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作者：Kim, Hyunjin
作者单位：INSEAD Business School
摘要：To what extent do firms know available information on key competitor decisions, and how does competitor information change their own strategic choices? These questions are fundamental to understanding how firms compete and make strategic decisions, yet systematic evidence on them remains limited. I designed a field experiment across 3,218 differentiated firms in the personal care industry, where firms randomly assigned to treatment received easily accessible information on competitor prices. A...
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作者：Mayya, Raveesh; Huang, Peng
作者单位：New York University; University of Maryland College Park; University System of Maryland; University of Maryland College Park
摘要：Beyond financial incentives, investments by Corporate Venture Capitalists (CVCs) are often motivated by strategic objectives, such as gaining early exposure to emerging technologies. However, in the presence of information asymmetry, CVCs tend to invest in startups with a high degree of business relatedness-startups that are less risky but lacking in knowledge novelty-which are not ideal for achieving their strategic objectives. With startup accelerators showing promise in mitigating the infor...
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作者：Moshary, Sarah
作者单位：University of California System; University of California Berkeley
摘要：This paper provides empirical evidence on the performance of sponsored search advertising in a case study of an unnamed e-commerce platform. I leverage a field experiment that blocks all sponsored search advertising for 3% of site visitors. The experiment shows that sponsored search advertising both steals business from organic listings and also reduces the total volume of transactions intermediated by the platform. However, in this case study, I find that sponsored search is nonetheless profi...
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作者：Voleti, Sudhir; Malladi, Vishwakant; Sohoni, Milind G.
作者单位：Indian School of Business (ISB); State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We investigate whether and to what extent financial markets value and respond to operations management (OM)-related information in quarterly earnings calls directed toward financial market participants. We develop and use a novel construct called stated OM focus (SOMF) to mine the incidence of and emphasis on OM information in the quarterly earnings conference calls for a large cross-section of firms (S&P 1500) over a time frame of 15 years. We empirically establish the value-relevance of OM i...
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作者：Fereidouni, Meysam; Nault, Barrie R.
作者单位：Simon Fraser University; University of Calgary
摘要：Despite utilizing technical prevention methods and enacting copyright protection legislation, digital piracy has remained a persistent problem. We examine policy remedies to digital piracy whereby the policymaker has to balance its budget between fines on detected pirates, subsidies for legal purchases, and restitution to the firm. In our model, users choose whether to subscribe, copy, or not use the good, a firm decides on subscription fee and quality, and a policymaker determines subsidies, ...
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作者：Xia, Dandan; Cassiman, Bruno; Wehrheim, David
作者单位：Utrecht University; KU Leuven; University of Navarra; IESE Business School
摘要：This study leverages advanced text-analysis techniques to investigate how increased product market rivalry, induced by Chinese import competition, affects innovation among incumbent U.S. firms in the electronic and electrical appliance industry. We measure the similarity between the product descriptions of U.S. firms and those of Chinese importers, thus capturing firm-level competitive pressure. Employing a continuous difference-in-differences framework, we compare innovation outcomes of U.S. ...
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作者：Loch, Christoph
作者单位：University of Navarra
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作者：An, Jiafu; Lin, Chen; Tai, Mingzhu
作者单位：University of Hong Kong; University of Hong Kong
摘要：An influential line of research emphasizes that colonial legacy plays a key role in formal financial development. Can colonial legacy also shape informal finance? We investigate the impact of colonial legacy on informal financial development using a manually georeferenced data set within a credible empirical framework. In the 19th century, Europeans arbitrarily designed colonial borders that partitioned many ethnicities across multiple countries in Africa. Leveraging several spatial regression...
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作者：Huberts, Nick F. D.; Wen, Xingang; Dawid, Herbert; Huisman, Kuno J. M.; Kort, Peter M.
作者单位：University of Bielefeld; University of Bielefeld; Tilburg University; ASML Holding
摘要：This paper considers a firm's investment decision determining the timing and capacity level in a dynamic setting with demand uncertainty. Its investment is financed by borrowing from a lender that has market power, generating a capital market inefficiency. We show that the firm's investment is subject to double marginalization in the sense that the need for external financing results in a considerably smaller investment and thus, a reduction in welfare. In addition, we find that the presence o...
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作者：Liang, Yucheng
作者单位：Carnegie Mellon University
摘要：When an agent receives information from a source whose accuracy might be either high or low, standard theory dictates that she update as if the source has medium accuracy. In a laboratory experiment, subjects deviate from this benchmark by reacting less to uncertain sources, especially when the sources release good news. This pattern is validated using observational data on stock price reactions to analyst earnings forecasts, where analysts with no forecast records are classified as uncertain ...
