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作者：Xu, Lei; Nian, Tingting; Cabral, Luis
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of California System; University of California Irvine; New York University
摘要：Many online platforms rely on users to voluntarily provide content. What motivates users to contribute content for free, however, is not well understood. In this paper, we use a revealed-preference approach to show that career concerns play an important role in user contributions to Stack Overflow, the largest online question-and-answer community. We investigate how activities that can enhance a user's reputation vary before and after the user finds a new job. We contrast this reputation-gener...
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作者：Han, Shu; Ravid, S. Abraham
作者单位：Yeshiva University; Lund University
摘要：Theater shows routinely turn over actors in lead roles. Otherwise, the show stays the same, including the director, the script, other actors and, the physical theater environment Even the lines performed do not change the set. Therefore, the theater provides a unique laboratory for assessing the value of human capital to an enterprise, a question that has been studied in other contexts, including the CEO value literature. We compare revenues, capacity, and ticket prices just before and just af...
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作者：Hang Nguyen; Calantone, Roger; Krishnan, Ranjani
作者单位：Michigan State University; Michigan State University's Broad College of Business; Michigan State University; Michigan State University's Broad College of Business
摘要：This paper examines how customer sentiment expressed through social media influences institutional investors' investment decisions and firm value. We use psychology theory to classify the emotional content of social media-based word of mouth, which we refer to as ESWOM. We examine whether ESWOM influences institutional investors' stockholdings differentially based on investor type and if institutional investors' stockholdings mediate the relation between ESWOM and firm value. We identify eight...
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作者：Chen, Xuanjuan; Huang, Jing-Zhi; Sun, Zhenzhen; Yao, Tong; Yu, Tong
作者单位：Shanghai University of Finance & Economics; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Massachusetts System; University Massachusetts Dartmouth; University of Iowa; University System of Ohio; University of Cincinnati
摘要：This paper examines how liquidity and investors' heterogeneous liquidity preferences interact to affect asset pricing. Using data on insurers' corporate bond holdings, we find that illiquidity of corporate bond portfolios varies widely and persistently across insurers and is related to insurers' investment horizon and funding constraint, consistent with the notion of liquidity clientele. We further find that liquidity clientele affects corporate bond prices-specifically, liquidity premia are l...
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作者：Brolley, Michael
作者单位：Wilfrid Laurier University
摘要：Dark pools offer price improvement over displayed quotes, but nondisplayed liquidity implies execution uncertainty. Because investor limit orders also provide price improvement with execution risk, dark pools offer a natural substitute. In a model of informed trading in a market with a displayed limit order book and a dark pool that offers price improvement, higher valuation investors sort into order types with lower execution risk, generating an immediacy hierarchy. Dark pool price improvemen...
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作者：Yu, Sandy
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Accelerators aim to help nascent companies reach successful outcomes by providing capital, enabling industry connections, and increasing exposure to investors. Critically, however, accelerators also provide informative signals to founders about the probability of success. Founders use this information to decide whether to continue or shut down. To better understand these issues, I provide a model of accelerator participation and performance and then test empirical predictions from the model us...
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作者：Gaertner, Fabio B.; Hoopes, Jeffrey L.; Williams, Braden M.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of North Carolina; University of North Carolina Chapel Hill; University of Texas System; University of Texas Austin
摘要：We study the foreign externalities of the recent U.S. tax reform, commonly known as the Tax Cuts and Jobs Act (TCJA). Specifically, we examine foreign firms' stock returns around key tax reform events. We find significant heterogeneity in market responses by country, industry, and firm. Chinese firms experience large negative returns, especially in steel, business equipment, and chemical manufacturers, whereas the rest of the world experiences positive returns. Firms operating in more differen...
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作者：Camuffo, Arnaldo; Cordova, Alessandro; Gambardella, Alfonso; Spina, Chiara
作者单位：Bocconi University; Centre for Economic Policy Research - UK
摘要：A classical approach to collecting and elaborating information to make entrepreneurial decisions combines search heuristics, such as trial and error, effectuation, and confirmatory search. This paper develops a framework for exploring the implications of a more scientific approach to entrepreneurial decision making. The panel sample of our randomized control trial includes 116 Italian startups and 16 data points over a period of about one year. Both the treatment and control groups receive 10 ...
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作者：Dellar, Carolyn; Sandino, Tatiana
作者单位：University of Pennsylvania; Harvard University
摘要：Using retail chain data, we study the effects of a tournament incentive plan based primarily on objective performance, but incorporating managerial discretion in the selection of winners. In principle, such plans could motivate employees to perform both at a high level, based on objective criteria, and in accordance with company values, considered via managerial discretion. However, such plans could be counterproductive if enough participants (especially those who do not win) perceive that sub...
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作者：Asadpour, Arash; Wang, Xuan; Zhang, Jiawei
作者单位：New York University; Hong Kong University of Science & Technology
摘要：We consider a class of online resource-allocation problems in which there are n types of resources with limited initial inventory and n demand classes. The resources are flexible in that each type of resource can serve more than one demand class. In this paper, we focus on a special class of structures with limited flexibility, the long-chain design, which was proposed by Jordan and Graves [Jordan WC, Graves SC (1995) Principles on the benefits of manufacturing process flexibility. Management ...
