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作者：Yang, Luyi; Debo, Laurens G.; Gupta, Varun
作者单位：Johns Hopkins University; Dartmouth College; University of Chicago
摘要：Customers looking for service providers often face search frictions and have to trade off quality and availability. To understand customers' search behavior when they are confronted with a large collection of vertically differentiated, congested service providers, we build a model in which arriving customers conduct a costly sequential search to resolve uncertainty about service providers' quality and queue length and select one to join by optimal stopping rules. Customers search, in part, bec...
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作者：Dasgupta, Sudipto; Noe, Thomas H.
作者单位：Chinese University of Hong Kong; Lancaster University; Center for Economic & Policy Research (CEPR); University of Oxford; University of Oxford
摘要：Typically, shareholders are not sure whether boards act in their interest or have been captured by management. They are also less well informed than boards about firm investment opportunities and operating conditions. We develop a model, consistent with these observations, in which discretionary compensation payments to managers might increase firm value or might simply enrich managers at the expense of shareholders. After observing the board's compensation and investment policies, shareholder...
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作者：Lou, Yun
作者单位：Singapore Management University
摘要：I examine the effect of the disclosure of pending lawsuits in 10-K/Q filings on the contractual terms of newly issued bonds. I find that firms' decisions to disclose pending lawsuits and the amount of disclosed information (i.e., the level of disclosure) have opposite effects. Specifically, firms that disclose a higher proportion of their pending lawsuits face higher yields and are more likely to include default clauses pertaining to court judgments in the bond prospectuses. However, within th...
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作者：Rohde, Kirsten I. M.
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Many studies show that time preference data from experiments and surveys are related to field behavior. Time preference measures in these studies typically depend simultaneously on utility curvature, the level of impatience, and the change in the level of impatience. Thus, these studies do not allow one to establish which of these three components drivels) the field behavior of interest. Of these components, the change in the level of impatience is theoretically thought to be the main driver o...
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作者：Nagle, Frank
作者单位：University of Southern California
摘要：As open source software (OSS) is increasingly used as a key input by firms, understanding its impact on productivity becomes critical. This study measures the firm-level productivity impact of nonpecuniary (free) OSS and finds a positive and significant value-added return for firms that have an ecosystem of complementary capabilities. There is no such impact for firms without this ecosystem of complements. Dynamic panel analysis, instrumental variables, and a variety of robustness checks are u...
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作者：Brynjolfsson, Erik; Hui, Xiang; Liu, Meng
作者单位：Massachusetts Institute of Technology (MIT); Washington University (WUSTL)
摘要：Artificial intelligence (AI) is surpassing human performance in a growing number of domains. However, there is limited evidence of its economic effects. Using data from a digital platform, we study a key application of AI: machine translation. We find that the introduction of a new machine translation system has significantly increased international trade on this platform, increasing exports by 10.9%. Furthermore, heterogeneous treatment effects are consistent with a substantial reduction in t...
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作者：Nan, Lin; Wen, Xiaoyan
作者单位：Purdue University System; Purdue University; Texas Christian University
摘要：In this study, we examine whether imposing a penalty based on an earlier positive signal and a bad realized outcome can be welfare-improving. We find that imposing a penalty helps to improve investment efficiency, but it also brings a deadweight cost of potential penalty for entrepreneurs with good projects. We show that when a good project has a much larger chance to achieve a good outcome than a bad project or when a large proportion of the penalty can be reimbursed to the investor, it is op...
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作者：Barillas, Francisco; Nimark, Kristoffer
作者单位：Emory University; Cornell University
摘要：An affine no-arbitrage asset pricing framework is developed that allows for agents to have rational but heterogeneous expectations. The framework can match both bond yields and the observed dispersion of yield expectations in survey data. Heterogeneous information introduces a speculative component in bond prices that is (i) statistically distinct from classical components such as risk premia and expectations about future short rates and (ii) quantitatively important, at times accounting for u...
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作者：Fabbri, Marco; Barbieri, Paolo Nicola; Bigoni, Maria
作者单位：University of Amsterdam; University of Gothenburg; University of Bologna
摘要：In a field experiment, we studied the performance of an incentive scheme that combines a lottery-based reward for compliance with probabilistic sanctions for noncompliance. For one month, bus passengers who purchased a ticket on board a subset of buses operating in a medium-sized Italian city participated in a lottery awarding a (sic)500 prize. The remaining buses-otherwise identical-were used as controls. We observed the amount of tickets sold on treated and control buses over three months, b...
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作者：Song, Yicheng; Sahoo, Nachiketa; Ofek, Elie
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Boston University; Harvard University
摘要：Sometimes we desire change, a break from the same, or an opportunity to fulfill different aspects of our needs. Noting that consumers seek variety, several approaches have been developed to diversify items recommended by personalized recommender systems. However, current diversification strategies operate under a one-shot paradigm without considering the evolution of preferences resulting from recent consumption. Therefore, such methods often sacrifice accuracy. In the context of online media,...
