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作者：Starr, Evan; Balasubramanian, Natarajan; Sakakibara, Mariko
作者单位：University System of Maryland; University of Maryland College Park; Syracuse University; University of California System; University of California Los Angeles
摘要：This paper examines how the enforceability of noncompete covenants affects the creation, growth, and survival of spinouts and other new entrants. The impact of noncompete enforceability on new firms is ambiguous, since noncompetes reduce knowledge leakage but impose hiring costs. However, we posit that enforceability screens formation of within-industry spinouts (WSOs) relative to non-WSOs by dissuading founders with lower human capital. Using data on 5.5 million new firms, we find greater enf...
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作者：Shunko, Masha; Niederhoff, Julie; Rosokha, Yaroslav
作者单位：University of Washington; University of Washington Seattle; Syracuse University; Purdue University System; Purdue University
摘要：Using behavioral experiments, we study the impact of queue design on worker productivity in service systems that involve human servers. Specifically, we consider two queue design features: queue structure, which can be either parallel queues (multiple queues with a dedicated server per queue) or a single queue (a pooled queue served by multiple servers), and queue-length visibility, which can provide either full or blocked visibility. We find that (1) the single-queue structure slows down the ...
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作者：Zhang, Laurina
作者单位：Western University (University of Western Ontario)
摘要：Digitization has impacted firm profitability in many media industries by lowering the cost of copying and sharing creative works. I examine the impact of digital rights management (DRM), a prevalent strategy used by firms in media industries to address piracy concerns, on music sales. I exploit a natural experiment, where different labels remove DRM from their entire catalogue of music at different times, to examine whether relaxing an album's sharing restrictions increases sales. Using a larg...
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作者：Westermann, Ramona
作者单位：Copenhagen Business School
摘要：This paper investigates the joint effects of manager-shareholder agency conflicts and macroeconomic risk on corporate policies and firm value. I first derive the implications of a structural model of a firm with assets in place and an investment opportunity, run by a self-interested manager who captures part of the firm's net income as private benefits. The model implies that dynamic aggregate agency costs are driven by firms in the upper half of the distribution of private benefits. Managers ...
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作者：Gui, Luyi; Atasu, Atalay; Ergun, Ozlem; Toktay, L. Beril
作者单位：University of California System; University of California Irvine; University System of Georgia; Georgia Institute of Technology; Northeastern University
摘要：A key goal of Extended Producer Responsibility (EPR) legislation is to provide incentives for producers to design their products for recyclability. EPR is typically implemented in a collective system, where a network of recycling resources are coordinated to fulfill the EPR obligations of a set of producers, and the resulting system cost is allocated among these producers. Collective EPR is prevalent because of its cost efficiency advantages. However, it is considered to provide inferior desig...
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作者：Lee, Dokyun; Hosanagar, Kartik; Nair, Harikesh S.
作者单位：Carnegie Mellon University; University of Pennsylvania; Stanford University
摘要：We describe the effect of social media advertising content on customer engagement using data from Facebook. We content-code 106,316 Facebook messages across 782 companies, using a combination of Amazon Mechanical Turk and natural language processing algorithms. We use this data set to study the association of various kinds of social media marketing content with user engagement-defined as Likes, comments, shares, and click-throughs-with the messages. We find that inclusion of widely used conten...
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作者：Qian, Jun QJ; Zhu, Julie Lei
作者单位：Fudan University; Shanghai Jiao Tong University
摘要：We evaluate the efficiency of capital deployment for acquiring firms before mergers and acquisitions (M&As), defined as the return on invested capital net of the cost of capital, and link this measure to firms' postacquisition performance. Acquirers with higher preacquisition net returns on investment have superior long-run operating and stock performance than do acquirers with lower returns. Acquirers with low net returns on investment also underperform matching nonacquirers. The relationship...
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作者：Manconi, Alberto; Massa, Massimo; Zhang, Lei
作者单位：Bocconi University; INSEAD Business School; Nanyang Technological University
摘要：We study the informational role of corporate hedging, comparing two hypotheses. Under the opacity hypothesis, corporate hedging makes earnings less informative, renders the firm opaque, and increases informed traders' profitability. Under the transparency hypothesis, hedging reduces uncertainty and erodes the informed traders' information advantage and profitability. Our tests support the transparency hypothesis. Hedging is associated with lower uncertainty (lower implied volatility and analys...
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作者：Chan, Jason; Wang, Jing
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology
摘要：Online labor marketplaces facilitate the efficient matching of employers and workers across geographical boundaries. The exponential growth of this nascent online phenomenon holds important social and economic implications, as the hiring decisions made on these online platforms implicate the incomes of millions of workers worldwide. Despite this importance, limited effort has been devoted to understanding whether potential hiring biases exist in online labor platforms and how they may affect h...
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作者：Ebert, Sebastian; Nocetti, Diego C.; Schlesinger, Harris
作者单位：Frankfurt School Finance & Management; Tilburg University; Clarkson University; University of Alabama System; University of Alabama Tuscaloosa
摘要：A large strand of research has identified when (i) a single risk is undesirable and (ii) two independent risks aggravate each other. We extend this line of inquiry by establishing when (iii) mutual aggravation is greater for greater risks. This natural property of greater mutual aggravation explains recent experimental findings on higher-order risk preferences, and can guide managerial behavior when risks in the decision environment become more severe.
