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作者：Han, Pengfei; Jiang, Wei; Mei, Danqing
作者单位：Peking University; Emory University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：We develop measures of technology decoupling and dependence between the United States and China based on combined patent data. The first two decades of the century witnessed a steady increase in technology integration (or less decoupling), but China's dependence on the United States increased (decreased) during the first (second) decade. Firms covered by China's Strategic Emerging Industries policies became less decoupled with the United States, gained cash flows, and gained valuation, but the...
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作者：Soll, Jack B.; Palley, Asa B.; Klayman, Joshua; Moore, Don A.
作者单位：Duke University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Chicago; University of California System; University of California Berkeley
摘要：Overconfidence is pervasive in subjective probability distributions (SPDs). We develop new methods to analyze judgments that entail both a distribution of possible outcomes in a population (aleatory uncertainty) and imperfect knowledge about that distribution (epistemic uncertainty). In four experiments, we examine the extent to which subjective probability mass is concentrated in a small portion of the distribution versus spread across all possible outcomes. We find that although SPDs roughly...
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作者：Choi, Hyun-Soo; Loh, Roger K.
作者单位：Korea Advanced Institute of Science & Technology (KAIST); Singapore Management University
摘要：The behavioral literature suggests that minor frictions can elicit desirable behavior without obvious coercion. Using closures of ATMs in a densely populated city as an instrument for small frictions to physical banking access, we find that customers affected by ATM closures increase their usage of the bank's digital platform. Other spillover effects of this adoption of financial technology include increases in point-of-sale transactions, electronic funds transfers, automatic bill payments, an...
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作者：Kedia, Simi; Kim, Gunchang
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Southwestern University of Finance & Economics - China
摘要：This paper examines whether ownership by media conglomerates impacts business news reporting. To address this question, we take advantage of a unique setting when in 2007 the ownership of The Wall Street Journal (WSJ) was transferred to News Corp., a media conglomerate with broad business interests. We find that, after the acquisition, WSJ's sentiment toward competitors of News Corp. became significantly negative in comparison with similar reporting conducted by The New York Times. Further, WS...
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作者：Bo, Inacio; Hakimov, Rustamdjan
作者单位：Southwestern University of Finance & Economics - China; University of Lausanne
摘要：We introduce a new family of mechanisms for one-sided matching markets, denoted pick-an-object (PAO) mechanisms. When implementing an allocation rule via PAO, agents are asked to pick an object from individualized menus. These choices may be rejected later on, and these agents are presented with new menus. When the procedure ends, agents are assigned the last object they picked. We characterize the allocation rules that can be sequentialized by PAO mechanisms and the ones that can be implement...
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作者：Kim, Youngsoo; Xu, Yuqian
作者单位：University of Alabama System; University of Alabama Tuscaloosa; University of North Carolina; University of North Carolina Chapel Hill
摘要：Major banks around the world lost nearly $210 billion during the period 2011-2016 due to operational risk events. To mitigate the severe consequences that can arise from such events, the Basel Regulatory Committee has mandated that financial institutions worldwide conduct inspections on operational risk. In light of the importance operational risk and its current regulation in the industry, this paper proposes continuous-time principal-agent model that explores the optimal inspection policy of...
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作者：Bimpikis, Kostas; Papanastasiou, Yiangos; Zhang, Wenchang
作者单位：Stanford University; University of California System; University of California Berkeley; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Although information design has recently received significant attention as a tool for shaping consumers' purchase behavior, little is known about its use and implications in two-sided marketplaces, where both supply and demand consist of self-interested strategic agents. In this paper, we develop a model of a two-sided platform that facilitates transactions between vertically differentiated suppliers and consumers who differ in their quality preferences. We focus on illustrating the potential ...
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作者：Alonso, Ricardo; Camara, Odilon
作者单位：University of London; London School Economics & Political Science; University of Southern California
摘要：We develop a theory of credible skepticism in organizations to explain the main tradeoffs in organizing data generation, analysis, and reporting. In our designer-agent principal game, the designer selects the information privately observed by the agent who can misreport it at a cost, whereas the principal can audit the report. We study three organizational levers: tampering prevention, tampering detection, and the allocation of the experimental-design task. We show that motivating informative ...
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作者：Bellet, Clement S.; De Neve, Jan-Emmanuel; Ward, George
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Oxford; Massachusetts Institute of Technology (MIT)
摘要：This paper provides evidence from a natural experiment on the relationship between positive affect and productivity. We link highly detailed administrative data on the behaviors and performance of all telesales workers at a large telecommunications company with survey reports of employee happiness that we collected on a weekly basis. We use variation in worker mood arising from visual exposure to weather-the interaction between call center architecture and outdoor weather conditions-to provide...
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作者：Chan, Lester T.
作者单位：Xiamen University; Xiamen University
摘要：This paper studies network market problems in which firm(s)/platform(s) sets quality in addition to price. A well-established result in the network economics literature is that a profit-maximizing firm concerns only how quality is valued by the marginal consumer but not by inframarginal consumers, aka the Spence effect/distortion. For markets with strong network effects under which multiple market-tipping equilibria exist, I show that the validity of the previous result depends on the choice o...
