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作者：Shakhnov, Kirill; Zaccaria, Luana
作者单位：University of Surrey
摘要：We examine digital product markets in which consumers are heterogeneous in their propensity to actively interact with other users and valuations increase with the share of active users (e.g., social network platforms). We propose a model in which entrepreneurs can issue digital claims (tokens) to promise exclusive access to benefits that specifically enhance the utility of active users. This allows entrepreneurs to extract consumer surplus through price discrimination. Because there is an ince...
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作者：Battalio, Robert; Hatch, Brian; Saglam, Mehmet
作者单位：University of Notre Dame; University System of Ohio; University of Cincinnati
摘要：We use a novel data set to examine the impact of exposing institutional orders to electronic liquidity providers (ELPs). We present empirical evidence that marketable pieces of large parent orders are routed to ELPs seemingly to avoid paying liquidity fees on exchanges. This routing decision results in lower net effective spreads for these child orders but leads to higher execution shortfall for the parent order. We provide evidence suggestive of a causal relation by utilizing the parent order...
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作者：Au, Shiu-Yik; Dong, Ming; Zhou, Xinyao
作者单位：University of Manitoba; York University - Canada; Ontario Tech University
摘要：We study how social connectedness affected active mutual fund manager trading behavior in the first half of 2020. In the first quarter during which the coronavirus disease 2019 (COVID-19) outbreak occurred, fund managers located in or socially connected to COVID-19 hotspots sold more stock holdings compared with a control group of unconnected managers. The economic impact of social connectedness on stock holdings was comparable with that of COVID-19 hotspots and was elevated among epicenter st...
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作者：Pankratz, Nora; Bauer, Rob; Derwall, Jeroen
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Maastricht University; Utrecht University
摘要：We link records of firm performance, equity analyst forecast errors, and stock returns around companies' earnings announcements to firm-specific measures of heat exposure for more than 17,000 firms in 93 countries from 1995 to 2019. We find that increased exposure to extremely high temperatures reduces firms' revenues and operating income. A one-standard-deviation increase in the number of hot days decreases revenues (operating income) by 0.6% (1.8%) of the average quarterly revenue (operating...
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作者：Walters, Daniel J.; Ulkumen, Gulden; Tannenbaum, David; Erner, Carsten; Fox, Craig R.
作者单位：INSEAD Business School; University of Southern California; Utah System of Higher Education; University of Utah; University of California System; University of California Los Angeles
摘要：We provide evidence that investor behavior is sensitive to two dimensions of subjective uncertainty concerning future asset values. Investors vary in the extent to which they attribute market uncertainty to (1) missing knowledge, skill, or information (epistemic uncertainty) and (2) chance or stochastic processes (aleatory uncertainty). Investors who view stock market uncertainty as higher in epistemicness (knowability) are more likely to reduce uncertainty by seeking guidance from experts and...
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作者：Barnett, Michael
摘要：Climate change and uncertainty about its potential consequences has become a central concern for economists, investors, and policymakers alike. I use a stochastic, dynamic general equilibrium model where final output is produced using a mix of cheap, dirty inputs and expensive, clean inputs and preferences incorporate aversion to climate model misspecification to analyze the implications of climate change and climate model uncertainty on economic and financial market outcomes. I find that clim...
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作者：Kuenn, Steffen; Palacios, Juan; Pestel, Nico
作者单位：Maastricht University; IZA Institute Labor Economics; Maastricht University; Massachusetts Institute of Technology (MIT); Maastricht University; Leibniz Association; Ifo Institut
摘要：Decision making on the job is becoming increasingly important in the labor market, in which there is an unprecedented rise in demand for workers with problem-solving and critical-thinking skills. This paper investigates how indoor air quality affects the quality of strategic decision making based on data from official chess tournaments. Our main analysis relies on a unique data set linking the readings of air-quality monitors inside the tournament room to the quality of 30,000 moves, each of t...
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作者：Wang, Wen; Li, Beibei; Luo, Xueming; Wang, Xiaoyi
作者单位：University System of Maryland; University of Maryland College Park; Carnegie Mellon University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Zhejiang University
摘要：Deep reinforcement learning (DRL) has opened up many unprecedented opportunities in revolutionizing the digital marketing field. In this study, we designed a DRL-based personalized targeting strategy in a sequential setting. We show that the strategy is able to address three important challenges of sequential targeting: (1) forward looking (balancing between a firm's current revenue and future revenues), (2) earning while learning (maximizing profits while continuously learning through explora...
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作者：Liu, Xiaoping; Li, Xiao-Bai; Sarkar, Sumit
作者单位：Northeastern University; University of Massachusetts System; University of Massachusetts Lowell; University of Texas System; University of Texas Dallas
摘要：When acquiring consumer data for marketing or new business initiatives, it is important to decide what attributes or features of potential customers should be acquired. We study a new feature selection problem in the context of customer data acquisition in which different features have different acquisition costs. This feature selection problem is studied for linear regression and logistic regression. We formulate the feature selection and acquisition problems as nonlinear discrete optimizatio...
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作者：Li, Jin; Mukherjee, Arijit; Vasconcelos, Luis
作者单位：University of Hong Kong; Michigan State University; University of Technology Sydney; Universidade Nova de Lisboa
摘要：We present a novel explanation of why organizations tend to lose their agility over time despite their efforts to foster worker initiative in adapting to local information. Worker initiative ensures efficiency but requires strong incentives. When incentives are relational and the firm faces shocks to its credibility, it may adopt standardized work processes that ignore local information but yield satisfactory (though suboptimal) performance. The adoption of such standardized processes helps th...
