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作者：Okat, Deniz; Vasudevan, Ellapulli V.
作者单位：Hong Kong University of Science & Technology; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad
摘要：We analyze banks' protected-weekend policies that restrict junior bankers from working during weekends. We use taxi rides from bank addresses in New York City to infer bankers' working hours. We find the policies induced bankers to shift their work to late-night hours on weekdays. We then investigate whether such shifts in working hours affected the quality of work. After the policy, analysts of the policy-implementing banks make more errors in their earnings forecasts. They also herd more tow...
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作者：Anunrojwong, Jerry; Iyer, Krishnamurthy; Manshadi, Vahideh
作者单位：Columbia University; University of Minnesota System; University of Minnesota Twin Cities; Yale University
摘要：We study the effectiveness of information design in reducing congestion in social services catering to users with varied levels of need. In the absence of price discrimination and centralized admission, the provider relies on sharing information about wait times to improve welfare. We consider a stylizedmodelwith heterogeneous userswho differ in their private outside options: low-need users have an acceptable outside option to the social service, whereas high-need users have no viable outside ...
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作者：Allen, Abigail; Petacchi, Reining C.
作者单位：Brigham Young University; Georgetown University
摘要：Widely acknowledged as one of the most controversial standards in governmental accounting, Governmental Accounting Standards Board (GASB) Statements 67/68 radically altered both the recognition and measurement for defined benefit public pensions. The standards require the recognition of previously only disclosed unfunded pension liabilities and increase the magnitude of reported pension liabilities by requiring the partial incorporation of a market-based discount rate. Although the recognition...
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作者：Ye, Zikun; Zhang, Dennis J.; Zhang, Heng; Zhang, Renyu; Chen, Xin; Xu, Zhiwei
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Washington University (WUSTL); Arizona State University; Arizona State University-Tempe; Chinese University of Hong Kong; University System of Georgia; Georgia Institute of Technology
摘要：Cold start describes a commonly recognized challenge for online advertising platforms: with limited data, the machine learning system cannot accurately estimate the click-through rates (CTR) of new ads and, in turn, cannot efficiently price these new ads or match them with platform users. Traditional cold start algorithms often focus on improving the learning rates of CTR for new ads to improve short-term revenue, but unsuccessful cold start can prompt advertisers to leave the platform, decrea...
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作者：Huang, Jiekun
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Institutional investors' proxy voting decisions are influenced by their neighbors. I identify peer effects in proxy voting using close-call votes on shareholder-sponsored governance proposals at publicly traded financial institutions (focal institutions). I first show that the passage of a governance proposal at a focal institution makes the institution more likely to vote against management at its portfolio firms. Using a triple-difference approach, I find that the neighboring institutions of...
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作者：Werner, Ingrid M.; Rindi, Barbara; Buti, Sabrina; Wen, Yuanji
作者单位：University System of Ohio; Ohio State University; Bocconi University; Bocconi University; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); University of Western Australia
摘要：We investigate the effects of a tick-size reduction on market quality in a multi-period limit order book market. For illiquid stocks, reducing the tick size facilitates under-cutting and discourages liquidity provision, resulting in deteriorating market quality but higher volume. For liquid stocks, reducing the tick size curtails queues, resulting in lower depth and volume but narrower spread. With a competing crossing network, a tick-size reduction results in worse market quality for all stoc...
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作者：Bai, Yicheng; El Housni, Omar; Jin, Billy; Rusmevichientong, Paat; Topaloglu, Huseyin; Williamson, David P.
作者单位：Cornell University; University of Southern California
摘要：One of the most prevalent demand models in the revenue management literature is based on dividing the selling horizon into a number of time periods such that there is at most one customer arrival at each time period. This demand model is equivalent to using a discrete-time approximation to a Poisson process, but it has an important shortcoming. If the mean number of customer arrivals is large, then the coefficient of variation of the number of customer arrivals has to be small. In other words,...
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作者：Tsui, David; Vance, Marshall
作者单位：University of Southern California; Virginia Polytechnic Institute & State University
摘要：We examine the sorting role of broad-based equity pay using detailed employee-level data. We propose trust in management as an important characteristic over which equity pay sorts employees, as such pay typically leaves employees with concentrated positions in employer stock and therefore more exposed to the outcomes of management's actions. Consistent with this conjecture, we find that the relation between employees' perceptions of management's credibility and voluntary turnover intentions is...
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作者：Cortes, Felipe; Marcet, Francisco
作者单位：Northeastern University; Universidad de Chile
摘要：This paper studies the role of shared analysts, who cover the target and the acquirer, in mergers and acquisitions outcomes. We find that deals where both firms are connected through shared analysts are less likely to be completed than deals without shared analysts. If completed, however, deals with shared analysts exhibit higher expected synergy gains, acquirer announcement returns, and acquirer post-completion performance. Shared analysts are also more likely to issue estimates about the acq...
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作者：Bapna, Ravi; McFowland, Edward, III; Mojumder, Probal; Ramaprasad, Jui; Umyarov, Akhmed
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Harvard University; Indian Institute of Management (IIM System); Indian Institute of Management Udaipur (IIMU); University System of Maryland; University of Maryland College Park
摘要：With one-third of marriages in the United States beginning online, online dating platforms have become important curators of the modern social fabric. Prior work on online dating has elicited two critical frictions in the heterosexual dating market. Women, governed by age-old social norms of not making the first move, are inhibited in their interactions in that they do not initiate contact with men. On the other side, men send an abundance of messages, the majority of which do not convert to m...
