-
作者：Gandhi, Ashvin D.; Song, YoungJun; Upadrashta, Prabhava
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; California State University System; San Diego State University
摘要：This paper studies how product market competition shapes the impact of private equity (PE) acquisitions on consumers. We examine nursing home buyouts and observe that PE-owned facilities exhibit greater competitive sensitivity: competing more aggressively when competitive incentives are strong and exploiting market power more aggressively when competitive incentives are weak. We find that PE-owned facilities are more sensitive to local market competition-even when comparing effects only across...
-
作者：Xu, Da
作者单位：Tsinghua University
摘要：In recent years, earnings call slide decks (hereafter, earnings decks) have become increasingly common in the earnings announcements of public firms. In this paper, I examine the characteristics of earnings decks and the determinants of firms' use of them. More importantly, I study their capital market roles. While I fail to find evidence that earnings decks on average offer information incremental to traditional disclosures, such as press releases and conference calls, they significantly redu...
-
作者：Bogliacino, Francesco; Grimalda, Gianluca; Pipke, David
作者单位：Catholic University of the Sacred Heart; University of Passau
摘要：The gift exchange hypothesis posits that workers reciprocate above-market wages with increased productivity. This paper tests this hypothesis in a natural field experiment where one or both workers in a pair received a discretionary bonus after an initial round of data entry tasks. Bonuses were assigned based on one of three criteria: (i) relative productivity in the initial round, (ii) economic need, or (iii) an arbitrary decision. Two conditions where neither or both workers received a bonus...
-
作者：Ghose, Anindya; Li, Beibei; Macha, Meghanath; Sun, Chenshuo; Foutz, Natasha Zhang
作者单位：New York University; Carnegie Mellon University; Adobe Systems Inc.; Renmin University of China; City University of Hong Kong; University of Virginia
摘要：Consumers' privacy choice between withholding and sharing personal data may change during crises. Crises not only alter personal considerations of benefits and costs of this choice, but also trigger societal considerations, such as use of shared data in crisis management. Although the literature on privacy choice has focused on personal considerations, research on how this choice is influenced by broader circumstances remains sparse. We address this topic by leveraging newly available location...
-
作者：Paaso, Mikael; Pursiainen, Vesa; Torstila, Sami
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of St Gallen; Swiss Finance Institute (SFI); Aalto University
摘要：An entrepreneur's negative attitude toward debt (debt aversion) affects the financing decisions of the businesses they run. Controlling for a range of observable traits, firms run by highly debt-averse entrepreneurs are about 10 percentage points less likely to use debt. The same entrepreneurs are also almost 25% less likely to take up government-guaranteed debt during the COVID-19 crisis. These firms show less interest in COVID-19 support policies if they perceive them to involve debt based o...
-
作者：Caoui, El Hadi; Farronato, Chiara; Horton, John J.; Schultz, Robert
作者单位：University of Toronto; University Toronto Mississauga; University of Toronto; Harvard University; Centre for Economic Policy Research - UK; Massachusetts Institute of Technology (MIT)
摘要：For some types of goods, rarity itself is valued: items considered fashionable are demanded in part because they are unique. In this paper, we explore the economics of rare goods using auctions of limited-edition shoes held by an e-commerce platform. We model endogenous entry and bidding in multiunit auctions and construct demand curves from realized bids. We find that doubling inventory reduces willingness to pay by 8%-15%. From the monopolist's perspective, ignoring the value of rarity leads...
-
作者：Huang, Ying; Li, Ningzhong; Zhou, Xiaolu
作者单位：University of Texas System; University of Texas Dallas; Chinese University of Hong Kong
摘要：We argue substitution can exist among corporate social responsibility (CSR) investments, and exogenously increasing one CSR investment could lead to a decrease in another CSR investment. We provide evidence using the U.S. states' staggered adoptions of E-Verify mandates, which curtail a labor-related social bad by reducing the hiring of unauthorized workers and related workplace abuses. We find the mandate leads to an increase in plant-level pollution, an environmental social bad, and the effe...
-
作者：Vayanos, Phebe; Georghiou, Angelos; Yu, Han
作者单位：University of Southern California; University of Southern California; University of Southern California; University of Cyprus
摘要：Robust optimization (RO) is a popular paradigm for modeling and solving twoand multistage decision-making problems affected by uncertainty. In many real-world applications, such as R&D project selection, production planning, or preference elicitation for product or policy recommendations, the time of information discovery is decision-dependent and the uncertain parameters only become observable after an often costly investment. Yet, most of the literature on robust optimization assumes that th...
-
作者：Han, Jungsuk; Lee, Jongsub; Li, Tao
作者单位：Seoul National University (SNU); State University System of Florida; University of Florida; European Corporate Governance Institute
摘要：Decentralized autonomous organizations (DAOs) are entities without central leadership and operate based on a set of decision-making rules encoded into smart contracts using blockchain technology. In this study, we develop a theoretical model of DAO governance featuring strategic token trading under token-based voting to investigate potential conflicts of interest between a large participant (a whale) and many small participants. Our results show that ownership concentration has a negative effe...
-
作者：Epperson, Raphael; Gersterb, Andreas
作者单位：heSam Universite; ESCP Business School; Johannes Gutenberg University of Mainz; Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung
摘要：Consumers' willful ignorance about the consequences of their actions may impede moral behavior. We test this concern in a real-world context based on a laboratory experiment and field data. We find that willful ignorance about farming practices increases consumption of meat from intensive farming, both in the laboratory and at university canteens. Individuals who prefer to avoid costless evidence are particularly responsive to it, yet their behavioral response vanishes within two weeks. Both f...
