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作者：Bongaerts, Dion; Roll, Richard; Roesch, Dominik; van Dijk, Mathijs; Yuferova, Darya
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; California Institute of Technology; Norwegian School of Economics (NHH)
摘要：We study intraday, market-wide shocks to stock prices, market liquidity, and trading activity on international stock markets and assess the relevance of recent theories on liquidity dry-ups in explaining such shocks. Market-wide price shocks are prevalent and large, with rapid spillovers across markets. However, price shocks are predominantly driven by information; they do not revert and are often associated with macroeconomic news. Furthermore, liquidity shocks are typically isolated and tran...
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作者：Luo, Hong; Zhang, Laurina
作者单位：Harvard University; Boston University
摘要：Socialmovements have the potential to effect change in strategic decisionmaking. In this paper, we examine whether the #MeToo movement, spurred by the Harvey Weinstein scandal, leads to changes in the likelihood of Hollywood producers working with female writers on new movie projects. Because #MeToo affected the entire industry, we use variation in whether producers had past collaborations with Weinstein to investigate whether and how #MeToo may spur change. We find that producers previously a...
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作者：Ning, Z. Eddie; Villas-Boas, J. Miguel
作者单位：University of California System; University of California Berkeley
摘要：We consider dynamic repositioning when competing firms try to follow the evolution of consumer preferences while taking into account the competitive interaction, both in terms of static market competition and the dynamic effects of different firm positionings. We fully characterize the dynamic market equilibrium, which includes the timing of the firms' repositionings depending on consumer preferences. As consumer preferences evolve away from where both firms are located, one firm first moves t...
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作者：Enke, Benjamin; Rodriguez-Padilla, Ricardo; Zimmermann, Florian
作者单位：Harvard University; National Bureau of Economic Research; University of Bonn; University of Bonn
摘要：Many applied economic settings involve trade-offs between in-group members and strangers. To better understand decision making in these contexts, this paper measures and investigates the economic relevance of heterogeneity in moral universalism: the extent to which people exhibit the same level of altruism and trust toward strangers as toward ingroup members. We first introduce a new experimentally validated, survey-based measure of moral universalism that is simple and easily scalable. We the...
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作者：Dur, Robert; Kvaloy, Ola; Schoettner, Anja
作者单位：Tinbergen Institute; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Universitetet i Stavanger; Humboldt University of Berlin; Centre for Economic Policy Research - UK
摘要：Why do some leaders use praise as a means to motivate workers, whereas other leaders use social punishment? This paper develops a simple economic model to examine how leadership styles depend on the prevailing labor market conditions for workers. We show that the existence of a binding wage floor for workers (e.g., due to trade union wage bargaining, minimum wage legislation, or limited-liability protection) can make it attractive for firms to hire a leader who makes use of social punishment. ...
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作者：Lapre, Michael A.; Cravey, Candace
作者单位：Vanderbilt University; University of Virginia
摘要：Organizations can learn from prior successes and failures to improve organizational performance. Few learning-curve studies have investigated this phenomenon at the individual level. A notable exception found that surgeons learn from their own success and others' failure. Success in surgery is common and individually independent from other surgeries. We study learning from success and failure in a context where success is rare and competitive: Formula One (F1) racing. Only one driver will win ...
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作者：Wu, Szu-Yin (Jennifer); Chung, Kee H.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Sungkyunkwan University (SKKU)
摘要：This paper shows that hedge fund activism is associated with a decrease in mergers and acquisitions (M&A) and offer premiums and an increase in stock and operating performance. Activist hedge funds improve target firms' M&A performance by reducing poor M&A, diversifying M&A, and the M&A of firms with multiple business segments. Activist hedge funds improve target firms' M&A decisions by influencing their governance practices. We show that our results are unlikely driven by selection bias. Over...
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作者：Kao, Yuan-Mao; Keskin, N. Bora; Shang, Kevin
作者单位：Duke University
摘要：We consider a firm that faces a potential disruption in its normal operations can purchase business interruption (BI) insurance from an insurer to guard against the disruption risk. The firm makes demand forecasts and can put a recovery effort if a disruption occurs; both are unobservable to the insurer. Accordingly, the insurer offers BI insurance to the firm while facing adverse selection and moral hazard. We first find that, because of the joint effect of limited production capacity and sel...
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作者：Garcia, Daniel; Tolvanen, Juha; Wagner, Alexander K.
作者单位：University of Vienna; University of Vienna; Salzburg University
摘要：We provide a new framework to identify demand elasticities in markets where managers rely on algorithmic recommendations for price setting and apply it to a data set containing bookings for a sample of midsized hotels in Europe. Using nonbinding algorithmic price recommendations and observed delay in price adjustments by decision makers, we demonstrate that a control-function approach, combined with state-of-the-art model selection techniques, can be used to isolate exogenous price variation a...
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作者：Malik, Nikhil; Aseri, Manmohan; Singh, Param Vir; Srinivasan, Kannan
作者单位：University of Southern California; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Carnegie Mellon University
摘要：Bitcoin falls dramatically short of the scale provided by banks for payments. Currently, its ledger grows by the addition of blocks of similar to 2,000 transactions every 10 minutes. Intuitively, one would expect that increasing the block capacity would solve this scaling problem. However, we show that increasing the block capacity would be futile. We analyze strategic interactions of miners, who are heterogeneous in their power over block addition, and users, who are heterogeneous in the valu...
