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Scalable Price Targeting -- by Jean-Pierre Dube, Sanjog Misra

We study the welfare implications of scalable price targeting, an extreme form of third-degree price discrimination implemented with machine learning for a large, digital firm. Targeted prices are...

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Learning by Ruling and Trade Disputes -- by Giovanni Maggi, Robert W. Staiger

Over the WTO years, the frequency of disputes and court rulings has trended downwards. Such trends are sometimes interpreted as symptoms of a dispute resolution system in decline. In this paper we...

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Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates...

We relate the risk characteristics of currencies to measures of physical, cultural, and institutional distance. The currencies of countries which are more distant from other countries are more exposed...

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Tax Evasion and Inequality -- by Annette Alstadsaeter, Niels Johannesen,...

This paper attempts to estimate the size and distribution of tax evasion in rich countries. We combine random audits--the key source used to study tax evasion so far--with new micro-data leaked from...

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Strategy-proofness in the Large -- by Eduardo M. Azevedo, Eric Budish

We propose a criterion of approximate incentive compatibility, strategy-proofness in the large (SP-L), and argue that it is a useful second-best to exact strategy-proofness (SP) for market design....

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Primary-Market Auctions for Event Tickets: Eliminating the Rents of 'Bob the...

Economists have long been puzzled by event-ticket underpricing: underpricing both reduces revenue and encourages socially wasteful rent-seeking by ticket brokers. This paper studies the introduction of...

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High School Choices and the Gender Gap in STEM -- by David Card, A. Abigail...

Women who graduate from university are less likely than men to specialize in science, technology, engineering, or math (STEM). We use detailed administrative data for a recent cohort of high school...

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Medically Necessary but Forbidden: Reproductive Health Care in Catholic-owned...

The United States has recently seen a large increase in hospital mergers and acquisitions, and Catholic hospital systems have actively participated in this. As of 2016, 40% of the largest healthcare...

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The Evolution of Corporate Cash -- by John R. Graham, Mark T. Leary

We put the recent increase in corporate cash in historic perspective by studying nearly 100 years of average and aggregate cash holdings. Corporate cash more than doubled in the first 25 years of our...

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Financialization in Commodity Markets -- by V.V. Chari, Lawrence Christiano

The financialization view is that increased trading in commodity futures markets is associated with increases in the growth rate and volatility of commodity spot prices. This view gained credence...

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The Impact of Partial-Year Enrollment on the Accuracy of Risk Adjustment...

Accurate risk adjustment facilitates healthcare market competition. Risk adjustment typically aims to predict annual costs of individuals enrolled in an insurance plan for a full year. However,...

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Global Macro Risks in Currency Excess Returns -- by Kimberly A. Berg, Nelson...

We study the cross-sectional variation of carry-trade-generated currency excess returns in terms of their exposure to global macroeconomic fundamental risk. The risk factor is the cross-country...

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Three Ways Leaders Can Build Trust

I was asked a very important question today during a presentation to a group of senior finance executives from a wide array of Fortune 500 companies.   One person asked, "How does a leader build trust?...

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Weekly Top 5 Papers â September 11th 2017

1. A Brief Introduction to the Basics of Game Theory by Matthew O. Jackson (Stanford University – Department of Economics; Santa Fe Institute; Canadian Institute for Advanced Research (CIFAR))read...

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Additive energy forward curves in a Heath-Jarrow-Morton framework....

One of the peculiarities of power and gas markets is the delivery mechanism of forward contracts. The seller of a futures contract commits to deliver, say, power, over a certain period, while the...

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Predictive Modeling: An Optimized and Dynamic Solution Framework for...

This paper defines systematic value investing as an empirical optimization problem. Predictive modeling is introduced as a systematic value investing methodology with dynamic and optimization features....

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On portfolios generated by optimal transport. (arXiv:1709.03169v1 [q-fin.MF])

First introduced by Fernholz, functionally generated portfolio allows its investment performance to be attributed to directly observable and easily interpretable market quantities. In previous works we...

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Management and Cost Accounting: An Introduction

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Basel III Monitoring Report

This report is the 12th publication of results from the periodic Basel III monitoring exercise and summarises the aggregate results using data as of 31 December 2016.

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Basel III monitoring results published by the Basel Committee

Press release about the Basel Committee publishing Basel III monitoring results (12 September 2017)

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