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作者：Marx, Matt; Wang, Qian; Yimfor, Emmanuel
作者单位：Cornell University; Columbia University; National Bureau of Economic Research
摘要：How do venture capital investors react to social movements, including those that relate to historical underrepresentation in funding? We use image and name algorithms combined with clerical review to classify race for 150,000 founders and 30,000 investors. These data allow us to assess the impact of George Floyd's murder on VC funding of Black entrepreneurs and identify which VCs were most responsive. Although VCs responded swiftly, investment in Black-founded startups reverted to prior levels...
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作者：Dreyfuss, Bnaya; Glicksohn, Ofer; Heffetz, Ori; Romm, Assaf
作者单位：Harvard University; Hebrew University of Jerusalem; Cornell University; Hebrew University of Jerusalem; National Bureau of Economic Research
摘要：Can models incorporating nontraditional, behavioral elements into the classical, expected-utility framework help explain seemingly dominated choice behavior of participants in centralized matching markets? Can they help in redesigning matching mechanisms to reduce such behavior? Investigating the widely used deferred-acceptance (DA) algorithm, we answer positively, both in theory and using laboratory experiments. We use an off-the-shelf news-utility model where preferences include expectations...
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作者：Wowak, Kaitlin D.; Busenbark, John R.; Ball, George P.; V. Natarajan, Karthik
作者单位：University of Notre Dame; University of Notre Dame; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Minnesota System; University of Minnesota Twin Cities
摘要：There is growing research exploring the influence of executives' political ideologies on firm strategy, but little is known about how these ideologies influence product quality. Leveraging research that suggests liberal firm leaders prioritize customer safety, whereas conservative firm leaders emphasize firm financial returns, we theorize that a firm's top management team's (TMT's) political ideology influences the number of serious medical product recalls that a firm initiates and how quickly...
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作者：Gong, Binglin; Liang, Yingzhi
作者单位：East China Normal University; Zhejiang University; University of Texas System; University of Texas Dallas
摘要：Market design provides managerial insights into the success and failure of various market institutions in allocating scarce resources. We investigate a dynamic matching mechanism used in real-world college admissions, where students share a common priority ranking. Theoretically, we prove that efficient and stable matching occurs with an arbitrarily high probability, assuming sufficient revision opportunities and rationality. This predicts that the dynamic mechanism is less stable than the def...
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作者：Hugonnier, Julien; Prieto, Rodolfo
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); INSEAD Business School
摘要：We study a dynamic general equilibrium model with costly-to-short stocks and heterogeneous beliefs. Costly short sales drive a wedge between the valuation of assets that promise identical cash flows but that are subject to different trading arrangements. In particular, we show that the price of an asset is given by the risk-adjusted present value of its future cash flows, which include both dividends and an endogenous lending yield that we characterize explicitly. This valuation formula implie...
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作者：Geelen, Thomas; Morellec, Erwan; Rostova, Natalia
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Centre for Economic Policy Research - UK; Universite Catholique de Lille; EDHEC Business School
摘要：Lending relationships matter for firm financing. In a model of debt dynamics, we study how lending relationships are formed and how they impact the joint choice of leverage and debt maturity, thereby rationalizing recent empirical findings and generating new predictions. In the model, lending relationships evolve through repeated interactions between firms and debt investors. Stronger lending relationships lead firms to adopt higher leverage ratios, issue longer term debt, and raise funds from...
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作者：Fong, Jessica; Waisman, Caio
作者单位：University of Michigan System; University of Michigan; Northwestern University
摘要：Delay in negotiations is common in many settings, but the effects of delay have rarely been studied empirically in the field. We measure the causal effects of delay on bargaining outcomes using data from millions of negotiations on eBay. We find that for both buyers and sellers, the longer the bargaining party delays, the less likely the opponent is to continue the negotiation by countering, and the fewer rounds the negotiation takes to complete. The effects of delay are robust; they exist eve...
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作者：Battiston, Diego; Espinosa, Miguel; Liu, Shuo
作者单位：University of Edinburgh; Bocconi University; Peking 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：Jiang, Jiashuo; Li, Xiaocheng; Zhang, Jiawei
作者单位：Hong Kong University of Science & Technology; Imperial College London; New York University
摘要：We consider a general online stochastic optimization problem with multiple resource constraints over a horizon of finite time periods. In each time period, a reward function and multiple cost functions are revealed, and the decision maker needs to specify an action from a convex and compact action set to collect the reward and consume the resources. Each cost function corresponds to the consumption of one resource. The reward function and the cost functions of each time period are drawn from a...
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作者：Kutai, Ari; Nathan, Daniel; Wittwer, Milena
作者单位：Tel Aviv University; Bank of Israel; Boston College
摘要：We leverage the unique institutional feature that the Israeli government bond market operates on an exchange rather than over-the-counter to analyze whether and why having an exchange affects market liquidity during a crisis. We document how the liquidity crisis in March 2020 affected the Israeli government bond market and conduct difference-indifferences analyses, comparing bid-ask spreads in exchange markets, such as the Israeli government bond market, with markets lacking an exchange. Our f...
