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作者：Abada, Ibrahim; Lambin, Xavier
作者单位：Grenoble Ecole Management; Engie; ESSEC Business School
摘要：Strategic decisions are increasingly delegated to algorithms. We extend previous results of the algorithmic collusion literature to the context of dynamic optimization with imperfect monitoring by analyzing a setting where a limited number of agents use simple and independent machine-learning algorithms to buy and sell a storable good. No specific instruction is given to them, only that their objective is to maximize profits based solely on past market prices and payoffs. With an original appl...
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作者：Bartov, Eli; Faurel, Lucile; Mohanram, Partha
作者单位：New York University; Arizona State University; Arizona State University-Tempe; University of Toronto
摘要：Prior studies document the role social media information plays in the stock market and the important dissimilarities between the bond and stock markets. Bridging these two types of literature, we examine the role of social media information in the corporate bond market. Analyzing a broad sample of messages by Twitter individual users, posted just prior to earnings announcements, containing bond, credit risk, and fundamental information, we find that aggregate Twitter opinion (DPI) predicts upc...
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作者：Zeng, Zhixiong; Jin, Yi
作者单位：Nanchang University; Nanchang University; Southwestern University of Finance & Economics - China
摘要：This paper studies how liquidity management affects asset markets and aggregate economic performance. We explore the connection between liquidity allocation and capital allocation. The policy that changes the liquidity premia on assets has broad implications for private-sector behavior and market efficiency. Liquidity tightening, that is, a reduction in the aggregate quantity of liquid debt, is associated with credit loosening, that is, an increase in funds raised through the issuance of priva...
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作者：Li, Hanwei; Simchi-Levi, David; Wu, Michelle Xiao; Zhu, Weiming
作者单位：City University of Hong Kong; Massachusetts Institute of Technology (MIT); University of Hong Kong
摘要：Host-generated property images as a visual channel reveal substantial information about properties. Selecting proper images to display can lead to higher demand and increased rental revenue. In this paper, we define, estimate, and optimize the impacts of Airbnb photos on customers' renting decisions. We apply ResNet-50, a convolutional neural network model, to build two separate, supervised learning models to evaluate the image quality and room types posted by Airbnb hosts. Then, we characteri...
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作者：Alos-Ferrer, Carlos; Garagnani, Michele
作者单位：University of Zurich
摘要：Decisions in management and finance rely on information that often includes win lose feedback (e.g., gains and losses, success and failure). Simple reinforcement then suggests to blindly repeat choices if they led to success in the past and change them otherwise, which might conflict with Bayesian updating of beliefs. We use finite mixture models and hidden Markov models, adapted from machine learning, to uncover behavioral heterogeneity in the reliance on difference behavioral rules across an...
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作者：Zeng, Zhiyu; Dai, Hengchen; Zhang, Dennis J.; Zhang, Heng; Zhang, Renyu; Xu, Zhiwei; Shen, Zuo-Jun Max
作者单位：Tsinghua University; University of California System; University of California Los Angeles; Washington University (WUSTL); Arizona State University; Arizona State University-Tempe; Chinese University of Hong Kong; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：Content-sharing social network platforms rely heavily on user-generated content to attract users and advertisers, but they have limited authority over content provision. We develop an intervention that leverages social interactions between users to stimulate content production. We study social nudges, whereby users connected with a content provider on a platform encourage that provider to supply more content. We conducted a randomized field experiment (N = 993,676) on a video-sharing social ne...
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作者：El Ghoul, Sadok; Guedhami, Omrane; Mansi, Sattar A.; Yoon, Hyo Jin
作者单位：University of Alberta; University of South Carolina System; University of South Carolina Columbia; Sungkyunkwan University (SKKU); Virginia Polytechnic Institute & State University; University of Texas System; University of Texas El Paso
摘要：Using a new measure of shareholder inattention constructed from exogenous industry shocks to institutional investor portfolios, we find that firms with distracted shareholders are associated with a higher cost of debt. This effect is stronger for firms with more powerful CEOs, firms with higher information asymmetry, and those operating in less competitive product markets. Further testing suggests that the inattention-cost of debt relation is driven primarily by dual holders directly observing...
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作者：Chen, Chen; Dasgupta, Sudipto; Huynh, Thanh D.; Xia, Ying
作者单位：Monash University; Chinese University of Hong Kong; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; Monash University
摘要：We show that intensified competition changes the location of business activity and, in turn, affects supply chain relationships. Using establishment-level data, we find that, when upstream product markets become more competitive, suppliers are more likely to relocate their establishments closer to customers. Following the supplier's relocation, its sales to the customer increase, its relationship with the customer is less likely to be terminated, and its innovation is more aligned with the cus...
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作者：Garcia, Daniel; Janssen, Maarten C. W.; Shopova, Radostina
作者单位：University of Vienna; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK
摘要：In markets, such as those for airline tickets and hotel accommodations, firms sell time-dated products and have private information about unsold capacities. We show that competition under private information may explain observed phenomena, such as increased price dispersion and higher expected prices toward the deadline. We also show that private information severely limits the market power of firms and that information exchange about capacity increases firms' profits. Finally, we inquire into...
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作者：Markou, Panos; Kavadias, Stylianos; Oraiopoulos, Nektarios
作者单位：University of Virginia; University of Cambridge
摘要：Project selection decisions are complex because they must balance not only financial returns, project risk, and fit with strategy, but also competitive circumstances. A rival's project development efforts provide two pieces of information: a market rivalry signal, indicating potentially heightened competition in a market, and a technological signal, indicating a possible solution to a problem in that market. We hypothesize that these signals affect a firm's likelihood of project selection in o...
