HEC Paris: Economics & Decision Sciences (Topic)最新文献

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Disposition Effect across Distinct Investor Categories in a Tax-Free Context: Are Team Dynamics and Cognitive Dissonance behind It? 免税背景下不同投资者类别的处置效应:背后是团队动力和认知失调吗?
HEC Paris: Economics & Decision Sciences (Topic) Pub Date : 2021-04-11 DOI: 10.2139/ssrn.3824349
A. de Groot, Laura Núñez-Letamendia, Olivier de Groot
{"title":"Disposition Effect across Distinct Investor Categories in a Tax-Free Context: Are Team Dynamics and Cognitive Dissonance behind It?","authors":"A. de Groot, Laura Núñez-Letamendia, Olivier de Groot","doi":"10.2139/ssrn.3824349","DOIUrl":"https://doi.org/10.2139/ssrn.3824349","url":null,"abstract":"Building on recent literature and employing survival analysis on trading data, we document differences in the strength and direction of the disposition effect on distinct categories of investors: (i) individuals not receiving professional advice; (ii) individuals receiving it; (iii) professional managers of delegated retail portfolios; (iv) professional managers of funds/institutional portfolios. We also find that the disposition effect is contingent upon paper gain-loss magnitudes in a more complex way than the V-shape proposed by the literature, and that market ups-downs do not exert influence on the propensity to this bias. We interpret our results using alternative explanations of investor behavior.","PeriodicalId":234020,"journal":{"name":"HEC Paris: Economics & Decision Sciences (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115404282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Asset Purchase Bailouts and Endogenous Implicit Guarantees 资产购买救助和内生隐性担保
HEC Paris: Economics & Decision Sciences (Topic) Pub Date : 2019-09-18 DOI: 10.2139/ssrn.3105470
Eric Mengus
{"title":"Asset Purchase Bailouts and Endogenous Implicit Guarantees","authors":"Eric Mengus","doi":"10.2139/ssrn.3105470","DOIUrl":"https://doi.org/10.2139/ssrn.3105470","url":null,"abstract":"This paper shows that bailouts of private agents can optimally take the form of the purchase of a defaulting asset, even if this also means paying off external asset holders. When anticipated, this form of bailouts leads to an endogenous implicit guarantee, where even an intrinsically worthless asset may be traded at a positive price. In the presence of borrowing constraints and imperfectly observable private liquidity needs, direct transfers are imperfect so that, when more constrained agents are also more exposed to a given asset, the compensation through asset purchases becomes optimal. I then show that this possibility of implicit guarantee is amplified by other frictions as risk-shifting and ultimately leads to a coordination problem for selecting stores of liquidity. Finally, I derive policy implications for financial regulation and international capital flows.","PeriodicalId":234020,"journal":{"name":"HEC Paris: Economics & Decision Sciences (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126128756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Updating Confidence in Beliefs 更新信念的信心
HEC Paris: Economics & Decision Sciences (Topic) Pub Date : 2019-05-08 DOI: 10.2139/ssrn.3385116
Brian Hill
{"title":"Updating Confidence in Beliefs","authors":"Brian Hill","doi":"10.2139/ssrn.3385116","DOIUrl":"https://doi.org/10.2139/ssrn.3385116","url":null,"abstract":"Abstract This paper develops a belief update rule under ambiguity, motivated by the maxim: in the face of new information, retain those conditional beliefs in which you are more confident, and relinquish only those in which you have less confidence. We provide a preference-based axiomatisation, drawing on the account of confidence in beliefs developed in Hill (2013) . The proposed rule constitutes a general framework of which several existing rules for multiple priors (Full Bayesian, Maximum Likelihood) are special cases, but avoids the problems that these rules have with updating on complete ignorance. Moreover, it can handle surprising and null events, such as crises or reasoning in games, recovering traditional approaches, such as conditional probability systems, as special cases.","PeriodicalId":234020,"journal":{"name":"HEC Paris: Economics & Decision Sciences (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127083977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
The Present and Future of Judgement Aggregation Theory. A Law and Economics Perspective 判断聚合理论的现状与未来。法律与经济学视角
HEC Paris: Economics & Decision Sciences (Topic) Pub Date : 2018-07-01 DOI: 10.2139/ssrn.3224608
P. Mongin
