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More Trusting, Less Trust? An Investigation of Early E-Commerce in China
Cai, Hongbin - 2013
Trust is vital for market development, but how can trust be enhanced in a marketplace? A common view is that more trusting may help to build trust, especially in less developed economies. In this paper, we argue that more trusting may lead to less trust. We set up a rational expectation model in...
Persistent link: https://www.econbiz.de/10013083391
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Putting Integrity into Finance : A Purely Positive Approach
Erhard, Werner - 2014
The seemingly never ending scandals in the world of finance with their damaging effects on value and human welfare (that continue unabated in spite of all the various efforts to curtail the behavior that results in those scandals) argues strongly for an addition to the current paradigm of...
Persistent link: https://www.econbiz.de/10013056596
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Fiduciary Duty and the Market for Financial Advice
Bhattacharya, Vivek - 2019
Fiduciary duty aims to solve principal-agent problems, and the United States is in the middle of a protracted debate … state-level variation in common law fiduciary duty, we find that it raises risk-adjusted returns by 25 bp. Through the lens …, and counterfactual simulations suggest that further increases in the stringency of fiduciary duty, such as a federal …
Persistent link: https://www.econbiz.de/10012870060
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Economic Effects of Runs on Early 'Shadow Banks' : Trust Companies and the Impact of the Panic of 1907
Frydman, Carola - 2012
We use the unique circumstances that led to the Panic of 1907 to analyze its impact on economic activity. The panic was fuelled by runs on the 'shadow banks' of the time, New York's trust companies. But the shock that triggered the runs was unrelated to the nonfinancial corporations affiliated...
Persistent link: https://www.econbiz.de/10013103045
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Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities
Egan, Mark; Ge, Shan; Tang, Johnny - 2022
conflicts of interest, the Department of Labor proposed a rule in 2016 that would hold brokers to a fiduciary standard when … dealing with retirement accounts. We find that after the proposed fiduciary rule, sales of high-expense variable annuities …-expense products. Based on our structural model estimates, investor welfare improved as a result of the fiduciary rule under …
Persistent link: https://www.econbiz.de/10014238702
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How Important are Perpetual Tax Savings?
Hines Jr., James R. - 2012
Federal estate taxes give very wealthy families incentives to transfer resources directly to distant generations in order to avoid taxes on successive rounds of transfers. Until recently such transfers were impeded by the rule against perpetuities, which prevented transfers to most potential...
Persistent link: https://www.econbiz.de/10013097667
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Who Benefits from Online Gig Economy Platforms?
Stanton, Christopher; Thomas, Catherine - 2023
This paper estimates the magnitude and distribution of surplus from the knowledge worker gig economy using data from an online labor market. Labor demand elasticities determine workers’ wages, and buyers’ past market experience shapes both their job posting frequency and hiring rates. We...
Persistent link: https://www.econbiz.de/10014346585
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E-Commerce and the Market Structure of Retail Industries
Goldmanis, Maris - 2012
While a fast-growing body of research has looked at how the advent and diffusion of e-commerce has affected prices, much less work has investigated e-commerce's impact on the number and type of producers operating in an industry. This paper theoretically and empirically takes up the question of...
Persistent link: https://www.econbiz.de/10012755123
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Price Impacts of Deals and Predictability of the Exchange Rate Movements
Ito, Takatoshi - 2010
This paper examines the price impact and the predictability of the exchange rate movement using the transaction data recorded in the electronic broking system of the spot foreign exchange market. The number of actual deals at the ask (or bid side) for a specified time interval may be regarded as...
Persistent link: https://www.econbiz.de/10012760548
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Connecting the Countryside Via E-Commerce : Evidence from China
Couture, Victor - 2018
This paper estimates the impact of the first nation-wide e-commerce expansion program on rural households. To do so, we combine a randomized control trial with new survey and administrative microdata. In contrast to existing case studies, we find little evidence for income gains to rural...
Persistent link: https://www.econbiz.de/10012925275