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作者：Udwani, Rajan
作者单位：University of California System; University of California Berkeley
摘要：In the classic Adwords problem introduced by [Mehta A, Saberi A, Vazirani U, Vazirani V (2007) Adwords and generalized online matching. J. ACM 54(5):22-es.], we have a bipartite graph between advertisers and queries. Each advertiser has a maximum budget that is known a priori. Queries are unknown a priori and arrive sequentially. When a query arrives, advertisers make bids, and we (immediately and irrevocably) decide which (if any) Ad to display based on the bids and advertiser budgets. The wi...
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作者：Bates, Thomas W.; Du, Fangfang; Wang, Jessie Jiaxu
作者单位：Arizona State University; Arizona State University-Tempe; California State University System; California State University Fullerton; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using an occupational probability of computerization, we measure a firm's ability to replace labor with automated capital. Our evidence suggests that the potential to automate a workforce enhances operating flexibility, allowing firms to hold less precautionary cash. To provide evidence for this mechanism, we exploit the 2011-2012 Thailand hard drive crisis as an exogenous shock to the cost of automation. In addition, the negative relation between prospective automation and cash holdings is gr...
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作者：Lobel, Ilan; Martin, Bastien
作者单位：New York University; Northwestern University
摘要：Detours are considered key for the efficient operation of a shared rides service, but they are also a major pain point for consumers of such services. This paper studies the relationship between the value generated by shared rides and the detours they create for riders. We establish a limit on the sum of value and detour, and we prove that this leads to a tight bound on the Pareto frontier of values and detours in a general setting with an arbitrary number of requests. We explicitly compute th...
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作者：Gao, Baojun; Wang, Jing; Ding, Xiaojie; Guo, Yue
作者单位：Wuhan University; Hong Kong University of Science & Technology; Wuhan Textile University; Southern University of Science & Technology
摘要：This study examines the effect of firms' participation in platform -endorsed review solicitation programs on consumers' online review generation. We leverage a natural experiment on TripAdvisor, which launched a review solicitation program that allows hotels to collect reviews directly from guests after their stays with the aid of certified connectivity partners. Applying a two -stage difference -in -differences approach to a panel data set of online reviews for a matched set of hotels across ...
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作者：Alon, Shiri; Gayer, Gabrielle
作者单位：Bar Ilan University
摘要：A group of individuals is interested in predicting the outcome of a current problem. Each individual has access to private data that are used to form a prior probability over possible outcomes. While individuals may be reluctant or unable to disclose their private data, they are willing to publish their priors. We characterize a procedure for revising the individuals' prior probabilities based on the published priors of others and discuss its implications regarding the formation of a common pr...
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作者：Chen, Guojun; Lu, Zhongjin; Vij, Siddharth
作者单位：University System of Georgia; University of Georgia
摘要：We build a risk management model that incorporates variable capital utilization and time -varying collateral capacity. The former lets firms optimally choose capital utilization, and hence production, which affects capital depreciation and risk exposure. The latter means firms' ability to borrow and hedge increases with expected earnings and thus utilization. Calibrated solutions show both ingredients matter for firm value. We test the novel model predictions using a new data set of oil and ga...
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作者：Dessaint, Olivier; Eckbo, B. Espen; Golubov, Andrey
作者单位：INSEAD Business School; Centre for Economic Policy Research - UK; Dartmouth College; Norwegian School of Economics (NHH); European Corporate Governance Institute; University of Toronto
摘要：Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market. Controlling for bidder composition, the common component of acquirer returns has increased by five percentage points relative to the 1980s. Offsetting this increase, the average bidder-specific component has declined. We propose a theory of bidder-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent...
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作者：Fan, Xin
作者单位：Nevada System of Higher Education (NSHE); University of Nevada Las Vegas
摘要：I use an important ruling, Marblegate Asset Management v. Education Management Corporation (EMC), to study the economic role of two publicly traded debt restructuring methods: coercive bond exchange offers and Chapter 11. This ruling restricted firms from employing coercive bond exchange offers to facilitate out -of -court restructurings, thereby increasing the likelihood of restructuring publicly traded debt under Chapter 11. Following the ruling, investment in affected distressed firms decre...
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作者：Shechter, Steven M.
作者单位：University of British Columbia
摘要：Two events, with major implications for U.S. voters, occur after each decennial census. First, congressional apportionment takes place, followed by congressional districting. Apportionment determines how to allocate the 435 seats in the House of Representatives across the 50 states, whereas districting determines the geographic boundaries assigned to representatives within each state. Although districting and the practice of gerrymandering often receive great attention in the media and courts,...
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作者：De Jonghe, Olivier; Mulier, Klaas; Samarin, Ilia
作者单位：European Central Bank; National Bank of Belgium; Tilburg University; Ghent University
摘要：We study whether banks internalize congestion externalities when lending to zombie firms. We conjecture that banks should be better informed about the presence of zombie firms and the congestion externalities that such firms exert on healthy borrowers in industries where banks are specialized and show that banks' credit supply to zombie firms relates negatively to their industry specialization. This relation is stronger when congestion externalities are likely to have stronger adverse effects,...
