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作者：Zou, Tianxin; Zhou, Bo
作者单位：State University System of Florida; University of Florida; University System of Maryland; University of Maryland College Park
摘要：Recent regulations on search neutrality prohibit retail platforms from selfpreferentially prioritizing their first-party products over those of third-party sellers in consumers' search rankings. This paper shows that, despite its good intention, search neutrality may unintendedly harm consumers and third-party sellers because of the strategic decisions of the platform and third-party sellers. In the short term, search neutrality can weaken the price competition between the platform and third-p...
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作者：Gornall, Will; Gredil, Oleg R.; Howell, Sabrina T.; Liu, Xing; Sockin, Jason
作者单位：University of British Columbia; Tulane University; New York University; National Bureau of Economic Research; Tsinghua University; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; Cornell University
摘要：We show that private equity leveraged buyouts reduce perceived job quality despite not impacting average base pay. This appears to reflect employees bearing more risk. Both job quality and employee incentive pay are more related to firm performance at private equity-owned companies than at public control firms with 1% higher deal rate of return associated with 0.7% more employee incentive pay. Deals with high leverage and employees with worse outside options fuel the declines in job satisfacti...
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作者：Denicolo, Vincenzo; Panunzi, Fausto
作者单位：University of Bologna; Centre for Economic Policy Research - UK; Bocconi University; European Corporate Governance Institute
摘要：This paper presents a theoretical framework for determining the ownership stakes held by financial investors in companies competing in the same product market, commonly referred to as the level of common ownership. In our model, these investors are primarily motivated by the anticipation of capital gains resulting from the impact of common ownership on product market competition, which enhances profitability for the firms involved. However, common ownership also undermines effective corporate ...
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作者：Law, Kelvin K. F.; Shen, Michael
作者单位：Nanyang Technological University; National University of Singapore
摘要：Does artificial intelligence (AI) displace auditors? We exploit the staggered hiring of AI employees at audit office locations across the United States as a proxy for the use of AI at local audit offices. The main findings are as follows. First, relative to audit offices that do not yet hire AI employees, those that do hire AI employees have a 4.3% increase in the number of auditor jobs, particularly among junior and midlevel auditors. Second, using AI is associated with an increased demand fo...
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作者：Hardt, David; Mayer, Lea; Rincke, Johannes
作者单位：University of Erlangen Nuremberg
摘要：We analyze how the gender composition of teams affects team interactions. In an online experiment, we randomly assign individuals to gender-homogenous or gender-mixed teams of four. Teams meet in an audio chat room and jointly work on a team task that is gender-neutral in terms of individual productivity. By design, effects on team performance can only work through communication. We find that all-male teams communicate more than all-female teams and outperform teams of both alternative gender ...
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作者：Capponi, Agostino; Glasserman, Paul; Weber, Marko Hans
作者单位：Columbia University; Columbia University; National University of Singapore
摘要：We develop a framework to quantify the vulnerability of mutual funds to fire-sale spillover losses. We account for the first-mover incentive that results from the mismatch between the liquidity offered to redeeming investors and the liquidity of assets held by the funds. In our framework, the negative feedback loop between investors' redemptions and price impact from asset sales leads to an aggregate change in funds' net asset value, which is determined as a fixed point of a nonlinear mapping....
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作者：Dew, Ryan
作者单位：University of Pennsylvania
摘要：Many products are most meaningfully described using unstructured data such as text or images. Unstructured data are also common in e-commerce, in which products are often described by photos and text but not with standardized sets of attributes. Whereas much is known about how to efficiently measure consumer preferences when products can be meaningfully described by structured attributes, there is scant research on doing the same for unstructured data. This paper introduces a real-time, adapti...
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作者：Arora, Srishti; Choudhary, Vivek; Kireyev, Pavel
作者单位：INSEAD Business School; Nanyang Technological University; INSEAD Business School
摘要：In the last two decades, last-mile delivery (LMD) firms have seen immense growth fueled by the success of e-commerce, leading to faster and cheaper deliveries. Operating on thin margins, LMD firms strive for successful first-time deliveries to avoid the financial and reputational costs of reattempts. Delivery agents (DAs) are integral to LMD efficiency, influencing customer experience, delivery success, and productivity. However, most LMD performance enhancement research focuses on process, te...
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作者：Dasgupta, Sudipto; Li, Di; Li, Erica X. N.
作者单位：Chinese University of Hong Kong; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：How much value does an additional dollar of cash create for a firm? It is generally recognized that the marginal value of cash (MVC) can either exceed or fall below one dollar. Estimates of MVC can guide corporate cash and payout policy, indicate the quality of governance, and make a firm a target for takeover or activism. Yet the existing methods of estimation lack a rigorous theoretical foundation and often provide implausibly high or low estimates. In this paper, we provide a formulation of...
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作者：An, Jiafu; Lin, Chen; Tai, Mingzhu
作者单位：University of Hong Kong; University of Hong Kong
摘要：An influential line of research emphasizes that colonial legacy plays a key role in formal financial development. Can colonial legacy also shape informal finance? We investigate the impact of colonial legacy on informal financial development using a manually georeferenced data set within a credible empirical framework. In the 19th century, Europeans arbitrarily designed colonial borders that partitioned many ethnicities across multiple countries in Africa. Leveraging several spatial regression...
