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作者：Demirci, Ozge; Hannane, Jonas; Zhu, Xinrong
作者单位：Imperial College London; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Technical University of Berlin
摘要：This paper studies the impact of generative artificial intelligence (AI) technologies on the demand for online freelancers using a large data set from a leading global freelancing platform. We identify the types of jobs that are more affected by generative AI and quantify the magnitude of the heterogeneous impact. Our findings indicate a 21% decrease in the number of job posts for automation-prone jobs related to writing and coding compared with jobs requiring manual-intensive skills within ei...
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作者：Meagher, Kieron J.; Prasad, Suraj; Wait, Andrew
作者单位：Australian National University; University of Sydney
摘要：We propose a different perspective on organizations, emphasizing the role of instructions in providing incentives. In our framework, there is a conflict of interest between a principal and an agent over the course of action. When preferences are aligned over executing a course, the principal can selectively instruct the agent on a preferred course to steer the agent toward it. Because less able (less confident) agents are more responsive to instructions, hiring these types of agents can be ben...
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作者：Masulis, Ronald W.; Shen, Sichen; Zou, Hong
作者单位：University of New South Wales Sydney; Wuhan University; University of Hong Kong
摘要：We study whether legal liability protection helps companies to recruit and retain high-quality independent directors. We conduct difference-in-differences analyses exploiting the 1999 Ninth Circuit Court of Appeals Ruling on the Silicon Graphics case, which substantially raised the bar for filing securities class action (SCA) lawsuits as a shock. We document supporting evidence for the talent attraction hypothesis by showing improvements in newly recruited independent director quality followin...
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作者：Shive, Sophie; Forster, Margaret
作者单位：University of Notre Dame
摘要：We examine whether leveraged buyout (LBO) sponsors' reputations as borrowers affect the refinancing terms of their portfolio companies. In 510 U.S. LBOs for which we can reconstruct debt financing activity, 67% of financing events occur one quarter before the earliest existing debt maturity. These On Time events generally improve borrowing terms, whereas Early events feature more dividends, leverage, and higher cost. In each case, dividend issuance decreases and cost increases with the proport...
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作者：Dong, Wanxue; Saar-Tsechansky, Maytal; Geva, Tomer
作者单位：Chinese University of Hong Kong; University of Texas System; University of Texas Austin; Tel Aviv University
摘要：Expert workers make non-trivial decisions with significant implications. Experts' decision accuracy is, thus, a fundamental aspect of their judgment quality, key to both management and consumers of experts' services. Yet, in many important settings, transparency in experts' decision quality is rarely possible because ground truth data for evaluating the experts' decisions is costly and available only for a limited set of decisions. Furthermore, different experts typically handle exclusive sets...
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作者：Wang, Shixin
作者单位：Chinese University of Hong Kong
摘要：We study a robust selling problem where a seller attempts to sell one item to a buyer but is uncertain about the buyer's valuation distribution. The existing literature shows that robust screening provides a stronger theoretical guarantee than robust deterministic pricing but at the expense of implementation complexity as it requires a menu of infinite options. Our research aims to find simple mechanisms to hedge against market ambiguity effectively. We develop a general framework for robust s...
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作者：Chen, Louis L.; Lim, Chee Chin; Padmanabhan, Divya; Natarajan, Karthik
作者单位：United States Department of Defense; United States Navy; Naval Postgraduate School; National University of Singapore; Indian Institute of Technology System (IIT System); Indian Institute of Technology (IIT) Goa; Singapore University of Technology & Design
摘要：In this paper, we pursue a correlation-robust study of the influence maximization problem. Departing from the classic independent cascade model, we study a diffusion process adversarially adapted to the choice of seed set. More precisely, rather than the independent coupling of known individual edge probabilities, we now evaluate a seed set's expected influence under all possible correlations, specifically, the one that presents the worst case. We find that the worst case expected influence ca...
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作者：Fan, Xin
作者单位：Nevada System of Higher Education (NSHE); University of Nevada Las Vegas
摘要：I use an important ruling, Marblegate Asset Management v. Education Management Corporation (EMC), to study the economic role of two publicly traded debt restructuring methods: coercive bond exchange offers and Chapter 11. This ruling restricted firms from employing coercive bond exchange offers to facilitate out -of -court restructurings, thereby increasing the likelihood of restructuring publicly traded debt under Chapter 11. Following the ruling, investment in affected distressed firms decre...
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作者：Shechter, Steven M.
作者单位：University of British Columbia
摘要：Two events, with major implications for U.S. voters, occur after each decennial census. First, congressional apportionment takes place, followed by congressional districting. Apportionment determines how to allocate the 435 seats in the House of Representatives across the 50 states, whereas districting determines the geographic boundaries assigned to representatives within each state. Although districting and the practice of gerrymandering often receive great attention in the media and courts,...
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作者：De Jonghe, Olivier; Mulier, Klaas; Samarin, Ilia
作者单位：European Central Bank; National Bank of Belgium; Tilburg University; Ghent University
摘要：We study whether banks internalize congestion externalities when lending to zombie firms. We conjecture that banks should be better informed about the presence of zombie firms and the congestion externalities that such firms exert on healthy borrowers in industries where banks are specialized and show that banks' credit supply to zombie firms relates negatively to their industry specialization. This relation is stronger when congestion externalities are likely to have stronger adverse effects,...
