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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：Bourveau, Thomas; Brochet, Francois; Garel, Alexandre
作者单位：Columbia University; Boston University; Audencia
摘要：We examine the consequences of a regulatory intervention aimed at generalizing tenure voting in French public companies. The 2014 Florange Act departs from the 'one share one vote' principle by automatically granting double-voting rights (DVR) to shares held for at least two years. However, firms can opt out through an annual meeting vote. We document three main findings. First, firms that adopt DVR by default experience a decrease in long-term foreign institutional ownership offset by an incr...
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作者：Gurkan, Huseyin; de Vericourt, Francis
摘要：This paper explores how firms that lack expertise in machine learning (ML) can leverage the so-called AI Flywheel effect. This effect designates a virtuous cycle by which as an ML product is adopted and new user data are fed back to the algorithm, the product improves, enabling further adoptions. However, managing this feedback loop is difficult, especially when the algorithm is contracted out. Indeed, the additional data that the AI Flywheel effect generates may change the provider's incentiv...
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作者：Heese, Jonas
作者单位：Harvard University
摘要：I study whether industry employment of active regulators weakens oversight. To examine this question, I exploit that the Financial Reporting Enforcement Panel (FREP), the German capital-market regulator responsible for enforcing public firms' compliance with accounting standards, allows its senior regulators to serve on boards of public firms during their FREP tenure. I find that firms are less likely to face enforcement actions after they appoint active regulators to their board. After such a...
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作者：Carson, Richard T.; Zivin, Joshua Graff; Louviere, Jordan J.; Sadoff, Sally; Shrader, Jeffrey G.
作者单位：University of California System; University of California San Diego; University of California System; University of California San Diego; University of South Australia; University of California System; University of California San Diego; Columbia University
摘要：Innovation is important for firm performance and broader economic growth. However, breakthrough innovations necessarily require greater risk taking than more incremental approaches. To understand how managers respond to uncertainty when making research and development decisions, we conducted experiments with master's degree students in a program focused on the intersection of business and technology. Study participants were asked to choose whether to fund hypothetical research projects using a...
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作者：Lyandres, Evgeny; Palazzo, Berardino; Rabetti, Daniel
作者单位：Tel Aviv University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We compile a comprehensive data set of initial coin offerings (ICOs) from 19 data sources including 11 ICO aggregators. We alleviate severe limitations of available ICO data by performing the first systematic analysis of ICO data quality. We use our data set to study determinants of ICO funding success as well as post-ICO operating performance and provide evidence on some novel determinants of initial and longer-term ICO success. Finally, we show that post-ICO operating performance is positive...
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作者：Li, Zhao; Ma, Kebin
作者单位：Zhongnan University of Economics & Law; University of Warwick
摘要：In a crisis, regulators and private investors can find it difficult, if not impossible, to tell whether banks facing runs are insolvent or merely illiquid. We introduce such an information constraint into a global-games-based bank run model with multiple banks and aggregate uncertainties. The information constraint creates a vicious cycle between contagious bank runs and falling asset prices and limits the effectiveness of traditional emergency liquidity assistance programs. We explain how a r...
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作者：Conitzer, Vincent; Kroer, Christian; Panigrahi, Debmalya; Schrijvers, Okke; Stier-Moses, Nicolas E.; Sodomka, Eric; Wilkens, Christopher A.
作者单位：Duke University; Columbia University
摘要：Mature internet advertising platforms offer high-level campaign management tools to help advertisers run their campaigns, often abstracting away the intricacies of how each ad is placed and focusing on aggregate metrics of interest to advertisers. On such platforms, advertisers often participate in auctions through a proxy bidder, so the standard incentive analyses that are common in the literature do not apply directly. In this paper, we take the perspective of a budget management system that...
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作者：Jin, Ginger Zhe; Lee, Ajin; Lu, Susan Feng
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Michigan State University; Stanford University; Purdue University System; Purdue University
摘要：Medicare does not pay for a skilled nursing facility (SNF) unless a fee-for-service patient has stayed in the hospital for at least three days. This Medicare reimbursement rule, or the three-day rule, provides full coverage for the first 20 days and partial coverage for days 21-100 for skilled nursing care provided at any Centers for Medicare and Medicaid Services-approved SNF. In this paper, we study how this Medicare reimbursement rule affects patient routing to SNFs and whether an SNF disch...
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作者：Batista, Catia; Sequeira, Sandra; Vicente, Pedro C.
作者单位：Universidade Nova de Lisboa; University of London; London School Economics & Political Science
摘要：We examine the impact of providing access to mobile savings accounts and im-proving financial management skills on the performance of microenterprises in Mozambique. The effects are highly heterogeneous: Combining both types of support is associated with a large increase in both short-and long-term firm profits and in financial security for female microentrepreneurs. This allowed female-headed microenterprises, particularly those with a higher level of profits at baseline, to close the gender ...
