-
作者：Huang, Ruidi
作者单位：Southern Methodist University
摘要：This paper demonstrates the financial and real consequences of online review aggregators. Exploiting a regression discontinuity design that overcomes the endogenous relationship between Yelp reviews and Small Business Administration loan outcomes, I show that higher coarse Yelp ratings lead to improved loan terms and performance. Specifically, a one-half-star increase in Yelp ratings corresponds to a 25-basis-point decrease in loan spread and 6% lower collateral requirements. The effects are m...
-
作者：Gershon, Rachel; Cryder, Cynthia; Milkman, Katherine L.
作者单位：University of California System; University of California Berkeley; Washington University (WUSTL); University of Pennsylvania
摘要：When pursuing goals, we commonly choose between going it alone versus teaming up together. In a field experiment (n = 774), we tested the benefits of rewarding individual versus tandem goal pursuit. In a standard-reward condition, we experimentally offered gym members an individual cash reward each day they visited the gym for four weeks. Participants in a tandem-reward condition could earn the same reward but only if they surmounted an extra logistical hurdle: they had to visit the gym with a...
-
作者：Cao, Jisu; Yang, Sha
作者单位：Arizona State University; Arizona State University-Tempe; University of Southern California
摘要：We study the impact of reviews on product choices when consumers can negotiate price. Although prior research has examined the impact of reviews in various contexts, none has considered a setting in which the purchase price is negotiated. We postulate that online reviews affect demand through consumer baseline product preference and consumer bargaining power. Leveraging a unique data set of consumer reviews of new car purchases, we developed and estimated a structural model to decompose and qu...
-
作者：Soderlind, Paul; Somogyi, Fabricius
作者单位：University of St Gallen; Northeastern University
摘要：The currency market is the world's largest financial market by trading volume. We show that even in this highly liquid market, exposure to liquidity risk commands an economically significant risk premium of up to 3.6% per year. Liquidity risk is not subsumed by existing currency risk factors and successfully prices the cross section of currency excess returns. Moreover, we find that liquidity risk and carry trade premia are correlated, although this correlation is limited to static rather than...
-
作者：Niu, Yimeng; Wu, Jing; Jiang, Shenyang; Jiang, Zhibin
作者单位：Shanghai Jiao Tong University; Chinese University of Hong Kong; Tongji University; Hong Kong Polytechnic University
摘要：The shift to a service-oriented economy has driven traditional product-oriented manufacturing firms to integrate various services into their businesses. This study aims to provide empirical evidence on how manufacturers' service offerings impact demand variability and intrafirm bullwhip effects. Through bag-of-words text mining on 10-K filings of U.S.-listed manufacturing firms, we propose a novel measurement to identify annual services offered. We validate the measurement's statistical and ec...
-
作者：Kesten, Onur; Ozyurt, Selcuk
作者单位：University of Sydney; York University - Canada
摘要：Mediation (assisted negotiation) is the preferred alternative dispute resolution approach that has given rise to a multibillion-dollar industry worldwide. Online dispute resolution (ODR) providers rely heavily on mechanized e-negotiation systems. Inspired by their structured negotiation systems, we follow a market design approach and develop a tractable framework in search of strategy-proof, efficient, and individually rational mediation mechanisms. We characterize the full family of such mech...
