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作者：Chen, Zefeng; Jiang, Zhengyang
作者单位：Peking University; Northwestern University; National Bureau of Economic Research
摘要：Do digital payment technologies generate liquidity premia like cash and Treasury? We provide an estimate in the context of the world's largest digital payment platform, Alipay. Our empirical strategy exploits the variation in the timing of the introduction of money market funds that users on this platform can hold and use for digital transactions. We find that, once a fund becomes eligible for these transactions, its size increases by 45 times on average. Through the lens of an equilibrium dem...
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作者：DeMiguel, Victor; Martin-Utrera, Alberto; Uppal, Raman
作者单位：University of London; London Business School; Iowa State University; Universite Catholique de Lille; EDHEC Business School; Center for Economic & Policy Research (CEPR)
摘要：The increasing number of institutions exploiting factor-investing strategies raises concerns that competition may erode profits. We use a game-theoretic model to show that, whereas competition among investors exploiting a particular factor erodes profits because of the negative externality of their price impact on each other, competition to exploit other factors can increase profits from the first factor because of the positive externality from trading diversification (netting of trades across...
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作者：Dittmar, Robert F.; Schlag, Christian; Thimme, Julian
作者单位：Rice University; Goethe University Frankfurt; Helmholtz Association; Karlsruhe Institute of Technology
摘要：Standard applications of the consumption-based asset pricing model assume that goods and services within the nondurable consumption bundle are substitutes. We estimate substitution elasticities between different consumption bundles and show that households cannot substitute energy consumption by consumption of other nondurables. As a consequence, energy consumption affects the pricing function as a separate factor. Variation in energy consumption betas explains a large part of the premia relat...
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作者：Macleod, W. Bentley; Lara, Victoria Valle; Zehnder, Christian
作者单位：Columbia University; National Bureau of Economic Research; IE University; University of Lausanne
摘要：Although conflicts typically lead to a waste of resources, organizations may still benefit from a corporate culture that tolerates or even encourages conflicts. The reason is that coordinated conflicts may help to enforce norms and foster cooperation. In this paper, we report results of a series of laboratory experiments designed to explore whether and under what conditions an efficiency-enhancing conflict culture can emerge. Using a principal-agent setup with subjective performance evaluation...
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作者：Lee, Jung Youn; Yang, Joonhyuk; Anderson, Eric T.
作者单位：Rice University; University of Notre Dame; Northwestern University
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness inclusion of an advertisement in this article, neither constitutes nor implies a guaran...
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作者：Mindruta, Denisa; Bercovitz, Janet; Mares, Vlad; Feldman, Maryann
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Colorado System; University of Colorado Boulder; INSEAD Business School; Arizona State University; Arizona State University-Downtown Phoenix
摘要：Although much attention is accorded to star performers, this paper considers the extent to which stars, themselves, benefit from the contribution of their collaborators (the constellation). By considering stars, constellations, and the synergies between them, we address a key question: To what extent is collaboration performance driven by the great individual or by great constellations? We introduce a novel approach that uses a matching model to uncover the complementarities driving collaborat...
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作者：Bates, Thomas W.; Du, Fangfang; Wang, Jessie Jiaxu
作者单位：Arizona State University; Arizona State University-Tempe; California State University System; California State University Fullerton; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using an occupational probability of computerization, we measure a firm's ability to replace labor with automated capital. Our evidence suggests that the potential to automate a workforce enhances operating flexibility, allowing firms to hold less precautionary cash. To provide evidence for this mechanism, we exploit the 2011-2012 Thailand hard drive crisis as an exogenous shock to the cost of automation. In addition, the negative relation between prospective automation and cash holdings is gr...
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作者：Ananthakrishnan, Uttara M.; Hasan, Sharique; Kumar, Anuj
作者单位：Carnegie Mellon University; Duke University; State University System of Florida; University of Florida
摘要：The prevalence of racial bias in policing has long concerned social scientists and policymakers. This article studies a predecessor mechanism that constitutes an important source of policing bias in American society: calls by individuals to the police to investigate suspicious behaviors, often involving neighbors. We construct a novel data set of more than 39 million 911 calls across 14 U.S. cities from 2011 to 2020. These data, obtained through the digitization initiatives of local government...
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作者：Cao, Sean Shun; Gong, Guojin; Kim, Yongtae; Shi, Hanzhong; Wang, Angie
作者单位：University System of Maryland; University of Maryland College Park; University of Connecticut; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST); Huazhong University of Science & Technology; Chinese University of Hong Kong
摘要：Site visits allow visitors to physically inspect productive resources and interact with on -site employees and executives face to face. We posit that, by allowing visitors to acquire investment -related information and monitor the management team, site visits offer disciplinary benefits for corporate investments. Using mandatory disclosures of site visits in China, we find that corporate investments become more responsive to growth opportunities as the intensity of site visits increases, consi...
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作者：Jung, Jaehwuen; Sun, Tianshu; Bapna, Ravi; Golden, Joseph M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Digital technologies enable consumers to actively participate in the design and production process for a wide range of products, giving rise to the concept of a 'prosumer.' A significant portion of the value for such products is generated through the prosumption process. A variety of firms are investing in building such capabilities; however, a major, largely unexplored, friction in prosumption is the customers' effort involved to undertake a creative exercise of designing products and extract...
