-
作者：Hagiu, Andrei; Jullien, Bruno; Wright, Julian
作者单位：Boston University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); National University of Singapore
摘要：We explore conditions under which a multiproduct firm can profitably turn itself into a platform by hosting rivals, that is, by inviting rivals to sell products or services on top of its core product. Hosting eliminates the additional shopping costs to consumers of buying a specialist rival's competing version of the multiproduct firm's noncore product. On the one hand, this makes it easier for the rival to compete on the noncore product. On the other hand, hosting turns the rival from a pure ...
-
作者：Liu, De; Bagh, Adib
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Kentucky
摘要：Motivated by bidders' interests in concealing their private information in auctions, we propose an ascending clock auction for unit-demand assignment problems that economizes on bidder information revelation, together with a new general-purpose measure of information revelation. Our auction uses an iterative partial reporting design such that for a given set of prices, not all bidders are required to report their demands, and when they are, they reveal a single preferred item at a time instead...
-
作者：John, Kose; Qi, Qianru; Wang, Jing
作者单位：New York University; University of Ottawa; University of Missouri System; University of Missouri Columbia
摘要：Using the staggered and reciprocal passage of interstate bank deregulation as an exogenous variation in the degree of bank integration, we investigate how and why bank integration influences the market for corporate control for nonfinancial firms. We posit that bank integration affects acquisitions either through reducing the information asymmetry between acquirers and targets or through increasing credit supply. Our evidence is more consistent with the former channel. Specifically, we documen...
-
作者：Aobdia, Daniel
作者单位：Northwestern University
摘要：This study seeks to determine the role of audit firms' quality control (QC) system deficiencies, as measured by the Public Company Accounting Oversight Board (PCAOB) inspection program, on audit quality and profitability. Using a unique data set of firmwide QC deficiencies identified by the PCAOB during its inspections of audit firms, I find a negative association between QC deficiencies, mainly performance related, and audit quality. Furthermore, audits conducted by larger audit firms with mo...
-
作者：Wu, Yue; Zhang, Kaifu; Xie, Jinhong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Alibaba Group; State University System of Florida; University of Florida
摘要：With the growing popularity of corporate social responsibility (CSR), critics point out that firms tend to focus on salient CSR activities while slacking off on the unobservable ones, using CSR as a marketing gimmick. Firms' emphasis on observable aspects and negligence of the unobservable aspects are often labeled as greenwashing. This paper develops a game-theoretic model of CSR investment, in which consumers are socially minded, but they can observe only a subset of CSR initiatives. Two typ...
-
作者：Yu, Jiayi Joey; Tang, Christopher S.; Shen, Zuo-Jun Max; Chen, Xiqun Michael
作者单位：Tsinghua University; University of California System; University of California Los Angeles; University of California System; University of California Berkeley; Zhejiang University
摘要：Regulating on-demand ride-hailing services (e.g., Uber and DiDi) requires a balance of multiple competing objectives: encouraging innovative business models (e.g., DiDi), sustaining traditional industries (e.g., taxi), creating new jobs, and reducing traffic congestion. This study is motivated by a regulatory policy implemented by the Chinese government in 2017 and a similar policy approved by the New York City Council in 2018 that regulate the maximum number of registered Uber/DiDi drivers. W...
-
作者：Chung, Kevin; Kim, Keehyung; Lim, Noah
作者单位：University of Wisconsin System; University of Wisconsin Madison; Chinese University of Hong Kong; National University of Singapore
摘要：We model an expert review system where two producers competing for market share each are evaluated by two raters. Employing economics experiments, the paper examines how the rater's incentive to provide objective feedback can be distorted in the presence of social ties and different penalty structures for assigning unobjective ratings. The results reject the self-interested model. We find that raters assign more biased ratings to help the producer they know compete, and this distortion is exac...
-
作者：Haruvy, Ernan; Katok, Elena; Pavlov, Valery
作者单位：McGill University; University of Texas System; University of Texas Dallas; University of Auckland
摘要：The behavioral literature has demonstrated that the format of supply chain contracts matters even when theoretically it should not and that contracts that in theory coordinate channels fail to do so in laboratory experiments. The existing body of experimental evidence uses an ultimatum bargaining protocol to test analytical models, but there is no reason to think that bargaining in supply chains is in the form of ultimatum offers. We investigate the effect of bargaining on contract performance...
-
作者：Brown, David B.; Smith, James E.
作者单位：Duke University; Dartmouth College
摘要：We consider dynamic selection problems, where a decision maker repeatedly selects a set of items from a larger collection of available items. A classic example is the dynamic assortment problem with demand learning, where a retailer chooses items to offer for sale subject to a display space constraint. The retailer may adjust the assortment over time in response to the observed demand. These dynamic selection problems are naturally formulated as stochastic dynamic programs (DPs) but are diffic...
-
作者：Manzo, Gerardo; Picca, Antonio
作者单位：The Vanguard Group, Inc.
摘要：This paper studies the dynamic propagation mechanisms of systemic risk shocks within and across macrosystems of governments and financial institutions. We propose a novel approach to identify relevant systemic shocks and to classify them into sovereign or banking categories. We find that sovereign shocks have a significant and persistent impact on the probability of a collective banking default. We also explore channels through which these shocks propagate and identify how sovereign fiscal fra...
