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作者：Kang, Hyo
作者单位：Seoul National University (SNU)
摘要：This paper examines the relationship between price-fixing cartels and firm innovation using a data set encompassing all 461 cartel cases and 1,818 firms identified in the United States in the years 1975-2016. A difference-in-differences estimation reveals a positive relationship between collusion and innovation. Colluding firms exhibited increases of 28% in patent filings, 20% in top-quality patents, and 16% in research and development investment. Innovation breadth also expanded by 16%, sugge...
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作者：Poux-Guillaume, Gregoire
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作者：He, Xue Dong; Jiang, Zhaoli; Kou, Steven
作者单位：Chinese University of Hong Kong; Hong Kong Polytechnic University; Boston University
摘要：Although maximizing quantiles is intuitively appealing and has an axiomatic foundation, it is difficult to find the optimal portfolio strategy because of time inconsistency. Using an intrapersonal equilibrium approach and focusing on the class of time-varying affine strategies, we find that the only viable outcome is from the median maximization because for other quantiles, either the equilibrium does not exist or there is no investment in risky assets. We also prove that maximizing the median...
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作者：Ye, Zikun; Zhang, Zhiqi; Zhang, Dennis J.; Zhang, Heng; Zhang, Renyu
作者单位：University of Washington; University of Washington Seattle; Washington University (WUSTL); Arizona State University; Arizona State University-Tempe; Chinese University of Hong Kong
摘要：Large-scale online platforms launch hundreds of randomized experiments (also known as A/B tests) every day to iterate their operations and marketing strategies. The combinations of these treatments are typically not exhaustively tested, which triggers an important question of both academic and practical interest. Without observing the outcomes of all treatment combinations, how does one estimate the causal effect of any treatment combination and identify the optimal treatment combination? We d...
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作者：Sakaguchi, Hiroaki; Gathergood, John; Stewart, Neil
作者单位：University of Warwick; University of Nottingham; University of Nottingham; University of Warwick
摘要：We examine round number preferences and left-digit bias in credit card repayments. We show half of all manual credit card payments are at a small set of roundnumber values, although all values between the statement minimum and balance were permissible. We use minimum payments, which place a floor on the payment value, to measure the strength of rounding behavior in a natural experiment. We find that when the minimum payment level just rules out a round number from the bottom of the range of po...
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作者：Dathan, Michele; Davydenko, Sergei
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Toronto
摘要：Passive bond funds provide predictable demand for newly issued corporate bonds included in popular indices. By issuing index-eligible bonds, firms can take advantage of this passive demand and improve bond characteristics unrelated to index eligibility. To this end, firms issue a disproportionate number of bonds with face value just sufficient to be included in major bond indices. Higher passive demand is associated with larger bonds. Following an increase in the index size threshold, some fir...
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作者：Chen, Bo; Knyazev, Dmitriy
作者单位：Shenzhen University; University of Vienna
摘要：This paper introduces a second-price auction with a flexible reserve price, where the reserve price for the top bidder is not fixed but rather determined as a function of all losing bids. We show that when bidders are ex ante heterogeneous, a second-price auction with an optimally chosen flexible reserve price not only generates strictly higher expected revenue than that of a second-price auction with any fixed reserve price but is also revenue-maximizing among all mechanisms that implement di...
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作者：Cunningham, Colleen; Kapacinskaite, Aldona
作者单位：Utah System of Higher Education; University of Utah; INSEAD Business School
摘要：This study investigates the use of a prevalent but rarely studied form of intellectual property protection: trade secrecy. Building on existing survey evidence of firm-level, cross-sectional use of secrecy, we document the effect of stronger legal protections for trade secrets on the project-level use of such secrets. Our setting is the U.S. oil and gas hydraulic fracturing industry, from 2014 to 2018, in states where firms are required to disclose fracturing fluid ingredients to regulators ex...
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作者：Hardouvelis, Gikas; Karalas, Georgios; Vayanos, Dimitri
作者单位：University of Piraeus; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：We study the relationship between the distribution of investor beliefs, the breadth of ownership, and expected returns in a model where stocks differ in the intensity of disagreement and in the extent to which beliefs are polarized, as measured by the number of optimists and pessimists relative to moderates. Polarization explains the size-dependent relationship between breadth and expected returns that we find empirically: positive for large stocks and negative for small stocks. We also find e...
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作者：Atir, Stav; Dunning, David
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Michigan System; University of Michigan
摘要：Education is a primary engine for gaining knowledge, yet it is unclear if introductory education helps learners gain meta-knowledge, that is, an accurate awareness of the scope and limits of their knowledge. We found that after taking an introductory finance class, relative to a control class, students overclaimed more knowledge they did not have, that is, endorsed more familiarity with bogus finance terms and expressed more confidence under incentives in their ability to answer questions abou...
