We propose a behavioral signaling framework to explain the positive announcement effects of stock splits. (Retail) investors view stock splits as good news and are loss averse. Thus, a stock split can boost investors’ expectations of the firm’s growth potential and its stock price, but may...

The difficulty of SME financing is a global problem. A government guarantee system could alleviate the asymmetric information between banks and SMEs, driving financial resources to them. A unique dataset from Zhejiang provincial guarantee group has been used in this article to verify the...

I study a multi-sender signaling game between an uninformed decision maker and two senders with common private information and conflicting interests. Senders can misreport information at a cost that is tied to the size of the misrepresentation. The main results concern the amount of information...

How people attribute the others’ previous actions often influences their feeling of inequality and then their subsequent responses. In a bilateral ultimatum bargaining game with both inequality aversion and incomplete information, a greedy offer can be attributed to either the proposer’s...

In China's labor market, there is a phenomenon that enterprises choose whether to provide "social insurance and housing fund" to laborers autonomously. This paper use micro-data from two leading Internet recruitment platforms and empirically finds that in a labor market with double-side...

This paper develops a data-driven approach to multidimensional screening. The principal observes a population of decision makers each choose from a finite number of exogenously-specified sets of allocations, and her beliefs about the agent’s preferences are informed by this data. In our model,...

A peer review is used ubiquitously in hiring, promotional, and evaluation decisions, within academia and beyond. It is usually conducted to allocate limited resources, such as the budget of a funder or the pages of a journal. With limited capacity, a peer review may lead to negatively biased...