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作者：Zou, Tianxin; Wu, Yue; Sarvary, Miklos
作者单位：State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Columbia University
摘要：User-generated content platforms use recommendation systems (RSs) to deliver content from a vast number of creators to a diverse audience based on content quality and its match to consumers' tastes. Existing research has primarily examined their impact on demand-side factors, such as the quality and variety of content consumption. In contrast, less attention has been paid to their influence on supply-side factors, including creators' entry and quality decisions and their interaction with users...
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作者：Rong, Ke; Sokol, Daniel; Zhou, Di; Zhu, Feng
作者单位：Tsinghua University; University of Southern California; Tongji University; Harvard University
摘要：Many jurisdictions have launched antitrust enforcement and brought in regulation of large tech platforms. The swift and strict implementation of China's Anti-Monopoly Guidelines for the Platform Economy (Platform Guidelines) provides a quasi-natural experiment to evaluate the impact of antitrust regulation on platform competition. We adopt a difference-in-differences approach to empirically explore the impact of China's Platform Guidelines on the number of investments and the entry of startups...
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作者：Cornaggia, Kimberly; Hund, John; Pisciotta, Kevin; Ye, Zihan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Georgia; University of Georgia; University of Kansas; University of Tennessee System; University of Tennessee Knoxville
摘要：We document effects of the opioid epidemic on the migration and output of skilled workers who drive corporate innovation. Exploiting geographic variation in opioid abuse unrelated to economic conditions and using both patent and home sales-based measures, we show that inventors and research labs exit affected areas. This displacement is accompanied by declines in the quantity and value of patents of approximately 7% and $10.6 million per year, respectively. Declines in school quality, safety, ...
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作者：Shen, Yi; Van Oosten, Zachary; Wang, Ruodu
作者单位：University of Waterloo
摘要：We introduce partial law invariance, generalizing law invariance, and probabilistic sophistication widely used in decision theory, as well as statistical and financial applications. Partial law invariance may be interpreted as law invariance restricted to events for which there is no model uncertainty, reflecting practical situations in decision theory and financial risk management. We fully characterize partially law-invariant coherent risk measures via a novel representation formula. Strong ...
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作者：Chu, Leon Yang; Li, Guang; Wu, Andy; Wu, Brian
作者单位：Queens University - Canada; Harvard University; University of Michigan System; University of Michigan
摘要：This study examines the role of strategic timing in disruptive innovation. We construct a model where an entrant decides when to enter with a potentially disruptive technology and the incumbent determines whether and when to switch from its existing technology. By accounting for endogenous firm-specific learning alongside exogenous technological improvement, our model highlights the critical role of timing in shaping disruption. First, an entrant's strategic timing-whether to enter early or de...
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作者：Carlson, Stacy; Nguyen, Quang
作者单位：Uber Technologies, Inc.
摘要：We examine how borrowers in digital credit markets respond to dynamic incentives. To this end, we leverage quasi-experimental variation in progressive lending policies to identify causal effects on repayment behavior. Our empirical strategy uncovers systematic heterogeneity in borrower responses across different stages of the borrower-lender relationship. We find that first-time borrowers who receive exogenously larger initial loans are significantly more likely to default-consistent with elev...
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作者：Hung, Mingyi; Lin, Yupeng; Wang, Lynn Linghuan; Zhang, Zilong
作者单位：Hong Kong University of Science & Technology; National University of Singapore; University of Hong Kong; Zhejiang University
摘要：This paper examines how an increase in bank lending affects firms' investment disclosures and policies. Exploiting the unconventional liquidity injections by the European Central Bank in 2011-2012, we find that U.S. borrowers of European Union (EU) banks receive greater bank financing and issue more management capital expenditure (capex) forecasts following the liquidity injections. In contrast, we find no evidence of changes in bond financing or issuance of management earnings forecasts. We a...
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作者：Huh, Woonghee Tim; Kim, Michael Jong; Lin, Meichun
作者单位：University of British Columbia; Singapore Management University
摘要：We consider a sequential search over a group of similar alternatives. The individual value of an alternative contains two components: an observable utility and an idiosyncratic value. Observable utilities share an unknown population distribution, which captures the similarity across the alternatives and allows for knowledge transfer within the group. Once a decision maker encounters an alternative, its utility is revealed immediately, whereas the idiosyncratic value is unobservable and needs t...
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作者：Dong, Feng; Liu, Ernest
作者单位：Tsinghua University; Princeton University
摘要：We build a model of endogenous credit cycles arising from the dynamics of adverse selection. Heterogeneous entrepreneurs trade productive assets in an anonymous market subject to financial frictions. Cream-skimming rent-seekers create lemon assets that can be traded. Lemon assets are indistinguishable ex-ante from the productive assets but have no productive value ex-post. The average quality of assets is the key state variable of the economy. High asset prices today attract the creation of mo...
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作者：Guan, Xinyi; Misic, Velibor V.
作者单位：Hong Kong Polytechnic University; University of California System; University of California Los Angeles
摘要：The robust multiproduct pricing problem is to determine the prices of a collection of products to maximize the worst-case revenue, where the worst case is taken over an uncertainty set of demand models that the firm expects could be realized in practice. A tacit assumption in this approach is that the pricing decision is a deterministic decision: the prices of the products are fixed and do not vary. In this paper, we consider a randomized approach to robust pricing, where a decision maker spec...
