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作者：Dixon, Jay; Hong, Bryan; Wu, Lynn
作者单位：Statistics Canada; University of Missouri System; University of Missouri Kansas City; New York University; University of Pennsylvania
摘要：As a new general-purpose technology, robots have the potential to radically transform employment and organizations. In contrast to prior studies that predict dramatic employment declines, we find that investments in robotics are associated with increases in total firm employment but decreases in the total number of managers. Similarly, we find that robots are associated with an increase in the span of control for supervisors remaining within the organization. We also provide evidence that robo...
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作者：Bellstam, Gustaf; Bhagat, Sanjai; Cookson, J. Anthony
作者单位：Facebook Inc; University of Colorado System; University of Colorado Boulder
摘要：We develop a new measure of innovation using the text of analyst reports of S&P 500 firms. Our text-based measure gives a useful description of innovation by firms with and without patenting and R&D (research and development). For nonpatenting firms, the measure identifies innovative firms that adopt novel technologies and innovative business practices (e.g., Walmart's cross-geography logistics). For patenting firms, the text-based measure strongly correlates with valuable patents, which likel...
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作者：Roth, Benjamin N.; Shorrer, Ran, I
作者单位：Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Often market designers cannot force agents to join a marketplace rather than using pre-existing institutions. We propose a new desideratum for marketplace design that guarantees the safety of participation: dominant individual rationality (DIR). A marketplace is DIR if every pre-existing strategy is weakly dominated by some strategy within the marketplace. We study applications to the design of labor markets and the sharing economy. We also provide a general construction to achieve approximate...
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作者：Levine, Ross; Lin, Chen; Xie, Wensi
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Hong Kong; Chinese University of Hong Kong
摘要：We assess the impact of geographic diversification on a bank's costs of interest-bearing liabilities. We employ a new identification strategy and discover that geographic expansion across U.S. states lowered funding costs. Consistent with expansion facilitating risk diversification, we find that (1) funding costs fall more when banks expand into states whose economies are less correlated with the banks' state and (2) geographic diversification reduces the costs of uninsured, but not insured, d...
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作者：Caro, Felipe; Lane, Leonard; Cuenca, Anna Saez de Tejada
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Irvine; University of Navarra; IESE Business School
摘要：Unauthorized subcontracting-when suppliers outsource part of their production to a third party without the retailer's consent-has been common practice in the apparel industry and is often tied to noncompliant working conditions. Because retailers are unaware of the third party, the production process becomes obscure and cannot be tracked. In this paper, we present an empirical study of the factors that can lead suppliers to engage in unauthorized subcontracting. We use data provided by a globa...
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作者：Cornelius, Philipp B.; Gokpinar, Bilal; Sting, Fabian J.
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of London; University College London; University of Cologne
摘要：Shop-floor employees play a key role in manufacturing innovation. In some companies, up to 75% of all productivity gains are the result of bottom-up employee ideas. In this paper, we examine how employee interplant assignments-short problem-solving jobs at other manufacturing plants within the same firm-influence employee-driven manufacturing innovation. Using unique idea-level data from a large European car parts manufacturer, we show that interplant assignments significantly increase the val...
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作者：Arora, Ashish; Belenzon, Sharon; Patacconi, Andrea
作者单位：Duke University; National Bureau of Economic Research; University of East Anglia
摘要：We develop a model of knowledge sharing in alliances and alliance portfolios. We show that, once the issue of encouraging effective collaboration is put center stage, many standard intuitions of the learning race view and alliance portfolio literature are overturned or qualified. Partners engage in learning races in some cases, but exhibit ';altruistic'; behaviors in other cases. They may reduce their own absorptive capacity or increase the transparency of their own operations to facilitate th...
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作者：Dai, Min; Jin, Hanqing; Kou, Steven; Xu, Yuhong
作者单位：National University of Singapore; National University of Singapore; University of Oxford; Boston University; Soochow University - China; Soochow University - China
摘要：We propose a dynamic portfolio choice model with the mean-variance criterion for log returns. The model yields time-consistent portfolio policies and is analytically tractable even under some incomplete market settings. The portfolio policies conform with conventional investment wisdom (e.g., richer people should invest more absolute amounts of money in risky assets; the longer the investment time horizon, the more proportional amount of money should be invested in risky assets; and for long-t...
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作者：Gibbons, Brian; Iliev, Peter; Kalodimos, Jonathan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Oregon State University
摘要：We identify analysts' information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts' brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates with an average of eight filings viewed. We document that analysts' attention to public information is driven by the demand for information and the analysts' incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant ...
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作者：Baker, Steven D.
作者单位：University of Virginia
摘要：I solve a dynamic equilibrium model of commodity spot and futures prices, incorporating an active futures market, heterogeneous risk-averse participants, and storage. When calibrated to data from the crude oil market, the model implies that financialization reduces the futures risk premium and increases correlation between futures open interest and the spot price level. However, there is no long-run increase in the mean spot price, and speculative storage generally attenuates financialization'...
