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作者：Holtz, David; Lobel, Felipe; Lobel, Ruben; Liskovich, Inessa; Aral, Sinan
作者单位：University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley; Airbnb; Massachusetts Institute of Technology (MIT)
摘要：Online marketplace designers frequently run randomized experiments to measure the impact of proposed product changes. However, given that marketplaces are inherently connected, total average treatment effect (TATE) estimates obtained through individual -level randomized experiments may be biased because of violations of the stable unit treatment value assumption, a phenomenon we refer to as interference bias. Cluster randomization (i.e., the practice of randomizing treatment assignment at the ...
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作者：Cutura, Jannic; Parise, Gianpaolo; Schrimpf, Andreas
作者单位：European Central Bank; Universite Catholique de Lille; EDHEC Business School; Bank for International Settlements (BIS)
摘要：We examine how corporate bond fund managers manipulate portfolio risk in response to incentives. We find that liquidity risk concerns drive the allocation decisions of underperforming funds, whereas tournament incentives are of secondary importance. This leads laggard fund managers to trade off yield for liquidity while holding the exposure to other sources of risk constant. The documented derisking is stronger for managers with shorter tenure and is reinforced by a more concave flow to perfor...
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作者：Ananthakrishnan, Uttara M.; Hasan, Sharique; Kumar, Anuj
作者单位：Carnegie Mellon University; Duke University; State University System of Florida; University of Florida
摘要：The prevalence of racial bias in policing has long concerned social scientists and policymakers. This article studies a predecessor mechanism that constitutes an important source of policing bias in American society: calls by individuals to the police to investigate suspicious behaviors, often involving neighbors. We construct a novel data set of more than 39 million 911 calls across 14 U.S. cities from 2011 to 2020. These data, obtained through the digitization initiatives of local government...
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作者：Cao, Sean Shun; Gong, Guojin; Kim, Yongtae; Shi, Hanzhong; Wang, Angie
作者单位：University System of Maryland; University of Maryland College Park; University of Connecticut; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST); Huazhong University of Science & Technology; Chinese University of Hong Kong
摘要：Site visits allow visitors to physically inspect productive resources and interact with on -site employees and executives face to face. We posit that, by allowing visitors to acquire investment -related information and monitor the management team, site visits offer disciplinary benefits for corporate investments. Using mandatory disclosures of site visits in China, we find that corporate investments become more responsive to growth opportunities as the intensity of site visits increases, consi...
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作者：Jung, Jaehwuen; Sun, Tianshu; Bapna, Ravi; Golden, Joseph M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Digital technologies enable consumers to actively participate in the design and production process for a wide range of products, giving rise to the concept of a 'prosumer.' A significant portion of the value for such products is generated through the prosumption process. A variety of firms are investing in building such capabilities; however, a major, largely unexplored, friction in prosumption is the customers' effort involved to undertake a creative exercise of designing products and extract...
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作者：Harris, Milton; Opp, Christian C.; Opp, Marcus M.
作者单位：University of Chicago; University of Rochester; National Bureau of Economic Research; Stockholm School of Economics; Centre for Economic Policy Research - UK
摘要：We propose a tractable framework to examine the role of intermediary capital in the allocation and pricing of credit. In our model, regulated financial intermediaries compete with unregulated investors, targeting distributions of heterogeneous borrowers. We derive a sufficient statistic that characterizes intermediaries' cross-sectional lending decisions and provide a novel intermediary asset pricing equation that accounts for the endogenous segmentation of marginal investors across securities...
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作者：Iqbal, Aneel; Rajgopal, Shiva; Srivastava, Anup; Zhao, Rong
作者单位：Arizona State University; Arizona State University-Downtown Phoenix; Columbia University; University of Calgary
摘要：Internally developed intangibles are not included in reported assets under U.S. generally accepted accounting principles. The omission of this increasingly important class of assets reduces the usefulness and relevance of financial statement analysis, conducted with reported values of equity and assets. Recent studies overcome this deficiency by capitalizing research and development (R&D) expenses to estimate the value of knowledge capital and by capitalizing selling, general, and administrati...
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作者：Udwani, Rajan
作者单位：University of California System; University of California Berkeley
摘要：We define a new class of set functions that, in addition to being monotone and subadditive, also admit a very limited form of submodularity defined over a permutation of the ground set. We refer to this permutation as a submodular order. This class of functions includes monotone submodular functions as a subfamily. We give fast algorithms with strong approximation guarantees for maximizing submodular order functions under a variety of constraints and show a nearly tight upper bound on the high...
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作者：Hall, Jonathan; Kerschbamer, Rudolf; Neururer, Daniel; Skoog, Eric
作者单位：Uppsala University; University of Innsbruck; University of Otago; Peace Research Institute Oslo (PRIO)
摘要：Credence goods, such as repair and healthcare services, are characterized by profound information asymmetries between less -informed customers and better -informed expert sellers. These information asymmetries open the door for fraudulent behavior on the seller side. In a preregistered natural field experiment, we vary in one dimension the seller's perception of whether the service is an ordinary or a credence good service and in the second dimension whether the customer is a member of a minor...
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作者：Aksoy, Billur; Carpenter, Christopher S.; Sansone, Dario
作者单位：Rensselaer Polytechnic Institute; Vanderbilt University; National Bureau of Economic Research; IZA Institute Labor Economics; University of Exeter
摘要：Using a double list experiment designed to elicit views free from social desirability bias, we find that support in the United States for transgender people in the labor market is significantly overreported by 8%-10%. After correcting for this overreporting, we still find that over two-thirds of respondents would be comfortable with a transgender manager and support employment nondiscrimination protection for transgender people. However, respondents severely underestimate this level of support...
