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作者：Dambra, Michael; Gustafson, Matthew
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine how regulatory burdens affect the investment and innovation of newly public firms. To do so, we exploit the Jumpstart Our Business Startups (JOBS) Act, which eliminates certain disclosure, auditing, and governance requirements for a subset of newly public firms. Firms treated with these reduced burdens invest more and more efficiently after going public relative to untreated firms. These findings are concentrated in innovative investments and are nonexistent in dual-class firms. Ove...
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作者：Chu, Junhong; Duan, Yige; Yang, Xianling; Wang, Li
作者单位：National University of Singapore; University of British Columbia
摘要：Dockless bike sharing provides a convenient and affordable means of transport for urban residents. It solves the last-mile problem in public transport by reducing the travel cost between home and subway stations and thus increasing the attractiveness of distant apartments. This may affect the relationship between housing price and distance to subway and reduce the price premium enjoyed by proximate apartments. Using resale apartment data in 10 major cities in China, a difference-in-differences...
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作者：Da, Zhi; Gurun, Umit G.; Li, Bin; Warachka, Mitch
作者单位：University of Notre Dame; University of Texas System; University of Texas Dallas; University of Oklahoma System; University of Oklahoma - Norman; Chapman University System; Chapman University
摘要：A large literature reports that proximity influences investment. We extend the measurement of proximity beyond distance and report that air travel reduces local investment bias. This result is confirmed using the initiation of connecting flights through recently opened air hubs because investment at destinations served by these connecting flights increases after, not before, their initiation. Air travel also broadens the investor base of firms and lowers their cost of equity by approximately 1...
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作者：Stamatopoulos, Ioannis; Bassamboo, Achal; Moreno, Antonio
作者单位：University of Texas System; University of Texas Austin; Northwestern University; Harvard University
摘要：We use the adoption of electronic shelf labels (ESLs) by an international grocery retailer in 2015 to identify the effects of physical menu costs (i.e., labor and material costs of price adjustment) on retail performance. We find that the installation of ESLs increased gross margins substantially, which implies profit gains that go far beyond labor cost savings. We also explore the mechanism behind this effect. We find that the lift in gross margins was associated with an increase in quantity ...
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作者：Lee, Dokyun; Hosanagar, Kartik
作者单位：Carnegie Mellon University; University of Pennsylvania
摘要：We investigate the moderating effect of product attributes and review ratings on views, conversion|views (conversion conditional on views), and final conversion of a purchase-based collaborative filtering recommender system on an e-commerce site. We run a randomized field experiment on a top retailer with 184,375 users split into a recommender-treated group and a control group. We tag theory-driven attributes of 37,125 unique products via Amazon Mechanical Turk to augment the usual product dat...
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作者：Szydlowski, Martin
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：I study an entrepreneur who finances a project with uncertain cash flows and who jointly chooses the disclosure and financing policies. In the Bayesian persuasion framework, I show that it is optimal to truthfully reveal whether the project's cash flows are above a threshold. This class of threshold policies is optimal for any prior belief, monotone security, and increasing utility function of the entrepreneur. I characterize how the disclosure threshold depends on the underlying security, the...
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作者：Carletti, Elena; Dell'Ariccia, Giovanni; Marquez, Robert
作者单位：Bocconi University; Bocconi University; Centre for Economic Policy Research - UK; International Monetary Fund; University of California System; University of California Davis
摘要：We study the consequences for supervisors' and banks' behavior of a huband-spokes supervisory system where a centralized agency has authority over banks but relies on local supervisors to collect actionable information. The model entails a principal-agent problem between central and local supervisors that leads to tougher supervisory standards but less compliance on the side of the supervised banks. Centralization entails greater inspection effort by the local supervisor and less bank risk tak...
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作者：Glosten, Lawrence; Nallareddy, Suresh; Zou, Yuan
作者单位：Columbia University; Duke University; Harvard University
摘要：This paper investigates the effect of exchange-traded funds' (ETFs') activity on the short-run informational efficiency of their underlying securities. We find that ETF activity increases short-run informational efficiency for stocks with weak information environments. The increase in informational efficiency results from the timely incorporation of systematic earnings information. In contrast, we find no such effect for stocks with stronger information environments. ETF activity increases ret...
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作者：Yang, Chaolin; Hu, Zhenyu; Zhou, Sean X.
作者单位：Shanghai University of Finance & Economics; National University of Singapore; Chinese University of Hong Kong
摘要：We study a multilocation newsvendor model with a retailer owning multiple retail stores, each of which is operated by a manager who decides the order quantity for filling random customer demand of a product. Store managers and the retailer are all risk averse, but managers are more risk averse than the retailer. We adopt conditional value-at-risk (CVaR) as the performance measure and consider two alternative strategies to improve the system's performance. First, the retailer centralizes the or...
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作者：Abernethy, Margaret A.; Dekker, Henri C.; Grafton, Jennifer
作者单位：University of Melbourne; Vrije Universiteit Amsterdam
摘要：We draw on a five-year longitudinal data set to investigate the influence of performance measurement in the processual dynamics of strategic change, particularly in enacting effective strategic change. Our model examines the role of performance measurement in driving strategy-consistent operational changes and in ensuring that the desired objectives of the strategic change process are achieved. We investigate these roles for performance measurement over time and empirically document lags betwe...
