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作者：Han, Pengfei; Liu, Chunrui; Tian, Xuan; Wang, Kexin
作者单位：Peking University; University of International Business & Economics; Tsinghua University; Renmin University of China
摘要：We find the death of distance in venture capital (VC) investment caused by the COVID-19 pandemic: VCs invest in more distant startups during the COVID-19 lockdowns, and such effects continue after the economy reopens. The death of distance is more pronounced when there is better internet infrastructure, lower information asymmetry between VCs and entrepreneurs, and smaller deal size. The pandemic-spurred advancement and adoption of remote communication technology contribute to the documented o...
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作者：Chen, Yunsen; Lu, Yao; Zheng, Dengjin
作者单位：Central University of Finance & Economics; Tsinghua University
摘要：We find that boardroom centrality increases the market beta of firms. The higher stock returns of firms with high boardroom centrality diminish and turn statistically insignificant after controlling for market betas. The effect can be attributed to a comovement in accounting fundamentals and financial policies. Overall, these findings highlight the fact that the social networks of corporate leaders (i.e., directors of corporate boards) can have a substantial effect on firms' systematic risk ex...
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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：Li, Erica X. N.; Ma, Guoliang; Wang, Shujing; Yu, Cindy
作者单位：Xiamen University; Xiamen University; Tongji University; Iowa State University
摘要：This paper proposes a portfolio-independent method to estimate q-theory models, in which parameters are obtained using Bayesian Markov chain Monte Carlo (MCMC) to match firm-level stock returns. Our methodology addresses a previous critique on prior studies that model parameters are chosen to fit a specific set of anomalies and different values are needed to fit each anomaly. By targeting the entire sample of firm-level returns and allowing industry and time variations in parameter values, our...
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作者：Nittala, Lakshminarayana; Erat, Sanjiv
作者单位：University System of Ohio; University of Dayton; University of California San Diego; University of California System; University of California San Diego
摘要：Innovation contests incentivize the participants' to exert effort toward combining (recombining) their existing knowledge to create solutions. In the current work, we consider the case of serial contests, where effort to create solutions for earlier contests can also expand the participant's knowledge, which can then be valuable in future contests. We develop a novel framework that explicitly includes the generation and utilization of knowledge by participants in knowledge-driven serial innova...
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作者：Simchi-Levi, David; Wang, Chonghuan; Zheng, Zeyu
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of Texas System; University of Texas Dallas; University of California System; University of California Berkeley
摘要：Experimentation is increasingly used across domains such as healthcare and online platforms to inform decision making, with a central goal often being the estimation of the average treatment effect (ATE). However, in many real-world settings, treatment effects, or even the treatments themselves, evolve over time, making classical experimental designs, which assume stationarity, less effective or even misleading. This paper studies nonstationary experimental design under structured trends, addr...
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作者：Akchen, Irem; Misic, Velibor V.
作者单位：University of California System; University of California Los Angeles
摘要：The share-of-choice product design problem is to find the product, as defined by its attributes, that maximizes market share arising from a collection of customer types or segments. When customers follow a logit model of choice, the market share is given by a weighted sum of logistic probabilities, leading to the logit-based share-of-choice product design problem. In this paper, we develop a methodology for solving this problem to provable optimality. We first analyze the complexity of this pr...
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作者：Gu, Jane; Nistor, Cristina; Selove, Matthew
作者单位：University of Connecticut; Chapman University System; Chapman University
摘要：People sometimes enjoy the thrill of the hunt, which implies search can generate joy in addition to costs. Some customers say they enjoy searching for unique items such as vintage T-shirts and luxury handbags, and managers at warehouse stores, thrift stores, and many online selling platforms say they design their store format to offer a treasure hunt experience. We develop a model in which customers enjoy searching for a treasure. Our model's search utility function includes a term based on th...
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作者：Brahm, Francisco; Lafortune, Jeanne; Magelessen, Catherine; Tessada, Jose
作者单位：University of London; London Business School; Pontificia Universidad Catolica de Chile; Pontificia Universidad Catolica de Chile; University of South Carolina System; University of South Carolina Columbia; Pontificia Universidad Catolica de Chile; Pontificia Universidad Catolica de Chile
摘要：Many performance-enhancing workplace practices require collaboration between managers and workers for successful adoption. However, managers and workers often have diverging incentives and misunderstandings regarding what needs to be done, impeding collaboration. We conduct a field experiment involving 12,761 small- and medium-sized firms, encouraging collaboration between owners/managers and workers on workplace safety. We find that the treatment increases safety training and reduces the rate...
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作者：Yang, Wenxiao; Yao, Yunfei (Jesse); Zhou, Pengxiang (Shawn)
作者单位：University of California System; University of California Berkeley; Chinese University of Hong Kong; University of Southern California
摘要：Disinformation detection is becoming increasingly important and relevant because it is easier than ever to create and disseminate disinformation. How does detection ability affect the incentive to generate disinformation? Given the practical constraints of classification technology, how should a detector be designed? To answer these questions, this paper studies the problem where a sender strategically communicates his type to a receiver, and a lie detector generates a noisy signal on the trut...
