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作者：Guo, Liang
作者单位：Chinese University of Hong Kong
摘要：Uncertainty may exist about the desirability of trade in bilateral bargaining. For instance, buyers may not know their value perfectly and sellers may not be fully aware of their cost structure. We endogenize the expected surplus of trade by considering information gathering before price negotiation between a seller and a buyer. We show that prebargaining information acquisition can reverse standard findings in canonical bargaining models, regarding how the bargaining primitives may influence ...
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作者：Heath, Davidson; Mitchell, Mark
作者单位：Utah System of Higher Education; University of Utah; University of Chicago
摘要：A primary concern in mergers and acquisitions is the risk the deal may be cancelled before it is completed. We document that ???interim risk??? varies asymmetrically with the aggregate market return. Deals tend to be renegotiated when the market rises, but cancelled when the market crashes. These effects are conditional on the method of payment and the contracting stage of the deal, consistent with a mechanism of ex post renegotiation. Variation in interim risk over time alters the method of p...
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作者：Buckman, Joseph R.; Adjerid, Idris; Tucker, Catherine
作者单位：University System of Georgia; Georgia State University; Virginia Polytechnic Institute & State University; Massachusetts Institute of Technology (MIT)
摘要：The COVID-19 pandemic has killed millions and gravely disrupted the world's economy. A safe and effective vaccine was developed remarkably swiftly, but as of yet, uptake of the vaccine has been slow. This paper explores one potential explanation of delayed adoption of the vaccine, which is data privacy concerns. We explore two contrasting regulations that vary across U.S. states that have the potential to affect the perceived privacy risk associated with receiving a COVID-19 vaccine. The first...
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作者：Guzman, Jorge; Li, Aishen
作者单位：Columbia University; Tsinghua University
摘要：We introduce a novel approach to measure the founding strategic differentiation of startups and its relationship to follow-on performance. We use natural language processing and historical websites to estimate the similarity between the founding website of an individual startup, the historical website of public firms at the startup's founding year, and the founding website of other startups founded in the same year. We propose that distance in the value proposition stated in these websites rep...
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作者：Bischof, Jannis; Brueggemann, Ulf; Daske, Holger
作者单位：University of Mannheim; Humboldt University of Berlin; University of Mannheim
摘要：Regulators frequently relax accounting rules during a financial crisis as a means of regulatory forbearance. The new accounting options provide banks with an opportunity for an accrual-based increase in their regulatory capital. The use of such an accounting option helps reduce the costs of government interventions such as bailouts and avoid the dilution of existing shareholders' ownership rights. We examine the introduction of the reclassification option for financial assets during the 2008 f...
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作者：de Corniere, Alexandre; Sarvary, Miklos
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Columbia University
摘要：The growing influence of internet platforms acting as content aggregators is one of the most important challenges facing the media industry. We develop a simple model to understand the impact of third-party content bundling by a social platform that has a monopoly on showing user-generated content to consumers. In our model, consumers can access news either directly through a newspaper's website or indirectly through a platform, which also offers social content. We show that content bundling, ...
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作者：Kamble, Vijay; Shah, Nihar; Marn, David; Parekh, Abhay; Ramchandran, Kannan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Carnegie Mellon University; University of California System; University of California Berkeley
摘要：A major challenge in obtaining evaluations of products or services on e-commerce platforms is eliciting informative responses in the absence of verifiability. This paper proposes the square root agreement rule (SRA): a simple reward mechanism that incentivizes truthful responses to objective evaluations on such platforms. In this mechanism, an agent gets a reward for an evaluation only if the answer matches that of a peer agent, where this reward is inversely proportional to a popularity index...
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作者：Teeselink, Bouke Klein; van den Assem, Martijn J.; van Dolder, Dennie
作者单位：Yale University; Tinbergen Institute; University of Essex
摘要：Berger and Pope (2011) show that being slightly behind increases the likelihood of winning in professional (National Basketball Association; NBA) and collegiate (National Collegiate Athletic Association; NCAA) basketball. We extend their analysis to large samples of Australian football, American football, and rugby matches, but find no evidence of such an effect for these three sports. When we revisit the phenomenon for basketball, we only find supportive evidence for NBA matches from the peri...
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作者：Landsman, Wayne R.; Li, Chao Kevin; Zhao, Jianxin Donny
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of New South Wales Sydney; Emory University
摘要：This study uses an information-asymmetry framework to examine the effect of initiation of credit default swaps (CDS) trading on firm dividend payout policy. We find evidence that CDS initiation is associated with increasing dividends, which is consistent with firms distributing excess free cash flow to mitigate exacerbated manager-equityholder agency conflicts resulting from reduced monitoring by banks following CDS initiation. Additional findings support this explanation by showing that the d...
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作者：Mohliver, Aharon; Ody-Brasier, Amandine
作者单位：University of London; London Business School; Yale University
摘要：We explore the relationship between organizational religious affiliation and wrongdoing using a unique data set on inspections in 16,101 nursing homes over five years. We find that violations of standards of care are more severe in religiously affiliated homes. We track this difference to a reduction in the likelihood that organizational members file complaints rather than poorer behaving caretakers or differential treatment by enforcement agents. Fewer complaints increase the time that religi...
