rate on positive balances of checking accounts affect investment decisions? We suggest, counterintuitively, that it might decrease allocations to checking accounts and increase riskless investments with higher returns. This violation of monotonicity is a potential outcome of a novel behavioral phenomenon that we formalize and investigate experimentally. It posits that even a small interest rate highlights or turns on the safe gains dimension, bumping up its de...
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作者：Arnosti, Nick; Weinberg, S. Matthew
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Princeton University
摘要：We argue that the concentrated production and ownership of Bitcoin mining hardware arise naturally from the economic incentives of Bitcoin mining. We model Bitcoin mining as a two-stage competition; miners compete in prices to sell hardware while competing in quantities for mining rewards. We characterize equilibria in our model and show that small asymmetries in operational costs result in highly concentrated ownership of mining equipment. We further show that production of mining equipment w...
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作者：Black, Dirk E.; Pierce, Spencer R.; Thomas, Wayne B.
作者单位：University of Nebraska System; University of Nebraska Lincoln; State University System of Florida; Florida State University; University of Oklahoma System; University of Oklahoma - Norman
摘要：The purpose of our study is to further understand managerial incentives that affect the volatility of reported earnings. Prior research suggests that the volatility of fourth-quarter earnings may be affected by the integral approach to accounting (i.e., settling up of accrual estimation errors in the first three quarters of the fiscal year) or earnings management to meet certain reporting objectives (e.g., analyst forecasts). We suggest that another factor affecting fourth-quarter earnings is ...
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作者：Gritckevich, Aleksandr; Katona, Zsolt; Sarvary, Miklos
作者单位：Columbia University; University of California System; University of California Berkeley
摘要：In recent years, ad blocking has become a significant threat to advertising -supported content. Adblockers typically negotiate with publishers, allowing some ads to go through in return for a payment, a practice called (partial) whitelisting in the industry. Ad blocking has a direct positive effect on consumers by reducing advertising intensity. On the other hand, the practice clearly hurts publishers and reduces their incentives to in-vest in content quality. Lower content quality, in turn ha...
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作者：Kim, Minkyung; Sudhir, K.; Uetake, Kosuke
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Yale University
摘要：This paper broadens the focus of empirical research on salesforce management to include multitasking settings with multidimensional incentives, where salespeople have private information about customers. This allows us to ask novel substantive questions around multidimensional incentive design and job design while managing the costs and benefits of private information. To this end, the paper introduces the first structural model of a multitasking salesforce in response to multidimensional ince...
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作者：Fioriti, Andres; Hernandez-Chanto, Allan
作者单位：National University of the South; Instituto de Investigaciones en Ingenieria Electrica (IIIE); University of Queensland
摘要：We introduce risk-averse bidders in a security-bid auction to analyze how the security design affects bidders' equilibrium behavior and, as a result, the revenue and efficiency of the auction. We show that steeper securities provide more insurance because they allow bidders to smooth payoffs across realizations. Such insurance levels the playing field for more-risk-averse bidders, inducing them to bid more aggressively. As a consequence, the auction's allocative efficiency weakly increases whe...
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作者：Bradley, Daniel; Mao, Connie X.; Zhang, Chi
作者单位：State University System of Florida; University of South Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Massachusetts System; University of Massachusetts Lowell
摘要：We find firms' work-related injury rates are negatively associated with the level of analyst coverage. This result is also robust at the establishment level at which we find local analysts have a more profound impact than distant analysts. Cross-sectionally, our results are exacerbated in firms with weak internal governance mechanisms and in industries with low union representation. Finally, management is more likely to discuss safety issues during earnings conference calls in the presence of ...
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作者：Chiou, Lesley; Tucker, Catherine E.
作者单位：Occidental College; Massachusetts Institute of Technology (MIT)
摘要：Advertising is often criticized for presenting only partial or selective information about products. This criticism is particularly pronounced for health products, where large asymmetries in information may exist between consumers and firms. This paper explores how government restrictions designed to prevent selective advertising affect the types of information to which consumers are exposed. We exploit a natural experiment in the form of a U.S. Food and Drug Administration (FDA) crackdown tha...
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作者：Buraschi, Andrea; Whelan, Paul
作者单位：Imperial College London; Copenhagen Business School
摘要：We compare the implications of speculation versus hedging channels for bond markets in heterogeneous agents' economies. Treasuries command a significant risk premium when optimistic agents speculate by leveraging their positions using bonds. Disagreement drives a wedge between marginal agent versus econometrician beliefs (sentiment). When speculative demands dominate, the interaction between belief heterogeneity and sentiment helps rationalize several puzzling characteristics of Treasury marke...
