This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is not created due to a hold-up problem. Monetary expansion increases buyers' money holdings, and then, dealers are willing to buy a worthless asset from sellers, in hopes of...

We study commercialization of personal data through personalized advertising by a content platform. Content consumption generates productive data about consumer preferences. The firm invests in artificial intelligence (AI) to improve analytical power and in quality to stimulate content...

Globally, real estate trade is highly regularized. Usually, the market value is not negotiated simply between the seller and potential buyer but based on an assessment performed by a professional valuer, known as a surveyor or appraiser. This paper inquires about the economic role of valuers in...

This paper studies repeated trade with noisy information about previous transactions. A buyer has private information about his willingness to pay, which is either low or high, and buys goods from different sellers over time. Each seller observes a noisy history of signals about the buyer's...

Greenstone et al. examine the effect of the introduction of automatic air pollution monitoring on the reporting of local air pollution in China. Using 654 regression discontinuity designs (RDDs) based on city-level variation in the day that monitoring was automated, they find an immediate and...

Deceptive communication, as involved in impersonation fraud and other forms of economic crime, can inflict loss, making it important to be able to distinguish these from trustworthy ones. This article pursues the hypothesis that repeated exposure or experience can cause learning and hence better...

Governments often pursue procyclical fiscal policies, even though they reduce voter welfare. Is this because voters actually prefer procyclical policies? The analysis in this paper exploits the first individual-level evidence from an original survey of 12,000 respondents in 8 countries across...

Stabilität versus Aktualität – Wann sind stabile Agency-Ratings marktbasierten Bewertungen vorzuziehen? Die Arbeit analysiert auf theoretischer Basis Vor- und Nachteile einer langfristig stabilen versus aktuellen, volatileren Informationsbasis anhand strategischer Portfolioentscheidungen....

Prinzipal-Agent-Beziehung: First-best, second-best und third-best Der Beitrag betrachtet das klassische Prinzipal-Agent-Problem in diskreter Formulierung. Im Vordergrund steht dabei die Monotonie des Entlohnungsschemas. Ein Ziel stellt eine Übersicht über Bedingungen dar, die im...

Internet Bondholder Relations: Explaining Differences in Transparency among German Issuers of Corporate Bonds Bondholder relations gains importance for German non-financial firms as the debt market environment is changing significantly. Beyond an unprecedented increase in the amount of...