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作者：De George, Emmanuel T.; Reiter, Nayana; Synn, Christina; Williams, Christopher Don
作者单位：University of Miami; University of Toronto; American University; University of Michigan System; University of Michigan
摘要：Recent regulatory discussions concentrate on the role institutional investors play in the financial sector. We investigate the determinants and consequences of institutional ownership (IO) in banks. Our findings suggest that institutional owners invest more in banks that have a lower proportion of consumer and real estate loans; are less opaque; have a lower level of insider control; are larger, older, and more capitalized; and have lower stock return volatility. In contrast, banks' funding ch...
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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：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...
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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...
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作者：Castellaneta, Francesco; Conti, Raffaele; Kacperczyk, Aleksandra Joanna
作者单位：SKEMA Business School; Universite Cote d'Azur; ESSEC Business School; University of London; London Business School
摘要：Women remain underrepresented not only as startup founders but also as nonfounding employees (joiners). Yet there is limited understanding of how to address this disparity. Whereas traditional explanations have emphasized individual employment preferences, we shift the focus to employers' decision making. We propose that weaker employment protection-which reduces termination costs-increases women's likelihood relative to men of being hired by startups rather than incumbent firms, as it enhance...
