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作者：Dimmock, Stephen G.; Huang, Jiekun; Weisbenner, Scott J.
作者单位：National University of Singapore; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：We study how access to high-skill labor affects the outcomes of start-up firms. We obtain exogenous variation in firms' ability to access skilled labor by using win rates in H-1B visa lotteries. Relative to other firms that also applied for H-1B visas, firms with higher lottery win rates are more likely to receive additional venture capital funding and to have a successful exit via an IPO or acquisition. H-1B visa lottery winners also subsequently receive more patents and patent citations. Ove...
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作者：Chod, Jiri; Trichakis, Nikolaos; Yang, S. Alex
作者单位：Boston College; Massachusetts Institute of Technology (MIT); University of London; London Business School
摘要：This paper highlights two channels through which blockchain-enabled tokenization can alleviate moral hazard frictions between founders, investors, and users of a platform: token financing and decentralized governance. We consider an entrepreneur who uses outside financing and exerts private effort to build a platform and users who decide whether to join in response to the platform's dynamic transaction fee policy. We first show that raising capital by issuing tokens rather than equity mitigate...
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作者：Deng, Yipu; Zheng, Jinyang; Khern-Am-Nuai, Warut; Kannan, Karthik
作者单位：University of Hong Kong; Purdue University System; Purdue University; McGill University
摘要：We investigate an editorial review program for which a review platform supplements user reviews with editorial ones written by professional writers. Specifically, we examine whether and how editorial reviews influence subsequent user reviews (reviews written by noneditor reviewers). A quasiexperiment conducted on a leading review platform in Asia, based on several econometric and natural language processing techniques, yields empirical evidence of an overall positive effect of editorial review...
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作者：Agca, Senay; Babich, Volodymyr; Birge, John R.; Wu, Jing
作者单位：George Washington University; George Washington University; University of Chicago; Chinese University of Hong Kong
摘要：Using a panel of credit default swap (CDS) spreads and supply chain links, we observe that both favorable and unfavorable credit shocks propagate through supply chains in the CDS market. Particularly, the three-day cumulative abnormal CDS spread change (CASC) is 63 basis points for firms whose customers experienced a CDS up-jump event (an adverse credit shock). The value is 74 basis points if their suppliers experienced a CDS up-jump event. The corresponding three-day CASC values are -36 and -...
