-
作者：Manshadi, Vahideh; Rodilitz, Scott; Saban, Daniela; Suresh, Akshaya
作者单位：Yale University; University of California System; University of California Los Angeles; Stanford University; RAND Corporation
摘要：In collaboration with VolunteerMatch (VM)-the world's largest online platform for connecting volunteers with volunteering opportunities-we designed and implemented a new display ranking algorithm. VM's original ranking algorithm was intended to maximize efficiency (i.e., the total number of connections), but as a consequence, it repeatedly displayed the same few opportunities at the top of its ranking, effectively limiting access to volunteers for the other opportunities. To incorporate VM's d...
-
作者：Korsaye, Sofonias Alemu; Quaini, Alberto; Trojani, Fabio
作者单位：Johns Hopkins University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Geneva; University of Geneva; University of Turin
摘要：We provide a no-arbitrage framework for stochastic discount factors (SDFs) that satisfy convex pricing constraints in markets characterized by a wide range of trading frictions. We demonstrate a duality relationship connecting minimum dispersion SDFs to portfolio optimization problems with penalty functions directly capturing the underlying frictions. Empirically, we examine how mispricing impacts the SDF's effectiveness in explaining both cross-sectional and time series variation in asset ret...
-
作者：Gil-Bazo, Javier; Imbet, Juan F.
作者单位：Pompeu Fabra University; Barcelona School of Economics; Pompeu Fabra University
摘要：We unveil asset managers' social media communications as a distinct new channel for attracting flows of money to mutual funds. Combining a database of more than 1.6 million posts on X/Twitter by U.S. mutual fund families with textual analysis, we find that flows of money to mutual funds respond positively to both the number and tone of the posts. Whereas the link between social media communications and flows of money is not explained by conventional marketing efforts, our findings suggest that...
-
作者：D'acunto, Francesco; Weber, Michael; Xie, Tin
作者单位：Georgetown University; Purdue University System; Purdue University; National Bureau of Economic Research; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：Direct experience of a peer's punishment might have a sobering effect above and beyond deterrence (information about punishments). We test this mechanism in China, studying the reactions to listed state-owned enterprises' (SOEs) punishments for fraudulent loan guarantees by firms in the same location (peers) and nonpeer firms across SOEs and non-SOEs. After experiencing SOEs' punishments, peer SOEs cut their loan guarantees by more than nonpeer SOEs and peer non-SOEs even if information and lo...
-
作者：Babar, Yash; Adeli, Ali M.; Greenwood, Brad N.
作者单位：University of Wisconsin System; University of Wisconsin Madison; DePaul University; George Mason University
摘要：One of the most notable developments of the sharing economy is the unfettered proliferation of on-demand services. In this work, we examine how a subset of such platforms, online food delivery (e.g., Grubhub, UberEats, DoorDash), has affected the meal preparation and dining behaviors of American households. To do so, we exploit the phased entry of the platform Grubhub into U.S. counties from 2005 to 2019 using a difference-in-difference approach. Results indicate that the availability of such ...
-
作者：Sunada, Takeaki
作者单位：University of Rochester
摘要：I examine why the prices that consumers pay influence their ratings of products. In the context of hotel reviews on an online booking platform, I find that prices have larger impact on ratings when consumers face larger uncertainty about hotel quality, indicating that prices affect satisfaction through consumers' quality expectation. On the other hand, I find that the mere fact that the reviewer received higher surplus through a lower price by itself is not a primary reason for a higher rating...
-
作者：Lyon, Thomas P.; Maxwell, John W.
作者单位：University of Michigan System; University of Michigan; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Growing political polarization has reshaped the business landscape, shifting the mix of private and public politics companies face and requiring managers to develop more sophisticated nonmarket strategies. Yet the literature has largely continued to study strategies aimed at public and private politics in isolation. We analyze repertoires of nonmarket strategies and how they evolve over time in a formal game theoretic model of the policy life cycle, providing an integrated framework for studyi...
-
作者：Pan, Jingjing; Li, Jianbiao; Niu, Xiaofei; Zhu, Chengkang
作者单位：University of Jinan; Shandong University; Nankai University
摘要：This research examines the role of reward systems in enhancing cooperation, particularly when individual contributions are not fully transparent. We investigate the impact of reward mechanisms on cooperative behavior using an experimental setup known as the Voluntary Contribution Mechanism with Rewards. Our experimental design compares centralized reward (CR) systems, where an authority distributes rewards, with decentralized reward (DR) systems, where peers allocate rewards, against a no-rewa...
-
作者：Degryse, Hans; De Winne, Rudy; Gresse, Carole; Payne, Richard
作者单位：KU Leuven; Universite Catholique Louvain; Centre National de la Recherche Scientifique (CNRS)
摘要：Employing unique data from 91 stocks trading on their primary exchanges and three alternative venues, we show that liquidity suppliers post duplicate limit orders on competing trading venues and cancel the duplicated orders immediately after one of them is filled. This is consistent with liquidity suppliers engaging in crossvenue market making. This duplicated-then-canceled liquidity is predominantly used by high-frequency traders when their inventories are not excessive. It reduces execution ...
-
作者：Bailey, Mckenna; Glaeser, Stephen; Omartian, James D.; Raghunandan, Aneesh
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Yale University
摘要：We examine environmental, social, and governance (ESG) misreporting in the context of the UK government requirement to report gender employment ratios and pay gaps. Highlighting misreporting, many employers report a set of disclosures that are together mathematically impossible. Further, a disproportionate number of employers report perfectly balanced gender statistics, consistent with misreporting as a form of ESGwashing. Suggesting that a lack of ethical considerations encourages misreportin...
