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Geographic price discrimination is generally considered beneficial to firm profitability. Firms can extract higher rents by varying prices across markets to match consumers' preferences. This paper empirically demonstrates, however, that a firm may instead prefer a national pricing policy that fixes prices across geographic markets, foregoing the opportunity to customize prices. Under appropriate conditions, a national pricing policy helps avoid intense local competition due to targeted prices.
Building on insights from the economics of superstars, I develop an efficient method for estimating the skill of mutual fund managers. Outliers are especially helpful for disentangling skill from luck when I explicitly model the cross-sectional distribution of managerial skill using a flexible and realistic function. Forecasted performance is dramatically improved relative to standard regression estimates: an investor selecting (avoiding) the best (worst) decile of funds would improve risk-adjusted performance by 2% (3%) annually.
Recently economists have shown that people who graduate during recessions earn less money (e.g., Kahn, 2010) and hold less prestigious jobs (Oyer, 2006) even decades after entering the workforce. This dissertation argues that despite these suboptimal outcomes, these graduates are likely to be happier with their jobs, even long after these economic conditions have changed.
This dissertation is composed of three chapters. In Chapter 1 I look at the role of real exchange rates in the asset pricing of currencies. I construct portfolios based on signals about the real exchange rate and analyze the returns of these portfolios as they relate to traditional asset pricing factors and especially how they correlate with carry trade portfolios. Deviations from long term averages of real exchange rates are found to be predictors of crash risk. I also show that there is significant information in real exchange rate signals that does not seem to be priced.
This dissertation consists of three essays. The first examines analytically as well as empirically the mental accounting principle that Thaler (1985) termed the "silver lining principle." The second and third essays investigate the link between attention and preferences. In the first essay, loss aversion is an important antecedent and moderator of the principle's effect on preferences, and in the latter two we hypothesize both antecedent (Essay Two) and consequent (Essay Three) roles for loss aversion with respect to attention.
This dissertation addresses a few fundamental questions on the interface between supplier financing schemes and inventory management. Traditionally, retailers finance their inventories through an independent financing institution or by drawing from their own cash reserves, without any supplier involvement ( Independent Financing ).
Strategic information transmission models, also called cheap talk models, have become increasingly popular in accounting, as they have successfully brought new insights to various accounting topics. This dissertation consists of two chapters, each analyzes a model of strategic information transmission between an expert and a decision maker.
My dissertation aims at understanding the dynamics of asset prices empirically. It contains three chapters.
Different fields of economics have historically tended to focus on firms' strategies in isolation. In contrast, a lot of the recent work explores how various aspects of firm behavior interact with each other.
The purpose of this dissertation is to understand the risks embedded in Carry Trades. For this, we use a broad range of stochastic volatility (SV) models, estimate them using Bayesian techniques via Markov chain Monte Carlo methods, and analyze various risk measures using these estimation results.