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作者：Cici, Gjergji; Hendriock, Mario; Kempf, Alexander
作者单位：University of Kansas; University of Cologne; University of Cologne
摘要：To best utilize labor, companies need to match employees' skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. When fund managers are matched, they deliver a significantly higher risk-adjusted performance. Fund companies use this information to maximize company value by increasing assets under the management of these managers (i.e., assigning them to mo...
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作者：Elul, Ronel; Gupta, Deeksha; Musto, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Johns Hopkins University; University of Pennsylvania
摘要：When home prices threaten to decline, large mortgage investors can benefit from fostering new lending that boosts demand. We ask whether this benefit contributed to the growth in acquisitions of risky mortgages by the Government Sponsored Enterprises (GSEs) in the first half of 2007. We find that it helps explain the variation of this growth across regions, as well as regional house price and credit changes. The growth predicted by this benefit is on top of the acquisition growth caused by the...
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作者：Siano, Federico
作者单位：University of Texas System; University of Texas Dallas
摘要：This study examines the information content of textual disclosures in firms' earnings announcements. Using a large language model (LLM) to capture information in both words and word context, I show that the news in earnings press releases (i) explains three times more variation in short-window stock returns than a host of textual measures based on dictionary and non-LLM machine learning methods; (ii) doubles the R2 of an array of financial statement surprises, modeled with conventional regress...
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作者：Bar-Isaac, Heski; Johnson, Justin P.; Nocke, Volker
作者单位：University of Toronto; Cornell University; University of Mannheim
摘要：It is often argued that startups are acquired for the sole purpose of hiring specialized talent. We show that the goal of such acquihires might be to shut down the most relevant labor market competitor. This grants the acquirer monopsony power over specialized talent. As a consequence, acquihiring may harm employees and be socially inefficient. We explore the robustness of these effects, allowing for private benefits associated with working at a startup, varying bargaining protocols, multiple ...
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作者：Kinch, Michelle A.; Buell, Ryan W.
作者单位：Dartmouth College
摘要：Prior research in social psychology has shown that when people feel anxious, they seek advice from others. Yet, companies that operate in high-anxiety settings (like financial services, healthcare, and education) are increasingly deploying self-service technologies (SSTs), through which anxious customers transact without access to human contact. These companies may therefore face a classic efficiency-service trade-off where gains in operational efficiency through automation also hamper service...
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作者：Klusowski, Joowon; Lewis, Joshua
作者单位：Yale University; New York University
摘要：Business managers and policymakers must often communicate magnitudes. Yet conveying large relative magnitudes without desensitizing people to further increases can be challenging because of diminishing sensitivity to large numbers. In this research, we propose that percentage expressions not only make large relative magnitudes (e.g., 500%) appear larger than equivalent non-percentage expressions but also make large increases in relative magnitudes (e.g., from 500% to 600%) appear larger. We po...
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作者：Feng, Kai; Hong, Han; Tang, Ke; Wang, Jingyuan
作者单位：Tsinghua University; Stanford University; Beihang University
摘要：This paper proposes a statistical framework of using artificial intelligence to improve human decision making. The performance of each human decision maker is benchmarked against that of machine predictions. We replace the diagnoses made by a subset of the decision makers with the recommendation from the machine learning algorithm. We apply both a heuristic frequentist approach and a Bayesian posterior loss function approach to abnormal birth detection using a nationwide data set of doctor dia...
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作者：Baillon, Aurelien; Bleichrodt, Han; Li, Chen; Wakker, Peter P.
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite Lyon 2; Ecole Normale Superieure de Lyon (ENS de LYON); Universite Jean Monnet; Universite Lyon 1; emlyon business school; Universitat d'Alacant; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper introduces source theory, a new theory for decision under ambiguity (unknown probabilities). It shows how Savage's subjective probabilities, with sourcedependent nonlinear weighting functions, can model Ellsberg's ambiguity. It can do so in Savage's framework of state-contingent assets, permits nonexpected utility for risk, and avoids multistage complications. It is tractable, shows ambiguity attitudes through simple graphs, is empirically realistic, and can be used prescriptively. ...
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作者：de Kok, Ties
作者单位：University of Washington; University of Washington Seattle
摘要：Generative large language models (GLLMs), such as ChatGPT and GPT-4 by OpenAI, are emerging as powerful tools for textual analysis tasks in accounting research. GLLMs can solve any textual analysis task solvable using nongenerative methods as well as tasks previously only solvable using human coding. Whereas GLLMs are new and powerful, they also come with limitations and present new challenges that require care and due diligence. This paper highlights the applications of GLLMs for accounting r...
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作者：Jung, Minah H.; Saccardo, Silvia; Gneezy, Ayelet; Nelson, Leif D.
作者单位：New York University; Carnegie Mellon University; University of California System; University of California San Diego; University of California System; University of California Berkeley
摘要：Prior research and lay intuition suggest that amplifying image concerns promotes generosity. We test the impact of image-based interventions in consumer elective pricing (CEP), where individuals choose how much to pay for products or services. Across 10 studies (nine field experiments and one laboratory study, n = 3,182), we examine the effects of these interventions on payments and elicit forecasts from independent participants (n = 1,636). Forecasters predict large positive effects, yet beha...
