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作者：Bratten, Brian; Larocque, Stephannie; Yohn, Teri Lombardi
作者单位：University of Kentucky; University of Notre Dame; Emory University
摘要：Analysts' street earnings forecasts are sometimes based on GAAP earnings and sometimes based on non-GAAP earnings, which exclude various GAAP earnings components. Therefore, differences in analysts' street earnings forecastsmay capture differences in not only expected performance but also the earnings metric forecasted. We argue that analysts who forecast non-GAAP, rather than GAAP, street earnings are more likely to separately analyze earnings components. Consistent with this argument, we fin...
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作者：Shen, Luxi; Hirshman, Samuel D.
作者单位：Chinese University of Hong Kong; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH)
摘要：In jobs in which workers have the flexibility to decide how much work to supply, such as in the gig economy, the effect of a wage change on work supply can be hard to predict. A wage increase offers workers the opportunity to make more money. At the same time, it allows them to make money faster, so they can enjoy more leisure and do not need to work as much. Economic theory alone does not predict which outcome is more likely to occur, and the empirical evidence is also mixed. This paper provi...
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作者：Jeziorski, Przemyslaw
作者单位：University of California System; University of California Berkeley
摘要：The paper introduces a method to conduct a forward-looking antitrust review of horizontal mergers. The method utilizes a dynamic oligopoly model in which mergers, entry/exit, and product repositioning are endogenous. The model provides long-run industry trajectories with and without the merger under review, enabling the regulator to obtain dynamically robust welfare comparisons. The paper demonstrates the framework's application to regulate the U.S. radio broadcasting industry. In particular, ...
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作者：Immorlica, Nicole; Lucier, Brendan; Manshadi, Vahideh; Wei, Alexander
作者单位：Microsoft; Microsoft; Yale University; University of California System; University of California Berkeley
摘要：We study the design of a decentralized two-sided matching market in which agents' search is guided by the platform. There are finitely many agent types, each with (potentially random) preferences drawn from known type-specific distributions. Equipped with knowledge of these distributions, the platform guides the search process by determining the meeting rate between each pair of types from the two sides. Focusing on symmetric pairwise preferences in a continuum model, we first characterize the...
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作者：Fisher, Geoffrey
作者单位：Cornell University
摘要：Whether to purchase a product is of fundamental importance to marketing, but purchasing behaviors vary widely across individuals and contexts. This paper proposes that a sizeable fraction of this variation is associated with differences in the time at which a product's desirability and its price are processed and utilized by consumers. To test this hypothesis, participants purchased different products while their mouse cursor movements associated with purchasing an option were recorded across ...
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作者：Forbes, Silks J.; Kosova, Renata
作者单位：Tufts University; Imperial College London
摘要：We analyze how changes in the market structure of one industry-airlines-affect the performance of firms in a complementary industry-hotels-using an instrumental variables strategy to account for potential correlation between unobserved shocks to both markets. We find that more intense airline competition boosts hotel performance across all standard measures: price, occupancy rate, and revenue per available room. Spillovers vary across hotel quality and passenger type: Lower-quality branded hot...
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作者：Goldstein, Michael; Kwan, Amy; Philip, Richard
作者单位：Babson College; University of New South Wales Sydney; University of Sydney
摘要：We examine the effect of high-frequency trading on market quality from the perspective of a limit order trader. By competing with slower limit order traders, high-frequency traders impose a welfare externality by selectively crowding out the most profitable limit orders. The order book imbalance immediately before each order submission, cancellation, and trade suggests that high-frequency traders strategically use limit order book information to supply liquidity on the thick side of the order ...
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作者：Rottenstreich, Yuval; Markle, Alex; Muller-Trede, Johannes
作者单位：University of California System; University of California San Diego; Fordham University; University of Navarra
摘要：Decision research often takes the variability of potential outcomes as a measure of risk. It thus characterizes sure things, which, by definition, guarantee a specific outcome, as safe. But is this characterization always empirically valid? We show that, when the prevailing reference point is an uncertain option or position, sure things can be perceived as risky rather than safe. Furthermore, preferences may hinge on such perceptions: when construed as risky, sure things can be less appealing....
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作者：Fang, Lily; Lerner, Josh; Wu, Chaopeng; Zhang, Qi
作者单位：INSEAD Business School; Harvard University; Harvard University; Xiamen University; Shandong University
摘要：We leverage an exogenous shock-the crackdown on corrupt Chinese officials beginning in 2012-and examine how the allocation of research subsidies and innovative outcomes were affected. We argue that the staggered removal of provincial heads on corruption charges during China's anticorruption campaign and the unanticipated departures of local government officials responsible for innovation programs led to plausibly exogenous reductions in corruption. After both events, the allocation of subsidie...
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作者：Shin, Jiwoong; Shin, Woochoel
作者单位：Yale University; State University System of Florida; University of Florida
摘要：Ad targeting technology has enabled a highly personalized delivery of online ads. Behind this development is the belief that better targeting will lead to more relevant ads. This paper challenges this lay belief by showing that irrelevant advertising can arise not necessarily from technological imperfection but also from the incentive problem embedded in the ad agency-advertisers relationship. We first demonstrate that the ad agency serving multiple advertisers may strategically allocate an ad...
