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作者：Simon, Jay
作者单位：American University
摘要：This paper tests the efficiency of a set of sports betting markets using detailed betting line movement from opening until closing for four different sportsbooks for each of 3,681 Major League Baseball games. The reliability of the markets' forecasts are assessed at several lead times. The forecasts are mostly reliable, but there are simple betting strategies that would have yielded significant profit. In addition, forecasts do not always improve monotonically as the games get closer, despite ...
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作者：Zhou, Yang; Fan, Jianqing; Xue, Lirong
作者单位：Fudan University; Fudan University; Capital University of Economics & Business; Princeton University; Fudan University
摘要：How much can we learn finance directly from text data? This paper presents a new framework for learning textual data based on the factor augmentation model and sparsity regularization, called the factor -augmented regularized model for prediction (FarmPredict), to let machines learn financial returns directly from news. FarmPredict allows the model itself to extract information directly from articles without predefined information, such as dictionaries or pretrained models as in most studies. ...
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作者：Feigenbaum, James; Gross, Daniel P.
作者单位：Boston University; National Bureau of Economic Research; Duke University
摘要：AT&T was the largest U.S. firm for most of the 20th century. Telephone operators once comprised more than 50% of its workforce, but in the late 1910s, it initiated a decades -long process of automating telephone operation with mechanical call switching-a technology invented in the 1880s. We study what drove AT&T to do so and why it took nearly a century. Interdependencies between call switching and nearly every other activity in AT&T's business presented obstacles to change: Telephone operator...
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作者：Tian, Xuan; Tu, Guoqian; Wang, Yichu
作者单位：Tsinghua University; Southwestern University of Finance & Economics - China; University of Nottingham Ningbo China
摘要：We provide firm-level evidence on the real effects of shadow banking in terms of technological innovation. Firm-to-firm entrusted loans, the largest part of the shadow banking sector in China, enhance the borrowers' innovation output. The effects are more prominent when the borrowers are subject to severer financial constraints, information asymmetry, and takeover exposures. A plausible underlying channel is capital reallocations from less productive but easily financed lender firms to more in...
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作者：Wang, Wenjia; Wang, Yanyuan; Zhang, Xiaowei
作者单位：Hong Kong University of Science & Technology (Guangzhou); Hong Kong University of Science & Technology
摘要：Nested simulation concerns estimating functionals of a conditional expectation via simulation. In this paper, we propose a new method based on kernel ridge regression to exploit the smoothness of the conditional expectation as a function of the multidimensional conditioning variable. Asymptotic analysis shows that the proposed method can effectively alleviate the curse of dimensionality on the convergence rate as the simulation budget increases, provided that the conditional expectation is suf...
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作者：Qian, Kun; Jain, Sanjay
作者单位：Southern University of Science & Technology; University of Massachusetts System; University of Massachusetts Amherst; University of Texas System; University of Texas Dallas
摘要：The success of digital content platforms, such as YouTube, relies on both the creativity of independent content creators and the efficiency of content distribution. By sharing advertising revenue with content creators, these platforms can motivate creators to exert greater effort. Most platforms use recommendation systems to deliver personalized content recommendations to each consumer. As creators' revenues are contingent on their demand, the demand allocation criteria inherent in the recomme...
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作者：Ramdas, Kamalini; Sungu, Alp
作者单位：University of London; London Business School; University of Pennsylvania
摘要：Smartphones have enabled the delivery of life-improving information services to base-of-the-pyramid (BOP) consumers. However, little is known about how the poor interact with the digital world. Through a novel app we developed to investigate real-time smartphone usage, we identify an unnoticed barrier to digital information access by the poor-data shortages. By analyzing over 9.4 million minutes of smartphone usage data from 929 residents of a Mumbai settlement, we find that entertainment cons...
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作者：Chen, Zenan; Chan, Jason
作者单位：University of Texas System; University of Texas Dallas; University of Minnesota System; University of Minnesota Twin Cities
摘要：Since the launch of ChatGPT in December 2022, large language models (LLMs) have been rapidly adopted by businesses to assist users in a wide range of open-ended tasks, including creative work. Although the versatility of LLM has unlocked new ways of human-artificial intelligence collaboration, it remains uncertain how LLMs should be used to enhance business outcomes. To examine the effects of human-LLM collaboration on business outcomes, we conducted an experiment where we tasked expert and no...
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作者：Roels, Guillaume; Corbett, Charles J.
作者单位：INSEAD Business School; University of California System; University of California Los Angeles
摘要：Workers in knowledge-intensive industries often complain of having too many meetings, but organizations still give little thought to deciding when or how often to meet. We investigate the efficiency and robustness of various coordination scheduling rules. We consider workers who are engaged in a common activity (e.g., software programming) that can be divided into largely independent, parallel production tasks, but that necessitates periodic coordination. Coordination enables workers to addres...
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作者：Chen, Boxiao; Jiang, Jiashuo; Zhang, Jiawei; Zhou, Zhengyuan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Hong Kong University of Science & Technology; New York University
摘要：We consider a stochastic lost-sales inventory control system with lead time L over a planning horizon T. Supply is uncertain, and it is a function of the order quantity (because of random yield/capacity, etc.). We aim to minimize the T-period cost, a problem that is known to be computationally intractable even under known distributions of demand and supply. In this paper, we assume that both the demand and supply distributions are unknown and develop a computationally efficient online learning...
