Finance - Research Publications

Permanent URI for this collection

Search Results

Now showing 1 - 10 of 46
  • Item
    Thumbnail Image
    Task-independent metrics of computational hardness predict human cognitive performance
    Franco, JP ; Doroc, K ; Yadav, N ; Bossaerts, P ; Murawski, C (NATURE PORTFOLIO, 2022-07-28)
    The survival of human organisms depends on our ability to solve complex tasks in the face of limited cognitive resources. However, little is known about the factors that drive the complexity of those tasks. Here, building on insights from computational complexity theory, we quantify the computational hardness of cognitive tasks using a set of task-independent metrics related to the computational resource requirements of individual instances of a task. We then examine the relation between those metrics and human behavior and find that they predict both time spent on a task as well as accuracy in three canonical cognitive tasks. Our findings demonstrate that performance in cognitive tasks can be predicted based on generic metrics of their inherent computational hardness.
  • Item
    Thumbnail Image
    Inferences regarding oneself and others in the human brain.
    Suzuki, S (Public Library of Science (PLoS), 2022-05)
    The human brain can infer one's own and other individuals' mental states through metacognition and mentalizing, respectively. A new study in PLOS Biology has implicated distinct brain regions of the medial prefrontal cortex (PFC) in metacognition and mentalizing.
  • Item
    No Preview Available
    Time to acquire: Regulatory burden and M&A activity
    Balogh, A ; Creedy, U ; Wright, D (Elsevier BV, 2022-07)
    Firms go public to make acquisitions, but private firms benefit from lower regulatory cost. Investment by newly public firms may be limited if managers need to focus on compliance instead of growth. Exploiting a 2012 US policy reform, we show that when regulatory cost is lower, firms make more acquisitions, do so more quickly after listing, and also increase other forms of investment. Examining potential unintended consequences of reduced regulation, we find that opportunistic bidding arising from higher information asymmetry does not explain these results. We inform the ongoing policy debate on broadening the scale and scope of regulatory relief.
  • Item
    No Preview Available
    Evolution of a dealer trading network and its effects on art auction prices
    De Silva, DG ; Gertsberg, M ; Kosmopoulou, G ; Pownall, RAJ (ELSEVIER, 2022-05-01)
  • Item
    No Preview Available
    Do state visits affect cross-border mergers and acquisitions
    Aleksanyan, M ; Hao, Z ; Vagenas-Nanos, E ; Verwijmeren, P (ELSEVIER, 2021-02-01)
  • Item
    Thumbnail Image
    Measuring Financial Wellbeing with Self-Reported and Bank Record Data
    Comerton-Forde, C ; De New, J ; Salamanca, N ; Ribar, DC ; Nicastro, A ; Ross, J (WILEY, 2022-03-18)
  • Item
    Thumbnail Image
    Gendered Prices
    Adams, RB ; Kraussl, R ; Navone, M ; Verwijmeren, P ; Van Nieuwerburgh, S (OXFORD UNIV PRESS INC, 2021-08-01)
    Abstract We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality—even in artist fixed effects regressions. Our results are robust to accounting for potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument that women’s art may sell for less because it is made by women. However, the gender discount reduces over time as gender equality increases.
  • Item
    Thumbnail Image
    Two components of body-image disturbance are differentially associated with distinct eating disorder characteristics in healthy young women
    Hamamoto, YN ; Suzuki, SN ; Sugiura, MN ; McLester, CN (PUBLIC LIBRARY SCIENCE, 2022-01-01)
    Body-image disturbance comprises two components. The first is perceptual in nature, and is measured by a discrepancy between one's actual body and perceived self-image ("perceived-actual discrepancy"). The other component is affective, and is measured by a discrepancy between one's perceived self-image and ideal body image ("perceived-ideal discrepancy"). The present study evaluated the relationships between body-image disturbance and characteristics of eating disorders such as symptoms and related personality traits. In a psychophysiological experiment, female university students (mean ± SD age = 21.0 ± 1.38 years) were presented with silhouette images of their own bodies that were distorted in terms of width. The participants were asked whether each silhouette image was more overweight than their actual or ideal body images. Eating-disorder characteristics were assessed using six factors from the Japanese version of the Eating Disorder Inventory 2 (EDI2). We found that perceived-actual discrepancies correlated with negative self-evaluation (i.e., factor 3 of the EDI2), whereas perceived-ideal discrepancies correlated with dissatisfaction with one's own body (i.e., factor 2 of EDI2). These results imply that distinct psychological mechanisms underlie the two components of body-image disturbance.
  • Item
    Thumbnail Image
    An empirical analysis of price differences for male and female artists in the global art market
    Bocart, FYRP ; Gertsberg, M ; Pownall, RAJ (SPRINGER, 2021-02-13)
    Abstract We study prices paid at auction for artworks created by male and female artists, based on birth-identified sex, and how these prices have evolved over time. Artworks produced by female artists comprise less than 4% of art auction sales; after controlling for artwork characteristics, we find that artworks by female artists are 4.4% more expensive than artworks by male artists. In the top echelon of the art market—for sales above $1 million—artworks by male artists sell for 18.4% more than by female artists. The top 40 artists represent 40% of total market share; no female artist makes the top 40 ranking of artists in terms of total sales value at auction in the period under study, 2000–2017. However, for contemporary artists, our empirical results show that works by male artists sell for 8.3% more than their female counterparts. Overall, this study highlights significant price differences across birth-identified sex in the secondary market for fine art.
  • Item
    Thumbnail Image
    How Do Options Add Value? Evidence from the Convertible Bond Market*
    Lee, I ; Renjie, RW ; Verwijmeren, P (OXFORD UNIV PRESS, 2022-01-18)
    Abstract This paper studies the value relevance of the options market by focusing on convertible bond pricing. Pricing convertible bonds requires essentially the same set of information necessary to price options. Using a regression discontinuity design based on minimum stock price requirements for option listings, we find that the availability of stock options helps issuers attract more convertible bond buyers and reduces convertible issuers’ cost of financing. Our results highlight that the availability of individual stock options can add value to security issuers.