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作者：Rzeznik, Aleksandra
作者单位：York University - Canada
摘要：This paper examines how market uncertainty impacts the liquidity premium through a demand-side channel. I find that equity mutual funds actively increase the liquidity of their portfolios in response to increased redemptions during market stress. Liquidity preservation is more intense for funds more exposed to strategic complementarities. I show that a stock's relative illiquidity within a fund's portfolio is a key determinant in flow-induced rebalancing decisions, whereby funds follow a liqui...
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作者：Li, You; Tan, Weiqiang; Yao, Daifei; Zhang, Tian
作者单位：Macau University of Science & Technology; Education University of Hong Kong (EdUHK); Griffith University; University of Hong Kong
摘要：We study how households understand and respond to monetary policy by exploiting the open auctions of early-stage crowdfunding and inferring individuals' expectations based on their maximum requested interest rates. Using loan listings from Prosper, we find that borrowers adjust their willingness-to-pay interest rates in response to unexpected Federal funds rate changes, whereas anticipated shifts have negligible effects. These responses are more pronounced among high-income, high-credit-score ...
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作者：Vijairaghavan, Vaarun; Hidaji, Hooman; Nault, Barrie R.
作者单位：University of Calgary
摘要：Many jurisdictions have implemented data portability regulation (DPR) that requires that Data Controllers (DCs) enable users to download their personal data so that they can port their data to competing DCs. The intention of DPR is to return partial control of data to users, improve user choice of DCs, increase DC participation in the market, and reduce industry concentration. To achieve this, if nonmonetary corrective measures (e.g., warnings, orders to comply) to obtain portability complianc...
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作者：Wang, Xiaoning; Wu, Lynn
作者单位：University of Texas System; University of Texas Dallas; University of Pennsylvania
摘要：Although artificial intelligence (AI) has the potential to drive significant business innovation, many firms struggle to realize its benefits. We investigate why some firms succeed in using AI for innovation, whereas others fail, focusing on the organizational support necessary for leveraging AI in both novel and incremental innovation. Specifically, we examine how the lean startup method (LSM) influences the impact of AI on product innovation in startups. Analyzing data from 1,800 Chinese sta...
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作者：Klingler, Sven; Sundaresan, Suresh; Moran, Michael
作者单位：Frankfurt School Finance & Management; Columbia University
摘要：Sponsors of corporate defined benefit (DB) pension plans in the United States transferred $155 billion pension obligations to insurance companies between 2012 and 2022. These pension risk transfers (PRTs) reduced the pool of corporate DB plan participants by 12% and are a huge business for the involved insurers. We assemble a new PRT database and highlight three features of PRTs: (i) the burden associated with mandatory Pension Benefit Guaranty Corporation (PBGC) insurance premiums drives PRT ...
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作者：Lei, Xiaoxia; Chen, Yixing; Sen, Ananya
作者单位：Shanghai Jiao Tong University; University of Notre Dame; Carnegie Mellon University
摘要：Firms increasingly leverage external entities' data capabilities to unlock improvements in their offerings, but measuring the impact of such capabilities is challenging. Collaborating with the search team at a technology company, we analyzed a large-scale field experiment in which we randomized access to an external, leading search engine's autocomplete application programming interface (API) for more than two million users over 108 days. We measure the causal effects of removing API access on...
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作者：Wang, Hongchang; Zhang, Yingjie; Lu, Tian
作者单位：University of Texas System; University of Texas Dallas; Peking University; Arizona State University; Arizona State University-Tempe
摘要：Human-algorithm collaboration is becoming increasingly prevalent in the economy and society. However, this collaboration is not always fruitful, and in extreme cases, people become human borgs or totally averse to algorithms. The key to collaborative value is whether humans and algorithms can complement each other in decision making, but it is challenging for humans to disagree with algorithmic recommendations at the right time (i.e., to disagree when algorithms are wrong and not disagree when...
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作者：Barucci, Emilio; Brachetta, Matteo; Marazzina, Daniele
作者单位：Polytechnic University of Milan; University of Genoa
摘要：We investigate the adoption of Central Bank digital currency (CBDC) in a partial equilibrium setting, focusing on four key features: remuneration, monetary incentives, interoperability, and architecture. Agents are interested in adopting CBDC because they have a preference for digital payments, and the Central Bank may incentivize adoption through subsidies and platform development, potentially in collaboration with the private sector. Our results demonstrate that both the remuneration scheme ...
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作者：Bayati, Mohsen; Cao, Junyu; Chen, Wanning
作者单位：Stanford University; University of Texas System; University of Texas Austin; University of Washington; University of Washington Seattle
摘要：Multiarmed bandit (MAB) algorithms are efficient approaches to reduce the opportunity cost of online experimentation and are used by companies to find the best product from periodically refreshed product catalogs. However, these algorithms face the so-called cold-start at the onset of the experiment due to a lack of knowledge of customer preferences for new products, requiring an initial data collection phase known as the burn-in period. During this period, standard MAB algorithms operate like...
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作者：Rzeznik, Aleksandra; Hanley, Kathleen Weiss; Pelizzon, Loriana
作者单位：York University - Canada; Lehigh University; Goethe University Frankfurt; Universita Ca Foscari Venezia
摘要：We exploit a quasi-natural experiment, the change in Sustainalytics' environmental, social, and governance (ESG) rating methodology, which reassesses risk and inverts the rating scale, to examine how reliance on ESG ratings impacts stock returns. The change in the ESG rating influences stocks' returns, but this is due to retail investors' misinterpretation about the change in the ratings scale. Sophisticated investors, such as 13F institutions and short sellers, take advantage of individual in...
