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作者：Farajollahzadeh, Setareh; Hu, Ming
作者单位：McGill University; University of Toronto
摘要：We address the issues of unequal restroom access for women and LGBTQ+ individuals, known as the potty parity problem. We propose a utility model in which users consider gender identity, wait time, and safety concerns when choosing restrooms. We evaluate different layouts' efficiency measured by the total utilities (as in the utilitarian principle) and assess their fairness using the measures of the minimum utility gain (as in the Rawlsian fairness) and the gap between maximum and minimum gains...
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作者：Ait-Sahalia, Yacine; Fan, Jianqing; Xue, Lirong; Zhu, Xiaonan
作者单位：Princeton University; National Bureau of Economic Research; Princeton University
摘要：This paper studies the predictability of ultrahigh-frequency stock returns and durations to relevant price, volume, and transaction events using machine learning methods. We find that contrary to low-frequency and long-horizon returns, where predictability is rare and inconsistent, predictability in high-frequency returns and durations is large, systematic, and pervasive over short horizons. We identify the relevant predictors constructed from trades and quotes data, and we examine what determ...
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作者：Kang, Hyo
作者单位：Seoul National University (SNU)
摘要：This paper examines the relationship between price-fixing cartels and firm innovation using a data set encompassing all 461 cartel cases and 1,818 firms identified in the United States in the years 1975-2016. A difference-in-differences estimation reveals a positive relationship between collusion and innovation. Colluding firms exhibited increases of 28% in patent filings, 20% in top-quality patents, and 16% in research and development investment. Innovation breadth also expanded by 16%, sugge...
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作者：Poux-Guillaume, Gregoire
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作者：Dathan, Michele; Davydenko, Sergei
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Toronto
摘要：Passive bond funds provide predictable demand for newly issued corporate bonds included in popular indices. By issuing index-eligible bonds, firms can take advantage of this passive demand and improve bond characteristics unrelated to index eligibility. To this end, firms issue a disproportionate number of bonds with face value just sufficient to be included in major bond indices. Higher passive demand is associated with larger bonds. Following an increase in the index size threshold, some fir...
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作者：Chen, Bo; Knyazev, Dmitriy
作者单位：Shenzhen University; University of Vienna
摘要：This paper introduces a second-price auction with a flexible reserve price, where the reserve price for the top bidder is not fixed but rather determined as a function of all losing bids. We show that when bidders are ex ante heterogeneous, a second-price auction with an optimally chosen flexible reserve price not only generates strictly higher expected revenue than that of a second-price auction with any fixed reserve price but is also revenue-maximizing among all mechanisms that implement di...
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作者：Leitter, Zheng; Koonce, Lisa; White, Brian
作者单位：Nanyang Technological University; University of Texas System; University of Texas Austin; Cornell University
摘要：Disclosures about a business acquisition help investors understand what assets are acquired and how the acquiring company plans to benefit from the transaction. However, in practice, these disclosures exhibit significant variation and often fall short of providing meaningful information to investors. Our experiment provides evidence that separately identifying intangible assets acquired in a business combination (i.e., what was acquired) can compensate for shortcomings in an acquirer's disclos...
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作者：Shi, Qichao; Dearden, James A.; Lai, Ernest K.
作者单位：Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China; Lehigh University
摘要：We investigate the strategic interaction between a product expert and a consumer. The expert publicly commits to a ranking methodology to rank two products with uncertain relative merits; the consumer decides whether to acquire the ranking report to guide her product choice. The expert cares only about selling the report; the consumer derives utility from the product itself and an extra ranking attribute controlled by the expert. Strategic shuffling, in which the expert induces demand for his ...
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作者：Amil, Ayoub; Makhdoumi, Ali; Wei, Yehua
作者单位：Duke University
摘要：In this work, we revisit the multi-item order fulfillment model introduced by Jasin and Sinha (2015). Specifically, we study a dynamic setting in which an e-commerce platform (or online retailer) with multiple warehouses and finite inventory faces the problem of fulfilling orders that may contain multiple items. The platform's goal is to minimize the expected cost incurred from the fulfillment process, subject to warehouses' inventory constraints. Differing from the classical literature on mul...
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作者：Adena, Maja; Hager, Anselm
作者单位：Humboldt University of Berlin
摘要：Does online fundraising increase charitable giving? Using the Facebook advertising tool, we implemented a natural field experiment across Germany, randomly assigning almost 8,000 postal codes to Save the Children fundraising videos or to a pure control. We studied changes in the donation revenue and frequency for Save the Children and other charities by postal code. Our geo-randomized design circumvented many difficulties inherent in studies based on click-through data, especially substitution...
