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作者：Choi, W. Jason; Liu, Qihong; Shin, Jiwoong
作者单位：University System of Maryland; University of Maryland College Park; University of Oklahoma System; University of Oklahoma - Norman; Yale University
摘要：This paper studies an emerging subscription model called ship-then-shop. Leveraging its predictive analytics and artificial intelligence (AI) capability, the ship-then-shop firm curates and ships a product to the consumer, after which the consumer shops (i.e., evaluates product fit and makes a purchase decision). The consumer first pays the up-front ship-then shop subscription fee prior to observing product fit and then pays the product price afterward if the consumer decides to purchase. We i...
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作者：Ata, Baris
作者单位：University of Chicago
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作者：Baruffaldi, Stefano; Simeth, Markus; Wehrheim, David
作者单位：Polytechnic University of Milan; University of Bath; Copenhagen Business School; University of Navarra; IESE Business School
摘要：We examine how asymmetric information in financial markets affects voluntary research and development (R&D) disclosure, considering scientific publications as a disclosure channel. Difference-in-differences regressions around brokerage house mergers and closures, which increase information asymmetry through reductions in analyst coverage, indicate a quick and sustained increase in scientific publications from treated firms relative to the number of publications from control firms. The treatmen...
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作者：Chung, Hyuck David; Zhou, Yue Maggie; Ethiraj, Sendil
作者单位：University of Michigan System; University of Michigan; University of London; London Business School
摘要：Existing studies suggest that platform access restriction may cause restricted complementors to switch to competing platforms, which will increase complement quantity on competing platforms. We re-examine this prediction by accounting for the impact of economies of scope on complementor responses to platform access restriction. We argue that restricting a complementor's access on a platform may prevent it from achieving economies of scope from multi-homing, thereby incentivizing it to abandon ...
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作者：Borup, Daniel; Eriksen, Jonas N.; Kjaer, Mads M.; Thyrsgaard, Martin
作者单位：Aarhus University; Danish Finance Institute
摘要：This paper provides empirical evidence on predictable time variations in out-of sample bond return predictability. Bond return predictability is associated with periods of high (low) economic activity (uncertainty), which implies that violations of the expectations hypothesis are state dependent and linked to features of the business cycle. These state dependencies in predictability, established by introducing a new multivariate test for equal conditional predictive ability, can be used in rea...
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作者：Chen, Mingyu
作者单位：IZA Institute Labor Economics
摘要：One million international students study in the United States each year, and the majority of them compete in global labor markets after graduation. I conducted a largescale field experiment and a companion employer survey to study how employers in China value U.S. college education. I sent more than 27,000 fictitious online applications to business and computer science jobs in China, randomizing the country of college education. I find that U.S.-educated applicants are on average 18% less like...
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作者：Wang, Xiaoning; Wu, Lynn; Hitt, Lorin M.
作者单位：University of Pennsylvania
摘要：Start-ups are increasingly using social media to signal quality and provide information to potential investors. However, the effectiveness of social media on venture capital (VC) financing is likely to be heterogeneous, differing by demographic and network characteristics of the founders. In this paper, we examine whether social media use can improve funding outcomes for firms founded by women and by other people also lacking connections to the investor network, two groups that face greater di...
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作者：Michaely, Roni; Rubin, Amir; Segal, Dan; Vedrashko, Alexander
作者单位：University of Hong Kong; Simon Fraser University; Reichman University; University of Warwick
摘要：This study investigates whether investors can reap economic benefits from analyzing differences in analyst quality. Although high-quality analysts' average forecast is more accurate than the consensus forecast for firms with a large analyst following, the benefits of using high-quality analysts' average forecasts are not economically significant. In contrast, the value of analyst quality differentiation exists in the second moment of forecasts. High-quality analysts' forecast dispersion gives ...
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作者：Choi, Hae Mi; Karpoff, Jonathan M.; Lou, Xiaoxia; Martin, Gerald S.
作者单位：Loyola University Chicago; University of Washington; University of Washington Seattle; University of Delaware; American University
摘要：We document that regulatory enforcement actions for financial misrepresentation cluster in industry-specific waves and that wave-related enforcement has information spillovers on industry peer firms. Waves and spillovers have significant effects on share prices. Early-wave target firms have the largest short-run losses in share values and the largest information spillovers on industry peer firms. Late-wave targets' short-run losses are smaller, but not because they involve less costly instance...
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作者：Orlowski, Piotr; Schneider, Paul; Trojani, Fabio
作者单位：Universite de Montreal; HEC Montreal; Universita della Svizzera Italiana; University of Turin; University of Geneva
摘要：Market skewness risk is priced, but the components of its premium are not fully understood. We propose new trading strategies decomposing the skewness risk premium into jump and leverage effect components, and we analyze the skewness risk premia in the market for S&P 500 index options. We find that the skewness premium is higher when markets are closed than during trading hours, consistently with uncertainty resolution patterns by non-U.S investors; that it increases after left-tail market eve...
