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作者：Zhu, Kai; Shi, Qiaoni; Banerjee, Shrabastee
作者单位：Bocconi University; Tilburg University
摘要：This study investigates the consequences of monetizing a marketplace for product promotion within a digital platform, specifically the Giveaways program on Goodreads.com. Using a natural experiment and fine-grained platform data from 2016 to 2020, we examine how introducing a fixed entry cost for content creators affected both supply and demand in this two-sided market. Our findings reveal significant shifts in marketplace dynamics after monetization: (1) a substantial decrease in overall prog...
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作者：Lowry, Michelle R.; Vance, Anthony; Vance, Marshall D.
作者单位：Virginia Polytechnic Institute & State University; Virginia Polytechnic Institute & State University
摘要：We conduct a field study of boards' emerging responsibility to oversee cybersecurity risk, a setting in which few directors have expertise. We find that, although nonexpert directors may genuinely seek to provide diligent oversight, without expertise their efforts lack substance and therefore are mostly symbolic, even when they perform the same oversight activities as expert directors. We also explore why boards do not prioritize the appointment of cybersecurity experts and show that nonexpert...
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作者：Snyder, Clare; Keppler, Samantha; Leider, Stephen
作者单位：University of Michigan System; University of Michigan
摘要：In algorithm-augmented service contexts where workers have decision authority, they face two decisions about the algorithm: whether to follow its advice and how quickly to do so. The pressure to work quickly increases with the speed of arriving customers. In this paper, we ask the following. How do workers use algorithms to manage system loads? With a laboratory experiment, we find that superior algorithm quality and high system loads increase participants' willingness to use their algorithm's...
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作者：Kwon, Caleb; Raman, Ananth
作者单位：University of Texas System; University of Texas Austin; Harvard University
摘要：Fair Workweek Laws (FWLs) aim to improve the predictability and stability of employee work schedules. They do so by requiring employers to provide work schedules with sufficient advance notice or to compensate workers when such notice is not provided. Despite the growing number of U.S. jurisdictions with active FWLs (currently more than 10), there is little empirical evidence of their effects on work schedules. This paper examines the impact of Los Angeles's FWL on the predictability and stabi...
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作者：Cong, Lin William; Karolyi, G. Andrew; Tang, Ke; Zhao, Weiyi
作者单位：Nanyang Technological University; Nanyang Technological University; Tsinghua University; Cornell University; Tsinghua University; Yanqi Lake Beijing Institute of Mathematical Sciences & Applications; Zhongnan University of Economics & Law; Zhongnan University of Economics & Law
摘要：In the largest data set of crypto assets to date, we uncover a significant value effect based on the active-addresses-to-market-cap ratio. The corresponding novel value factor, together with the crypto market, size, and momentum factors adapted to our sample, forms a four-factor model that explains the cross-sectional return variations better than existing benchmarks. We show that the crypto value premium is plausibly driven by compensation for on-chain activity risk. We also provide the first...
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作者：Phalippou, Ludovic
作者单位：University of Oxford
摘要：Carried interest (carry) is the main performance-based component of compensation for private capital fund managers. Using fund-level cash flows and fee terms for more than 12,000 funds, we estimate which funds are in the carry and the total amount earned. Aggregate carry exceeds one trillion dollars and accounts for 18% of investor profits, about equal the contractual value-weighted rate of 19%. The difference reflects the role of hurdle rates and the relatively smooth distribution of fund out...
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作者：Somogyi, Fabricius
作者单位：Northeastern University
摘要：Over 85% of all foreign exchange (FX) transactions involve the U.S. dollar, whereas the United States accounts for a much smaller fraction of global economic activity. My paper attributes the dominance of the dollar in FX trading to strategic avoidance of price impact. Using a novel identification strategy, I show that, on average, 13% of the volume in dollar pairs arises from using the dollar as a vehicle currency to indirectly exchange two nondollar currencies. To rationalise this result, I ...
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作者：De Stefano, Federica; Bidwell, Matthew
作者单位：University of Oxford; University of Pennsylvania
摘要：Project-based organizations allow employees in ostensibly similar roles to acquire very different experiences by working on different kinds of projects. We study how people build careers in these contexts, examining when employees choose to diversify their experience-both in terms of project content and collaborators-and how the resulting diversification affects their career advancement. Using longitudinal project data from a services organization, our results suggest that employees initially ...
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作者：Bondi, Tommaso; Rafieian, Omid; Yao, Yunfei (jesse)
作者单位：Cornell University; Cornell University; Chinese University of Hong Kong
摘要：Advances in behavioral targeting allow media firms to better monetize based on advertising. However, behavioral ad targeting requires consumer tracking, which has heightened privacy concerns among consumers and regulators. We examine how stricter privacy regulations that ban consumer tracking affect media firms' content strategies and ideological positioning. We consider a model where media firms choose their ideological positioning and advertising, whereas ideologically heterogeneous consumer...
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作者：Kulkarni, Swanand; Kalkanci, Basak
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：We investigate how an on-demand service platform's mechanism to share demandsupply mismatch information spatially affects drivers' relocation decisions and the platform's matching efficiency. We consider three mechanisms motivated by practice; the platform shares demand-supply mismatch information about either zones(s) with excess demand with all drivers (surge information sharing, common practice today), all zones with all drivers (full information sharing), or zone(s) with excess demand only...
