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作者：Geelen, Thomas; Morellec, Erwan; Rostova, Natalia
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Centre for Economic Policy Research - UK; Universite Catholique de Lille; EDHEC Business School
摘要：Lending relationships matter for firm financing. In a model of debt dynamics, we study how lending relationships are formed and how they impact the joint choice of leverage and debt maturity, thereby rationalizing recent empirical findings and generating new predictions. In the model, lending relationships evolve through repeated interactions between firms and debt investors. Stronger lending relationships lead firms to adopt higher leverage ratios, issue longer term debt, and raise funds from...
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作者：Fong, Jessica; Waisman, Caio
作者单位：University of Michigan System; University of Michigan; Northwestern University
摘要：Delay in negotiations is common in many settings, but the effects of delay have rarely been studied empirically in the field. We measure the causal effects of delay on bargaining outcomes using data from millions of negotiations on eBay. We find that for both buyers and sellers, the longer the bargaining party delays, the less likely the opponent is to continue the negotiation by countering, and the fewer rounds the negotiation takes to complete. The effects of delay are robust; they exist eve...
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作者：Jannati, Sima; Kumar, Alok; Niessen-Ruenzi, Alexandra; Wolfers, Justin
作者单位：University of Texas System; University of Texas Arlington; University of Miami; University of Mannheim; University of Michigan System; University of Michigan
摘要：Using gender to identify analyst groups, we examine whether in-group bias affects the behavior of sell-side equity analysts and the information dissemination process. We find that analysts hold more optimistic and less accurate earnings expectations for firms with same-gender CEOs, where in-group bias is stronger among men. Greater exposure to out-of-group individuals weakens in-group bias, and the bias is also weaker among analysts located in U.S. states with greater gender equality. Group de...
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作者：Ahn, Changhyun; Houston, Joel F.; Kim, Sehoon
作者单位：Lingnan University; State University System of Florida; University of Florida
摘要：We show that public charities with corporate directors on their boards are more likely to lobby on behalf of connected corporate interests. We document this result using granular fixed effects and alternative measures, excluding donor firms, focusing on specific legislation bills, and shocks to board connections. The effects of connections are stronger when firms face more competition, have better corporate governance, and are more exposed to political risks. Through connected charity lobbying...
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作者：Kim, Dongwoo; Pal, Pallavi
作者单位：Simon Fraser University; Stevens Institute of Technology
摘要：This paper presents an empirical model of sponsored search auctions where advertisers are ranked by bid and ad quality. Our model is developed under the incomplete information setting with a general quality scoring rule. We establish nonparametric identification of the advertiser's valuation and its distribution given observed bids and introduce novel nonparametric estimators. Using Yahoo! search auction data, we estimate value distributions and study the bidding behavior across product catego...
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作者：Da, Zhi; Hua, Tian; Hung, Tim Chih-Ching; Peng, Lin
作者单位：University of Notre Dame; City University of New York (CUNY) System; Baruch College (CUNY); National Taiwan University; National Taiwan University
摘要：We provide novel evidence that aggregate investor attention to stocks predicts marketwide returns, but with a striking difference across investor clienteles. Daily aggregate retail attention (ARA) negatively predicts one-week-ahead market returns, is associated with aggregate retail order imbalance and flows to equity mutual funds, and exhibits a stronger predictability during periods of high marketwide uncertainty, poor liquidity, or more costly short selling. In contrast, aggregate instituti...
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作者：Cong, Lin William; Liang, Tengyuan; Zhang, Xiao; Zhu, Wu
作者单位：Cornell University; Fudan University; National Bureau of Economic Research; University of Chicago; Tsinghua University
摘要：We introduce a general approach for analyzing large-scale text-based data, combining the strengths of neural network language processing and generative statistical modeling to create a factor structure of unstructured data for downstream regressions typically used in social sciences. We generate textual factors by (i) representing texts using vector word embedding, (ii) clustering the vectors using locality-sensitive hashing to generate supports of topics, and (iii) identifying relatively inte...
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作者：Li, Xiaolin; Shi, Mengze; Zhaoc, Clarice
作者单位：Hong Kong Polytechnic University; Hong Kong University of Science & Technology; McGill University
摘要：This study examines the effects of incentive plans on the quantity and quality of creative production. We examine a serial publishing platform that switched from a uniform commission (UC) plan to a quantity-based commission (QBC) plan offering a bonus commission rate when writers' production meets a preset threshold. Our analysis reveals that, for a given book, chapters published in the months when writers reached the preset threshold quantity, and thus earned bonus commission rates, exhibited...
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作者：De-Arteaga, Maria; Jeanselme, Vincent; Dubrawski, Artur; Chouldechova, Alexandra
作者单位：University of Texas System; University of Texas Austin; MRC Biostatistics Unit; University of Cambridge; Carnegie Mellon University; Carnegie Mellon University
摘要：Machine learning (ML) is increasingly being used to support high-stakes decisions. However, there is frequently a construct gap: a gap between the construct of interest to the decision-making task and what is captured in proxies used as labels to train ML models. As a result, ML models may fail to capture important dimensions of decision criteria, hampering their utility for decision support. Thus, an essential step in the design of ML systems for decision support is selecting a target label a...
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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...
