Product recall data and information on stock price reactions to recalls are used estimate the value of reputation in a model which product quality is not contractible. A result defect that signals low effort. The triggers reduction firm’s value, then both rise steadily until its next occurs. We accounts for 8.3 percent firm welfare 26 first best level. policy intervention attains tax accompanie...

Abstract Certification by analysts on a FinTech platform that harnesses the “wisdom of crowds” is associated with successful initial coin offerings (ICOs). We show favorable ratings group diverse backgrounds positively predict fundraising success and long-run token performance. Analysts’ also help detect potential fraud ex ante. document have career concerns are incentivized to issue informativ...

This study investigates the role of retail pharmacy ownership in opioid epidemic. Using data prescription orders, we show that compared with chain pharmacies, independent pharmacies dispense 39.1 percent more opioids and 60.5 OxyContin. After an becomes a pharmacy, dispensing decreases. OxyContin reformulation, which reduced nonmedical demand but not legitimate medical demand, at least one-thir...

Small self-cleaving ribozymes have been discovered in all evolutionary domains of life. They can catalyze site-specific RNA cleavage, and as a result, they have relevance in gene regulation. Comparative genomic analysis has led to the discovery of a new class of small self-cleaving ribozymes named Pistol. We report the crystal structure of Pistol at 2.97-Å resolution. Our results suggest that t...

At percent, Zn stress tolerance using novel genetic resources is an important mitigation strategy for plant breeding. In this study, thirty-five durum wheat genotypes with different growth habits were evaluated under normal (non-stress) and Zn deficient stress during the 2014-15 cropping season. A total of ten Zn stress tolerance indices including stress tolerance index (STI), relative zinc-def...

We propose a model of banks’ exposure to movements in interest rates and their role the transmission monetary shocks. Since bank deposits provide liquidity, higher allow banks earn larger spreads on deposits. Therefore, if risk aversion is than one, optimal dynamic hedging strategy take losses when rise. This can be achieved by traditional maturity-mismatched balance sheet amplifies effects sho...

This paper studies how security design affects project outcomes. Consider a firm that raises capital for multiple projects by offering investors share of the revenues. The revenue each is determined ex post through bargaining with buyer output. Thus, choice feasible payoffs game. We characterize securities achieve firm’s maximal equilibrium payoff in bilateral and multilateral negotiations. In ...

ABSTRACT We investigate the relationship between insider horizon and disclosure policy. First, we develop analyze a rational expectations model assuming insiders are able to commit Insiders with short prefer more willing bear costs of reduce information asymmetries among capital market participants. then empirically test our predictions in setting newly public firms where CEO is approaching ret...

Abstract 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 than white among mortgages securitized by government-sponsored enterprises (GSEs). At same time, borrower overrepresented face similar privately (PLS) mortgages. Additionally, strongly associated with faster s...