-
作者：Ferman, Bruno
摘要：Consumer credit regulations usually require that lenders disclose interest rates. However, in the absence of specific prominence requirements, lenders can conceal the interest rate in the fine print while still complying with the law. I examine the effect of such a strategy using a field experiment in Brazil in which a credit card company offered their clients payment plans to pay off their balances. Using randomized contract interest rates and the degree of rate disclosure, I show that most c...
-
作者：Flammer, Caroline; Kacperczyk, Aleksandra
作者单位：Western University (University of Western Ontario); Massachusetts Institute of Technology (MIT)
摘要：In this study, we assess the causal impact of stakeholder orientation on innovation. To obtain exogenous variation in stakeholder orientation, we exploit the enactment of state-level constituency statutes, which allow directors to consider stakeholders' interests when making business decisions. Using a difference-in-differences methodology, we find that the enactment of constituency statutes leads to a significant increase in the number of patents and citations per patent. We further argue and...
-
作者：Iyer, Rajkamal; Khwaja, Asim Ijaz; Luttmer, Erzo F. P.; Shue, Kelly
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Dartmouth College; National Bureau of Economic Research; University of Chicago
摘要：This paper examines the performance of new online lending markets that rely on nonexpert individuals to screen their peers' creditworthiness. We find that these peer lenders predict an individual's likelihood of defaulting on a loan with 45% greater accuracy than the borrower's exact credit score (unobserved by the lenders, who only see a credit category). Moreover, peer lenders achieve 87% of the predictive power of an econometrician who observes all standard financial information about borro...
-
作者：Ren, Yuqing; Chen, Jilin; Riedl, John
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Minnesota System; University of Minnesota Twin Cities; Alphabet Inc.; Google Incorporated
摘要：Online open collaboration efforts, such as Wikipedia articles and open source software development, often involve a large crowd with diverse experiences and interests. Diversity, on the one hand, facilitates the access to and integration of a wide variety of information; on the other hand, it may cause conflict and hurt group performance. Although diversity's effects have been the subject of many studies in offline work groups (with the results remaining inconclusive), its effects in online se...
-
作者：Pang, Min-Seok; Tafti, Ali; Krishnan, M. S.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan
摘要：Given the recent concern on big governments and rising budget deficits in the United States and European nations, there has been a fundamental economic debate on the proper boundary and role of governments in a society. Inspired by this debate, we study the relationship between information technology (IT) and government size. Drawing on a broad range of the literature from multiple disciplines such as information systems, industrial organization, and political sciences, we present several theo...
-
作者：Fu, Yuming; Qian, Wenlan; Yeung, Bernard
作者单位：National University of Singapore; National University of Singapore; National University of Singapore; National University of Singapore
摘要：This paper examines the impact of a policy change in transaction tax on speculators. The policy intervention took place in Singapore's housing market; it effectively raised the transaction cost in a segment favored by short-term speculators. Relative to the unaffected control sample, we find that the rise in transaction cost, equivalent to a two- to three-percentage-point increase in transaction tax, reduced speculative trading in the treatment segment by 75% and raised its price volatility by...
-
作者：Abhishek, Vibhanshu; Jerath, Kinshuk; Zhang, Z. John
作者单位：Carnegie Mellon University; Columbia University; University of Pennsylvania
摘要：In recent years, online retailers (also called e-tailers) have started allowing manufacturers direct access to their customers while charging a fee for providing this access, a format commonly referred to as agency selling. In this paper, we use a stylized theoretical model to answer a key question that e-tailers are facing: When should they use an agency selling format instead of using the more conventional reselling format? We find that agency selling is more efficient than reselling and lea...
-
作者：Iyer, Ganesh; Katona, Zsolt
作者单位：University of California System; University of California Berkeley
摘要：We investigate the incentives for social communication in the new social media technologies. Three features of online social communication are represented in the model. First, new social media platforms allow for increased connectivity; i.e., they enable sending messages to many more receivers, for the same fixed cost, compared to traditional word of mouth. Second, users contribute content because they derive status-or image-based utility from being listened to by their peers. Third, we captur...
-
作者：Cappelen, Alexander W.; Reme, Bjorn-Atle; Sorensen, Erik O.; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH); Norwegian School of Economics (NHH)
摘要：We study how leader compensation affects public goods provision. We report from a lab experiment with four treatments, where the base treatment was a standard public goods game with simultaneous contribution decisions, and the three other treatments allowed participants to volunteer to be the leader in their group and make their contribution before the others. In the three leader treatments, we manipulated the level of compensation given to the leader. Our main finding is that a moderate compe...
-
作者：Ecken, Philipp; Pibernik, Richard
作者单位：University of Wurzburg; European Business School (EBS) University
摘要：Managers and policy makers frequently face crucial strategic decisions that inevitably rely on judgments about relevant future events. These judgments are often characterized by very high uncertainty and the absence of experience from previous good or bad judgments. Judgments of other experts are oftentimes an important-sometimes the only-source of additional information to reduce uncertainty and improve judgment accuracy. However, in many practical situations, decision makers have very limite...
