-
作者：Wu, Yuhang; Zheng, Zeyu; Zhang, Guangyu; Zhang, Zuohua; Wang, Chu
作者单位：University of California System; University of California Berkeley; Amazon.com
摘要：We develop an analytical framework to appropriately model and adequately analyze A/B tests in presence of nonparametric nonstationarities in the targeted business metrics. A/B tests, also known as online randomized controlled experiments, have been used at scale by data-driven enterprises to guide decisions and test innovative ideas to improve core business metrics. Meanwhile, nonstationarities, such as the time-of-day effect and the day-of-week effect, can often arise nonparametrically in key...
-
作者：Tantri, Prasanna
作者单位：Indian School of Business (ISB)
摘要：I study the impact of the world's largest publicly funded health insurance plan for the poor on credit markets. India launched a health insurance plan that covered 500 million beneficiaries. The fact that opposition-ruled states did not implement the program for political reasons allows me to compare border districts of implemented and nonimplemented states within a difference-in-differences framework. I find that loan delinquency reduced significantly in implemented districts. Increased liqui...
-
作者：Kuhn, Peter; Yu, Lizi
作者单位：University of California System; University of California Santa Barbara; University of Queensland
摘要：Piecewise-linear reward schemes are very common in workplaces; by definition, they divide the set of possible performance levels into disjoint intervals that could have psychological value to workers. When these schemes take the form of lump-sum bonuses, any psychological rewards associated with attaining a performance interval are hard to distinguish from material ones because both material and psychological incentives predict bunching at the output needed to earn the bonus. To disentangle th...
-
作者：Huang, Dayong; Lei, Lijun; Wang, Mengmeng; Xing, Yuhang
作者单位：University of North Carolina; University of North Carolina Greensboro; Rice University
摘要：Corporate managers overextrapolate past earnings in their earnings guidance, and this behavior is robust after including extensive controls, such as expectation management, earnings management, and overconfidence. The degree of overextrapolation is driven by the persistence of the underlying earnings process and other factors that affect representativeness heuristics, including trend, salience, and volatility. Experience and value diversity among corporate managers help mitigate this bias, whe...
-
作者：Hsu, David H.; Hsu, Po-Hsuan; Zhou, Kaiguo; Zhou, Tong
作者单位：University of Pennsylvania; National Tsing Hua University; Capital University of Economics & Business; ShanghaiTech University; Southern University of Science & Technology
摘要：We construct a comprehensive data set of medium-and large-sized industrial firms and research universities in China and examine how Chinese firms' commercialization of their technologies is related to their experience in industry-university collaboration (IUC). We propose that firms' IUC experience constitutes an inimitable complementary asset that facilitates their technology commercialization. Our empirical analyses show that firms generate more new product sales and produce more product-ori...
-
作者：Lee, Narae; Kaul, Aseem
作者单位：Korea Advanced Institute of Science & Technology (KAIST); University of Minnesota System; University of Minnesota Twin Cities
摘要：We empirically examine the consequences of the introduction of a cap-and-trade program in California, showing that although the program helped reduce greenhouse gas (GHG) emissions, it had the unintended consequence of increasing toxic emissions from treated facilities, as facilities cut back on their waste-treatment efforts to reduce GHG emissions. We further show that this effect was weaker for more harmful toxins, for facilities that had invested in reducing toxic waste at source, and for t...
-
作者：Dittmar, Robert F.; Schlag, Christian; Thimme, Julian
作者单位：Rice University; Goethe University Frankfurt; Helmholtz Association; Karlsruhe Institute of Technology
摘要：Standard applications of the consumption-based asset pricing model assume that goods and services within the nondurable consumption bundle are substitutes. We estimate substitution elasticities between different consumption bundles and show that households cannot substitute energy consumption by consumption of other nondurables. As a consequence, energy consumption affects the pricing function as a separate factor. Variation in energy consumption betas explains a large part of the premia relat...
-
作者：Macleod, W. Bentley; Lara, Victoria Valle; Zehnder, Christian
作者单位：Columbia University; National Bureau of Economic Research; IE University; University of Lausanne
摘要：Although conflicts typically lead to a waste of resources, organizations may still benefit from a corporate culture that tolerates or even encourages conflicts. The reason is that coordinated conflicts may help to enforce norms and foster cooperation. In this paper, we report results of a series of laboratory experiments designed to explore whether and under what conditions an efficiency-enhancing conflict culture can emerge. Using a principal-agent setup with subjective performance evaluation...
-
作者：Chi, Feng; Hwang, Byoung-Hyoun; Zheng, Yaping
作者单位：Cornell University; Nanyang Technological University; University of Alberta
摘要：Alternative data have become a new source of information for investors. This paper examines how this development is reshaping the role of sell-side analysts. Employing textual analysis of analysts' written reports, we show that analysts themselves have begun to adopt alternative data in their analyses. Furthermore, we find that when analysts report drawing from alternative data they generate more accurate earnings forecasts, and their brokerages subsequently receive higher amounts in trading c...
-
作者：Rawson, Caleb; Twedt, Brady J.; Watkins, Jessica C.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Texas A&M University System; Texas A&M University College Station; University of Notre Dame
摘要：Press releases are a primary disclosure channel firms use to communicate with investors. However, firms can also use press releases to self-promote to improve their public image. Promotional press releases are, on average, significantly less value relevant than those focused toward investors. They also contain more positive and emotional language as well as less specific and financially oriented language. Based on theories of disclosure processing costs and investor attention, we predict and f...
