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He, Bianca; Mostrom, Lauren I.; Sufi, Amir - National Bureau of Economic Research - 2024

Firms invest heavily in customer capital, and such investment is a main source of intangible capital value. This study measures investment in customer capital using sales and marketing expense from income statements, information on salaries paid to workers in sales and marketing, and text from...

Persistent link: https://www.econbiz.de/10015145122

Reputation Cycles

Jovanovic, Boyan - 2016

This paper shows that endogenous cycles can arise when contracts between firms and their customers are incomplete and …

Persistent link: https://www.econbiz.de/10012455977

Financial Sophistication and Bank Market Power

Fleckenstein, Matthias; Longstaff, Francis A. - National Bureau of Economic Research - 2024

We study the relation between bank funding costs and the financial sophistication of bank customers. In doing this, we … deposits in a way that can result in financially-unsophisticated customers essentially being shortchanged. We find that these …-unsophisticated customers may provide banks with substantial market power and be an important component of the value of a bank's deposit …

Persistent link: https://www.econbiz.de/10015094891

Invisible Primes : Fintech Lending with Alternative Data

Di Maggio, Marco; Ratnadiwakara, Dimuthu; Carmichael, Don - National Bureau of Economic Research - 2022

We exploit anonymized administrative data provided by a major fintech platform to investigate whether using alternative data to assess borrowers' creditworthiness results in broader credit access. Comparing actual outcomes of the fintech platform's model to counterfactual outcomes based on a...

Persistent link: https://www.econbiz.de/10013172139

Greater Than the Sum of Its Parts : Aggregate vs. Aggregated Inflation Expectations

Dietrich, Alexander M.; Knotek, Edward S.; Myrseth, … - National Bureau of Economic Research - 2023

This paper introduces a novel measure of consumer inflation expectations: We elicit and combine inflation forecasts across categories of personal consumption expenditure to form an aggregated measure of inflation expectations. Drawing on nearly 60,000 respondents, our data comprise the early...

Persistent link: https://www.econbiz.de/10014436953

Safety Reviews on Airbnb : An Information Tale

Culotta, Aron; Jin, Ginger Zhe; Sun, Yidan; Wagman, Liad - National Bureau of Economic Research - 2023

Consumer reviews, especially those expressing concerns of product quality, are crucial for the credibility of online platforms. However, reviews that criticize a product or service may also dissuade buyers from using the platform, creating an incentive to blur the visibility of critical reviews....

Persistent link: https://www.econbiz.de/10014436986

Heterogeneous Households under Uncertainty

Veronesi, Pietro - 2019

I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs about long-term growth. As the economy expands and the stock market rises (a) the fraction of households with declining consumption-share increases; (b) the wealth-share of high...

Persistent link: https://www.econbiz.de/10012479404

Monetary Policy Communications and their Effects on Household Inflation Expectations

Coibion, Olivier - 2019

We study how different forms of communication influence the inflation expectations of individuals in a randomized controlled trial. We first solicit individuals' inflation expectations in the Nielsen Homescan panel and then provide eight different forms of information regarding inflation....

Persistent link: https://www.econbiz.de/10012479438

A Retrieved-Context Theory Of Financial Decisions

Wachter, Jessica - 2019

Studies of human memory indicate that features of an event evoke memories of prior associated contextual states, which in turn become associated with the current event's features. This mechanism allows the remote past to influence the present, even as agents gradually update their beliefs about...

Persistent link: https://www.econbiz.de/10012480144

Organizational Structure and Pricing : Evidence from a Large U.S. Airline

Hortaçsu, Ali; Natan, Olivia R.; Parsley, Hayden; … - National Bureau of Economic Research - 2021

We study how organizational boundaries affect pricing decisions using comprehensive data from a large U.S. airline. We document that the firm's advanced pricing algorithm, utilizing inputs from different organizational teams, is subject to multiple biases. To quantify the impacts of these...

Persistent link: https://www.econbiz.de/10012696417