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作者：Itoh, Hideshi; Morita, Kimiyuki
作者单位：Waseda University
摘要：We study the value of divergence in values and preferences in organizations by combining three stages of a decision process-ex ante information acquisition, interim project choice, and ex post project execution-into a tractable model. A key insight is that our unified model provides predictions different from models without the execution decision stage. We consider an organization that consists of a decision maker who selects a project and an implementer who acquires costly information before ...
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作者：Boehm, Johannes; Sonntag, Jan
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper studies the prevalence of potential anticompetitive effects of vertical mergers using a novel data set on U.S. and international buyer-seller relationships and across a large range of industries. We find that relationships are more likely to break when suppliers vertically integrate with one of the buyers??? competitors than when they vertically integrate with an unrelated firm. This relationship holds for both domestic and crossborder mergers and for domestic and international rela...
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作者：Gordon, Brett R.; Lovett, Mitchell J.; Luo, Bowen; Reeder, James C., III
作者单位：Northwestern University; University of Rochester; Northeastern University; Purdue University System; Purdue University
摘要：We study the effects of positive and negative advertising in presidential elections. We develop a model to disentangle these effects on voter turnout and candidate choice. The central empirical challenges are highly correlated and endogenous advertising quantities that are measured with error. To address these challenges, we construct a large set of potential instruments, including interactions with incumbency that we demonstrate provide the critical identifying variation, and apply machine-le...
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作者：Bretscher, Lorenzo; Hsu, Alex; Tamoni, Andrea
作者单位：Swiss Finance Institute (SFI); University of Lausanne; University System of Georgia; Georgia Institute of Technology; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：Uncertainty shocks are also risk premium shocks. With countercyclical risk aversion (RA), a positive shock to uncertainty increases risk and elevates RA as consumption growth falls. The combination of high RA and high uncertainty produces significant equity risk premia in bad times, which in turn, exacerbate the decline of macroeconomic aggregates and equity prices. Moreover, in the cross-section of equity returns, investors demand a risk premium for stocks that perform poorly in times of high...
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作者：Kamalahmadi, Masoud; Bretthauer, Kurt M.; Helm, Jonathan E.; Mills, Alex F.; Coe, Edwin C.; Judy-Malcolm, Alisa; Kara, Areeba; Pan, Julian
作者单位：University of Miami; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; City University of New York (CUNY) System; Baruch College (CUNY); Indiana University System; Indiana University Bloomington
摘要：Hospitalists are medical doctors that specialize in the care of hospitalized patients, a role that until recently belonged to primary care physicians. We develop an operational model of hospitalist-patient interactions with rounding and responding service modes, optimizing hospitalist caseload and case-mix to achieve the maximal reduction in patient length of stay (LOS). We show that hospitalists are effective at reducing LOS for patients with complex conditions, corroborating intuitive reason...
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作者：Choudhury, Prithwiraj (Raj); Khanna, Tarun; Sevcenko, Victoria
作者单位：Harvard University; INSEAD Business School
摘要：Firm-induced migration typically entails firms relocating workers to fill value-creating positions at destination locations. But such relocated workers are often exposed to external employment opportunities at their destinations, possibly triggering turnover. We conceptualize the firm induced migration path, consisting of the relocated workers' place of origin and destination, as relevant in determining worker performance and turnover post-relocation. Using a unique data set from a large India...
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作者：Bazhutov, Dmitry; Betzer, Andre; Brochet, Francois; Doumet, Markus; Limbach, Peter
作者单位：University of Wuppertal; Boston University; University of Bielefeld
摘要：Using annual survey-based investor relations (IR) data for a panel of European companies, we document that the supply and effectiveness of IR varies with country- and firm-level demand. Relative to their industry peers, firms from insider-oriented countries have larger IR staff, which predicts better IR rankings. Better IR is associated with greater visibility, information assimilation, and valuation, with visibility and assimilation being significantly greater for firms from insider-oriented ...
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作者：Alekseev, Georgij; Amer, Safaa; Gopal, Manasa; Kuchler, Theresa; Schneider, J. W.; Stroebel, Johannes; Wernerfelt, Nils
作者单位：New York University; Facebook Inc; University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We analyze a large-scale survey of small business owners, managers, and employees in the United States to understand the effects of the COVID-19 pandemic on those businesses. We explore two waves of the survey that were fielded on Facebook in April 2020 and December 2020. We document five facts about the impact of the pandemic on small businesses. (1) Larger firms, older firms, and male-owned firms were more likely to remain open during the early stages of the pandemic with many of these heter...
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作者：Balyuk, Tetyana
作者单位：Emory University
摘要：Using a unique setting of an online peer-to-peer lender, I show that banks expand credit access for consumers who obtain FinTech loans. Consistent with FinTech relieving information frictions, this effect is stronger for more credit-constrained consumers. Many borrowers, especially higher-quality ones, use peer-to-peer loans to repay expensive revolving debt. Yet, debt financing and credit score changes cannot fully explain higher bank credit. The increase in bank credit access is stronger whe...
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作者：Ammer, John; Rogers, John; Wang, Gang; Yu, Yang
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Fudan University; Shanghai University of Finance & Economics; Shanghai Jiao Tong University
摘要：Although many central banks in the 21st century have become more transparent, Chinese monetary policy communications have been relatively opaque, suggesting that financial market participants must commit significant resources to predicting the central bank???s actions. We conduct a novel systematic textual analysis of the discussion in the quarterly reports of China fund managers, from which we infer their near-term expectations for monetary policy. We construct an aggregate index of manager e...
