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作者：Forman, Chris; Mcelheran, Kristina
作者单位：Cornell University; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：Advances in information technology (IT) may affect the organizational design of production. Exploiting the rapid diffusion of the internet in the United States, we assess the sensitivity of production chain organization to this innovation in IT access and use. Extending theories of the firm that recognize the importance of downstream transfers (selling as opposed to sourcing) and plural governance in organizational design, we predict IT -driven shifts in downstream vertical integration. In a d...
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作者：Wang, Wei; Yung, Chris
作者单位：University System of Ohio; Cleveland State University; University of Virginia
摘要：Wrongful discharge laws (WDLs) provide limits to the employment-at-will doctrine, and thus impair operating flexibility, increasing expected financial distress costs by making it costly to fire employees. This impairment is detrimental to start-ups, leading to a decline in venture capital (VC) investment. Using a difference-in-differences framework enabled by the staggered adoption of WDLs across the U.S. states, we show VC investment declines after a state adopts the good faith exception (the...
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作者：Barron, Kai; Ditlmann, Ruth; Gehrig, Stefan; Schweighofer-Kodritsch, Sebastian
作者单位：Hertie School; Humboldt University of Berlin
摘要：This paper studies a key element of discrimination, namely, when stereotypes translate into discriminatory actions. Using a hiring experiment, we rule out taste-based discrimination by design and test for the presence of two types of belief-based gender discrimination. We document evidence of explicit discriminators-individuals who are willing to discriminate even when their hiring choices are highly revealing of their gender-biased beliefs. Crucially, we also identify implicit discriminators-...
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作者：Stouras, Konstantinos I.; Erat, Sanjiv; Lichtendahl Jr, Kenneth C.
作者单位：University College Dublin; University of California System; University of California San Diego; Alphabet Inc.; Google Incorporated
摘要：Crowdsourcing platforms typically take a passive approach, and they let the competing firms freely design their own contests and allow every solver to self-select and join any of the concurrently running contests. In a model of competing noise-driven contests, we show that the duopoly prize allocation has fewer (but larger) prizes compared with a monopolist contest designer. We also find that contests with firm-chosen budgets and solvers' endogenous participation create coordination inefficien...
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作者：Mihaela, Raluca; Simonov, Andrey; An, Eunkyung
作者单位：New York University; Columbia University; Centre for Economic Policy Research - UK
摘要：Standard search models assume that consumers actively decide on the order, identity, and number of products they search. We document that online, a large fraction of searches happen in a more passive manner, with consumers merely reacting to online advertisements that do not allow them to choose the timing or the identity of products to which they will be exposed. Using a clickstream panel data set capturing full URL addresses of websites that consumers visit, we show how to detect whether a c...
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作者：Havakhor, Taha; Rahman, Mohammad Saifur; Zhang, Tianjian; Zhu, Chenqi
作者单位：McGill University; Purdue University System; Purdue University; University of California System; University of California Irvine
摘要：Advancements in technology have reduced information acquisition costs, creating an improved information environment for retail investors. Specifically, new technologies, such as application programming interface (API), deliver high -volume, institutionallike raw data directly to Main Street investors. Although greater availability of information can be beneficial, it may also exacerbate retail investors' existing trading deficiencies. Exploiting the sudden shutdown of Yahoo! Finance API, the l...
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作者：Kong, Dongmin; Lin, Chen; Liu, Shasha; Xuan, Yuhai
作者单位：Zhongnan University of Economics & Law; Huazhong University of Science & Technology; University of Hong Kong; Jinan University; University of California System; University of California Irvine
摘要：Government ownership of financial intermediaries is pervasive around the world. In this study, we examine the impact of common government ownership between the brokerage and listed firms on the information production role of brokerage firms. We show that affiliated analysts tend to issue more optimistic recommendations for stocks of firms controlled by the same government entity that controls their brokerage firms. This optimistic bias is particularly pronounced during periods of economic shoc...
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作者：Opitz, Saskia; Sliwka, Dirk; Vogelsang, Timo; Zimmermann, Tom
作者单位：University of Cologne; Max Planck Society; Frankfurt School Finance & Management; University of Cologne
摘要：The assignment of individuals with different observable characteristics to different treatments is a central question in designing optimal policies. We study this question in the context of increasing workers' performance via targeted incentives using machine learning algorithms with worker demographics, personality traits, and preferences as input. Running two large-scale experiments, we show that (i) performance can be predicted by accurately measured worker characteristics, (ii) a machine l...
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作者：Gaessler, Fabian; Harhoff, Dietmar; Sorg, Stefan; von Graevenitz, Georg
作者单位：Pompeu Fabra University; Barcelona School of Economics; University of Munich; Centre for Economic Policy Research - UK; University of London; Queen Mary University London
摘要：We study the blocking effect of patents on follow-on innovation by others. We posit that follow-on innovation requires freedom to operate (FTO), which firms typically obtain through a license from the patentee holding the original innovation. Where licensing fails, follow-on innovation is blocked unless firms gain FTO through patent invalidation. Using large-scale data from post -grant oppositions at the European Patent Office, we find that patent invalidation increases follow-on innovation, m...
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作者：Cahn, Christophe; Duquerroy, Anne; Mullins, William
作者单位：European Central Bank; Bank of France; University of California System; University of California San Diego
摘要：Firms with only one bank relationship make up the majority of firms in many economies. This paper explores whether policy-driven lending is differentially transmitted to single-bank firms in comparison with the multibank firms that are the focus of the literature. Using unique variation in the ECB's very long-term refinancing operations (VLTROs), which affected lending to firms discontinuously across credit ratings but within banks, we find selective transmission of VLTRO liquidity to single-b...
