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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/10012459701
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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/10012458678
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Fiduciary Duty and the Market for Financial Advice
Bhattacharya, Vivek - 2019
Fiduciary duty may combat principal-agent problems in the provision of financial advice, but it may also impose costs … through legal liability. We study the effects of fiduciary duty on the deferred annuity market using transaction-level data …. Leveraging state-level variation in common law fiduciary duty, we find that it raises risk-adjusted returns by 25 bp without …
Persistent link: https://www.econbiz.de/10012479810
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Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities
Egan, Mark L. - 2020
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, the 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/10012481431
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How Important Are Perpetual Tax Savings?
Hines, James R, Jr - 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/10012460107
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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/10012460396
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E-commerce During Covid : Stylized Facts from 47 Economies
Alcedo, Joel - 2022
We study e-commerce across 47 economies and 26 industries during the COVID-19 pandemic using aggregated and anonymized transaction-level data from Mastercard, scaled to represent total consumer spending. The share of online transactions in total consumption increased more in economies with...
Persistent link: https://www.econbiz.de/10012938698
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The Ruble Collapse in an Online Marketplace : Some Lessons for Market Designers
Horton, John J. - National Bureau of Economic Research - 2021
The sharp devaluation of the ruble in 2014 increased the real returns to Russians from working in a global online labor marketplace, as contracts in this market are dollar-denominated. Russians clearly noticed the opportunity, with Russian hours-worked increasing substantially, primarily on the...
Persistent link: https://www.econbiz.de/10012510580
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Platform as a Rule Maker : Evidence from Airbnb's Cancellation Policies
Jia, Jian; Jin, Ginger Zhe; Wagman, Liad - National Bureau of Economic Research - 2021
Digital platforms are not only match-making intermediaries but also establish internal rules that govern all users in their ecosystems. To better understand the governing role of platforms, we study two Airbnb pro-guest rules that pertain to guest and host cancellations, using data on Airbnb and...
Persistent link: https://www.econbiz.de/10012585362
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Flagship Entry in Online Marketplaces
Jin, Ginger Zhe; Lu, Zhentong; Zhou, Xiaolu; Fang, Lu - National Bureau of Economic Research - 2021
In the world of omnichannel retail, some brands open a flagship store at online marketplaces, while others avert it. Focusing on a large e-commerce platform, we empirically study how flagship entry affects consumers, the platform, and various sellers on the platform
Persistent link: https://www.econbiz.de/10012629459