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作者：Li, Xi; Xiong, Yan
作者单位：University of Hong Kong
摘要：Manufacturers often preannounce reference prices for products that have not yet been produced or even developed. These prices are rarely binding, meaning that the manufacturers can make price adjustments in the future, possibly at a cost. In this paper, we argue that price preannouncements can serve as a weak price commitment that, we find, helps the manufacturers secure better deals from their suppliers, thereby lowering their procurement costs and improving their profit. Surprisingly, even a...
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作者：Burke, Qing; Wangerin, Daniel; Warfield, Terry
作者单位：University System of Ohio; Miami University; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper examines the role of CPA financial statement assurance in securities crowdfunding. Under SEC Regulation Crowdfunding, effective May 2016, early-stage private companies are permitted to conduct securities crowdfunding offerings-low-dollar securities offerings on Internet platforms-to a large number of investors. Using SEC filings and hand-collected data on the universe of offerings from 2016 to 2019, we examine the relation between CPA assurance and capital raised in the securities c...
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作者：Kohlenberg, Angela; Gurvich, Itai
作者单位：Northwestern University
摘要：. We study matching queues with abandonment. The simplest of these is the two-sided queue with servers on one side and customers on the other, both arriving dynamically. over time and abandoning if not matched by the time their patience elapses. We identify nonasymptotic and universal scaling laws for the matching loss due to abandonment, which we refer to as the cost of impatience. The scaling laws characterize the way in which this cost depends on the arrival rates and the (possibly differen...
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作者：Calzolari, Giacomo; Cheysson, Anatole; Rovatti, Riccardo
作者单位：European University Institute; Centre for Economic Policy Research - UK; University of Bologna
摘要：Machine data (MD), that is, data generated by machines, are increasingly gaining importance, potentially surpassing the value of the extensively discussed personal data. We present a theoretical analysis of the MD market, addressing challenges such as data fragmentation, ambiguous property rights, and the public-good nature of MD. We consider machine users producing data and data aggregators providing MD analytics services (e.g., with digital twins for real-time simulation and optimization). B...
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作者：Han, Xia; Lin, Liyuan; Wang, Ruodu
作者单位：Nankai University; Nankai University; Monash University; University of Waterloo
摘要：We establish the first axiomatic theory for diversification indices using six intuitive axioms: nonnegativity, location invariance, scale invariance, rationality, normalization, and continuity. The unique class of indices satisfying these axioms, called the diversification quotients (DQs), are defined based on a parametric family of risk measures. A further axiom of portfolio convexity pins down DQs based on coherent risk measures. The DQ has many attractive properties, and it can address seve...
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作者：Woerner, Andrej; Romagnoli, Giorgia; Probst, Birgit M.; Bartmann, Nina; Cloughesy, Jonathan N.; Lindemans, Jan Willem
作者单位：University of Amsterdam; Technical University of Munich; Duke University; University of Southern California
摘要：Traditionally, incentives to promote behavioral change are assigned rather than chosen. In this paper, we theoretically and empirically investigate the alternative approach of letting people choose their own incentives from a menu of increasingly challenging and rewarding options. When individuals are heterogeneous and have private information about their costs and benefits, we theoretically show that leaving them the choice of incentives can improve both adherence and welfare. We test the the...
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作者：Cason, Timothy N.; Tabarrok, Alex; Zubrickas, Robertas
作者单位：Purdue University System; Purdue University; George Mason University; George Mason University; University of Bath; Vilnius University
摘要：Crowdfunding can suffer from information asymmetry, leaving some investors disappointed with low-quality projects, whereas other high-quality projects remain unfunded. We show that refund bonuses, which provide investors a payment if a fundraising campaign is unsuccessful, can signal project quality and help overcome the market failure in crowdfunding. Because strong projects have a lower risk of bonus payout, entrepreneurs with strong projects are more likely to offer bonuses. This signals hi...
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作者：Li, Zhuoxin; Wang, Gang
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Delaware
摘要：Restaurants are increasingly relying on on-demand delivery platforms (e.g., DoorDash, Grubhub, and Uber Eats) to reach customers and fulfill takeout orders. Although on-demand delivery is a valuable option for consumers, whether restaurants benefit from or are being hurt by partnering with these platforms remains unclear. This paper investigates whether and to what extent the platform delivery channel substitutes restaurants' own takeout/dine-in channels and the net impact on restaurant revenu...
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作者：He, Qiyang; Leung, Henry; Qiu, Buhui; Zhou, Zhou
作者单位：University of Sydney; Zhejiang University
摘要：Seeking Alpha (SA) is the most popular crowdsourced social media platform specializing in the financial analysis of U.S. firms, and it attracts over 17 million visitors per month. We find that firm coverage initiation on SA significantly promotes corporate innovation activities. SA coverage promotes corporate innovation by disseminating innovationrelated information about the covered firm to external investors, thereby alleviating the firm's financial constraints. Moreover, firms with higher i...
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作者：Azmat, Ghazala; Cunat, Vicente; Henry, Emeric
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：Using a representative survey of U.S. lawyers, we document a sizeable gender gap in early partnership aspirations, which explains half of the later gender promotion gap. We further document that the correlation between aspirations and effort provides a mechanical link between aspirations and promotion. Early workplace experiences, such as harassment and demeaning comments, are linked to promotion aspirations. Moreover, early aspirations provide insight into eventual promotion outcomes that goe...
