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作者：Colella, Fabrizio; Dalton, Patricio S.; Giusti, Giovanni
作者单位：Universita della Svizzera Italiana; Tilburg University
摘要：This study presents unique empirical evidence on the importance of moral support for performance. We take advantage of an unusual change in Argentinean football legislation. In August 2013, as a matter of national security, the Argentinean government forced all teams in the first division to play their games with only home team supporters. Supporters of visiting teams were not allowed to be in stadiums during league games. We estimate the effect of this exogenous variation of supporters on tea...
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作者：Cong, Lin William; Yang, Xiaohan; Zhang, Xiaobo
作者单位：Cornell University; National Bureau of Economic Research; Chinese University of Hong Kong; Peking University; CGIAR; International Food Policy Research Institute (IFPRI)
摘要：Using administrative universal business registration data as well as primary offline and online surveys of small businesses (including unregistered self -employments) in China, we examine (i) whether digitization helps small and medium enterprises (SMEs) better cope with the COVID-19 pandemic and (ii) whether the pandemic has spurred digital technology adoption. We document significant economic benefits of digitization in increasing SMEs' resilience against such a large shock, as seen through ...
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作者：Hu, Jianfeng; Kirilova, Antonia; Park, Seongkyu (Gilbert); Ryu, Doojin
作者单位：Singapore Management University; CUNEF Universidad; Willamette University; Sungkyunkwan University (SKKU)
摘要：We use account-level transaction data to examine trading styles and profitability in a leading derivatives market. Approximately 66% of active retail investors predominantly hold simple, one-sided positions in only one class of options, whereas institutional investors are more likely to use complex strategies. Hypothesizing that the complexity of trading styles reflects investors' skills, we examine the effect of options trading styles on investment performance. We find that retail investors u...
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作者：Bai, Jennie; Rub, Hong
作者单位：Georgetown University; National Bureau of Economic Research; Nanyang Technological University
摘要：We study how the implementation of emissions trading systems (ETSs) impacts emissions reductions and the usage of renewable energy using a panel sample of the largest 100 countries worldwide. Exploiting cross-country variations in ETS implementations, we show that ETS adoption materially reduced greenhouse gas (carbon dioxide) emissions by 12.1% (18.1%). Moreover, ETSs reduced overall emissions by cutting the usage of fossil fuels such as coal by 23.70% while boosting the usage of renewable en...
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作者：Bo, Inacio; Hakimov, Rustamdjan
作者单位：Southwestern University of Finance & Economics - China; University of Lausanne
摘要：We introduce a new family of mechanisms for one-sided matching markets, denoted pick-an-object (PAO) mechanisms. When implementing an allocation rule via PAO, agents are asked to pick an object from individualized menus. These choices may be rejected later on, and these agents are presented with new menus. When the procedure ends, agents are assigned the last object they picked. We characterize the allocation rules that can be sequentialized by PAO mechanisms and the ones that can be implement...
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作者：Bimpikis, Kostas; Papanastasiou, Yiangos; Zhang, Wenchang
作者单位：Stanford University; University of California System; University of California Berkeley; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Although information design has recently received significant attention as a tool for shaping consumers' purchase behavior, little is known about its use and implications in two-sided marketplaces, where both supply and demand consist of self-interested strategic agents. In this paper, we develop a model of a two-sided platform that facilitates transactions between vertically differentiated suppliers and consumers who differ in their quality preferences. We focus on illustrating the potential ...
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作者：Yuan, Yuan; Liu, Tracy Xiao; Tan, Chenhao; Chen, Qian; Pentland, Alex Sandy; Tang, Jie
作者单位：Purdue University System; Purdue University; Tsinghua University; University of Chicago; University of Chicago; Tencent; Massachusetts Institute of Technology (MIT); Tsinghua University
摘要：Gifts are important instruments for forming bonds in interpersonal relationships. Our study analyzes the phenomenon of gift contagion in online groups. Gift contagion encourages social bonds by prompting further gifts; it may also promote group interaction and solidarity. Using data on 36 million online red packet gifts on a large social site in East Asia, we leverage a natural experimental design to identify the social contagion of gift giving in online groups. Our natural experiment is enabl...
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作者：Guzman, Jorge
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper studies how regional migration to tech clusters impacts the performance of startups within the United States. Startups that move to Silicon Valley experience a significant improvement in performance. This improvement is higher than migrations to other regions in the United States, many of which report null treatment effects. The startups that benefit the most from migration are those leaving low performing entrepreneurial ecosystems and moving to high performing ecosystems, consiste...
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作者：Arvanitis, Stelios; Post, Thierry
作者单位：Athens University of Economics & Business; Nazarbayev University
摘要：Concepts are introduced and applied for analyzing and selecting arbitrage portfolios in the face of uncertainty about initial positions and risk preferences. A stochastic arbitrage opportunity is defined as a zero-cost investment portfolio that enhances every feasible host portfolio for all admissible utility functions. The alternative to the existence of such investment opportunities is the existence of a solution to a dual system of asset pricing restrictions based on a class of stochastic d...
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作者：He, Jie (Jack); Liang, Lantian; Wang, Hui (Grace); Xia, Han
作者单位：University System of Georgia; University of Georgia; University of Sydney; Bentley University; University of Texas System; University of Texas Dallas
摘要：Institutional investors increasingly hold firms in both the industrial and financial sectors. These cross-industry holdings link firms to outside banks that they have not borrowed from, creating a network between the two sectors. We show that such networks reduce firms' loan spreads. This effect is more prominent when cross-holders are actively involved in borrowers' routine operations and when they have stronger incentives to advocate for borrowers in the loan process. Furthermore, outside ba...
