A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 436 resources
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This paper studies the relationship between civil war and the value of firms in a poor, resource-abundantcountry using microeconomic data for Angola. We focus on diamond mining firms and conduct an eventstudy on the sudden end of the conflict, marked by the death of the rebel movement leader in 2002. We findthat the stock market perceived this event as "bad news" rather than "good news" for companies holdingconcessions in Angola, as their abnormal returns declined by 4 percentage points. The event had no effecton a control portfolio of otherwise similar diamond mining companies. This finding is corroborated byother events and by the adoption of alternative methodologies. We interpret our findings in light ofconflict-generated entry barriers, government bargaining power, and transparency in the licensing process. (JEL D74, G32, O13, O17, Q34)
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We elicit traders' predictions of future price trajectories in repeated experimentalmarkets for a 15-period-lived asset. We find that individuals' beliefs about prices areadaptive, and primarily based on past trends in the current and previous markets inwhich they have participated. Most traders do not anticipate market downturns thefirst time they participate in a market, and, when experienced, they typically overestimatethe time remaining before market peaks and downturns occur. When pricesdeviate from fundamental values, belief data are informative to an observer in predictingthe direction of future price movements and the timing of market peaks. (JELC91, D12, D84, G11 )
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Reputation effects and other-regarding preferences have both been used to predictcooperative outcomes in markets with inefficient equilibria. Existing reputation-buildingmodels require either infinite time horizons or publicly observed identities,but cooperative outcomes have been observed in several moral hazard experimentswith finite horizons and anonymous interactions. This paper introduces afull reputation equilibrium (FRE) with stereotyping (perceived type correlation) inwhich cooperation is predicted in early periods of a finitely repeated market withanonymous interactions. New experiments generate results in line with the FREprediction, including final-period reversions to stage-game equilibrium and noncooperativeplay under unfavorable payoff parameters. (JEL C72, C73, C78, J41)
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We conducted a natural field experiment to further our understanding of the economicsof charity. Using direct mail solicitations to over 50,000 prior donors of anonprofit organization, we tested the effectiveness of a matching grant on charitablegiving. We find that the match offer increases both the revenue per solicitation andthe response rate. Larger match ratios (i.e., 3:1 and 2:1) relative to a smallermatch ratio (1:1) had no additional impact, however. The results provide avenuesfor future empirical and theoretical work on charitable giving, cost-benefit analysis,and the private provision of public goods. (JEL D64, L31)
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This paper offers a simple approach to the theory of decentralizing inventory andpricing decisions along a supply chain. We consider an upstream manufacturerselling to two outlets, which compete as differentiated duopolists and face uncertaindemand. Demand spillovers between the outlets arise in the event of stockouts. Theprice mechanism, in which each outlet pays a two-part price and chooses price andinventory, virtually never coordinates incentives efficiently. Contracts that can elicitfirst-best decisions include resale price floors or buy-back policies (retailer-heldoptions to sell inventory back to the manufacturers). (JEL D21, L13, L14, M11)
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A sequentially rationalizable choice function is a choice function that can beretrieved by applying sequentially to each choice problem the same fixed set ofasymmetric binary relations (rationales) to remove inferior alternatives. These conceptstranslate into economic language some human choice heuristics studied inpsychology and explain cyclical patterns of choice observed in experiments. Westudy some properties of sequential rationalizability and provide a full characterizationof choice functions rationalizable by two and three rationales. (JEL D01).
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We study alternate approaches to implement congestion pricing at US airports. Conventional formulations toll all aircraft without determining whether a plane operated by a given airline delays other planes that it operates or planes operated by other airlines. Recent work points out optimal pricing calls for carriers to be charged only for the delay they impose on other airlines. We find a small difference between the net benefits generated by the two congestion-pricing policies because the bulk of airport delays are not internalized and because the efficiency loss from pricing internalized congestion is small. (JEL L11, L93, R41)
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Following the recently dismissed antitrust lawsuit against the National ResidencyMatching Program (NRMP), Jeremy Bulow and Jonathan Levin (2006) propose a simplematching model in which firms set impersonal salaries simultaneously before matchingwith workers, which leads to lower aggregate wages than any competitive outcome. Imodel a feature of the NRMP, ordered contracts, that allows firms to set several contractswhile determining the order in which they try to fill them, which has different propertiesthan standard models with multiple contracts. Furthermore, the low wages of Bulow andLevin are no longer an equilibrium, but competitive wages are. (JEL D86, J31, J41)
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Journals
- American Economic Review (192)
- Journal of Finance (84)
- Journal of Financial Economics (103)
- Review of Financial Studies (57)
Topic
- Bond (23)
- Mergers and Acquisitions (7)
- CEO (7)
- Director (1)
- Capital Structure (1)
Resource type
- Journal Article (436)