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作者：Fedyk, Anastassia
作者单位：University of California System; University of California Berkeley
摘要：Do individuals anticipate time inconsistency in others? This paper jointly investigates beliefs about one's own and others' present bias. In an online laboratory experiment, participants engaged in a real-effort task display little awareness of their own present bias but anticipate present bias in others. Structurally, I estimate a present bias parameter 13 of 0.82. Participants perceive others' 13 to be 0.87, indicating substantial sophistication, contrasted with 1.03 for themselves, indicati...
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作者：Chen, Fengqin Freya; Saffar, Walid; Shang, Longfei
作者单位：Shanghai University of Finance & Economics; Hong Kong Polytechnic University; Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China
摘要：Using detailed household data, we find that households working in locally agglomerated economies have high mortgage loans and are more likely to have mortgage loans. Channel testing shows that local agglomeration increases housing and mortgage demand as well as mortgage supply. The increase in mortgage loans is driven by purchases of larger houses and smaller down payments. Mechanism analyses document that local agglomeration affects mortgage loans by increasing career upward potential and pro...
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作者：Li, Wei
作者单位：City University of Hong Kong
摘要：Unlike issuer-paid credit rating agencies (CRAs), investor-paid CRAs are compensated by investors for providing rating services. Exploiting the staggered timing of rating initiation by an investor-paid rating agency (the Egan Jones Ratings (EJR)), I document that the coverage by EJR increases rated firm managers' voluntary disclosure of negative news. Consistent with EJR's rating coverage deterring managerial bad news hoarding by informing investors of downside risks, I find that the effect of...
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作者：Cao, Jisu; Yang, Sha
作者单位：Arizona State University; Arizona State University-Tempe; University of Southern California
摘要：We study the impact of reviews on product choices when consumers can negotiate price. Although prior research has examined the impact of reviews in various contexts, none has considered a setting in which the purchase price is negotiated. We postulate that online reviews affect demand through consumer baseline product preference and consumer bargaining power. Leveraging a unique data set of consumer reviews of new car purchases, we developed and estimated a structural model to decompose and qu...
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作者：Lamorgese, Andrea; Patnaik, Megha; Linarello, Andrea; Schivardi, Fabiano
作者单位：European Central Bank; Bank of Italy; Centre for Economic Policy Research - UK
摘要：We use the spread of COVID-19 in Italy, the first Western country hit by the pandemic, to investigate the role of structured management practices in responding to a large shock. We exploit a survey eliciting expected sales growth for 2020 to set up a difference -indifference analysis with repeated cross sections, leveraging the fact that the data collection began prior to the pandemic and continued throughout its spread. We find a sizable effect of such practices on firm performance: a one -st...
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作者：Feng, Yifan; Caldentey, Rene; Xin, Linwei; Zhong, Yuan; Wang, Bing; Hu, Haoyuan
作者单位：National University of Singapore; University of Chicago
摘要：Given an input graph G(in) = (V, E-in), we consider the problem of designing a sparse subgraph G =(V, E) with E subset of E-in that supports a large matching after some nodes in V are randomly deleted. We study four families of sparse graph designs (namely, clusters, rings, chains, and Erd.os-Renyi graphs) and show both theoretically and numerically that their performance is close to the optimal one achieved by a complete graph. Our interest in the stochastic sparse graph design problem is pri...
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作者：Silverman, Jackie; Barnea, Uri
作者单位：University of Delaware; Bocconi University
摘要：People often need to predict the outcomes of future events. We investigate the influence of order on such forecasts. Six preregistered studies (n 7,955) show that people are more likely to forecast improbable outcomes (e.g., that an underdog will win a game) for predictions they make later versus earlier within a sequence of multiple predictions. This effect generalizes across several contexts and persists when participants are able to revise their predictions as well as when they are incentiv...
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作者：Hristakeva, Sylvia; Mortimer, Julie Holland; Yde, Eric
作者单位：Cornell University; Washington University (WUSTL); National Bureau of Economic Research; University of Virginia
摘要：We study the effect of price caps on the provision of costly effort by pharmaceutical firms using variation in drug discounts generated by a price regulation program that allows eligible hospitals to purchase outpatient drugs at steep discounts. These discounts directly affect drug manufacturers' markups and may change firms' incentives to exert promotional effort targeted toward physicians at these hospitals. We find that the effects of price regulation on pharmaceutical firm effort depend cr...
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作者：Tambe, Prasanna B.
作者单位：University of Pennsylvania
摘要：This study provides evidence that AI and algorithms act as complements to domain expertise, creating the greatest value when algorithmic literacy is broadly diffused among workers. Unlike earlier business technologies that concentrated expertise in IT specialists, AI and algorithms are most effective when domain experts themselves can interpret and apply them. Using two workforce datasets, I show that demand for algorithmic skills is rising among domain experts, frontier firms diffuse these sk...
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作者：Vollon, Lauren J.
作者单位：University of Notre Dame
摘要：This study investigates the role of venture capital (VC) firms in private mergers and acquisitions (M&A) contracting, particularly in reducing information asymmetry. Analyzing a proprietary data set of 851 startup acquisitions from 2015 to 2020, I find that M&A contracts are significantly less likely to include earnouts, mechanisms designed to mitigate information asymmetry, when a VC is involved in the transaction. Further analysis reveals that earnouts are more likely in transactions with hi...
