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Information Cascades and Threshold Implementation : Theory and An Application to Crowdfunding
Cong, Lin William; Xiao, Yizhou - National Bureau of Economic Research - 2023
supporters effectively delegate their decisions to a "gatekeeper," resulting in uni-directional cascades without herding on …
Persistent link: https://www.econbiz.de/10013537714
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The Covariance Structure of Earnings and the On the Job Training Hypothesis
Hause, John C. - 1973
The fine structure of earnings is defined by a theoretically meaningful decomposition of the covariance matrix of earnings (or log earnings) time series. A three-element variance components model is proposed for analyzing earnings of young workers. These components are interpreted as the effects...
Persistent link: https://www.econbiz.de/10012479100
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Know Your Customer : Informed Trading by Banks
Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022
This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...
Persistent link: https://www.econbiz.de/10013388877
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Bank Funding Risk, Reference Rates, and Credit Supply
Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, … - National Bureau of Economic Research - 2023
Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until 2022, this impact was reduced by linking the...
Persistent link: https://www.econbiz.de/10014226104
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Credit Allocation and Macroeconomic Fluctuations
Mueller, Karsten; Verner, Emil - National Bureau of Economic Research - 2023
We study the relationship between credit expansions, macroeconomic fluctuations, and financial crises using a novel database on the sectoral distribution of private credit for 117 countries since 1940. We document that, during credit booms, credit flows disproportionately to the non-tradable...
Persistent link: https://www.econbiz.de/10014322807
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War Discourse and Disaster Premia : 160 Years of Evidence from Stock and Bond Markets
Hirshleifer, David; Mai, Dat; Pukthuanthong, Kuntara - National Bureau of Economic Research - 2023
Using a semi-supervised topic model on 7,000,000 New York Times articles spanning 160 years, we test whether topics of media discourse predict future stock and bond market returns to test rational and behavioral hypotheses about market valuation of disaster risk. Focusing on media discourse...
Persistent link: https://www.econbiz.de/10014287305
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Breaks in the Phillips Curve : Evidence from Panel Data
Smith, Simon C.; Timmermann, Allan; Wright, Jonathan H. - National Bureau of Economic Research - 2023
We revisit time-variation in the Phillips curve, applying new Bayesian panel methods with breakpoints to US and European Union disaggregate data. Our approach allows us to accurately estimate both the number and timing of breaks in the Phillips curve. It further allows us to determine the...
Persistent link: https://www.econbiz.de/10014250170
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Herding with Heterogeneous Ability : An Application to Organ Transplantation
Mel, Stephanie de; Munshi, Kaivan; Reiche, Soenje; … - National Bureau of Economic Research - 2021
assessment of the object's quality and herd behind their predecessors. Our research adds a new dimension to the canonical herding … herding based on this ability heterogeneity and also examine its efficiency consequences, applied to organ transplantation in … the U.K. We find that herding is common but that the information lost due to herding does not substantially increase false …
Persistent link: https://www.econbiz.de/10012660090
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Herding, Warfare, and a Culture of Honor : Global Evidence
Cao, Yiming; Enke, Benjamin; Falk, Armin; Giuliano, Paola; … - National Bureau of Economic Research - 2021
According to the widely known 'culture of honor' hypothesis from social psychology, traditional herding practices are …, and large-scale surveys. The data show systematic links between traditional herding practices and a culture of honor …. First, the culture of pre-industrial societies that relied on animal herding emphasizes violence, punishment, and revenge …
Persistent link: https://www.econbiz.de/10012629470
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When Everyone Runs for the Exit
Pedersen, Lasse Heje - 2009
The dangers of shouting "fire" in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and trades, why they run, what determines the risk,...
Persistent link: https://www.econbiz.de/10012463353