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作者：Cao, H. Henry; Ma, Liye; Ning, Z. Eddie; Sun, Baohong
作者单位：University System of Maryland; University of Maryland College Park; University of British Columbia
摘要：Through repeated interactions, firms today refine their understanding of individual users' preferences adaptively for personalization. In this paper, we use a continuous time bandit model to analyze firms that recommend content to multihoming consumers, a representative setting for strategic learning of consumer preferences to maximize lifetime value. In both monopoly and duopoly settings, we compare a forward-looking recommendation algorithm that balances exploration and exploitation to a myo...
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作者：Chen, Luyang; Pelger, Markus; Zhu, Jason
作者单位：Stanford University; Stanford University
摘要：We use deep neural networks to estimate an asset pricing model for individual stock returns that takes advantage of the vast amount of conditioning information, keeps a fully flexible form, and accounts for time variation. The key innovations are to use the fundamental no-arbitrage condition as criterion function to construct the most informative test assets with an adversarial approach and to extract the states of the economy from many macroeconomic time series. Our asset pricing model outper...
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作者：Honda, Jun; Inderst, Roman; Ottaviani, Marco
作者单位：Goethe University Frankfurt; Bocconi University
摘要：We introduce a model of advice in which firms steer advisors through nonlinear incentive schemes. In addition to developing an isomorphism to pricing with mixed bundling, we obtain three main insights. First, firms optimally use nonlinear bonuses to economize on the rent paid to advisors. Second, equilibrium bonus payments induce advisors to make biased recommendations that are artificially contingent on each other, resulting in an inefficient allocation. Third, if advisor liability is stepped...
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作者：Kircher, Tobias; Foerderer, Jens
作者单位：Technical University of Munich
摘要：On many multisided app platforms, the supply-side monetizes their work with targeted advertising. The targeting of ads has raised concerns over user privacy and has led to calls for platform firms and regulators to bar this practice. Important for this debate is to understand the consequences that a ban on targeted advertising would have for app development. To inform, we exploit that Google, in 2019, banned targeted advertising in Android children's games. This setting represents an ideal rea...
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作者：Franke, Benedikt; Fritz, Qi Gao; Stenzel, Andre
作者单位：University of Wurzburg; University of Mannheim; Bank of Canada
摘要：We investigate the potential and limits of privacy-preserving corporate block -chain applications for information provision. We provide a theoretical model in which het-erogeneous firms choose between adopting a blockchain application or relying on traditional third-party intermediaries to inform the capital market. The blockchain's ability to generate information depends on each firm's data profile and all firms' endogenous adoption deci-sions. We show that blockchain technology can improve t...
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作者：Ren, Zhimei; Zhou, Zhengyuan
作者单位：University of Pennsylvania; New York University
摘要：We study the problem of dynamic batch learning in high-dimensional sparse linear contextual bandits, where a decision maker, under a given maximum-number-of batch constraint and only able to observe rewards at the end of each batch, can dynamically decide how many individuals to include in the next batch (at the end of the current batch) and what personalized action-selection scheme to adopt within each batch. Such batch constraints are ubiquitous in a variety of practical contexts, including ...
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作者：Barrios, John M.; Gallemore, John
作者单位：Washington University (WUSTL); National Bureau of Economic Research; University of North Carolina; University of North Carolina Chapel Hill
摘要：We examine the extent to which the labor market facilitates the diffusion of tax planning knowledge across firms. Using a novel data set of tax department employee movements between S&P 1500 firms, we find that firms experience an increase in their tax planning after hiring a tax employee from a tax-aggressive firm. This finding is robust to various research designs and specifications. Consistent with tax-planning knowledge driving the result, we find that the tax-planning benefits are more su...
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作者：Glennon, Britta
作者单位：University of Pennsylvania
摘要：Highly skilled workers are not only a crucial and relatively scarce input into firms' productive and innovative processes, but are also a critical resource determining competitive advantage. An increasingly high proportion of these workers in the United States were born abroad and permitted to work on skilled worker visas. How do multinational firms respond when artificial constraints, namely, policies restricting skilled immigration, are placed on their ability to hire scarce human capital? T...
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作者：Ellul, Andrew; Wang, Cong; Zhang, Kuo
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Centre for Economic Policy Research - UK; European Corporate Governance Institute; The Chinese University of Hong Kong, Shenzhen; Shanghai Jiao Tong University
摘要：Unemployment risk influences workers' incentives to invest in firm-specific human capital. This paper investigates the impact of unemployment risk on chief executive officers (CEOs)' risk-taking incentive compensation. Exploiting state-level changes in unemployment benefits, we find that after unemployment insurance benefits become more generous, boards increase the convex payoff structure of CEO pay to encourage risk taking. The increase in CEOs' convexity payoff is stronger in firms with mor...
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作者：Carroni, Elias; Madio, Leonardo; Shekhar, Shiva
作者单位：University of Padua; Tilburg University
摘要：In most platform environments, the exclusive provision of premium content from leading creators (superstars) is used as a strategy to boost user participation and secure a competitive edge vis-a`-vis rivals. In this article, we study the impact of superstar exclusive content provision on platform competition and complementors' homing decisions. Two competing platforms facilitate interactions between consumers and suppliers, of which the latter are identified by the superstar and a fringe of co...
