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作者：Frey, Vincenz; van de Rijt, Arnout
作者单位：University of Groningen; European University Institute; Utrecht University
摘要：Teams, juries, electorates, and committees must often select from various alternative courses of action what they judge to be the best option. The phenomenon that the central tendency of many independent estimates is often quite accurate-the wisdom of the crowd-suggests that group decisions based on plurality voting can be surprisingly wise. Recent experimental studies demonstrate that the wisdom of the crowd is further enhanced if individuals have the opportunity to revise their votes in resp...
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作者：Gruber, Peter H.; Tebaldi, Claudio; Trojani, Fabio
作者单位：Universita della Svizzera Italiana; Bocconi University; Bocconi University; University of Turin; University of Geneva; Swiss Finance Institute (SFI)
摘要：Using a new specification of multifactor volatility, we estimate the hidden risk factors spanning S&P 500 index (SPX) implied volatility surfaces and the risk premia of volatility-sensitive payoffs. SPX implied volatility surfaces are well-explained by three dependent state variables reflecting (i) short-and long-term implied volatility risks and (ii) short-term implied skewness risk. The more persistent volatility factor and the skewness factor support a downward sloping term structure of var...
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作者：Delecourt, Solene; Fitzpatrick, Anne
作者单位：University of California System; University of California Berkeley; University of Massachusetts System; University of Massachusetts Boston
摘要：The previous literature documents that female-owned businesses are less profit-able than male-owned businesses, including microenterprises that make up the majority of firms in developing countries. In this paper, we uncover an overlooked gendered constraint for these businesses: childcare. We collect field data through unannounced visits to a sample of microentrepreneurs in select areas of Uganda, combining surveys of business owners and real customers, as well as purchases by confederate buy...
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作者：Keck, Steffen; Tang, Wenjie
作者单位：University of Vienna; National University of Singapore
摘要：We explore when group interactions will have a positive effect on the accuracy of quantitative judgments. The results from three laboratory experiments revealed that the value of group interactions, compared with a statistical aggregation of individual judgments, differed strongly between groups in which decisions were made based on consensus, compared with groups with a randomly assigned group leader, and that this effect was moderated by the level of systematic error among group members. In ...
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作者：Chakravarthy, Jivas; McDermott, Katie E.; White, Roger M.
作者单位：University of Texas System; University of Texas Arlington; University of Virginia; Arizona State University; Arizona State University-Tempe
摘要：Prior research proposes that a monopolist with private information inflates its reported costs under rate regulation to extract an informational rent. Using a sample of U.S. electric utilities from 1990-2011, we first confirm an unexpected increase in operating expense during rate review periods, then decompose operating expense into its cash and accrual components, and find the cash component accounts for 89% of this increase. The observed pattern is consistent with some combination of real a...
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作者：Gopalakrishnan, Sanjith; Granot, Daniel; Granot, Frieda; Sosic, Greys; Cui, Hailong
作者单位：McGill University; University of British Columbia; University of Southern California; University of Minnesota System; University of Minnesota Twin Cities
摘要：Because greenhouse-gas (GHG) emissions from the supply chains of just the 2,500 largest global corporations account for more than 20% of global emissions, rationalizing emissions in supply chains could make an important contribution toward meeting the global CO2 emission-reduction targets agreed upon in the 2015 Paris Climate Agreement. Accordingly, in this paper, we consider supply chains with joint production of GHG emissions, operating under either a carbon-tax regime, wherein a regulator l...
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作者：Luca, Michael; Reshef, Oren
作者单位：Harvard University; Washington University (WUSTL)
摘要：Although a business's reputation can affect its pricing, prices can also affect its reputation. To explore the effect of prices on reputation, we investigate daily data on menu prices and online ratings from a large rating and ordering platform. We find that a price increase of 1% leads to a decrease of 3%-5% in the average rating. Consistent with this, the overall distribution of ratings for cheaper restaurants is similar to that of more expensive restaurants. Finally, these effects do not se...
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作者：Giannetti, Mariassunta; Yu, Xiaoyun
作者单位：Stockholm School of Economics; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We show that, following shocks that change an industry's competitive environment, firms with more short-term institutional investors experience smaller drops in sales and investment and have better long-term performance than similar firms affected by the shocks. To do so, these firms introduce new products, file more trademarks, intensify their innovation efforts, conduct more diversifying acquisitions, and have higher executive turnover in the aftermath of the shocks. Our findings suggest tha...
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作者：Robitaille, Nicole; House, Julian; Mazar, Nina
作者单位：Queens University - Canada; Boston University
摘要：This paper investigates the effectiveness of planning prompts on organizations' tax compliance behavior. We conducted a large-scale, multi-wave field experiment examining the tax-paying behavior of all organizations that failed to file timely annual returns for a payroll tax in the province of Ontario. Organizations were randomly assigned to receive one of two letters: Ontario's standard late notice (control) and a revised experimental late notice, which included step-by-step instructions of w...
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作者：Bassamboo, Achal; Ibrahim, Rouba
作者单位：Northwestern University; University of London; University College London
摘要：Service providers often share delay information, in the form of delay announcements, with their customers. In practice, simple delay announcements, such as average waiting times or a weighted average of previously delayed customers, are often used. Our goal in this paper is to gain insight into when such announcements perform well. Specifically, we compare the accuracies of two announcements: (i) a static announcement that does not exploit real-time information about the state of the system an...
