-
作者：Cole, Shawn; Melecky, Martin; Molders, Florian; Reed, Tristan
作者单位：Harvard University; National Bureau of Economic Research; The World Bank; The World Bank
摘要：We provide the first evidence on the long-run returns to private equity in emerging and frontier markets using the cash flows from every equity investment made by the International Finance Corporation across 130 countries over 58 years. Risk-adjusted returns are comparable to the S&P 500, at least from 1961 until 2010. Returns improve with economic growth but decline as banking systems deepen and countries relax capital controls. These results are consistent with the thesis that financial fric...
-
作者：Amaldoss, Wilfred; Shin, Woochoel
作者单位：Duke University; State University System of Florida; University of Florida
摘要：Consumers visiting platforms that host user-generated content (UGC) not only consume content but also generate content by investing time and effort. This paper seeks to examine a UGC platform's content provision strategy: how a UGC platform can motivate consumers to generate UGC and how it can manage the balance between UGC and the platform's own content. As UGC and the platform's own content perform the same function, one may be inclined to think that the two types of content are substitutes....
-
作者：Ambrose, Brent W.; Gustafson, Matthew; Valentin, Maxence; Ye, Zihan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Tennessee System; University of Tennessee Knoxville
摘要：Policy shocks that increase the costs of public goods should simultaneously reduce voter support for them. We study the extent to which this creates a corresponding voter-induced municipal credit risk. We exploit changes to state and local tax (SALT) deductions from the Tax Cut and Jobs Act as a policy shock to the costs of local public goods. In a difference-in-differences framework with repeated bond trades, we find that jurisdictions with a higher share of residents who ceased deducting SAL...
-
作者：Soda, Giuseppe; Zaheer, Aks; Park, Michael; McEvily, Bill; Subramani, Mani
作者单位：Bocconi University; University of Minnesota System; University of Minnesota Twin Cities; INSEAD Business School; University of Toronto
摘要：The predominant focus of the organizational literature on trust has been on direct interactions between actors. Whereas this emphasis has solidified our understanding of the dyadic foundations of trust, we know relatively little about the mechanisms of trust creation in network contexts. In this paper, we introduce the network mechanism of prismatic trust to explain why some actors are more trusted than others. Specifically, we posit that networks act as prisms that generate signals of trustwo...
-
作者：Li, Zhaolin; Liang, Guitian
作者单位：University of Sydney; Jinan University
摘要：Because of various factors (such as a lack of adequate statistical knowledge or data, unforeseen weather events), the yields of agricultural products often exhibit a high level of ambiguity. When facing distributional ambiguity in yields, farmers and landowners may base their contracting decisions on descriptive statistics, such as the mean and variance. To investigate how limited information could reshape optimal contract forms, we consider an agricultural supply chain in which a landowner co...
-
作者：Hwang, Hyun
作者单位：University of Texas System; University of Texas Austin
摘要：I develop an analytical model to examine the effect of disclosure on organizational structure. In this model, an owner with two investment projects decides whether to organize them as a single multidivisional firm or two stand-alone firms whose manager(s) may issue a truthful but costly disclosure of each project's profitability to raise capital. In a multidivisional firm, capital is initially provided by investors and subsequently allocated across the two projects by the manager. The analysis...
-
作者：Basov, Suren; Erkal, Nisvan; Minehart, Deborah; Scotchmer, Suzanne
作者单位：University of Melbourne; University of California System; University of California Berkeley
摘要：We consider a model of innovation that distinguishes between ideas and innovations. Although innovation responds to incentives, ideas are a scarce resource that provides an exogenous constraint on the rate of innovation. We investigate how the optimal reward structure is shaped by the scarcity of ideas. Substitute ideas for innovation in the model arrive to random recipients at random times. By forgoing investment in a current idea, society preserves an option to invest in a better idea for th...
-
作者：Hao, Jinji
作者单位：Victoria University Wellington
摘要：This paper examines the joint determination of haircuts and interest rates for collateralized loans in shadow banking within a general equilibrium model. Three results emerge. First, higher downside quality (the distribution of future collateral payoffs below the debt face value) reduces haircuts only under certain conditions, whereas higher upside quality (the distribution of future collateral payoffs above the debt face value) always increases them. Second, the relative insensitivity of inte...
-
作者：Ramdas, Kamalini; Sungu, Alp
作者单位：University of London; London Business School; University of Pennsylvania
摘要：Smartphones have enabled the delivery of life-improving information services to base-of-the-pyramid (BOP) consumers. However, little is known about how the poor interact with the digital world. Through a novel app we developed to investigate real-time smartphone usage, we identify an unnoticed barrier to digital information access by the poor-data shortages. By analyzing over 9.4 million minutes of smartphone usage data from 929 residents of a Mumbai settlement, we find that entertainment cons...
-
作者：Adbi, Arzi; Mishra, Anant; Chatterjee, Chirantan
作者单位：National University of Singapore; University of Minnesota System; University of Minnesota Twin Cities; University of Sussex
摘要：This study examines how domestic and foreign firms in the private sector respond to a reduction in competition from the public sector. Our analysis exploits the sudden suspension of production licenses of vaccine-manufacturing public sector units (PSUs) in January 2008 in India, home to more than 1.2 billion people at that time. Although the suspension presented a window of opportunity for private sector firms, the opportunity was laden with high uncertainty. Despite this uncertainty, we find ...
