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作者：Rodriguez, Fabrizio
作者单位：Universidad de Montevideo
摘要：This note critically analyzes the conditions for equilibrium existence in a model involving incentive schemes and inventory management. It identifies a technical flaw where equilibrium is asserted to exist under certain parameter values when, in fact, it does not. However, by introducing a reasonable assumption that inventory can only be ordered in sufficiently large increments, the qualitative outcomes and key insights remain intact.
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作者：Candogan, Ozan; Chen, Chen; Niazadeh, Rad
作者单位：University of Chicago; New York University; NYU Shanghai
摘要：Experimentation is prevalent in online marketplaces and social networks to assess the effectiveness of new market intervention. To mitigate the interference among users in an experiment, a common practice is to use a cluster -based experiment, where the designer partitions the market into loosely connected clusters and assigns all users in the same cluster to the same variant (treatment or control). Given the experiment, we assume an unbiased Horvitz-Thompson estimator is used to estimate the ...
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作者：deHaan, Ed; Kim, Jungbae; Lourie, Ben; Zhu, Chenqi
作者单位：Stanford University; Singapore Management University; University of California System; University of California Irvine
摘要：Buy -now -pay -later (BNPL) is a relatively unregulated FinTech innovation that provides consumers with easy access to credit for retail purchases. BNPL spending is projected to reach $1 trillion by 2025, but we know little about its effects. Using banking data for 10.6 million U.S. consumers, we investigate the effects of BNPL on leading indicators of users' financial health. We find that new BNPL users experience rapid increases in bank overdraft charges and credit card interest and fees com...
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作者：Corgnet, Brice; Desantis, Mark; Porter, David
作者单位：emlyon business school; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; Chapman University System; Chapman University
摘要：The growing prevalence of stock market chat rooms and social media suggests that communication between traders may affect market outcomes. Using data from a series of laboratory experiments, we study the causal effect of trader communication on market efficiency. We show that communication allows markets to convey private information more effectively. This effect is robust to a wide range of information settings. The presence of insiders limits the impact, whereas posted reputation scores in t...
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作者：Mkrtchyan, Anahit; Sandvik, Jason; Zhu, Vivi Z.
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of Arizona; Southern Methodist University
摘要：We investigate the increasingly common practice of chief executive officers (CEOs) taking public stances on social and political issues (CEO activism). We find that CEO activism stems from a CEO's personal ideology and its alignment with investor, employee, and customer ideologies. We show that CEO activism results in positive market reactions. Furthermore, firms with CEO activism realize increased shareholdings from investors with a greater liberal leaning, who rebalance their portfolios towa...
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作者：Hao, Lin; Kumar, Subodha
作者单位：Fordham University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Consumer showrooming has become a common phenomenon in the retail industry, but little is known about its influence on the interplay between an upstream supplier and a downstream retailer in a distribution channel. Our study examines such an influence by considering an upstream supplier who sells a product through a downstream physical retailer based on a wholesale contract. At the same time, based on an agency contract, the supplier sells the product on an online retail platform where a nonne...
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作者：Shen, Jialu
作者单位：University of Missouri System; University of Missouri Columbia
摘要：Using a quantitative, calibrated life-cycle model, I show that countercyclical earnings risk affects individual consumption growth, reduces the share of wealth in stocks, and affects savings behavior. Using the Panel Study of Income Dynamics survey, I construct an empirical measure of countercyclical earnings risk and find evidence consistent with the model's predictions. Specifically, larger downside earnings risk decreases consumption growth, increases left skewness in consumption growth, an...
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作者：Bushman, Robert; Pinto, Jedson
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Texas System; University of Texas Dallas
摘要：We hypothesize that after a relaxation of short selling constraints, an escalation in short selling activity will heighten incentives for short sellers to accelerate price discovery by revealing their negative information. Consistent with this conjecture, we find that the overall sentiment of media coverage tilts significantly more negative for pilot relative to control firms following exogenous relief of short sale constraints. We find a more pronounced effect for media-initiated articles rel...
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作者：Kundu, Shohini
作者单位：University of California System; University of California Los Angeles
摘要：Closed-end funds are thought to have negligible fire sale risk as they have stable funding. However, I show that embedded covenants can generate price pressure in collateralized loan obligation (CLO) funds, even though such funds are closed end. Loans held by constrained CLOs report significantly lower cumulative returns than loans held by unconstrained CLOs. This can be explained by contractual arbitrage, a practice by which CLOs exploit loopholes in the design of covenants to mechanically lo...
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作者：Buraschi, Andrea; Tebaldi, Claudio
作者单位：Imperial College London; Bocconi University
摘要：This paper studies intertemporal asset pricing in network economies when distress shocks can propagate through the network, similarly to epidemic outbreaks. Two classes of equilibria exist. In the first, idiosyncratic shocks are diversifiable and do not affect valuations; the consumption capital asset pricing model applies. In the second, idiosyncratic shocks generate nondiversifiable long-run cascades of shocks (financial pandemics) that introduce a new risk premium component unexplained by t...
