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作者：Fisher, Geoffrey
作者单位：Cornell University
摘要：Intertemporal discount rates vary widely across contexts and individuals. We propose that a sizable fraction of this variation results from differences in how visual attention is allocated to different features of the decision, such as earlier versus future rewards, and that fluctuations in attentional patterns alter choices. We first tested this hypothesis in an experiment in which participants chose between receiving smaller-sooner versus larger-later monetary rewards while their attention w...
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作者：Liu, Meng; Brynjolfsson, Erik; Dowlatabadi, Jason
作者单位：Washington University (WUSTL); Stanford University; National Bureau of Economic Research; Uber Technologies, Inc.
摘要：Digital platforms provide a variety of technology-enabled tools that enhance market transparency, such as real-time monitoring, ratings of buyers and sellers, and low-cost complaint channels. How do these innovations affect moral hazard and service quality? We investigate this problem by comparing driver routing choices and efficiency on a large digital platform, Uber, with traditional taxis. The identification is enabled by matching taxi and Uber trips at the origin-destination-time level so ...
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作者：Clifford, Christopher P.; Fulkerson, Jon A.; Jame, Russell; Jordan, Bradford D.
作者单位：University of Kentucky; University System of Ohio; University of Dayton; State University System of Florida; University of Florida
摘要：We find that mutual fund investors are more likely to both purchase and redeem funds with high idiosyncratic volatility (IV). Investors' tendency to purchase high IV funds is largely driven by high IV funds having more extreme returns, which increases the salience of the fund. Including flexible controls for extreme past returns over multiple horizons decreases the effect of IV on new investment, and experimental evidence corroborates that increasing the salience of extreme returns increases i...
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作者：Cecilia Bustamante, M.; Fresard, Laurent
作者单位：University System of Maryland; University of Maryland College Park; Universita della Svizzera Italiana; Swiss Finance Institute (SFI)
摘要：We study whether, how, and why the investment of a firm depends on the investment of other firms in the same product market. Using an instrumental variable based on the presence of local knowledge externalities, we find a sizeable complementarity of investment among product market peers, holding across a large majority of sectors. Peer effects are stronger in concentrated markets, featuring more heterogeneous firms, and for smaller firms with less precise information. Our findings are consiste...
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作者：Reza, Sadat; Manchand, Puneet; Chong, Juin-Kuan
作者单位：Nanyang Technological University; University of Michigan System; University of Michigan; National University of Singapore
摘要：There has been a considerable amount of interest in the empirical investigation of social influence in the marketing and economics literature in the last decade or so. Among the many different empirical models applied for such investigations, the most common class of model is the linear-in-means model. These models can be used to examine whether social influence is truly a result of agents affecting each other through their choices simultaneously (endogenous effect) or of having similar taste ...
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作者：Jin, Rong; Simchi-Levi, David; Wang, Li; Wang, Xinshang; Yang, Sen
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Shanghai Jiao Tong University
摘要：The recent rising popularity of ultrafast delivery services on retail platforms fuels the increasing use of urban warehouses, whose proximity to customers makes fast deliveries viable. The space limit in urban warehouses poses a problem for such online retailers: the number of stock keeping units (SKUs) they carry is no longer the more, the better, yet it can still be significantly large, reaching hundreds or thousands in a product category. In this paper, we study algorithms for dynamically s...
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作者：Chen, Deqiu; Gao, Huasheng; Ma, Yujing
作者单位：University of International Business & Economics; Fudan University; Hong Kong Polytechnic University
摘要：We present evidence that the desire to gain human capital is an important motive for corporate acquisitions. Our tests exploit the staggered recognition of the Inevitable Disclosure Doctrine (IDD) by U.S. state courts, which prevents employees with trade secret knowledge from working for other firms. We find a significant increase in the likelihood of being acquired for firms headquartered in states that recognize such a doctrine relative to firms headquartered in states that do not. Our resul...
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作者：Dontoh, Alex; Elayan, Fayez A.; Ronen, Joshua; Ronen, Tavy
作者单位：New York University; Brock University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：We investigate the effects of write-downs on market prices and volumes under fair value accounting. We also examine the prominent role that illiquidity plays in exacerbating the direct and spillover effects of exit valuation on equity and credit default swap (CDS) markets. Using hand-collected data on write-down announcements made during and after the 2007-2009 financial crisis, we find that firms that wrote down assets in accordance with fair value rules experience significant abnormal negati...
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作者：Nagaraja, Abhishek
作者单位：University of California System; University of California Berkeley
摘要：The wild success of a few online communities (such as Wikipedia) has obscured the fact that most attempts at forming such communities fail. This study evaluates information seeding, an early-stage intervention to bootstrap online communities that enables contributors to build on externally sourced information rather than have them start from scratch. I analyze the effects of information seeding on follow-on contributions using data on more than 350 million contributions made by more than 577,0...
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作者：Kouvelis, Panos; Xiao, Guang; Yang, Nan
作者单位：Washington University (WUSTL); Hong Kong Polytechnic University; University of Miami
摘要：Price postponement is an effective mechanism to hedge against the adverse effect of supply random yield. However, its effectiveness and the resulting production decisions have not been studied for risk-averse firms. In this paper, we investigate the impact of price postponement and risk aversion under supply yield risk. Specifically, we study a risk-averse monopoly firm's production and pricing decisions under supply random yield with two distinct pricing schemes: (1) ex ante pricing in which ...
