The web 2.0 and the new IT and communication technologies can, and are already integrated in museums. These technologies renew interaction and offer new opportunities for the development and the ...customization of the experience inside and outside the museum. The examples displayed in this paper show how new technologies amplify and diversify the public audience, at times even improving the quality of their experience. The aim is to bring the user closer to the historical and artistic evidence of our past and our present in the web 2.0 era while creating a cultural consciousness. The unlimited connectivity of new devices can effectively facilitate full accessibility of the contents in our hyper-connected society.
We propose a direct measure of abnormal institutional investor attention (AIA) using news searching and news reading activity for specific stocks on Bloomberg terminals. AIA is highly correlated with ...institutional trading measures and related to, but different from, other investor attention proxies. Contrasting AIA with retail attention measured by Google search activity, we find that institutional attention responds more quickly to major news events, leads retail attention, and facilitates permanent price adjustment. The well-documented price drifts following both earnings announcements and analyst recommendation changes are driven by announcements to which institutional investors fail to pay sufficient attention.
Abstract
We use machine learning as a tool to study decision making, focusing specifically on how physicians diagnose heart attack. An algorithmic model of a patient’s probability of heart attack ...allows us to identify cases where physicians' testing decisions deviate from predicted risk. We then use actual health outcomes to evaluate whether those deviations represent mistakes or physicians’ superior knowledge. This approach reveals two inefficiencies. Physicians overtest: predictably low-risk patients are tested, but do not benefit. At the same time, physicians undertest: predictably high-risk patients are left untested, and then go on to suffer adverse health events including death. A natural experiment using shift-to-shift testing variation confirms these findings. Simultaneous over- and undertesting cannot easily be explained by incentives alone, and instead point to systematic errors in judgment. We provide suggestive evidence on the psychology underlying these errors. First, physicians use too simple a model of risk. Second, they overweight factors that are salient or representative of heart attack, such as chest pain. We argue health care models must incorporate physician error, and illustrate how policies focused solely on incentive problems can produce large inefficiencies.
We document the effects of abortion-clinic closures on clinic access, abortions, and births using variation generated by a law that shuttered nearly half of Texas' clinics. We find substantial and ...nonlinear effects of travel distance on abortion rates: an increase in travel distance from 0–50 miles to 50–100 miles reduces abortion rates by 16 percent, and the effects of increasing distance are smaller when the nearest clinic is already more than 50 miles away. We also demonstrate the importance of congestion with a proxy capturing effects of closures that have little impact on distance but reduce clinics per capita.
Many existing studies find that females perform better when they are taught by female teachers. However, there is little evidence on what the long-run impacts may be and through what mechanisms these ...impacts may emerge. We exploit panel data from middle schools in Seoul, South Korea, where students and teachers are randomly assigned to classrooms. We replicate the existing literature that examines contemporaneous effects and find that female students taught by a female versus a male teacher score higher on standardized tests compared to male students even five years later. We also find that having a female math teacher in seventh grade increases the likelihood that female students attend a STEM-focused high school, take higher-level math courses, and aspire to a STEM degree. These effects are driven by changes in students' attitudes and choices.
Safe Haven CDS Premiums Klingler, Sven; Lando, David
The Review of financial studies,
05/2018, Letnik:
31, Številka:
5
Journal Article
Recenzirano
Odprti dostop
Credit default swaps can be used to lower the capital requirements of dealer banks entering into uncollateralized derivatives positions with sovereigns. We show in a model that the regulatory ...incentive to obtain capital relief makes CDS contracts valuable to dealer banks and empirically that, consistent with the use of CDS for regulatory purposes, there is a disconnect between changes in bond yield spreads and in CDS premiums, especially for safe sovereigns. Additional empirical tests related to the volume of contracts outstanding, effects of regulatory proxies, and the corporate bond and CDS markets support that CDS contracts are used for capital relief.
Abstract
We show that international portfolios reflect the underlying heterogeneity in investors’ beliefs. Using data on the foreign sovereign debt holdings of European banks matched with their ...forecasts on future bond yields, we find that expecting higher returns and having more accurate forecasts are associated with larger bond holdings. Crucially, the elasticity of portfolio holdings to expected returns is increasing in the precision of the forecast, implying that investors optimally exploit comparative advantages in information production. We rationalize the results in a model in which partial information specialization arises endogenously by introducing a degree of unlearnable uncertainty about asset payoffs.
Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
Abstract
We study the effect of personal wealth on entrepreneurial decisions using data on mineral payments from Texas shale drilling to individuals throughout the United States. Large cash windfalls ...increase business formation by 0.8 to 2.1 percentage points, but do not affect transitions to self-employment. By contrast, cash windfalls significantly extend self-employment spells, but do not affect the duration of business ownership. Our findings help reconcile contrasting findings in prior work: liquidity constraints have different effects on entrepreneurial activity that may depend on the entrepreneur’s motivations.
We use administrative payroll data to estimate the effect of the minimum wage on employment and wages. We find that both effects are nuanced. While the overall number of low-wage workers in firms ...declines, incumbent workers are no less likely to remain employed. We find that firms reduce employment primarily through hiring, and there is significant heterogeneity across the nontradable and tradable sectors. For wages, we find modest spillovers extending up to $2.50 above the minimum wage. Spillovers accrue to both incumbent workers and new hires, but only within firms that employ a significant fraction of low-wage workers.
Using health shocks to identify financial distress situations, I document that peer distress leads to a decline in individual leverage and debt on average. Individual leverage declines by 5.7% and ...remains deflated for at least five years following peer distress. This decline occurs as individuals borrow less on the intensive margin, pay higher fractions of their debt and save more while their income remains unchanged. As a result, individuals are less likely to default during the period following peer distress. The heterogeneity in responses highlight the role of changes in beliefs and preferences as the underlying mechanism.
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