We study CEO compensation in the banking industry by considering banks’ unique claim structure in the presence of two types of agency problems: the standard managerial agency problem and the risk-shifting problem between shareholders and debtholders. We empirically test two hypotheses derived...

This paper asks which aspects of a structural Nonparametric Instrumental Variables Regression (NPIVR) can be identified well and which ones cannot. It contributes to answering this question by characterizing the identified set of linear continuous functionals of the NPIVR under norm constraints....

Purpose: With the rapid progress of Internet of Things technology, the information service of IoT has got unprecedented development, and plays an increasingly important role in real life. For the increasing demand of information service, the pricing of information service becomes more important....

Purpose: With the rapid development of economy and the support of government policy, the development of the logistics industry has become a new economic growth engine. As we all know, the reasonable price of logistics service is the most critical factor for logistics enterprises to win market...

Purpose: An electronic product recycling not only needs the waste treatment company, but also involves recycler and remanufacturer. It is significance for increasing subsidy modes and promoting waste recycling to research the effect of government subsidies for recycler and remanufacturer on the...

Agents in a network want to learn the true state of the world from their own signals and their neighbors' reports. Agents know only their local networks, consisting of their neighbors and the links among them. Every agent is Bayesian with the (possibly misspecified) prior belief that her local...

The implementation of the "second child policy" and the influx of large numbers of people have led to an increase in the population of Zhejiang Province in China, placing pressure on the environment, health care, and education. In this context, this study intends to use the...

We develop a career concerns model in which agents differ in taste for income in addition to ability, and derive basic implications of this framework. We argue that the model captures important aspects of ambition. Since ambitious agents are expected to work harder - and therefore be paid more -...

The rapid development of artificial intelligence methods contributes to their wide applications for forecasting various financial risks in recent years. This study introduces a novel explainable case-based reasoning (CBR) approach without a requirement of rich expertise in financial risk....

Agency mortgage backed securities (MBS) with diverse characteristics are traded in parallel with individualized contracts in the specified pool (SP) market and with standardized contracts in the to-be-announced (TBA) market. We find that this unique parallel trading environment significantly...