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作者：Song, Jing-Sheng; Zhang, Yue
作者单位：Duke University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Industry 4.0 integrates digital and physical technologies to transform work management, where two core enablers are the internet of things (IoT) and threedimensional printing (3DP). IoT monitors complex systems in real time, whereas 3DP enables agile manufacturing that can respond to real-time information. However, the details of how these two can be integrated are not yet clear. To gain insights, we consider a scenario where a three-dimensional (3D) printer supplies a critical part to multipl...
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作者：Buell, Ryan W.; Choi, Moonsoo
作者单位：Harvard University
摘要：Through a large-scale field experiment with 393,036 customers considering opening a credit card account with a nationwide retail bank, we investigate how providing transparency into an offering's tradeoffs affects subsequent rates of customer acquisition and long -run engagement. Although we find tradeoff transparency to have an insignificant effect on acquisition rates, customers who were shown each offering's tradeoffs selected different products than those who were not. Moreover, prospectiv...
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作者：Schwartz-Ziv, Miriam; Volkova, Ekaterina
作者单位：Hebrew University of Jerusalem; University of Melbourne
摘要：We find that, overall, blockholder diversity, i.e., the firm shareholder base including several different types of blocks, is detrimental to firm performance. We show that lagged disclosure, on exogenous predetermined dates, that reveals an increase in block diversity is followed by a negative market reaction. Firms held by heterogeneous blockholders consistently perform worse than firms held by homogeneous blockholders. Block diversity is particularly detrimental when uncertainty is high. Dis...
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作者：Li, Xiaolong; Rong, Ying; Zhang, Renyu; Zheng, Huan
作者单位：National University of Singapore; Shanghai Jiao Tong University; Chinese University of Hong Kong
摘要：Advertising is a crucial revenue source for e -commerce platforms and a vital online marketing tool for their sellers. In this paper, we explore dynamic ad allocation with limited slots upon each customer's arrival for an e -commerce platform, where customers follow a choice model when clicking the ads. Motivated by the recent advocacy for the algorithmic fairness of online ad delivery, we adjust the value from advertising by a general fairness metric evaluated with the click-throughs of diffe...
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作者：Hong, Claire Yurong; Lu, Xiaomeng; Pan, Jun
作者单位：Shanghai Jiao Tong University; Fudan University
摘要：We document a novel platform effect caused by the emergence of fintech platforms in the intermediation of financial products. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered entrance of funds onto platforms, we find a marked increase of performance chasing driven by the centralized information flow unique to fintech platforms. This pattern is further confirmed using proprietary data from a top platform. Exami...
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作者：Ewens, Michael; Peters, Ryan H.; Wang, Sean
作者单位：Columbia University; National Bureau of Economic Research; Tulane University; Southern Methodist University
摘要：Accounting standards prohibit internally created knowledge and organizational capital from being disclosed on firm balance sheets. As a result, balance sheets exhibit downward biases that have become exacerbated by increasing levels of intangible investments. To offset these biases, researchers must estimate the value of these off -balance sheet intangibles by capitalizing prior flows of research and development (R&D) and selling, general, and administrative (SG&A). In doing so, a set of capit...
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作者：Zhou, Yang; Fan, Jianqing; Xue, Lirong
作者单位：Fudan University; Fudan University; Capital University of Economics & Business; Princeton University; Fudan University
摘要：How much can we learn finance directly from text data? This paper presents a new framework for learning textual data based on the factor augmentation model and sparsity regularization, called the factor -augmented regularized model for prediction (FarmPredict), to let machines learn financial returns directly from news. FarmPredict allows the model itself to extract information directly from articles without predefined information, such as dictionaries or pretrained models as in most studies. ...
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作者：Zhong, Hongda
作者单位：University of Texas System; University of Texas Dallas; Centre for Economic Policy Research - UK
摘要：I study the optimal integration of humans and technologies in multilayered decision-making processes. When each layer can correct existing errors but may also introduce new errors, who should have the final authority? I show that a decision maker's correction capability normalized by its new errors is a one-dimensional quality metric that determines the optimal rule: deploying higher quality technologies in later stages. Intriguingly, despite its highest quality, the final layer may not genera...
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作者：Jung, Michael J.; Lu, Yiqing; Wu, Hong; Xuan, Yuhai
作者单位：University of Delaware; New York University; NYU Shanghai; City University of Hong Kong; University of California System; University of California Irvine
摘要：This study examines how winning a significant industry award affects the behavior of finance professionals. Focusing on sell-side equity analysts and utilizing a novel data set from Institutional Investor on analyst rankings, we employ a regression discontinuity design that compares the postaward research outputs and behavior of thirdplace, all-star analysts with those of first runner-up analysts who barely miss the distinction. Our results show that third-place all-star winners are more optim...
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作者：Kesavan, Saravanan; Kushwaha, Tarun; Steele, Dayton
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Wisconsin System; University of Wisconsin Madison; University of Minnesota System; University of Minnesota Twin Cities
摘要：In this paper, we report the results from a large-scale field experiment at a spare parts retail chain that considers whether allowing merchants to override forecast inputs to an inventory algorithm improves profits. Although the judgmental forecasting literature has studied extensively whether judgmental adjustments improve forecast performance, causal empirical evidence is missing in regard to whether judgmental adjustments improve bottom-line profits. Our results show that judgmental adjust...