{"title":"The Present and Future of Judgement Aggregation Theory. A Law and Economics Perspective","authors":"P. Mongin","doi":"10.2139/ssrn.3224608","DOIUrl":"https://doi.org/10.2139/ssrn.3224608","url":null,"abstract":"This chapter briefly reviews the present state of judgment aggregation theory and tentatively suggests a future direction for that theory. In the review, we start by emphasizing the difference between the doctrinal paradox and the discursive dilemma, two idealized examples which classically serve to motivate the theory, and then proceed to reconstruct it as a brand of logical theory, unlike in some other interpretations, using a single impossibility theorem as a key to its technical development. In the prospective part, having mentioned existing applications to social choice theory and computer science, which we do not discuss here, we consider a potential application to law and economics. This would be based on a deeper exploration of the doctrinal paradox and its relevance to the functioning of collegiate courts. On this topic, legal theorists have provided empirical observations and theoretical hints that judgment aggregation theorists would be in a position to clarify and further elaborate. As a general message, the chapter means to suggest that the future of judgment aggregation theory lies with its applications rather than its internal theoretical development.","PeriodicalId":234020,"journal":{"name":"HEC Paris: Economics & Decision Sciences (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114868569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Decision Theory Made Relevant: Between the Software and the Shrink 决策理论的相关性:在软件和收缩之间
HEC Paris: Economics & Decision Sciences (Topic) Pub Date : 2018-01-01 DOI: 10.2139/ssrn.3178715
I. Gilboa, Maria Rouziou, O. Sibony
{"title":"Decision Theory Made Relevant: Between the Software and the Shrink","authors":"I. Gilboa, Maria Rouziou, O. Sibony","doi":"10.2139/ssrn.3178715","DOIUrl":"https://doi.org/10.2139/ssrn.3178715","url":null,"abstract":"Decision theory offers a formal approach to decision making, which is often viewed and taught as the rational way to approach managerial decisions. Half a century ago it generated high hopes of capturing and perhaps replacing intuition, and providing the “right” answer in practically all managerial situations. Today it seems fair to say that decision theory has not lived up to these expectations. Behavioral science provides ample evidence that managers fail to follow the dicta of decision theory, even when these are explained to them. As a result, executives often find decision theory frustrating and useless and prefer to rely on their intuition. This paper suggests that this extreme conclusion is unwarranted and calls for a re-appraisal of decision theory. We propose that it should not always be regarded as a mathematical tool that produces the answer; rather, it can be viewed as a framework for a dialog between the decision maker and the decision theorist. In one extreme, the decision theorist studies the problem and provides the “correct’’ answer. But in another, the decision theorist only challenges the decision maker’s intuition and logic. In between, a whole gamut of possible dialogs exists, in which decision theory doesn’t replace intuition, but supports and refines it.","PeriodicalId":234020,"journal":{"name":"HEC Paris: Economics & Decision Sciences (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125938089","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Input Substitutability, Trade Costs and the Product Cycle 投入可替代性、贸易成本与产品周期
HEC Paris: Economics & Decision Sciences (Topic) Pub Date : 2011-01-19 DOI: 10.2139/ssrn.2240138
T. Michalski
{"title":"Input Substitutability, Trade Costs and the Product Cycle","authors":"T. Michalski","doi":"10.2139/ssrn.2240138","DOIUrl":"https://doi.org/10.2139/ssrn.2240138","url":null,"abstract":"I exhibit a simple and realistic feature of technology and trade costs that influences the partition of manufacturing between the North and South depending on the degree of substitutability of internationally traded inputs in production. In the presence of higher wages in the North, when production of manufacturing goods requires tradeable, country-specic Ricardian inputs,goods with a low elasticity of substitution between inputs in production will have lower costs of manufacturing in the North and those with a high elasticity in the South.","PeriodicalId":234020,"journal":{"name":"HEC Paris: Economics & Decision Sciences (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115166575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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