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作者：Chen, Qi; Corona, Carlos; Zhang, Yun
作者单位：Duke University; University System of Ohio; Ohio State University; George Washington University
摘要：Firm disclosures are mostly unstructured and textual, imposing substantial processing costs on investors. We examine firms' incentives to enhance the accessibility of these disclosures by expending resources to make them easier for investors to process. We show that an equilibrium with a positive supply of accessibility can be difficult to sustain-even though investors view accessibility as a favorable signal of firm productivity. We further explore how the supply of accessibility interacts wi...
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作者：Carrera, Clara; Martinez-de-Albeniz, Victor; Sosa, Manuel E.
作者单位：University of Navarra; IESE Business School; INSEAD Business School
摘要：The value derived from hedonic goods is affected by reference effects at the time of consumption, usually in the form of quality standards. Consumption typically involves two steps: First, the consumer chooses a given good, among a pool of available choices; then, the consumer experiences the good and derives a satisfaction from it. Between both steps, consumers might build expectations about the good that might affect the ultimate realized utility. We investigate the role of quality reference...
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作者：Han, Pengfei; Liu, Chunrui; Tian, Xuan
作者单位：Peking University; University of International Business & Economics; Tsinghua University
摘要：We study how the market for technology (facilitated by the establishment of patent exchanges in China) affects innovation specialization. We find that the market for technology induces (i) specialization between patent buyers and sellers, (ii) specialization between patent licensors and licensees, and (iii) specialization based on a firm's research and development efficiency. All these three specialization patterns indicate that the market for technology promotes comparative advantage-based in...
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作者：Bonatti, Alessandro; Huang, Yunhao; Villas-Boas, Miguel
作者单位：Massachusetts Institute of Technology (MIT); University of Southern California; University of California System; University of California Berkeley
摘要：The growth of information technologies has intensified concerns about individual privacy and highlighted the importance of consumer privacy rights. At the same time, these technologies enable significant personalization of communications and offerings. We develop a theory of the effects of privacy based on the concavity of an individual's derived payoff function with respect to market beliefs: When this function is concave, privacy is valuable. We identify market conditions that lead to concav...
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作者：Li, Chan; Stack, Kristin; Sun, Lili; Xu, Jianren
作者单位：University of Kansas; University of North Texas System; University of North Texas Denton
摘要：Enterprise risk management (ERM) is an institutional agenda emphasizing holistic risk oversight and strategic planning. This study examines whether and how the adoption of ERM affects management earnings forecasts. We first document that ERM adoption increases the likelihood and accuracy of management earnings forecasts. We then provide evidence that ERM adoption improves forecast quality by reducing the volatility of fundamentals and enhancing managers' ability to assess both internal and ext...
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作者：Golrezaei, Negin; Yao, Evan
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
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：Sakaguchi, Hiroaki; Gathergood, John; Stewart, Neil
作者单位：University of Warwick; University of Nottingham; University of Nottingham; University of Warwick
摘要：We examine round number preferences and left-digit bias in credit card repayments. We show half of all manual credit card payments are at a small set of roundnumber values, although all values between the statement minimum and balance were permissible. We use minimum payments, which place a floor on the payment value, to measure the strength of rounding behavior in a natural experiment. We find that when the minimum payment level just rules out a round number from the bottom of the range of po...
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作者：Joshi, Yogesh V.; Singh, Shubhranshu
作者单位：University System of Maryland; University of Maryland College Park; Johns Hopkins University
摘要：Private firms often develop new products by utilizing substantial infrastructure investments made by government agencies. We construct a mixed oligopoly model to study the interactions between the government's infrastructure quality decision and the subsequent public and private product development decisions. We have five main results: First, the government permits firm entry in the product market only when the firm is sufficiently more efficient at product development than the government. Wit...
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作者：Xu, Xingchen; Wang, Qili; Liu, Yizhi; Qiu, Liangfei
作者单位：University of Washington; University of Washington Seattle; State University System of Florida; University of Florida; University System of Maryland; University of Maryland College Park
摘要：In the dynamic landscape of the digital economy, social trading platforms are experiencing rapid growth. Our study delves into the impact of changes in social audience size-measured by the number of followers-on traders' performance and behaviors. Utilizing data from a company-led randomized field experiment conducted on a prominent cryptocurrency social trading platform, we unearth intriguing findings. Traders garnering increased social audience size exhibit tendencies to trade more frequentl...
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作者：Atan, Zumbul; Honhon, Dorothee; Pan, Xiajun Amy
作者单位：Eindhoven University of Technology; University of Texas System; University of Texas Dallas; State University System of Florida; University of Florida
摘要：Empirical studies have shown that consumers' purchasing behavior depends on product display, that is, how products are organized on store shelves. We explore how a retailer selling a perishable product with deteriorating quality over time can optimize product display and the discounting of soon-to-expire units to maximize profit and reduce waste. Specifically, we consider a product with a finite shelf life that is replenished periodically. The retailer optimizes the product display setting, th...
