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作者：Athey, Susan; Castillo, Juan Camilo; Chandar, Bharat
作者单位：Stanford University
摘要：Online marketplaces have adopted new quality control mechanisms that can accommodate a flexible pool of providers. In the context of ride-hailing, we measure the effectiveness of these mechanisms, which include ratings, incentives, and behavioral nudges. Using telemetry data as an objective measure of quality, we find that drivers not only respond to user preferences but also improve their behavior after receiving warnings about their low ratings. Furthermore, we use data from a randomized exp...
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作者：Li, Ivan; Derdenger, Tim
作者单位：University of Texas System; University of Texas Dallas; Carnegie Mellon University
摘要：We investigate the impact of personalized pricing through Name, Image, and Likeness (NIL) rights within college athletics on the recruitment of high school football players by college programs. We focus on whether the new policy disrupts competitive balance by increasing the concentration of talent among top-ranked institutions. Using a data set that encompasses pre- and post-NIL recruitment patterns to examine the distribution of 3, 4, and 5* recruits at college football programs, we find a n...
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作者：Henderson, Brian; Jostova, Gergana; Philipov, Alexander
作者单位：George Washington University; George Mason University
摘要：We document that stock lenders are informed about market conditions and pursue revenue maximization by setting premiums or offering discounts on stock loan fees. Using a model of supply and demand in the equity lending market, we illustrate the effect of stock borrowers' private information on the elasticity of shorting demand. Strategic lenders respond to demand elasticity and increase their revenues through premiums or discounts on lending fees. Empirically, decomposing stock loan fees into ...
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作者：Zhong, Hongda
作者单位：University of Texas System; University of Texas Dallas; Centre for Economic Policy Research - UK
摘要：I study the optimal integration of humans and technologies in multilayered decision-making processes. When each layer can correct existing errors but may also introduce new errors, who should have the final authority? I show that a decision maker's correction capability normalized by its new errors is a one-dimensional quality metric that determines the optimal rule: deploying higher quality technologies in later stages. Intriguingly, despite its highest quality, the final layer may not genera...
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作者：Buhlmann, Florian; Doerrenberg, Philipp; Loos, Benjamin; Voget, Johannes
作者单位：University of Mannheim; University of New South Wales Sydney
摘要：The removal of an intertemporal tax discontinuity in Germany provides us with a natural experiment to study the causal effect of taxes on individual stock-trading behavior and the disposition effect. Using individual investor transactions data combined with nonparametric regressions and bunching methods, we find that the presence of the tax discontinuity induces investors to adjust their holding periods, which reduces their effective tax rate by 11.3%. We also find that tax effects dominate th...
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作者：Alan, Sule; Corekcioglu, Gozde; Kaba, Mustafa; Sutter, Matthias
作者单位：Cornell University; Ihsan Dogramaci Bilkent University; Koc University; Max Planck Society; University of Cologne; University of Innsbruck
摘要：Using data from over 2,000 professionals in 24 large corporations in Turkiye, we explore the relationship between female leadership and the relational culture in the workplace. First, we document that although male and female leaders possess equal cognitive capacity, they diverge in socioemotional characteristics. Next, we show that the relational dynamics in the workplace are different under male and female leadership. Male employees form homophilic professional ties under male leadership, wh...
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作者：Cho, DuckKi; Choi, Lyungmae; Hertzel, Michael; Wang, Jessie Jiaxu
作者单位：University of Sydney; University of Newcastle; Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We show that the social capital embedded in employees' networks contributes to firm performance. Using novel, individual-level network data, we measure a firm's social capital derived from employees' connections with external stakeholders. Our directed network data allow for differentiating those connections that know the employee and those that the employee knows. Results show that firms with more employee social capital perform better; the positive effect stems primarily from employees being...
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作者：Doerrenberg, Philipp; Feldhaus, Christoph; Kolle, Felix; Ockenfels, Axel
作者单位：University of Mannheim; Ruhr University Bochum; University of Cologne; Max Planck Society
摘要：Using a series of controlled laboratory experiments involving decisions to intervene in others' choice opportunities, we find that groups grant more autonomy to others than individuals. This finding is robust across two decision contexts, one involving individual decision making (Internality) and one involving social decision making (Externality). Analyses of the group chat logs and two additional experiments show that participants tend to shy away from proposing interventions in social contex...
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作者：Hasbrouck, Joel; Rivera, Thomas J.; Saleh, Fahad
作者单位：New York University; McGill University; State University System of Florida; University of Florida
摘要：We develop an economic model of a decentralized exchange with concentrated liquidity (e.g., Uniswap v3 and v4), with a particular focus on the economics of liquidity provision. We demonstrate that providing liquidity for a risky/risk-free asset pool is comparable to investing in a covered call, except that the call option therein is sold at intrinsic rather than market value. Hence, when providing liquidity, liquidity providers forgo the time premium of the call option in exchange for fees, an...
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作者：Huang, Sterling; Li, Bo; Massa, Massimo; Yang, Siyuan; Zhang, Hong
作者单位：New York University; NYU Shanghai; Peking University; INSEAD Business School; University of International Business & Economics; Singapore Management University
摘要：We examine how indirect connections (i.e., friends of friends), an important yet understudied feature of social networks, may affect bank loan contracts. Using a sample of bank loans issued by U.S. public firms, we find that indirect networks built on board interlocks significantly reduce loan spreads. However, bank monitoring and loan quality are negatively affected, suggesting that indirect networks may give rise to favoritism treatment by banks. A novel set of difference-in-difference tests...
