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作者：Aven, Brandy; Hillmann, Henning
作者单位：Carnegie Mellon University; University of Mannheim
摘要：To refine the understanding of the social network characteristics of entrepreneurial teams, we present a new construct: structural role complementarity. In particular, we examine the variation between team members' respective abilities to act as network brokers. Based on the cofounding networks of 9,461 entrepreneurs and 2,446 large-scale industrial enterprises over 45 years in Russia's emerging economy (1869-1913), our findings show that variation among team members' brokering ability signifi...
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作者：Burtch, Gordon; Carnahan, Seth; Greenwood, Brad N.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Michigan System; University of Michigan
摘要：We examine how the entry of gig-economy platforms influences local entrepreneurial activity. On the one hand, such platforms may reduce entrepreneurial activity by offering stable employment for the unemployed and underemployed. On the other hand, such platforms may enable entrepreneurial activity by offering work flexibility that allows the entrepreneur to redeploy resources strategically in order to pursue the nascent venture. To resolve this tension, we examine the entry of the ridesharing ...
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作者：Hertzberg, Andrew
作者单位：Columbia University
摘要：This paper presents a theory of disclosure in a market where investors have heterogeneous beliefs and face short-sale constraints. Assets trade above fundamentals reflecting the value of the option to sell to more optimistic investors in the future. The initial seller has an incentive to commit to an imprecise disclosure policy, despite the negative effect this has on the fundamental value of the asset, in order to increase the potential for disagreement and hence the magnitude of the speculat...
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作者：Jiang, John (X. ); Wang, Isabel Y.; Wang, K. Philip
作者单位：Michigan State University; Michigan State University's Broad College of Business; State University System of Florida; University of Florida
摘要：This study examines whether revolving rating analysts who transition from major rating agencies to issuers are associated with any rating inflation in the issuers' mortgage-backed securities (MBS) or asset-backed securities (ABS). Using professional profiles posted on LinkedIn to identify revolving rating analysts with structured finance rating experience, we find that the more the issuers employ such analysts, the more likely that ratings of issuers' MBS and ABS new issuances are inflated com...
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作者：Bushee, Brian; Srinivasan, Suraj
作者单位：University of Pennsylvania; Harvard University
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作者：Chen, Pei-Yu; Hong, Yili; Liu, Ying
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Online product ratings offer information on product quality. Scholars have recently proposed the potential of designing multidimensional rating systems to better convey information on multiple dimensions of products. This study investigates whether and how multidimensional rating systems affect consumer satisfaction (measured by product ratings), based on both observational data and two randomized experiments. Our identification strategy of the observational study hinges on a natural experimen...
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作者：Gao, Xiaodan
作者单位：National University of Singapore
摘要：I explore the role of the just-in-time (JIT) inventory system in the increase in cash holdings by U.S. manufacturing firms. I develop a model to illustrate the mechanism through which JIT affects cash and quantify its impact. In the model, both cash and inventory can serve as working capital. As firms switch from the traditional system to JIT, they shift resources from inventory to cash to facilitate transactions with suppliers. On average, this switchover accounts for a 4.1-percentage-point i...
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作者：Yan, Zhenzhen; Gao, Sarah Yini; Teo, Chung Piaw
作者单位：National University of Singapore; Singapore Management University; National University of Singapore; National University of Singapore
摘要：It is widely believed that a little flexibility added at the right place can reap significant benefits for operations. Unfortunately, despite the extensive literature on this topic, we are not aware of any general methodology that can be used to guide managers in designing sparse (i.e., slightly flexible) and yet efficient operations. We address this issue using a distributionally robust approach to model the performance of a stochastic system under different process structures. We use the dua...
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作者：Demiroglu, Cem; James, Christopher
作者单位：Koc University; State University System of Florida; University of Florida
摘要：Automated valuation models (AVMs) are widely used in the valuation of pools of residential mortgages. In this paper, we provide evidence that high pricing errors in human and automated valuation models as well as rejection of loans with relatively low appraisals may generate the appearance of appraisal bias even when the original appraisals are unbiased. We also present evidence that the estimated frequency of appraisal overstatement is quite sensitive to assumptions about loan denial rates du...
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作者：Chen, Jing; Demers, Elizabeth; Lev, Baruch
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Lausanne; New York University
摘要：This study provides novel evidence that expert economic agents' work-related activities are systematically influenced by the time of day. We use archival data derived from time-stamped quarterly earnings conference calls together with linguistic algorithms to measure and track the moods of executives and analysts at different times of the day. The evidence indicates that the tone of conference call discussions deteriorates markedly over the course of the trading day, with both analysts' and ex...
