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作者：Botelho, Tristan L.; Gertsberg, Marina
作者单位：Yale University; University of Melbourne
摘要：We theorize that status awards will have a disciplining effect on evaluators, changing how they evaluate. Specifically, status awards will lead evaluators to place less weight on unreliable indicators of candidate quality, such as gender. We test this theory using data from restaurant evaluations on Yelp, focusing on the relationship between an evaluator's restaurant rating and their reporting of being served by a man or a woman in their review text. We use Yelp's evaluator status award (Elite...
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作者：Huang, Shiyang; Xiong, Yan; Yang, Liyan
作者单位：University of Hong Kong; Hong Kong University of Science & Technology; University of Toronto; Peking University
摘要：We develop a data-sales model to study the implications of alternative data for financial markets. Investors acquire skills to process the purchased raw data, and developing such skills is costly and involves considerable uncertainty. The data vendor controls the size of the data sample to influence the precision of the information investors can extract from the purchased data. Price informativeness is hump-shaped in skill-acquisition costs although the cost of capital and return volatility ar...
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作者：Lanei, Jacqueline N.; Teplitskiy, Misha; Gray, Gary; Ranu, Hardeep; Menietti, Michael; Guinan, Eva; Lakhani, Karim R.
作者单位：Harvard University; University of Michigan System; University of Michigan; Harvard University; Harvard Medical School; Harvard University; Harvard University Medical Affiliates; Dana-Farber Cancer Institute
摘要：The evaluation and selection of novel projects lies at the heart of scientific and technological innovation, and yet there are persistent concerns about bias, such as conservatism. This paper investigates the role that the format of evaluation, specifically information sharing among expert evaluators, plays in generating conservative decisions. We executed two field experiments in two separate grant-funding opportunities at a leading research university, mobilizing 369 evaluators from seven un...
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作者：Garg, Nikhil; Nazerzadeh, Hamid
作者单位：University of Southern California; Uber Technologies, Inc.
摘要：Ride-hailing marketplaces like Uber and Lyft use dynamic pricing, often called surge, to balance the supply of available drivers with the demand for rides. We study driverside payment mechanisms for such marketplaces, presenting the theoretical foundation that has informed the design of Uber's new additive driver surge mechanism. We present a dynamic stochastic model to capture the impact of surge pricing on driver earnings and their strategies to maximize such earnings. In this setting, some ...
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作者：Blanchet, Jose; Chen, Lin; Zhou, Xun Yu
作者单位：Stanford University; Columbia University
摘要：We revisit Markowitz's mean-variance portfolio selection model by considering a distributionally robust version, in which the region of distributional uncertainty is around the empirical measure and the discrepancy between probability measures is dictated by theWasserstein distance. We reduce this problem into an empirical variance minimization problem with an additional regularization term. Moreover, we extend the recently developed inference methodology to our setting in order to select the ...
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作者：Jacob, Martin; Wentland, Kelly; Wentland, Scott A.
作者单位：WHU - Otto Beisheim School of Management; George Mason University
摘要：This paper examines whether tax uncertainty can alter investment decisions, focusing primarily on the timing of large capital investments. Empirically, we exploit the staggered implementation of Schedule UTP, a discrete policy change expected to increase tax uncertainty, finding that, on average, firms responded by delaying large capital investments. This effect is stronger among firms at which the policy treatment is particularly germane, that is, for firms with more material UTBs or with low...
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作者：Zhang, Ruishen
作者单位：Shanghai University of Finance & Economics
摘要：I study the effects of language commonality (i.e., sharing a native language) on information production in financial markets. Using a hand-collected data set on the prevalent dialects for 2,091 cities (counties) in China, I identify the effects of language commonality separately from those of shared hometown and geographic proximity. In in-sample tests, language commonality between analysts and CEOs increases the return of trading on analysts' recommendations by 5.5%. The results mainly stem f...
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作者：Liaukonyte, Jura; Zaldokas, Alminas
作者单位：Cornell University; Hong Kong University of Science & Technology
摘要：Using minute-by-minute TV advertising data covering some 300 firms, 327,000 ads, and $20 billion in ad spending, we study the real-time effects of TV advertising on investors??? searches for online financial information and subsequent trading activity. Our identification strategy exploits the fact that viewers in different U.S. time zones are exposed to the same programming and national advertising at different times, allowing us to control for contemporaneous confounding events. We find that ...
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作者：Huang, Sheng; Lu, Ruichang; Srinivasan, Anand
作者单位：China Europe International Business School; Peking University; National University of Singapore
摘要：We examine the valuation impact of bank-financed mergers and acquisitions (M&As) and the loan contracts used to finance M&A transactions, focusing on the difference between bank-dependent acquirers and other acquirers. We find that bankfinanced deals have higher acquirer's cumulative abnormal returns relative to other cash M&A deals, but this certification effect exists only for bank-dependent acquirers. Despite bank-dependent acquirers being more susceptible to hold-up, banks do not impose hi...
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作者：Alaei, Saeed; Makhdoumi, Ali; Malekian, Azarakhsh; Pekec, Sasa
作者单位：Alphabet Inc.; Google Incorporated; Duke University; University of Toronto
摘要：We consider a two-sided streaming service platform that generates revenues by charging users a subscription fee for unlimited access to the content and compensates content providers (artists) through a revenue-sharing allocation rule. Platform users are heterogeneous in both their overall consumption and the distribution of their consumption over different artists. We study two primary revenue allocation rules used by market-leading music streaming platforms-pro-rata and user-centric. With pro...
