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作者：D'Andrea, Angelo; Limodio, Nicola
作者单位：European Central Bank; Bank of Italy; Bocconi University; Bocconi University; Bocconi University
摘要：Exploiting the staggered arrival of fiber-optic submarine cables, we show that highspeed internet promotes the role of banks and credit in Africa. Variation within country and across multicountry bank networks indicates that high-speed internet induced a 22% expansion in credit supply. We investigate the role of plummeting telecommunication costs in promoting the bank adoption of new financial technologies and study a specific technology used in the interbank market, the real-time gross settle...
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作者：Kim, Youngsoo; Xu, Yuqian
作者单位：University of Alabama System; University of Alabama Tuscaloosa; University of North Carolina; University of North Carolina Chapel Hill
摘要：Major banks around the world lost nearly $210 billion during the period of 2011-2016 due to operational risk events. To mitigate the severe consequences that can arise from such events, the Basel Regulatory Committee has mandated that financial institutions worldwide conduct inspections on operational risk. In light of the importance of operational risk and its current regulation in the industry, this paper proposes a continuous-time principal -agent model that explores the optimal inspection ...
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作者：Li, Kathleen T.; Shankar, Venkatesh
作者单位：University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Marketing researchers are often interested in estimating causal effects when a randomized experiment is infeasible. The synthetic control (SC) method has emerged as a powerful tool in these quasiexperimental settings. It is important to verify the SC parallel pretrends assumption, the testable part of the identifying assumption, because its violation may lead to biased estimates. However, no formal test exists, so researchers have to rely on visual inspection. Even with a formal test, research...
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作者：Komiyama, Junpei; Noda, Shunya
作者单位：New York University; University of Tokyo
摘要：We analyze statistical discrimination in hiring markets using a multiarmed bandit model. Myopic firms face workers arriving with heterogeneous observable characteristics. The association between the worker's skill and characteristics is unknown ex ante; thus, firms need to learn it. Laissez-faire causes perpetual underestimation: minority workers are rarely hired, and therefore, the underestimation tends to persist. Even a marginal imbalance in the population ratio frequently results in perpet...
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作者：Duffy, John; Jiang, Janet Hua; Xie, Huan
作者单位：University of California System; University of California Irvine; Bank of Canada; Concordia University - Canada
摘要：We study indefinitely lived assets in experimental markets and find that the traded prices of these assets are on average about 40% of the risk -neutral fundamental value. Neither uncertainty about the value of total dividend payments nor horizon uncertainty about the duration of trade can account for this low traded price. An Epstein-Zin recursive preference specification that models the dynamic realization of dividend payments, combined with either probability weighting or subjects' heteroge...
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作者：Ramadorai, Tarun; Zeni, Federica
作者单位：Imperial College London; Center for Economic & Policy Research (CEPR); The World Bank
摘要：We measure firms' beliefs about climate regulation, plans for future abatement, and current emissions mitigation from responses to the Carbon Disclosure Project. These measures vary strikingly around the Paris announcement. A dynamic model of a representative firm facing a future carbon levy, trading off abatement and capital growth, and facing convex adjustment costs cannot fit the data. A two-firm model with crossfirm reputational externalities, heterogeneous beliefs over climate regulation,...
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作者：Gu, Grace Y.
作者单位：University of Southern California
摘要：With the development of communication technology that makes online transactions easier, there is also an increased risk of disintermediation-sellers and buyers circumventing a platform to transact directly-in online two-sided marketplaces. Such disintermediation may lead to significant revenue loss for online platforms. However, it remains unclear how the characteristics of platforms affect their vulnerability to disintermediation. Using the blockade of Skype in mainland China as a natural exp...
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作者：Fan, Qintao; Johnson, Nicole
作者单位：University of Oregon
摘要：Simple contest schemes, which tend to use extreme contemporaneous peer benchmarking, are generally thought to be less efficient at motivating productive and cooperative effort than explicit bonus contracts that optimally weight observed own and peer outputs. We show, however, that contest schemes can outperform explicit bonus contracts in a two-period dynamic setting if periodic output is correlated over time, and contract terms can be renegotiated. In our model, all parties update their belie...
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作者：Nogueira, Gil; Farinha, Luisa; Blattner, Laura
作者单位：Banco de Portugal; Stanford University
摘要：We provide evidence that the yield impact of unconventional monetary policy is not a sufficient statistic to measure the strength of the bank lending channel of unconventional monetary policy. As a laboratory, we study three major positive events in the European sovereign debt crisis-the Greek debt restructuring (private sector involvement (PSI)), outright monetary transactions (OMT), and quantitative easing (QE)-using credit registry and security-level bank balance sheet data from Portugal, a...
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作者：Kan, Raymond; Wang, Xiaolu
作者单位：University of Toronto; Iowa State University
摘要：When a benchmark model is inefficient, including test assets in addition to the benchmark portfolios can improve the performance of the optimal portfolio. In reality, the efficiency of a benchmark model relative to the test assets is ex ante unknown; moreover, the optimal portfolio is constructed based on estimated parameters. Therefore, whether and how to include the test assets becomes a critical question faced by real world investors. For such a setting, we propose a combining portfolio str...
