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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...
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作者：Kannan, Karthik; Rahman, Mohammad S.; Tawarmalani, Mohit
作者单位：Purdue University System; Purdue University
摘要：In this paper, we study how restricting the availability of patches to legal users impacts the vendor's profits, market share, software maintenance decisions, and welfare outcomes. Prior work on this topic assumes that the hacker's effort is independent of the vendor's decision to release the patch freely or not. Clearly, if the patch is not available to everyone, the hacker finds it easier to exploit the vulnerability in the product and, as a result, is likely to alter his effort. To understa...
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作者：Alcacer, Juan; Delgado, Mercedes
作者单位：Harvard University; Harvard University
摘要：We explore the impact of geographically bounded, intrafirm linkages (internal agglomerations) and geographically bounded, interfirm linkages (external agglomerations) on firms' location strategies. Using data from the Census Bureau's Longitudinal Business Database, we analyze the locations of new establishments of biopharmaceutical firms in the United States from 1993 to 2005. We consider all activities in the value chain and allow location choices to vary by research and development, manufact...
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作者：Anand, Amber; Hua, Jian; McCormick, Tim
作者单位：Syracuse University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We examine the make-take structure, which compensates liquidity suppliers and charges liquidity demanders, in the options markets where it competes with a traditional structure that uses payments for order flow. Using the introduction of the make-take structure as an event, we find that execution costs (including fees) for liquidity demanders decline after the event for the affected options, that the make-take structure encourages market makers to improve quoted prices, and that brokers change...
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作者：Caldieraro, Fabio
作者单位：Getulio Vargas Foundation
摘要：We investigate the optimal market entry and original equipment manufacturer (OEM) decisions of a firm facing a market in which firms' brands can be horizontally differentiated and products can be vertically differentiated. The entrant might sell under its own brand and compete with an incumbent, become a supplier to the incumbent, or both. Findings reveal that when consumers perceive the firms are horizontally and vertically differentiated, the entrant profits by simultaneously entering the ma...
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作者：Bapna, Ravi; Ramaprasad, Jui; Shmueli, Galit; Umyarov, Akhmed
作者单位：University of Minnesota System; University of Minnesota Twin Cities; McGill University; National Tsing Hua University
摘要：The growing popularity of online dating websites is altering one of the most fundamental human activities: finding a date or a marriage partner. Online dating platforms offer new capabilities, such as extensive search, big data-based mate recommendations, and varying levels of anonymity, whose parallels do not exist in the physical world. Yet little is known about the causal effects of these new features. In this study we examine the impact of a particular anonymity feature, which is unique to...
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作者：Bradler, Christiane; Dur, Robert; Neckermann, Susanne; Non, Arjan
作者单位：Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Maastricht University; Maastricht University Medical Centre (MUMC)
摘要：This paper reports the results from a controlled field experiment designed to investigate the causal effect of unannounced, public recognition on employee performance. We hired more than 300 employees to work on a three-hour data-entry task. In a random sample of work groups, workers unexpectedly received recognition after two hours of work. We find that recognition increases subsequent performance substantially, and particularly when recognition is exclusively provided to the best performers....
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作者：Donelson, Dain C.; Hopkins, Justin J.
作者单位：University of Texas System; University of Texas Austin; University of Virginia
摘要：This study finds that large marketwide declines in stock prices are associated with higher litigation incidence and settlements even though marketwide events are legally irrelevant. The probability of litigation nearly doubles (from 0.29% to 0.55%) and the amount of settlements also doubles (from $5.0 million to $10.1 million) when earnings disclosures occur during a large market decline, even after controlling for the firm's market-adjusted return. Furthermore, judges with (without) specializ...
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作者：Filippin, Antonio; Crosetto, Paolo
作者单位：University of Milan; IZA Institute Labor Economics; Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA); INRAE; Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA)
摘要：This paper reconsiders the wide agreement that females are more risk averse than males. We survey the existing experimental literature, finding that significance and magnitude of gender differences are task specific. We gather data from 54 replications of the Holt and Laury risk elicitation method, involving about 7,000 subjects. Gender differences appear in less than 10% of the studies and are significant but negligible in magnitude once all the data are pooled. Results are confirmed by struc...
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作者：Ferreira, Daniel; Kittsteiner, Thomas
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; European Corporate Governance Institute; RWTH Aachen University
摘要：Consider a firm that would like to commit to a focused business strategy because focus improves efficiency and thus increases profit. We identify two general conditions under which tougher competition strengthens the firm's ability to commit to a focused strategy. Under these conditions, competition fosters commitment for two reasons: (i) competition reduces the value of the option to diversify (the contestability effect), and (ii) competition increases the importance of being efficient (the e...
