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作者：Gornall, Will; Strebulaev, Ilya A.
作者单位：University of British Columbia; Stanford University; National Bureau of Economic Research
摘要：We study gender and race in high-impact entrepreneurship using a tightly controlled randomized field experiment. We sent out 80,000 pitch emails introducing promising but fictitious start-ups to 28,000 venture capitalists and angels. Each email was sent by a fictitious entrepreneur with randomly assigned gender and race. Female entrepreneurs received 9% more interested replies than males pitching identical projects and Asians received 6% more than Whites. Our results suggest that investors do ...
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作者：Jeon, Yoontae; Kan, Raymond; Li, Gang
作者单位：McMaster University; University of Toronto; Chinese University of Hong Kong
摘要：We show that the return autocorrelation of underlying stock is an important determinant of expected equity option returns. Using an extended Black-Scholes model incorporating the presence of stock return autocorrelation, we demonstrate that expected returns of both call and put options are increasing in the return autocorrelation coefficient of the underlying stock. Consistent with this insight, we find strong empirical support in the cross-section of average returns of equity options. Our pap...
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作者：Alon, Shiri; Gayer, Gabrielle
作者单位：Bar Ilan University
摘要：A group of individuals is interested in predicting the outcome of a current problem. Each individual has access to private data that are used to form a prior probability over possible outcomes. While individuals may be reluctant or unable to disclose their private data, they are willing to publish their priors. We characterize a procedure for revising the individuals' prior probabilities based on the published priors of others and discuss its implications regarding the formation of a common pr...
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作者：Gershon, Rachel; Cryder, Cynthia; Milkman, Katherine L.
作者单位：University of California System; University of California Berkeley; Washington University (WUSTL); University of Pennsylvania
摘要：When pursuing goals, we commonly choose between going it alone versus teaming up together. In a field experiment (n = 774), we tested the benefits of rewarding individual versus tandem goal pursuit. In a standard-reward condition, we experimentally offered gym members an individual cash reward each day they visited the gym for four weeks. Participants in a tandem-reward condition could earn the same reward but only if they surmounted an extra logistical hurdle: they had to visit the gym with a...
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作者：Chen, Shi; Cohen, Morris A.; Lee, Hau
作者单位：University of Washington; University of Washington Seattle; University of Pennsylvania; Stanford University
摘要：In recent years, there has been an increasing trend in supply chains to employ a control tower approach to improve supply chain performance. One such strategy is customer -managed inventory (CMI) in which the customer (the downstream party) controls the inventory of the supplier (the upstream party). However, the optimal design of the inventory control policy and the required incentive structure for CMI has not been fully explored in the related literature. In this paper, we develop a two -ech...
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作者：Jenkinson, Tim; Jones, Howard; Rauch, Christian
作者单位：University of Oxford
摘要：We analyze how private equity funds (general partners (GPs)) sell down their stakes in companies they take public. GPs earn private equity management fees and carried interest on public equity holdings. The average duration of post-initial public offering (IPO) holdings is three years, whereas lockups expire after six months. Private equity-backed IPOs perform well during the lockup, but we find no evidence that GPs add value for investors through the timing of their aftermarket sell-down stra...
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作者：Banerjee, Ritwik; Mustafi, Priyoma
作者单位：Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; Ahmedabad University
摘要：Research shows that women volunteer significantly more for tasks that people prefer others to complete. Such tasks carry little monetary incentives because of their very nature. We use a modified version of the volunteer's dilemma game to examine if nonmonetary interventions, particularly social recognition, can be used to reduce the gender gap associated with such tasks. We conduct a laboratory experiment with three treatments where (a) a volunteer receives positive social recognition, (b) a ...
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作者：Hoffmann, Manuel; Mosquera, Roberto; Chadi, Adrian
作者单位：University of California System; University of California Irvine; Universidad de Las Americas - Ecuador; University of Southampton
摘要：Health campaigns in firms could be a cost-effective approach to reduce sickness absence and to mitigate negative economic consequences of ill health among employees. Low participation rates, however, may prevent firms from realizing such private economic benefits. Moreover, employees may overestimate the effects of the campaign and engage in risky behaviors that could be detrimental to their health, thereby reducing the potential benefits of the intervention. We ran a natural field experiment ...
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作者：Joo, Joonhwi; Chiong, Khai X.
作者单位：University of Texas System; University of Texas Dallas
摘要：Many firms conduct A/B tests to find a marketing action that improves a value of interest, such as revenue or profit. We develop the asymptotic minimax regret (AMMR) criterion, a practical decision-theoretic approach for choosing among binary marketing actions based on A/B tests. The AMMR is a general large-sample approximation of the minimax-regret criterion from a frequentist standpoint. Our method directly optimizes the decision-relevant metric, accounting for the product of the error proba...
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作者：Fan, Jianqing; Liu, Qingfu; Wang, Bo; Zheng, Kaixin
作者单位：Princeton University; Fudan University; Shanghai Jiao Tong University
摘要：We propose a financial statement (FS) fraud detection framework, called PeerMeta, that makes improvements in all three components of the detection procedure: label measurement, feature set, and detection model. For the label measurement, prior studies mainly adopt FS fraud events that have already been disclosed and confirmed. We construct a new measure based on news coverage that can reflect unrevealed FS fraud behaviors as well. For the feature set, we innovatively add peer factors learned t...
