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作者：van den Berg, Pieter L.; Henderson, Shane G.; Jagtenberg, Caroline J.; Li, Hemeng
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Cornell University; Vrije Universiteit Amsterdam
摘要：In community first responder (CFR) systems, traditional emergency service response is augmented by a network of trained volunteers who are dispatched via an app. A central application of such systems is out -of -hospital cardiac arrest (OHCA), where a very fast response is crucial. For a target performance level, how many volunteers are needed, and from which locations should they be recruited? We model the presence of volunteers throughout a region as a Poisson point process, which permits th...
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作者：Baucells, Manel; Grushka-Cockayne, Yael; Hwang, Woonam
作者单位：University of Virginia; Utah System of Higher Education; University of Utah
摘要：Project leaders are responsible for planning, controlling, and revising projects. As a project unfolds, the leader evaluates the project's progress by comparing ongoing costs and scope to a baseline plan and considers potential revisions. We offer a general model of managerial mental accounting, which includes loss aversion, reference point updating, and narrow framing, and examine how it impacts downstream decisions. Our model predicts insufficient adjustments of project scope and cost at rev...
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作者：Tsirtsis, Stratis; Tabibian, Behzad; Khajehnejad, Moein; Singla, Adish; Scholkoepf, Bernhard; Gomez-Rodriguez, Manuel
作者单位：Max Planck Society; Monash University; Max Planck Society; Max Planck Society
摘要：We are witnessing an increasing use of data -driven predictive models to inform decisions in high -stakes situations, from lending and hiring to university admissions. As decisions have implications for individuals and society, there is increasing pressure on decision makers to be transparent about their decision policies. At the same time, individuals may use knowledge, gained by transparency, to invest effort strategically in order to maximize their chances of receiving a beneficial decision...
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作者：d'Avernas, Adrien; Han, Baiyang; Vandeweyer, Quentin
作者单位：Stockholm School of Economics; Stanford University; University of Chicago
摘要：This paper proposes a new model of monetary policy implementation to account for two key developments: (i) the introduction of intraday liquidity requirements and (ii) the decreasing relevance of the federal funds market in favor of repurchase agreement (repo) markets with nonbank participants. Our paper studies how liquidity requirements prevent banks from arbitraging between the fed funds and repo markets and generate large repo spikes. We propose a simple measure of excess intraday reserves...
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作者：Yueshen, Bart Zhou
作者单位：Singapore Management University
摘要：Limit orders submitted around the same time are subject to random latencies and will be queued accordingly. In equilibrium, end-of-queue limit orders always lose money-the liquidity supply appears excessive. The model generates empirical predictions regarding such overshooting liquidity: (i) new limit orders appear fleeting-clustered submissions are followed by immediate cancellations, (ii) the resulting cancel-to-add count ratio reflects adverse selection, and (iii) the cancel-to-add size rat...
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作者：Sandvik, Jason; Saouma, Richard; Seegert, Nathan; Stanton, Christopher
作者单位：University of Arizona; Michigan State University; Michigan State University's Broad College of Business; Northeastern University; National Bureau of Economic Research; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：In a field experiment, we find that a mandatory mentorship program raises worker productivity, whereas a voluntary version of the program does not. A significant reason why the mandatory program results in larger gains is that the lowest-productivity employees do not participate when the program is voluntary despite their having the greatest treatment benefits. A nationally representative survey of U.S. workers shows wide variation in human capital development program participation, suggesting...
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作者：Haese, Jeremie; Peukert, Christian
作者单位：University of Lausanne
摘要：Firms are increasingly moving away from proprietary technology to building commercial products on top of open source software. However, it is unclear how such commercialization of open source affects contributions from the community, as well as product quality and firm performance. Web browser technology provides a unique setting to study such questions. The largest open source project is Chromium, led by Google, which serves as the core of various web browsers. Unexpectedly, Microsoft announc...
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作者：Han, Pengfei; Liu, Chunrui; Tian, Xuan; Wang, Kexin
作者单位：Peking University; University of International Business & Economics; Tsinghua University; Renmin University of China
摘要：We find the death of distance in venture capital (VC) investment caused by the COVID-19 pandemic: VCs invest in more distant startups during the COVID-19 lockdowns, and such effects continue after the economy reopens. The death of distance is more pronounced when there is better internet infrastructure, lower information asymmetry between VCs and entrepreneurs, and smaller deal size. The pandemic-spurred advancement and adoption of remote communication technology contribute to the documented o...
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作者：Chen, Yunsen; Lu, Yao; Zheng, Dengjin
作者单位：Central University of Finance & Economics; Tsinghua University
摘要：We find that boardroom centrality increases the market beta of firms. The higher stock returns of firms with high boardroom centrality diminish and turn statistically insignificant after controlling for market betas. The effect can be attributed to a comovement in accounting fundamentals and financial policies. Overall, these findings highlight the fact that the social networks of corporate leaders (i.e., directors of corporate boards) can have a substantial effect on firms' systematic risk ex...
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作者：De George, Emmanuel T.; Reiter, Nayana; Synn, Christina; Williams, Christopher Don
作者单位：University of Miami; University of Toronto; American University; University of Michigan System; University of Michigan
摘要：Recent regulatory discussions concentrate on the role institutional investors play in the financial sector. We investigate the determinants and consequences of institutional ownership (IO) in banks. Our findings suggest that institutional owners invest more in banks that have a lower proportion of consumer and real estate loans; are less opaque; have a lower level of insider control; are larger, older, and more capitalized; and have lower stock return volatility. In contrast, banks' funding ch...
