We introduce uncertainty into Holmstrom and Milgrom (1987) to study optimal long-term contracting with learning. In a dynamic relationship, the agent's shirking not only reduces current performance but also increases the agent's information rent due to the persistent belief manipulation effect....

This paper examines racial disparities in mortgage processing time prior to the global financial crisis. We find that Black borrowers are underrepresented and experience a longer processing time than White borrowers among the mortgages securitized by government-sponsored enterprises. At the same...

How many interest rate hikes is quantitative tightening (QT) equivalent to? In this paper, I examine this question based on the preferred-habitat model in Vayanos and Vila (2021). I define the equivalence between rate hikes and QT such that they both have the same impact on the 10-year yield....

Green bismuth-based photocatalysts have attracted extensive attention in the field of PPCPs photodegradation. The improved carrier separation efficiency still remains a key factor to enhance photocatalytic performance. Herein, N-doped biomass carbon quantum dots (N-CQDs) decorated p-n...

How many interest rate hikes is “quantitative tightening” (QT) equivalent to? In this paper, we examine this question based on the preferred-habitat model in Vayanos and Vila (2021). We define the equivalence between rate hikes and QT such that they both have the same impact on the 10-year...

This paper examines racial disparities in mortgage processing time prior to the Global Financial Crisis. We find that Black borrowers are under-represented and experience a longer processing time than white borrowers among the mortgages securitized by government-sponsored enterprises (GSEs). At...

Uncertainty has qualitatively different implications than risk in studying executive incentives. We study the interplay between profitability uncertainty and moral hazard, where profitability is multiplicative with the managerial effort. Investors who face greater uncertainty desire faster...

We analyze event abnormal returns when returns predict events. In fixed samples, we show that the expected abnormal return is negative and becomes more negative as the holding period increases. Asymptotically, abnormal returns converge to zero provided that the process of the number of events is...