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作者：He, Eryn Juan; Goh, Joel
作者单位：National University of Singapore; National University of Singapore; Harvard University
摘要：Modern digital technology has enabled the emergence of the hybrid workforce in service organizations, where a firm uses on-demand freelancers to augment its traditional labor supply of employees. Freelancers are typically supplied by an electronic platform. How should demand be allocated between employees and freelancers? Under what conditions is the system(comprising the firm and its platform) sustainable in the long run? We investigate these questions in the context of last-mile delivery. We...
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作者：Liu, Xiaoyan; Schmidt, William
作者单位：Santa Clara University; Cornell University
摘要：Practitioners and academics alike have argued that a firm's interest in its short-term capital market valuation (short-termism) is harmful to the firm's long-term profit. Their argument is intuitive-when a firm exhibits short-termism, its decision making will cater to the short termat the expense of the long term. Some practitioners claim that the adverse effects of increased short-termism become particularly acute in competitive markets. However, there is little academic research that examine...
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作者：Yan, Zhenzhen; Natarajan, Karthik; Teo, Chung Piaw; Cheng, Cong
作者单位：Nanyang Technological University; Singapore University of Technology & Design; National University of Singapore; Hebei University of Technology
摘要：We develop a data-driven approach for the multiproduct pricing problem, using the theory of a representative consumer in discrete choice. We establish a set ofmathematical relationships between product prices and demand for each product in the system, including that of the outside option. We provide identification conditions to recover the underlying representative consumer model and show that, with sufficient pricing experiments, the approach can identify the underlying demand model (more pre...
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作者：Li, Jun; Wu, Di (Andrew)
作者单位：University of Michigan System; University of Michigan
摘要：Policy makers in many developing countries use maximum price or markup policies to control pharmaceutical costs, which represent 20%-60% of their overall healthcare expenditure. We study the price effect of price ceiling policies by exploiting a major policy shift in China: the elimination of longstanding ceilings on retail drug prices. We collect weekly price and characteristics data on more than 4,500 drug stock keeping units (SKUs) from a leading pharmacy chain. By comparing the rate of dis...
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作者：Baruch, Shmuel; Zhang, Xiaodi
作者单位：University of Rome Tor Vergata; Shanghai University of Finance & Economics
摘要：In the capital asset pricing model (CAPM), it is ex post optimal to index. To examine the implications of market indexing, we develop a conditional CAPM with costless private information in which some investors are, for exogenous reasons, ex ante indexers. We show that, as more nonindexers become indexers, the price efficiency of stocks diminishes, asset prices comove, and the statistical fit (measured by R-2) of the CAPMregression decreases. We also report asset prices at the limit, when 100%...
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作者：Grieser, William; LeSage, James; Zekhnini, Morad
作者单位：Texas Christian University; Texas State University System; Texas State University San Marcos; Michigan State University
摘要：Using a network approach that circumvents well-known challenges in estimating peer effects, we show that interactions with a firm's geographic neighbors play a significant causal role in corporate investment behavior and a modest role in financial policies and firm performance. Moreover, these geography network effects are almost entirely driven by propagation effects through product market and supply chain networks. We corroborate our findings in a quasi-experimental framework that allows for...
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作者：Steffena, Thomas D.
作者单位：Yale University
摘要：I study the information asymmetry effects of Statement of Financial Accounting Standards Number 161 (SFAS 161), which requires changes to the content and format of derivative and hedging footnote disclosures. Using a difference-in-differences design, I investigate whether these mandatory disclosure changes affected bid-ask spreads. To capture the extent to which firms were likely impacted by SFAS 161, I employ two complementary measures: (1) actual changes in firms' derivative and hedging disc...
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作者：Zhang, Shunyuan; Lee, Dokyun; Singh, Param Vir; Srinivasan, Kannan
作者单位：Harvard University; Boston University; Carnegie Mellon University
摘要：We study how Airbnb property demand changed after the acquisition of verified images (taken by Airbnb's photographers) and explore what makes a good image for an Airbnb property. Using deep learning and difference-in-difference analyses on an Airbnb panel data set spanning 7,423 properties over 16 months, we find that properties with verified images had 8.98% higher occupancy than properties without verified images (images taken by the host). To explore what constitutes a good image for an Air...
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作者：Brav, Alon; Dasgupta, Amil; Mathews, Richmond
作者单位：Duke University; National Bureau of Economic Research; European Corporate Governance Institute; University of London; London School Economics & Political Science; University System of Maryland; University of Maryland College Park
摘要：Blockholder monitoring is central to corporate governance, but blockholders large enough to exercise significant unilateral influence are rare. Mechanisms that enable moderately sized blockholders to exert collective influence are therefore important. Existing theory suggests that engagement by moderately sized blockholders is unlikely, especially when the blocks are held by delegated asset managers who have limited skin in the game. We present a model in whichmultiple delegated blockholders e...
