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作者：Taneri, Niyazi; Crama, Pascale
作者单位：National University of Singapore; Singapore Management University
摘要：Research and development (R&D) collaborations between an innovator and her partner are often undertaken when neither party can bring the product to market individually, which precludes value creation without a joint effort. Yet, the uncertain nature of R&D complicates the monitoring of effort, and the resulting moral hazard reduces a collaboration's value. Either party can avoid this outcome by acquiring the capability that is missing and then taking sole ownership of the project. That approac...
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作者：Clifford, Christopher P.; Fulkerson, Jon A.; Jame, Russell; Jordan, Bradford D.
作者单位：University of Kentucky; University System of Ohio; University of Dayton; State University System of Florida; University of Florida
摘要：We find that mutual fund investors are more likely to both purchase and redeem funds with high idiosyncratic volatility (IV). Investors' tendency to purchase high IV funds is largely driven by high IV funds having more extreme returns, which increases the salience of the fund. Including flexible controls for extreme past returns over multiple horizons decreases the effect of IV on new investment, and experimental evidence corroborates that increasing the salience of extreme returns increases i...
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作者：Bhargava, Hemant K.
作者单位：University of California System; University of California Davis
摘要：Many markets feature an economic structure in which value is cocreated by multiple producers and aggregated into a common bundle by a producer-consortium or independent firm. Examples include in-home video entertainment, technology goods and services, multisourced data platforms, and patent pools. This paper develops an economic model to study demand, production choices, revenue sharing, and relative market power in such markets. Producers in these markets are not rivalrous competitors in the ...
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作者：Heitzman, Shane; Klasa, Sandy
作者单位：University of Southern California; University of Arizona
摘要：Theory provides competing predictions on whether informed investors immediately trade on newly generated private information. We address this question using Securities and Exchange Commission-mandated disclosures to identify the dates when new private information about target or acquiring firm value is created. We find that informed investors immediately trade on new private information in both the stock and options markets. Next, we investigate which factors drive the speed of these investors...
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作者：Ibrahim, Rouba; Kim, Song-Hee; Tong, Jordan
作者单位：University of London; University College London; University of Southern California; University of Wisconsin System; University of Wisconsin Madison
摘要：Even when human point forecasts are less accurate than data-based algorithm predictions, they can still help boost performance by being used as algorithm inputs. Assuming one uses human judgment indirectly in this manner, we propose changing the elicitation question from the traditional direct forecast (DF) to what we call the private information adjustment (PIA): how much the human thinks the algorithm should adjust its forecast to account for information the human has that is unused by the a...
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作者：Gu, Grace; Zhu, Feng
作者单位：Boston College; Harvard University
摘要：As a platform improves trust between the two sides of its market to facilitate matching and transactions, it faces an increased risk of disintermediation: with sufficient trust, the two sides may circumvent the platform to avoid the platform's fees. In this paper, we investigate the relationship between increased trust and disintermediation by leveraging a randomized control trial in an online freelance marketplace. We find that enhanced trust increases the likelihood of high-quality freelance...
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作者：Li, Hui; Shen, Qiaowei; Bart, Yakov
作者单位：Carnegie Mellon University; Peking University; Northeastern University
摘要：Platform businesses are typically resource-intensive and must scale up their business quickly in the early stage to compete successfully against fast-emerging rivals. We study a critical question faced by such firms in the novel context of multicategory two-sided platforms: how to optimally make investment decisions across two sides, multiple categories, and different time periods to achieve fast and sustainable growth. We first develop a two-category two-period theoretical model and propose o...
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作者：Sun, Yang
作者单位：Brandeis University
摘要：The active money management industry is characterized by both strong competitive pressure from passive investment vehicles and high fees. This paper investigates how the introduction of low-cost index funds affects fund company strategies. The retail mutual fund market is segmented, where unsophisticated investors rely on financial advisers and sophisticated ones invest directly. Exploiting the staggered entry of low-cost Vanguard index funds as competitive shocks, I show that, in response to ...
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作者：Cecilia Bustamante, M.; Fresard, Laurent
作者单位：University System of Maryland; University of Maryland College Park; Universita della Svizzera Italiana; Swiss Finance Institute (SFI)
摘要：We study whether, how, and why the investment of a firm depends on the investment of other firms in the same product market. Using an instrumental variable based on the presence of local knowledge externalities, we find a sizeable complementarity of investment among product market peers, holding across a large majority of sectors. Peer effects are stronger in concentrated markets, featuring more heterogeneous firms, and for smaller firms with less precise information. Our findings are consiste...
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作者：Reza, Sadat; Manchand, Puneet; Chong, Juin-Kuan
作者单位：Nanyang Technological University; University of Michigan System; University of Michigan; National University of Singapore
摘要：There has been a considerable amount of interest in the empirical investigation of social influence in the marketing and economics literature in the last decade or so. Among the many different empirical models applied for such investigations, the most common class of model is the linear-in-means model. These models can be used to examine whether social influence is truly a result of agents affecting each other through their choices simultaneously (endogenous effect) or of having similar taste ...
