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作者：Gilch, Alexandros; Lanz, Andreas; Muller, Philipp; Reich, Gregor; Wilms, Ole
作者单位：University of Bonn; University of Zurich; University of Hamburg; Tilburg University
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness inclusion of an advertisement in this article, neither constitutes nor implies a guaran...
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作者：Hristakeva, Sylvia; Mortimer, Julie Holland; Yde, Eric
作者单位：Cornell University; Washington University (WUSTL); National Bureau of Economic Research; University of Virginia
摘要：We study the effect of price caps on the provision of costly effort by pharmaceutical firms using variation in drug discounts generated by a price regulation program that allows eligible hospitals to purchase outpatient drugs at steep discounts. These discounts directly affect drug manufacturers' markups and may change firms' incentives to exert promotional effort targeted toward physicians at these hospitals. We find that the effects of price regulation on pharmaceutical firm effort depend cr...
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作者：Vollon, Lauren J.
作者单位：University of Notre Dame
摘要：This study investigates the role of venture capital (VC) firms in private mergers and acquisitions (M&A) contracting, particularly in reducing information asymmetry. Analyzing a proprietary data set of 851 startup acquisitions from 2015 to 2020, I find that M&A contracts are significantly less likely to include earnouts, mechanisms designed to mitigate information asymmetry, when a VC is involved in the transaction. Further analysis reveals that earnouts are more likely in transactions with hi...
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作者：Chen, Keith; Feinerman, Katherine; Haggag, Kareem
作者单位：University of California System; University of California Los Angeles
摘要：Modern tech platforms provide workers real-time control over when they work and, increasingly, flexible pay: the option to be paid immediately after work. We investigate the labor supply effects of pay flexibility and the implications of present-biased preferences among gig-economy workers. Using granular data from a nationwide randomized controlled trial at Uber, we estimate the effects of switching from a fixed weekly pay schedule to Instant Pay, a system that allows on-demand, within-day wi...
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作者：de Roure, Calebe; Moench, Emanuel; Pelizzon, Loriana; Schneider, Michael
作者单位：Reserve Bank of Australia; Frankfurt School Finance & Management; Goethe University Frankfurt; Universita Ca Foscari Venezia; Deutsche Bundesbank
摘要：We document a pecking order of transaction costs in the interdealer market for German sovereign bonds, where three trading protocols coexist. Dealers can trade over the counter (OTC), either bilaterally or via brokers, as well as on an exchange. Trading on the exchange is more expensive than OTC, and broker-intermediated trades are more costly than bilateral OTC trades. The existence of an OTC discount is difficult to square with theories centered around search-and-bargaining frictions but is ...
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作者：Brancati, Emanuele; Minetti, Raoul; Zhu, Susan Chun
作者单位：Sapienza University Rome; Michigan State University
摘要：We study the influence of supply chains on the transmission of financial shocks to firms' innovation. Using matched Italian firm-bank data over the 2007-2017 period, we find that firms' engagement in supply chains enhanced the resilience of innovation activities to the banking shock caused by the twin financial crises (Great Financial Crisis and sovereign debt crisis). The results suggest that, amid the banking shock, supply chains facilitated purchases of innovative intermediates through trad...
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作者：Jha, Akshaya; Karolyi, Stephen A.; Muller, Nicholas Z.
作者单位：Carnegie Mellon University; National Bureau of Economic Research; George Mason University; Carnegie Mellon University
摘要：We present two findings on how environmental policy uncertainty impacts municipal bond returns. First, yields increase after a new pollution standard is proposed but decrease after this standard is finalized. Second, after annual announcements of compliance status, yields fall for counties that remain in compliance but increase for newly noncompliant counties. We present suggestive evidence linking these short-run municipal bond market reactions to long-run changes in pollution and housing pri...
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作者：Chuk, Elizabeth; Lourie, Ben; Yoo, Il Sun
作者单位：University of California System; University of California Irvine; University of Hawaii System; University of Hawaii Manoa
摘要：We examine whether buyers reduce their late payments in response to a regulatory change in the United Kingdom that mandates the public disclosure of their payment practices. We find that UK buyers subject to this regulation reduce their late payments. In cross-sectional tests, we find that this reduction in late payments is more pronounced for buyers with a greater extent of late payments, buyers facing a more concentrated supplier base, and buyer-supplier relationships in which a supplier is ...
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作者：Huang, Ni; Burtch, Gordon; Chen, Pei-yu; Huang, Ao
作者单位：University of Miami; Boston University; Arizona State University; Arizona State University-Tempe
摘要：Matching platforms seek to facilitate market clearing, but congestion arises with imbalances in supply and demand. In online labor markets, when workers can apply to jobs without restriction, they may apply to an excessive volume of positions to maximize their likelihood of securing work, overwhelming employers and making screening difficult if not altogether unmanageable. Prior research has theoretically argued that imposing application costs on workers can mitigate this issue. However, the e...
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作者：Nageswaran, Leela; Jain, Aditya; Gurnani, Haresh
作者单位：University of Washington; University of Washington Seattle; City University of New York (CUNY) System; Baruch College (CUNY); State University of New York (SUNY) System; Stony Brook University
摘要：A retailer can insist on a guaranteed margin contract with its supplier, wherein it requires a margin on each sale. In addition, it may want to have the lowest selling price in a market with competing retailers, and if this strategy of offering the lowest price reduces its margin, the supplier must pay up the difference. There has been recent debate on whether this approach leads to anticompetitive behavior with elevated retail prices, monopolistic market, or diminished market coverage. We ana...
