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作者：Lei, Xiaoxia; Chen, Yixing; Sen, Ananya
作者单位：Shanghai Jiao Tong University; University of Notre Dame; Carnegie Mellon University
摘要：Firms increasingly leverage external entities' data capabilities to unlock improvements in their offerings, but measuring the impact of such capabilities is challenging. Collaborating with the search team at a technology company, we analyzed a large-scale field experiment in which we randomized access to an external, leading search engine's autocomplete application programming interface (API) for more than two million users over 108 days. We measure the causal effects of removing API access on...
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作者：Shehu, Edlira; Zantedeschi, Daniel; Naik, Prasad A.
作者单位：University of Groningen; State University System of Florida; University of South Florida; University of California System; University of California Davis
摘要：Many time series data evolve asynchronously. In marketing, for example, we observe ad liking every second, hourly clickstreams, daily sales, weekly brand awareness, or monthly ad expenditures. Thus, the question arises: how to estimate dynamic models when metrics evolve at different frequencies? To this end, we develop a new method for estimation and inference of state space models for asynchronous data. In contrast to existing approaches, the proposed method does not require any data preproce...
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作者：Wang, Hongchang; Zhang, Yingjie; Lu, Tian
作者单位：University of Texas System; University of Texas Dallas; Peking University; Arizona State University; Arizona State University-Tempe
摘要：Human-algorithm collaboration is becoming increasingly prevalent in the economy and society. However, this collaboration is not always fruitful, and in extreme cases, people become human borgs or totally averse to algorithms. The key to collaborative value is whether humans and algorithms can complement each other in decision making, but it is challenging for humans to disagree with algorithmic recommendations at the right time (i.e., to disagree when algorithms are wrong and not disagree when...
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作者：Barucci, Emilio; Brachetta, Matteo; Marazzina, Daniele
作者单位：Polytechnic University of Milan; University of Genoa
摘要：We investigate the adoption of Central Bank digital currency (CBDC) in a partial equilibrium setting, focusing on four key features: remuneration, monetary incentives, interoperability, and architecture. Agents are interested in adopting CBDC because they have a preference for digital payments, and the Central Bank may incentivize adoption through subsidies and platform development, potentially in collaboration with the private sector. Our results demonstrate that both the remuneration scheme ...
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作者：Li, Minwen; Makaew, Tanakorn; Winton, Andrew
作者单位：Tsinghua University; University of Southern California; University of Minnesota System; University of Minnesota Twin Cities
摘要：We propose a model of bank monitoring and borrower financial misreporting. Using the staggered liberalization of the banking sector in China as a natural experiment, we find that, consistent with the model's prediction, entry by more efficient foreign banks reduces corporate misreporting fraud. Fraud reduction is greatest among borrowers of foreign banks, but fraud also drops among borrowers of domestic banks, suggesting a spillover effect. As predicted by the model, fraud reduction is greates...
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作者：Bazley, William; Cuculiza, Carina; Pisciotta, Kevin
作者单位：University of Kansas; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：Despite evidence of the importance of sleep for cognitive performance, prior research finds limited effects of sleep disruptions on financial markets. This is puzzling because financial decisions rely on higher-order cognitive processes that are typically affected by sleep. We reconcile this dissonance by examining forecasts of corporate earnings by nonprofessional and professional forecasters. We find that nonprofessional forecasters exhibit a significant decline in their forecast accuracy fo...
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作者：Jiang, Zhaohui (Zoey); Li, Jun; Zhang, Dennis
作者单位：Carnegie Mellon University; University of Michigan System; University of Michigan; Washington University (WUSTL)
摘要：Online retailers are facing an increasing variety of product choices and diversified consumer decision journeys. To improve many operations decisions for online retailers, such as demand forecasting and inventory management and pricing, an important first step is to obtain an accurate estimate of the substitution patterns among a large number of products offered in the complex online environment. Classic choice models either do not account for these substitution patterns beyond what is reflect...
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作者：Lahaie, Sebastien; Lubin, Benjamin
作者单位：Alphabet Inc.; Google Incorporated; Boston University
摘要：We introduce the first adaptively priced iterative combinatorial auction design, which gradually extends price expressiveness as the rounds progress. This mechanism achieves both high efficiency and fast convergence across a wide range of valuation domains. We implement our auction design using polynomial prices, show how to detect when the current price structure is insufficient to clear the market, and show how to correctly expand the polynomial structure to guarantee progress. An experiment...
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作者：Katuscak, Peter; Kittsteiner, Thomas
作者单位：RWTH Aachen University
摘要：There is evidence that many people do not report their types truthfully in strategy-proof mechanisms. One of the leading explanations is mechanism complexity. We propose a novel way of describing any strategy-proof mechanism with the aim to reduce the ensuing cognitive load on players and, hence, to increase truthful reporting. The description highlights that a player is guaranteed to obtain a most preferred feasible allocation based on her reported type and that feasibility depends only on th...
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作者：Cheng, Xin; Lyandres, Evgeny; Zhou, Kaiguo; Zhou, Tong
作者单位：Zhongnan University of Economics & Law; Tel Aviv University; Monash University; Capital University of Economics & Business; Southern University of Science & Technology
摘要：We examine the effects of adoption of labor-replacing automation technology on corporate financing. Empirically, using Chinese firm-level panel data on deployment of industrial robots as an example of such automation, we find that robot adoption increases leverage and reduces cost of debt. We hypothesize that the underlying reason is that being a substitute for labor, automation provides a hedge against fluctuations in labor costs. A model based on this hedging argument delivers additional tes...
