University of Toronto - Rotman School of Management Research Paper Series最新文献_第2页

Industry Competition, Credit Spreads, and Levered Equity Returns 行业竞争，信用利差和杠杆股权回报

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2017-06-01 DOI: 10.2139/ssrn.2981793

A. Corhay

引用次数: 21

Factor Structure in Commodity Futures Return and Volatility 商品期货收益与波动的因素结构

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2017-05-08 DOI: 10.2139/ssrn.2495779

Peter F. Christoffersen, Asger Lunde, Kasper V. Olesen

引用次数: 50

Why We Should But Don't Pay the Right Prices for Urban Infrastructure 为什么我们应该为城市基础设施支付合适的价格

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2017-02-01 DOI: 10.2139/ssrn.2909873

R. Bird

{"title":"Why We Should But Don't Pay the Right Prices for Urban Infrastructure","authors":"R. Bird","doi":"10.2139/ssrn.2909873","DOIUrl":"https://doi.org/10.2139/ssrn.2909873","url":null,"abstract":"Economics tells us that user charges should be used to finance many local public services and to pay for the related infrastructure. The only other way to do so is taxation. All the other possible ways to finance infrastructure investment that are so often discussed – borrowing, transfers, private-public partnerships and the like – are little more than ways to shift the burden from direct users to taxpayers, past, present or future. In the end some taxpayer at some level of government ends up paying the taxes used that support the transfers, borrowing or private participation. Since no one likes taxes, it is thus a bit curious that so little use has been made of user charges to finance infrastructure investment. A variety of reasons for this neglect may be found in the literature, ranging from technical problems in implementing the right kind of user charges to concerns that charges cannot finance large capital works or that externalities are so important that they swamp direct user benefits, often supported by rather vague expositions about why people do not understand or like user charges as well as almost always by laments about their undesirable distributive effects. This paper reviews this literature and concludes that the basic reasons so little attention is paid to user charge financing are in fact essentially political, although sometimes very deep-rooted and difficult to overcome. Though perhaps simply illustrating the triumph of hope over experience that keeps academics going, the paper concludes by offering a few ways that one may perhaps be able to do a better job in persuading the obviously skeptical and resistant public that it makes sense for user charges to play a much bigger role in financing urban infrastructure investment than is now evident anywhere.","PeriodicalId":370944,"journal":{"name":"University of Toronto - Rotman School of Management Research Paper Series","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125267851","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

Financial Innovation and Borrowers: Evidence from Peer-to-Peer Lending 金融创新与借款人:来自p2p借贷的证据

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2016-11-15 DOI: 10.2139/ssrn.2802220

T. Balyuk

{"title":"Financial Innovation and Borrowers: Evidence from Peer-to-Peer Lending","authors":"T. Balyuk","doi":"10.2139/ssrn.2802220","DOIUrl":"https://doi.org/10.2139/ssrn.2802220","url":null,"abstract":"This paper provides empirical evidence on the impact of financial innovation on credit demand and supply in consumer credit markets. I study the effect of financial innovation on access to credit by looking at borrowers on a peer-to-peer (P2P) lending platform. I document the presence of two effects from credit disintermediation. The first effect is repricing of credit that induces borrowers to shift from banks to P2P lending. I show that creditworthy borrowers reduce utilization of their revolving accounts by paying down revolving balances with proceeds from P2P loans. The second effect is credit expansion because of reduced credit rationing. Using regression discontinuity design, I estimate the causal impact of disintermediation on credit to marginally-funded borrowers. I find that banks respond to financial innovation by increasing credit limits and improving access to mortgages for this category of borrowers. I also find that these borrowers increase utilization of revolving credit over and above the increase in credit limits. Collectively, these findings suggest that financial innovation may reduce profits of financial intermediaries but improve availability of credit for financially constrained consumers.","PeriodicalId":370944,"journal":{"name":"University of Toronto - Rotman School of Management Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131027286","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: 66

Leverage Constraints and Asset Prices: Insights from Mutual Fund Risk Taking 杠杆约束和资产价格:来自共同基金风险承担的见解

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2016-08-25 DOI: 10.2139/ssrn.2517704

Oliver Boguth, Mikhail Simutin

引用次数: 67

Revisiting the Relationship between Competition and Price Discrimination 重新审视竞争与价格歧视的关系

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2016-08-09 DOI: 10.2139/ssrn.2477719

Ambarish Chandra, Mara Lederman

引用次数: 26

Empirical Models of Learning Dynamics: A Survey of Recent Developments 学习动力学的经验模型:近期发展综述

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2016-07-16 DOI: 10.2139/ssrn.2810950

Andrew T. Ching, Tülin Erdem, Michael P. Keane

引用次数: 32

The Power of Economic Networks: Investor Recognition through Supply-Chain Relationship Disclosures 经济网络的力量:通过供应链关系披露的投资者认可

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2016-06-01 DOI: 10.2139/ssrn.2572717

Ling Cen, E. Danesh, Chayawat Ornthanalai, Xiaofei Zhao

引用次数: 4

Efficient Ignorance: Information Heterogeneity in a Queue 有效忽略:队列中的信息异构

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2016-05-03 DOI: 10.2139/ssrn.2472107

Ming Hu, Yang Li, Jianfu Wang

{"title":"Efficient Ignorance: Information Heterogeneity in a Queue","authors":"Ming Hu, Yang Li, Jianfu Wang","doi":"10.2139/ssrn.2472107","DOIUrl":"https://doi.org/10.2139/ssrn.2472107","url":null,"abstract":"How would the growing prevalence of real-time delay information have an impact on a service system? We consider a single-server queueing system where customers arrive according to a Poisson process and service takes an exponential time. There are two streams of customers, one informed about real-time delay and one uninformed. We characterize the equilibrium behavior of customers who may balk in such a system and investigate how a larger fraction of informed customers affects the system performance measures, i.e., throughput and social welfare. We show that the impacts of growing information prevalence on system performance measures are determined by the equilibrium joining behavior of uninformed customers. Perhaps surprisingly, we find that throughput and social welfare can be unimodal in the fraction of informed customers. In other words, some amount of information heterogeneity in the population can lead to strictly more efficient outcomes, in terms of the system throughput or social welfare, than information homogeneity. For example, under a very mild condition, throughput of a system with offered load being 1 will always suffer if there are more than 58% of informed customers in the population. Moreover, it is shown that for an overloaded system with offered load sufficiently higher than 1, social welfare always reaches its maximum when some fraction of customers are uninformed of the congestion in real time.","PeriodicalId":370944,"journal":{"name":"University of Toronto - Rotman School of Management Research Paper Series","volume":"21 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114020380","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: 77

When Retailing and Las Vegas Meet: Probabilistic Free Price Promotions 当零售业和拉斯维加斯相遇:概率免费价格促销

University of Toronto - Rotman School of Management Research Paper Series Pub Date : 2016-03-10 DOI: 10.1287/mnsc.2015.2328

Nina Mazar, Kristina Shampanier, D. Ariely

引用次数: 46