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作者：Bazley, William J.; Cronqvist, Henrik; Mormann, Milica
作者单位：University of Kansas; University of Miami; Southern Methodist University
摘要：The visual communication of financial information is commonplace and involves numerous facets, including the use of color. At the same time, perception of color influences behavior. Through eight experiments, we show that using red color to represent financial data impacts individuals' risk preferences, expectations of future stock returns, and trading decisions. The effects are not present in colorblind individuals and are muted in China, where red represents prosperity. Other colors, includi...
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作者：Chen, Deqiu; Gao, Huasheng; Ma, Yujing
作者单位：University of International Business & Economics; Fudan University; Hong Kong Polytechnic University
摘要：We present evidence that the desire to gain human capital is an important motive for corporate acquisitions. Our tests exploit the staggered recognition of the Inevitable Disclosure Doctrine (IDD) by U.S. state courts, which prevents employees with trade secret knowledge from working for other firms. We find a significant increase in the likelihood of being acquired for firms headquartered in states that recognize such a doctrine relative to firms headquartered in states that do not. Our resul...
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作者：Dontoh, Alex; Elayan, Fayez A.; Ronen, Joshua; Ronen, Tavy
作者单位：New York University; Brock University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：We investigate the effects of write-downs on market prices and volumes under fair value accounting. We also examine the prominent role that illiquidity plays in exacerbating the direct and spillover effects of exit valuation on equity and credit default swap (CDS) markets. Using hand-collected data on write-down announcements made during and after the 2007-2009 financial crisis, we find that firms that wrote down assets in accordance with fair value rules experience significant abnormal negati...
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作者：Nagaraja, Abhishek
作者单位：University of California System; University of California Berkeley
摘要：The wild success of a few online communities (such as Wikipedia) has obscured the fact that most attempts at forming such communities fail. This study evaluates information seeding, an early-stage intervention to bootstrap online communities that enables contributors to build on externally sourced information rather than have them start from scratch. I analyze the effects of information seeding on follow-on contributions using data on more than 350 million contributions made by more than 577,0...
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作者：Cullen, Zoe; Farronato, Chiara
作者单位：Harvard University; National Bureau of Economic Research
摘要：We study the growth of online peer-to-peer markets. Using data from TaskRabbit, an expanding marketplace for domestic tasks at the time of our study, we show that growth varies considerably across cities. To disentangle the potential drivers of growth, we look separately at demand and supply imbalances, network effects, and geographic heterogeneity. First, we find that supply is highly elastic: in periods when demand doubles, sellers perform almost twice as many tasks, prices hardly increase, ...
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作者：Karaman, Hulya
作者单位：Singapore Management University
摘要：Representative online customer reviews are critical to the effective functioning of the Internet economy. In this study, I investigate the representativeness of online review distributions to examine how extremity bias and conformity impact it and explore whether online review solicitations alter representativeness. Past research on extreme distribution of online ratings commonly relied solely on observed public online ratings. One strength of the current paper is that I observe the private sa...
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作者：Butler, Alexander W.; Gao, Xiang; Uzmanoglu, Cihan
作者单位：Rice University; University of North Dakota Grand Forks; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：We study the influence of credit default swaps (CDS) trading on the costs of bond intermediation. After CDS initiation, CDS firms pay 12% to 28% (8 to 20 basis points) lower underwriting fees than similar non-CDS firms do. Underwriting fees decline more for riskier issuers and illiquid bonds for which the ability to hedge with CDS is more valuable. In bond offerings, participation by investors facing risk-based regulatory requirements increases after CDS initiation. Our evidence suggests that ...
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作者：Galasso, Alberto; Luo, Hong
作者单位：University of Toronto; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Harvard University
摘要：We study the impact of consumers' risk perception on firm innovation. Our analysis exploits a major surge in the perceived risk of radiation diagnostic devices following extensive media coverage of a set of overradiation accidents involving computed tomography (CT) scanners in late 2009. Using data on radiation diagnostic device patents and Food and Drug Administration (FDA) product clearances, we find that the increased perception of radiation risk spurred the development of new technologies ...
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作者：Fung, William; Hsieh, David; Naik, Narayan; Teo, Melvyn
作者单位：Duke University; University of London; London Business School; Singapore Management University
摘要：We investigate the growth strategies of hedge fund firms. We find that firms with successful first funds are able to launch follow-on funds that charge higher performance fees, set more onerous redemption terms, and attract greater inflows. Motivated by the aforementioned spillover effects, first funds outperform follow-on funds, after adjusting for risk. Consistent with the agency view, greater incentive alignment moderates the performance differential between first and follow-on funds. Moreo...
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作者：Gan, Jingxing (Rowena); Tsoukalas, Gerry; Netessine, Serguei
作者单位：Southern Methodist University; University of Pennsylvania
摘要：Initial coin offerings (ICOs) are an emerging form of fundraising for blockchain-based startups. We examine how ICOs can be leveraged in the context of asset tokenization, whereby firms issue tokens backed by future assets (i.e., inventory) to finance growth. We (i) make suggestions on how to design such asset-backed ICOs-including optimal token floating and pricing for both utility and equity tokens (a.k.a. security token offerings)-taking into account moral hazard (cash diversion), product c...
