-
作者：Cui, Yao; Davis, Andrew M.
作者单位：Cornell University
摘要：The growth of sharing economy marketplaces like Airbnb has generated discussions on their socioeconomic impact and lack of regulation. As a result, most major cities in the United States have started to collect an occupancy tax for Airbnb bookings. In this study, we investigate the heterogeneous treatment effects of the occupancy tax policy on Airbnb listings, using a combination of a generalized causal forest methodology and a difference-in-differences framework. While we find that the introd...
-
作者：Simchi-Levi, David
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness inclusion of an advertisement in this article, neither constitutes nor implies a guarantee, endorsement, or
-
作者：Hwang, Chuan Yang; Titman, Sheridan; Wang, Ying
作者单位：National Taiwan University; Nanyang Technological University; University of Texas System; University of Texas Austin; Central University of Finance & Economics
摘要：We classify institutions into socially responsible investors (SRI) and not socially responsible investors using the value weighted corporate social responsibility (CSR) scores of their portfolio holdings. We find that firms that exhibit increases in SRI ownership tend to increase future CSR scores. Our analysis of stock price responses to the revelation of SRI ownership changes indicates that the revelation of higher SRI ownership is associated with negative stock returns. These effects are pa...
-
作者：Barron, Daniel; Li, Jin; Zator, Michal
作者单位：Northwestern University; University of Hong Kong; University of Notre Dame
摘要：This paper shows that debt undermines relational incentives and harms worker morale. We build a dynamic model of a manager who uses limited financial resources to simultaneously repay a creditor and motivate a worker. If the manager can divert or misuse revenue, then debt makes the manager less willing to follow through on promised rewards, leading to low worker effort. In profit-maximizing equilibria, the firm prioritizes repaying its debts, leading to gradual increases in effort and wages. T...
-
作者：Cheung, Wang Chi; Simchi-Levi, David; Zhu, Ruihao
作者单位：National University of Singapore; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Purdue University System; Purdue University
摘要：We introduce data-driven decision-making algorithms that achieve state-of-the-art dynamic regret bounds for a collection of nonstationary stochastic bandit settings. These settings capture applications such as advertisement allocation, dynamic pricing, and traffic network routing in changing environments. We show how the difficulty posed by the (unknown a priori and possibly adversarial) nonstationarity can be overcome by an unconventional marriage between stochastic and adversarial bandit lea...
-
作者：Mahmouda, Ola
作者单位：University of St Gallen; University of California System; University of California Berkeley
摘要：Diversification is a fundamental concept in economics and finance. This paper argues that decision makers have an intrinsic preference for diversification that is responsive to cost and that this willingness to pay for diversification is driven by risk aversion and loss aversion. In an experiment replicating a portfolio choice problem, the value of diversification is estimated to be at 5% of the initial endowment of approximately $100. Moreover, risk-averse and loss-averse individuals are will...
-
作者：Israeli, Ayelet; Scott-Morton, Fiona; Silva-Risso, Jorge; Zettelmeyer, Florian
作者单位：Harvard University; Yale University; National Bureau of Economic Research; University of California System; University of California Riverside; Northwestern University
摘要：This paper investigates empirically the effect of market power on dynamic pricing in the presence of inventories. Our setting is the auto retail industry; we analyze how automotive dealerships adjust prices to inventory levels under varying degrees of market power. We first establish that inventory fluctuations create scarcity rents for cars that are in short supply. We then show that dealers' ability to adjust prices in response to inventory depends on their market power, that is, the quantit...
-
作者：Israeli, Doron; Kaniel, Ron; Sridharan, Suhas A.
作者单位：Reichman University; Nazarbayev University; University of Rochester; Center for Economic & Policy Research (CEPR); Emory University
摘要：Prior literature demonstrates that increased trading activity of a firm's stock is associated with abnormal future stock returns (the high-volume return premium) and interprets this phenomenon as evidence that increased visibility generates reductions in cost of capital. Motivated by this interpretation, we investigate whether increased trading activity entails changes in real corporate actions. We document a positive relation between abnormal trading volume, future investment expenditures, an...
-
作者：den Boer, Arnoud, V; Keskin, N. Bora
作者单位：University of Amsterdam; University of Amsterdam; Duke University
摘要：We consider a seller's dynamic pricing problem with demand learning and reference effects. We first study the case in which customers are loss-averse: they have a reference price that can vary over time, and the demand reduction when the selling price exceeds the reference price dominates the demand increase when the selling price falls behind the reference price by the same amount. Thus, the expected demand as a function of price has a time-varying kink and is not differentiable everywhere. T...
-
作者：Chu, Liya; He, Xue-Zhong; Li, Kai; Tu, Jun
作者单位：East China University of Science & Technology; Xi'an Jiaotong-Liverpool University; Southwestern University of Finance & Economics - China; Macquarie University; Singapore Management University
摘要：This study investigates the impact of investor sentiment on excess equity return forecasting. A high (low) investor sentiment may weaken the connection between fundamental economic (behavioral-based nonfundamental) predictors and market returns. We find that although fundamental variables can be strong predictors when sentiment is low, they tend to lose their predictive power when investor sentiment is high. Nonfundamental predictors perform well during high-sentiment periods while their predi...
