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作者：Ammann, Manuel; Schaub, Nic
作者单位：University of St Gallen; WHU - Otto Beisheim School of Management
摘要：Many people share investment ideas online. This study investigates whether individual investors trade on investment-related internet postings. We use unique data from a social trading platform that allow us to observe the shared portfolios of traders, their posted comments, and the replicating transactions of followers. We find robust evidence that followers increasingly replicate shared portfolios of traders after the posting of comments. However, postings do not help followers identify portf...
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作者：Coffman, Katherine B.; Exley, Christine L.; Niederle, Muriel
作者单位：Harvard University; Stanford University; National Bureau of Economic Research
摘要：Although there is ample evidence of discrimination against women in the workplace, it can be difficult to understand what factors contribute to discriminatory behavior. We use an experiment to both document discrimination and unpack its sources. First, we show that, on average, employers prefer to hire male over female workers for male-typed tasks, even when the two workers have identical resumes. Second, and most critically, we use a control condition to identify that this discrimination is n...
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作者：Bastani, Hamsa
作者单位：University of Pennsylvania
摘要：Predictive analytics is increasingly used to guide decision making in many applications. However, in practice, we often have limited data on the true predictive task of interest and must instead rely on more abundant data on a closely related proxy predictive task. For example, e-commerce platforms use abundant customer click data (proxy) to make product recommendations rather than the relatively sparse customer purchase data (true outcome of interest); alternatively, hospitals often rely on m...
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作者：Dikolli, Shane S.; Heater, John C.; Mayew, William J.; Sethuraman, Mani
作者单位：University of Virginia; Duke University; Cornell University
摘要：We study whether relative power in the chief executive officer (CEO)-chief financial officer (CFO) relationship influences CEO compensation. To operationalize relative power of a CEO over a CFO, we define CFO co-option as the appointment of a CFO after a CEO assumes office. We find that CFO co-option is associated with a CEO pay premium of about 10%, which is concentrated more in the early years of the co-opted CFO's tenure and in components of compensation that vary with the achievement of an...
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作者：Han, Bing; Li, Gang
作者单位：Southwestern University of Finance & Economics - China; Chinese University of Hong Kong
摘要：Aggregate implied volatility spread (IVS), defined as the cross-sectional average difference in the implied volatilities of at-the-money call and put equity options, is significantly and positively related to future stock market returns at daily, weekly, and monthly to semiannual horizons. This return predictive power is incremental to existing return predictors, and it is significant both in sample and out of sample. Furthermore, IVS can forecast macroeconomic news up to one year ahead. The r...
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作者：Alexander, Damon; Boone, Christopher; Lynn, Michael
作者单位：Cornell University
摘要：A field experiment involving 94,571 orders from 24,637 customers of an appbased laundry pick-up, cleaning, and delivery service examined the effects of various randomly assigned tip recommendations on consumers' tip amounts, satisfaction ratings, frequency of return, and bill size. We find that tip recommendations affect tip amounts, but not customer satisfaction, patronage frequency, or bill size, which implies that neither the processes underlying the tip-recommendation effects on tipping no...
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作者：Wang, Shouqiang; Gurnani, Haresh; Subramanian, Upender
作者单位：University of Texas System; University of Texas Dallas; Wake Forest University
摘要：Manufacturers often offer retailers buyback contracts to reduce retailers' inventory costs by repurchasing unsold inventory at a prespecified returns price. We examine the signaling role of buyback contracts when the retailer is less informed about either the manufacturer's reliability of honoring the buyback commitment (e.g., for a small/less-established manufacturer) or its product's market potential (e.g., for a national brand manufacturer). We find that these two situations yield contrasti...
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作者：Mezzanotti, Filippo
作者单位：Northwestern University
摘要：I examine how patent enforcement affects corporate research and development (R&D), exploiting the legal changes induced by the Supreme Court decision eBay v. MercExchange. This ruling increased courts' flexibility in remedying patent cases and effectively lowered the potential costs of patent litigation for defendants. For identification, I compare innovative activity across firms differentially exposed to patent litigation before the ruling. Across several measures, I find that the decision l...
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作者：Thomas, Jacob; Zhang, Frank; Zhu, Wei
作者单位：Yale University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Both theory and evidence are mixed regarding the impact on prices of trading on dark venues partially exempt from National Market System requirements. Theory predicts that price discovery improves as dark venues siphon noisy uninformed trades, but increased adverse selection reduces liquidity. Empirical studies, which focus on intraday inefficiency, also find contradictory results. We extend that literature to investigate the impact of dark trading on a long-standing inefficiency based on unde...
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作者：Liu, Qiao; Shen, Qiaowei; Li, Zhenghua; Chen, Shu
作者单位：Peking University; Ant Group
摘要：We use a novel panel with detailed transaction records of more than one million de-identified individuals to study the effect of a large-scale Chinese government-issued digital coupon program on consumer spending. Exploiting a difference-in-differences approach, we find that the digital coupon is highly effective in stimulating consumption. An effective government subsidy of RMB 1 can drive excess spending of RMB 3.4 to RMB 5.8, and the effect persists across multiple coupon issuance waves. In...
