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作者：Sen, Ananya; Grad, Tom; Ferreira, Pedro; Claussenb, Joerg
作者单位：Carnegie Mellon University; Copenhagen Business School; Universidade Nova de Lisboa; University of Munich
摘要：Many platforms host user-generated content (UGC) and content developed by professionals side by side. However, thus far, their impact on platform ecosystems has been mostly studied in isolation. In this paper, we use data from a network of 122 local news outlets hosted by an online news platform to study the spillover effects from UGC developed by citizen journalists to the content developed by professional journalists. We use the removal of a status index associated with citizen journalists a...
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作者：Wan, Xiang (Shawn); Kumar, Anuj; Lic, Xitong
作者单位：Santa Clara University; State University System of Florida; University of Florida; Hautes Etudes Commerciales (HEC) Paris
摘要：Product recommendations can benefit consumers' online product search via multiple underlying mechanisms, such as showing products that offer them high value, facilitating navigation on the website, or exposing more product information. However, it is unclear ex ante which is the primary underlying mechanism that drives the benefits of product recommendations to consumers. We conducted a randomized field experiment to estimate the benefits of an item-based collaborative filtering (CF) recommend...
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作者：Kolasinski, Adam; Yang, Nan
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Hong Kong Polytechnic University
摘要：Although prior research suggests strict, fair value-based securities accounting rules cause banks to sell securities into negative liquidity shocks, a value-destroying behavior called liquidity feedback trading, the mechanism is uncertain. We find the sooner chief executive officers (CEOs) are permitted to cash out of their stock and option grants, the more prone are their banks to feedback trading. Furthermore, the sooner CEOs can cash out, the more positive their banks' stock price reaction ...
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作者：Arvanitis, Stelios; Scaillet, Olivier; Topaloglou, Nikolas
作者单位：Athens University of Economics & Business; University of Geneva; University of Geneva
摘要：We develop and implement methods for determining whether introducing new securities or relaxing investment constraints improves the investment opportunity set for prospect investors. We formulate a new testing procedure for prospect spanning for two nested portfolio sets based on subsampling and linear programming. In an application, we use the prospect spanning framework to evaluate whether wellknown anomalies are spanned by standard factors. We find that of the strategies considered, a few o...
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作者：Mccoy, John; Prelec, Drazen
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：In many domains, it is necessary to combine opinions or forecasts from multiple individuals. However, the average or modal judgment is often incorrect, shared information across respondents can result in correlated errors, and weighting judgments by confidence does not guarantee accuracy. We develop a Bayesian hierarchical model of crowd wisdom that incorporates predictions about others to address these aggregation challenges. The proposed model can be applied to single questions, and it can a...
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作者：Yoganarasimhan, Hema; Iakovetskaia, Irina
作者单位：University of Washington; University of Washington Seattle; Stanford University
摘要：This study explores the polarization of news content shared on Facebook compared with email using data from the New York Times' ' Most Emailed and Most Shared lists over 2.5 years. Employing latent Dirichlet allocation and large language models (LLMs), we find that highly polarized articles are more likely to be shared on Facebook (versus email), even after accounting for factors like topics, emotion, and article age. Additionally, distinct topic preferences emerge, with social issues dominati...
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作者：Brochet, Francois; Chychyla, Roman; Ferri, Fabrizio
作者单位：Boston University; University of Miami; European Corporate Governance Institute
摘要：We examine determinants and consequences of virtual shareholder meetings (VSMs) using a sample of voluntary (precoronavirus disease 2019) and forced (i.e., because of coronavirus disease 2019) VSM adopters. Voluntary adopters are tech firms and firms traditionally more engaged with shareholders, consistent with the stated objective to increase shareholder participation. In contrast, we do not find that firms choose the virtual format to avoid shareholders' scrutiny. Textual analysis of transcr...
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作者：Londono, Juan M.; Xu, Nancy R.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Boston College
摘要：We examine the commonalities in international equity risk premiums by linking empirical evidence for the ability of U.S. downside and upside variance risk premiums (DVP and UVP, respectively) to predict international stock returns with implications from an empirical model featuring asymmetric economic uncertainty and risk aversion. We find that DVP and UVP predict international stock returns through U.S. bad and good macroeconomic uncertainties, respectively. Sixty percent to 80% of the dynami...
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作者：Cao, Wenjiao; Myers, Linda A.; Zhang, Zhifang
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Tennessee System; University of Tennessee Knoxville; University of Warwick
摘要：We examine whether and how the time-oriented tendency embedded in languages influences income smoothing. Separating languages into weak- versus strong-future time reference (FTR) groups, we find that firms in weak-FTR countries tend to smooth earnings more. We also find that relationships with major stakeholders (i.e., debtholders, suppliers, and employees) amplify the effect of the FTR of languages on income smoothing. Additional analyses suggest that income smoothing driven by the FTR of lan...
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作者：Ma, Sai; Zhang, Shaojun
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Ohio; Ohio State University
摘要：This paper documents that the ratio of residential-to-nonresidential investment is a strong in-sample and out-of-sample predictor for the dollar up to 12 quarters. The predictability is robust to a battery of additional checks and holds for other G10 currencies. We explain the predictability in an analytical model with time-varying housing preference, productivity, and volatility. In the model, the U.S. housing investment share is higher during periods with higher growth and lower uncertainty,...
