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作者：Markovich, Sarit; Yehezkel, Yaron
作者单位：Northwestern University; Tel Aviv University
摘要：We consider platform competition when platforms can (1) commercialize users' data and in return offer their services for free (data-based business model); (2) protect users' privacy and charge users for participation (subscription-based model); or (3) offer both options (the hybrid model). We find that competition does not always motivate the incumbent platform to protect users' privacy. When network effects are intermediate, competition can motivate the incumbent to shift from the subscriptio...
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作者：Arora, Ashish; Belenzon, Sharon; Cioaca, Larisa; Sheer, Lia; Zhang, Hansen
作者单位：Duke University; National Bureau of Economic Research; Tulane University; Tel Aviv University
摘要：We study how three components of university science-university publications, PhD graduates, and university patents-influence both upstream and downstream innovation in U.S. publicly traded firms that conduct R&D. To measure the relevance of university science to corporate innovation activity, we use machine-learning algorithms and bibliometric data to link university publications, PhD dissertations, and university patents to corporate publications and patents. Identification exploits firm-spec...
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作者：Otis, Nicholas G.; Clarke, Rowan; Delecourt, Solene; Holtz, David; Koning, Rembrand
作者单位：University of California System; University of California Berkeley; Harvard University; Columbia University
摘要：Scalable and low-cost artificial intelligence (AI) assistance has the potential to improve firm decision making and economic performance, particularly in emerging markets. However, running a business involves a wide range of open-ended problems, making it unclear whether and how recent advances in AI can help business owners around the world make better decisions. In a field experiment with Kenyan entrepreneurs, we evaluated the impact of AI advice on small business revenues and profits by ran...
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作者：Feng, Guanhao; Lan, Wei; Wang, Hansheng; Zhang, Jun
作者单位：City University of Hong Kong; Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China; Peking University; Southeast University - China
摘要：The asset-pricing literature emphasizes factor models that minimize pricing errors but overlooks unselected candidate factors that could enhance the performance of test assets. This paper proposes a framework for factor model selection and testing by (i) selecting the optimal model that spans the joint efficient frontier of test assets and all candidate factors and (ii) testing pricing performance on both test assets and unselected candidate factors. Our framework updates a baseline model (e.g...
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作者：Xiao, Steven Chong; Xu, Jiadi
作者单位：University of Texas System; University of Texas Dallas; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：This paper examines the role of franchising in enabling firms to access valuable local market information. Using comprehensive data on U.S. franchised establishments, we show that franchisee-owned establishment openings robustly predict future local economic growth reflected by house price appreciation, whereas franchisor-owned outlets lack such predictive power. Franchisee investments are especially informative in markets with greater uncertainty and complexity and when facing higher investme...
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作者：Luca, Michael; Nagaraj, Abhishek; Subramani, Gauri
作者单位：Johns Hopkins University; University of California System; University of California Berkeley; Lehigh University
摘要：We evaluate the extent to which small businesses maintain an online presence and estimate the impact of digital representation on business performance. Looking at a review platform, we find that roughly 18% of bars and restaurants in our sample do not have a listing as of the end of 2017, even though creating one is free. We then estimate the effect of adding a new listing using tax records on revenues combined with temporal variation in listing activity as well as a natural experiment that ad...
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作者：Song, Xueze; Mehrotra, Mili; Rajapakshe, Tharanga
作者单位：University of Alabama System; University of Alabama Tuscaloosa; University of Illinois System; University of Illinois Urbana-Champaign; State University System of Florida; University of Florida
摘要：In this work, we aim to analyze a clinical study sponsor's decisions regarding monetary payments to participants and compensation for providers (investigators and coordinators) for their efforts to improve participant retention in the study. To this end, we first consider a centralized model where the sponsor decides the monetary payments to participants and the providers' efforts. We then identify the optimal contracts for the providers under the two decentralized team structures: the sponsor...
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作者：Lerman, Alina; Steffen, Thomas D.; Zhang, Kangkang
作者单位：University of Connecticut; Yale University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：The Securities and Exchange Commission (SEC) reviews firms' financial reports and issues comment letters to ensure compliance with applicable disclosure and accounting requirements. We explore the nature, determinants, and consequences of SEC comment letters that refer to information disclosed in voluntary earnings conference calls. Using handcollected data, we document that the SEC primarily references these voluntary disclosures to illustrate insufficiencies and, less commonly, inconsistenci...
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作者：Zou, Tianxin; Wu, Yue; Sarvary, Miklos
作者单位：State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Columbia University
摘要：User-generated content platforms use recommendation systems (RSs) to deliver content from a vast number of creators to a diverse audience based on content quality and its match to consumers' tastes. Existing research has primarily examined their impact on demand-side factors, such as the quality and variety of content consumption. In contrast, less attention has been paid to their influence on supply-side factors, including creators' entry and quality decisions and their interaction with users...
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作者：Rong, Ke; Sokol, Daniel; Zhou, Di; Zhu, Feng
作者单位：Tsinghua University; University of Southern California; Tongji University; Harvard University
摘要：Many jurisdictions have launched antitrust enforcement and brought in regulation of large tech platforms. The swift and strict implementation of China's Anti-Monopoly Guidelines for the Platform Economy (Platform Guidelines) provides a quasi-natural experiment to evaluate the impact of antitrust regulation on platform competition. We adopt a difference-in-differences approach to empirically explore the impact of China's Platform Guidelines on the number of investments and the entry of startups...
