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作者：Zalewska, Anna (Ania)
作者单位：University of Bath
摘要：The quality of services provided by institutional investors has attracted considerable attention. This paper adds to the debate by showing that institutional differences in setting up defined contribution personal schemes have an economically and statistically significant impact on the returns. Using a sample of 10,326 UK defined contribution personal pension funds over July 1990-June 2019, I show that pension funds that have a third party involved in contract setting and subsequent oversight ...
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作者：Ebbes, Peter; Netzer, Oded
作者单位：Hautes Etudes Commerciales (HEC) Paris; Columbia University
摘要：An important challenge for many firms is to identify the life transitions of its customers, such as job searching, expecting a child, or purchasing a home. Inferring such transitions, which are generally unobserved to the firm, can offer the firms opportunities to be more relevant to their customers. In this paper, we demonstrate how a social network platform can leverage its longitudinal user data to identify which of its users are likely to be job seekers. Identifying job seekers is at the h...
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作者：Dwenger, Nadja; Treber, Lukas
作者单位：University Hohenheim; Centre for Economic Policy Research - UK
摘要：We investigate company reactions to the threat of reputational losses. To do so, we leverage the introduction of a naming-and-shaming policy for tax debt enforcement in Slovenia in 2012. The policy was announced four months before its implementation, which allows us to separate responses to the threat of shaming from the responses to actual shaming. Our extensive administrative tax data cover taxes owed and paid for the universe of taxpayers in Slovenia. Based on a quasi-experimental research ...
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作者：Gong, Zheng; Huang, Jin; Chen, Yuxin
作者单位：The Chinese University of Hong Kong, Shenzhen; New York University; NYU Shanghai
摘要：We investigate how historical price information (e.g., accessed through price trackers) influences consumers' purchase decisions and thus affects a firm's dynamic pricing strategy. We first show that when consumers with heterogeneous tastes are not informed about historical prices, the monopolist charges a high regular price for most of the time and periodically holds low-price sales. Then we consider the case in which a small fraction of consumers (such as price tracker users) become informed...
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作者：Chen, Tao; Huang, Yi; Lin, Chen; Sheng, Zixia
作者单位：Nanyang Technological University; University of Hong Kong
摘要：The online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium-sized enterprises (MSMEs). Using a novel data set of daily sales and an internal credit score threshold that governs the allocation of credit, we apply a fuzzy regression discontinuity design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly reduces firm sales volatility and that the effect is stronger for fir...
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作者：Friedman, Henry L.; Hughes, John S.; Michaeli, Beatrice
作者单位：University of California System; University of California Los Angeles
摘要：The aim of general purpose financial reporting is to provide information that is useful to investors, lenders, and other creditors. With this goal, regulators have tended to mandate increased disclosure. We show that increased mandatory disclosure can weaken a firm's incentive to acquire and voluntarily disclose private information that is not amenable to inclusion in mandated reports. Specifically, we provide conditions under which a regulator, seeking to maximize the total amount of informat...
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作者：Ghamami, Samim; Glasserman, Paul; Young, H. Peyton
作者单位：University of California System; University of California Berkeley; New York University; Columbia University; University of London; London School Economics & Political Science; University of Oxford
摘要：This paper studies the spread of losses and defaults in financial networks with two interrelated features: collateral requirements and alternative contract termination rules. When collateral is committed to a firm's counterparties, a solvent firm may default if it lacks sufficient liquid assets to meet its payment obligations. Collateral requirements can, thus, increase defaults and payment shortfalls. Moreover, one firm may benefit from the failure of another if the failure frees collateral c...
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作者：Nabi, Sareh; Nassif, Houssam; Hong, Joseph; Mamani, Hamed; Imbens, Guido
作者单位：University of Washington; University of Washington Seattle; Amazon.com; Stanford University
摘要：Adding domain knowledge to a learning system is known to improve results. In multiparameter Bayesian frameworks, such knowledge is incorporated as a prior. On the other hand, the various model parameters can have different learning rates in real-world problems, especially with skewed data. Two often-faced challenges in operation management and management science applications are the absence of informative priors and the inability to control parameter learning rates. In this study, we propose a...
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作者：Tan, Liang; Ramalingegowda, Santhosh; Yu, Yong
作者单位：Virginia Polytechnic Institute & State University; University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin
摘要：This study examines the effect of managerial fiduciary duties on the likelihood of firms receiving going concern (GC) opinions from their auditors. We exploit an influential 1991 legal ruling that expanded fiduciary duties of corporate directors and officers in favor of creditors for near-insolvent Delaware firms. Our difference-in-differences test reveals an increase in GC opinions following the ruling for near-insolvent Delaware firms. Further tests indicate an increase in type I audit opini...
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作者：Harrington, Joseph E., Jr.
作者单位：University of Pennsylvania
摘要：A third party developer designs and sells a pricing algorithm that enhances a firm's ability to tailor prices to a source of demand variation, whether high-frequency demand shocks or market segmentation. The equilibrium pricing algorithm is characterized that maximizes the third party's profit given firms' optimal adoption decisions. Outsourcing the pricing algorithm does not reduce competition but does make prices more sensitive to the demand variation, and this is shown to decrease consumer ...
