-
作者：Nelson, Dylan K.; Wilmers, Nathan
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Massachusetts Institute of Technology (MIT)
摘要：How does bureaucracy affect racial inequality? Prior research finds that bureaucratization can institutionalize racial inequality but also that insufficient bureaucracy creates opportunities for discrimination. In this project, we propose a third mechanism (differential worker sorting) through which bureaucratic work environments affect inequality. To clarify these perspectives, we contrast worker-protective features of bureaucracy, like fixed pay and seniority protections, to performance-orie...
-
作者：Ghaderi, Mohammad; Seo, Sang Byung
作者单位：University of Kansas; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：The conditional return volatility barely drops at macro-announcements. This is at odds with the notion that high announcement returns are a manifestation of a large announcement premium. We show that models with an announcement premium cannot fully explain the joint patterns of returns and volatility over announcement days. Surprisingly, traditional models, which do not feature such a premium, can. Our estimation results based on a statistical setup indicate that the average announcement retur...
-
作者：Schmeling, Maik; Schrimpf, Andreas; Todorov, Karamfil
作者单位：Goethe University Frankfurt; Centre for Economic Policy Research - UK; Bank for International Settlements (BIS)
摘要：We analyze the dynamics of carry in crypto markets-the difference between futures and spot prices-and document that it can reach exceptionally high levels, sometimes exceeding 40% per annum, with significant variation over time. This phenomenon reflects a substantial and volatile inconvenience yield associated with holding spot cryptocurrencies relative to futures. We trace the large and volatile crypto carry to the interplay of two main forces: (i) demand from smaller, trend-chasing investors...
-
作者：Rossi, Michelangelo; Schleef, Felix
作者单位：Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：This study examines the unintended consequences of quality disclosures, focusing on how Academy Award nominations impact consumer satisfaction in the movie industry. Awards and certifications typically signal high quality and increase consumer expectations. Yet, if the experience falls short of the expectation, they may also lead to disappointment. Using a novel data set from MovieLens, we analyze user ratings for movies surrounding Academy Award nominations from 1995 to 2019. We first impleme...
-
作者：Doerrenberg, Philipp; Feldhaus, Christoph; Kolle, Felix; Ockenfels, Axel
作者单位：University of Mannheim; Ruhr University Bochum; University of Cologne; Max Planck Society
摘要：Using a series of controlled laboratory experiments involving decisions to intervene in others' choice opportunities, we find that groups grant more autonomy to others than individuals. This finding is robust across two decision contexts, one involving individual decision making (Internality) and one involving social decision making (Externality). Analyses of the group chat logs and two additional experiments show that participants tend to shy away from proposing interventions in social contex...
-
作者：Bidian, Florin; Nunez, Carlos; Subramanian, Ajay; Yang, Baozhong
作者单位：Chapman University System; Chapman University; California State University System; California State University Northridge; University System of Georgia; Georgia State University
摘要：We develop a general-equilibrium multi-industry model with endogenous product variety and study its implications for asset prices. We estimate the model with both the Generalized Method of Moments (GMM) and the Simulated Method of Moments (SMM) and show that the equity premium and risk-free rate are consistent with empirically reasonable risk aversions and discount factors. The market risk premium increases significantly with the interindustry product complementarity. The model also generates ...
-
作者：Noh, Daehoon; Tunca, Tunay I.; Xu, Yi
作者单位：Korea University; University of Maryland College Park; University System of Maryland; University of Maryland College Park
摘要：In recent years, the ride service industry has been evolving rapidly, driven by disruptive technologies such as mobile apps, artificial intelligence, and autonomous vehicles (AVs). Whereas platform-based decentralized ride-hailing (RH) companies have gained significant market share, vertically integrated robotaxi services using emerging AVs are starting to enter the market. In this paper, we aim to provide insights about the evolution and the future of ride services, studying these two competi...
-
作者：Dambra, Michael; Glover, Andrew; Lee, Charles M. C.; Quinn, Phillip J.
作者单位：State University of New York (SUNY) System; University at Albany, SUNY; University at Buffalo, SUNY; University of Washington; University of Washington Seattle
摘要：Tax wash sale rules prohibit the recognition of capital losses when substantially identical securities are sold and immediately repurchased within short windows. This study examines whether institutional investors use exchange-traded funds (ETFs) to circumvent wash sale rules. Consistent with tax-motivated demand for ETFs, incumbent ETFs both create more shares and experience more trading volume upon the introduction of nearly identical ETFs, particularly when recent returns are negative. We s...
-
作者：Chen, Jian; Li, Zechao; Qi, Anyan; Wang, Yining
作者单位：Tsinghua University; University of London; London Business School; University of Texas System; University of Texas Dallas
摘要：In an environment where demand is unknown to the firm, it is important to investigate how capacity adjustment and dynamic pricing can be integrated so that the firm can learn about the demand on the fly while making capacity and pricing decisions. In this paper, we design learning algorithms for the joint capacity and pricing management problem. To evaluate the performance of our algorithms, we consider a large-demand asymptotic regime where the demand and capacity are scaled up with the selli...
-
作者：Li, Andy Tao; Belo, Rodrigo; Li, Ting
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; Universidade Nova de Lisboa; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Social referral programs, in which individuals recommend products or services within their networks in return for rewards, have been widely adopted across digital platforms. This study explores the impact of incorporating uncertainty into the rewards of such programs, focusing on how senders and recipients perceive and react to uncertain rewards. We run a randomized experiment involving more than 160,000 users of a telecommunications operator in China and examine the effectiveness of different...
