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作者：Chiou, Lesley; Tucker, Catherine E.
作者单位：Occidental College; Massachusetts Institute of Technology (MIT)
摘要：Advertising is often criticized for presenting only partial or selective information about products. This criticism is particularly pronounced for health products, where large asymmetries in information may exist between consumers and firms. This paper explores how government restrictions designed to prevent selective advertising affect the types of information to which consumers are exposed. We exploit a natural experiment in the form of a U.S. Food and Drug Administration (FDA) crackdown tha...
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作者：Sun, Jiankun; Zhang, Dennis J.; Hu, Haoyuan; Van Mieghem, Jan A.
作者单位：Imperial College London; Washington University (WUSTL); Alibaba Group; Northwestern University
摘要：Conventional optimization algorithms that prescribe order packing instructions (which items to pack in which sequence in which box) focus on box volume utilization yet tend to overlook human behavioral deviations. We observe that packing workers at the warehouses of the Alibaba Group deviate from algorithmic prescriptions for 5.8% of packages, and these deviations increase packing time and reduce operational efficiency. We posit two mechanisms and demonstrate that they result in two types of d...
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作者：Cohn, Alain; Gesche, Tobias; Marechal, Michel Andre
作者单位：University of Michigan System; University of Michigan; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Zurich
摘要：Modern communication technologies enable efficient exchange of information but often sacrifice direct human interaction inherent in more traditional forms of communication. This raises the question of whether the lack of personal interaction induces individuals to exploit informational asymmetries. We conducted two experiments with a total of 848 subjects to examine how human versus machine interaction influences cheating for financial gain. We find that individuals cheat about three times mor...
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作者：Black, Dirk E.; Black, Ervin L.; Christensen, Theodore E.; Gee, Kurt H.
作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Oklahoma System; University of Oklahoma - Norman; University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We compare non-GAAP earnings per share (EPS) in firms' annual earnings announcements and proxy statements using hand-collected data from U.S. Securities and Exchange Commission filings. We find that proxies for capital market incentives (contracting incentives) are more highly associated with firms' disclosure of non-GAAP EPS in annual earnings announcements (proxy statements). However, we find systematic differences in the properties of firms' non-GAAP earnings and exclusions depending on whe...
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作者：Tian, Xu
作者单位：University System of Georgia; University of Georgia
摘要：Shadow banks play an important role in the modern financial system and are arguably the source of key vulnerabilities that led to the 2007-2009 financial crisis. I develop a quantitative framework with uncertainty fluctuations and endogenous bank default to study the dynamics of shadow banking. I argue that the increase in asset return uncertainty during the crisis results in a spread spike, making it more costly for shadow banks to roll over their debt in the short-term debt market. As a resu...
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作者：Xu, Zibin; Dukes, Anthony
作者单位：City University of Hong Kong; University of Southern California
摘要：When consumers' inferences of their reservation values are subject to environmental noise, firms can use customer data aggregation to obtain superior knowledge. This facilitates personalized pricing but may also induce consumer suspicions of overpaying. To alleviate the suspicions and convince consumers of their value, the firm may design its personalization scheme to include a list price in addition to the personalized prices. We find that only a separating equilibrium with list pricing survi...
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作者：Chao, Matthew; Larkin, Ian
作者单位：Williams College; University of California System; University of California Los Angeles
摘要：Hospital and healthcare administrators name high prescription drug costs as one of their largest problems. A significant body of research demonstrates that meals and honoraria from pharmaceutical firms to physicians leads to higher prescribing of expensive, brand name drugs, despite little difference in efficacy. Some administrators and scholars have advocated for mandatory disclosure of these payments in order to reduce this conflict of interest, but many practitioners believe disclosure has ...
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作者：He, Jing
作者单位：University of Delaware
摘要：This paper investigates the association of corporate reporting and executive network centrality, which measures an executive's relative position in a massive network consisting of outside corporate leaders. I find that high-centrality chief executive officers (CEOs) and chief financial officers (CFOs) are generally more likely to engage in financial misreporting than low-centrality CEOs and CFOs. I also find that the influence of CFO network centrality is greater than that of CEOs in financial...
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作者：Thiemann, Petra
作者单位：Lund University
摘要：This paper studies the persistent effects of short-term peer exposure on long-run performance in a college setting. I exploit the random assignment of undergraduates to peer groups during a mandatory orientation week and track the students' performance over four years (until graduation). Assignment to orientation week groups with high levels of peer ability is associated with lower performance during the first year at college and a higher probability of early dropout. These adverse effects are...
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作者：Chow, Travis; Huang, Sterling; Klassen, Kenneth J.; Ng, Jeffrey
作者单位：University of Hong Kong; Singapore Management University; University of Waterloo; Hong Kong Polytechnic University
摘要：This study examines the effects of jurisdictions' corporate taxes and other policies on firms' headquarters (HQ) location decisions. Using changes in state corporate income tax rates across time and states as the setting, we find that a one-percentage-point increase in the HQ state corporate income tax rate increases the likelihood of firms relocating their HQ out of the state by 16.8%, and an equivalent decrease in the HQ state rate decreases the likelihood of HQ relocations by 9.1%. Exploiti...
