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作者：Bushman, Robert; Pinto, Jedson
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Texas System; University of Texas Dallas
摘要：We hypothesize that after a relaxation of short selling constraints, an escalation in short selling activity will heighten incentives for short sellers to accelerate price discovery by revealing their negative information. Consistent with this conjecture, we find that the overall sentiment of media coverage tilts significantly more negative for pilot relative to control firms following exogenous relief of short sale constraints. We find a more pronounced effect for media-initiated articles rel...
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作者：Anand, Amber; Hua, Jian; Puckett, Andy
作者单位：Syracuse University; City University of New York (CUNY) System; Baruch College (CUNY); University of Tennessee System; University of Tennessee Knoxville
摘要：We provide new insights on how hedge funds use options and short-selling channels to trade on their negative information. Bearish information in hedge fund option positions is economically large, distinct from information in short interest, and it is the combination of option positions and short interest that provides the strongest information signal. A portfolio of stocks with high short interest and bearish hedge fund option positions predicts negative abnormal returns that are more than fou...
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作者：Manzoor, Emaad; Chen, George H.; Lee, Dokyun; Smith, Michael D.
作者单位：Cornell University; Carnegie Mellon University; Boston University
摘要：Deliberation among individuals online plays a key role in shaping the opinions that drive votes, purchases, donations, and other critical offline behavior. Yet, the determinants of opinion change via persuasion in deliberation online remain largely unexplored. Our research examines the persuasive power of ethos-an individual's reputation- using a seven-year panel of over a million debates from an argumentation platform containing explicit indicators of successful persuasion. We identify the ca...
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作者：Liu, Yi; Lou, Bowen; Zhao, Xinyi; Li, Xinxin
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Connecticut
摘要：Recent years have witnessed significant advancements in matching technologies used to improve the matching between workers and employers requesting job tasks on a gig-economy platform. Although conventional wisdom suggests that technologies with higher matching quality benefit the platform by assigning better-matched jobs to workers, we discover a possible unintended revenue-decreasing effect. Our stylized game-theoretic model suggests that, although a technology's matching enhancement effect ...
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作者：Hahn, Anja M.; Kholodilin, Konstantin A.; Waltl, Sofie R.; Fongoni, Marco
作者单位：Vienna University of Economics & Business; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; HSE University (National Research University Higher School of Economics); Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin's rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side effects in terms of prices, quantities, and landlords' strategic behavior. We develop ...
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作者：Gong, Jie; Png, I. P. L.
作者单位：University of Hong Kong; National University of Singapore
摘要：Becker and Murphy proposed that task specialization raises productivity but is limited by the costs of coordinating workers. We propose that automation enables workers to specialize without coordination costs. To the extent that the cost of effort exhibits increasing differences, workers increase effort in nonautomated tasks and productivity. The proposition is supported by a field experiment among supermarket cashiers. Conventionally, supermarket cashiers perform two tasks: scanning purchases...
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作者：Rossi, Michelangelo
作者单位：IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：This paper studies how competition affects the role of reputation in encouraging sellers to exert effort. More competition disciplines sellers, but at the same time, it erodes reputational premia. This paper identifies whether one effect dominates the other using data from Airbnb. I exploit the introduction of a short-term rental regulation effective in San Francisco in 2017 that halved the number of short-term listings on the platform. I focus on hosts who are present on the platform before a...
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作者：Larsen, Linda Sandris; Munk, Claus; Nielsen, Rikke Sejer; Rangvid, Jesper
作者单位：Copenhagen Business School
摘要：Using a unique data set with detailed information on Danish households and their mortgages, we show that young and old households are more likely to use interestonly (IO) mortgages compared with middle-aged households. Young households use IO mortgages because they expect higher future income and old households because IO mortgages allow them to circumvent an otherwise binding liquidity constraint. Through different channels, IO mortgages thus facilitate consumption smoothing for young and old...
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作者：Canayaz, Mehmet I.; Darendeli, Alper
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Nanyang Technological University
摘要：We study the link between a previously neglected form of intangible firm asset- country reputation-and corporate sales. By exploiting variation in nationalities of foreign victims in local terror attacks, we detect unanticipated distortions in reputations of local countries in foreign countries and we pin down reductions in sales of local country firms in foreign markets. The reductions in sales are economically and statistically significant, persistent, and more pronounced after attacks with ...
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作者：Bae, Joon Woo; Da, Zhi; Zurita, Virgilio
作者单位：University System of Ohio; Case Western Reserve University; University of Notre Dame; Baylor University
摘要：We provide novel evidence that equity investors react to currency shocks with a delay. Using the cross-section of currency returns and the relative presence of U.S. firms in foreign economies, we compute a foreign operations-related exchange shock (FOREXS) measure. We find FOREXS to predict firms' future cash flows and stock returns, driving much of the previously documented underreaction to foreign information. An FOREXS- based long-short strategy yields a 6.74% annualized abnormal return. FO...
