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作者：Ghose, Anindya; Li, Beibei; Macha, Meghanath; Sun, Chenshuo; Foutz, Natasha Zhang
作者单位：New York University; Carnegie Mellon University; Adobe Systems Inc.; Renmin University of China; City University of Hong Kong; University of Virginia
摘要：Consumers' privacy choice between withholding and sharing personal data may change during crises. Crises not only alter personal considerations of benefits and costs of this choice, but also trigger societal considerations, such as use of shared data in crisis management. Although the literature on privacy choice has focused on personal considerations, research on how this choice is influenced by broader circumstances remains sparse. We address this topic by leveraging newly available location...
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作者：Paaso, Mikael; Pursiainen, Vesa; Torstila, Sami
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of St Gallen; Swiss Finance Institute (SFI); Aalto University
摘要：An entrepreneur's negative attitude toward debt (debt aversion) affects the financing decisions of the businesses they run. Controlling for a range of observable traits, firms run by highly debt-averse entrepreneurs are about 10 percentage points less likely to use debt. The same entrepreneurs are also almost 25% less likely to take up government-guaranteed debt during the COVID-19 crisis. These firms show less interest in COVID-19 support policies if they perceive them to involve debt based o...
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作者：Caoui, El Hadi; Farronato, Chiara; Horton, John J.; Schultz, Robert
作者单位：University of Toronto; University Toronto Mississauga; University of Toronto; Harvard University; Centre for Economic Policy Research - UK; Massachusetts Institute of Technology (MIT)
摘要：For some types of goods, rarity itself is valued: items considered fashionable are demanded in part because they are unique. In this paper, we explore the economics of rare goods using auctions of limited-edition shoes held by an e-commerce platform. We model endogenous entry and bidding in multiunit auctions and construct demand curves from realized bids. We find that doubling inventory reduces willingness to pay by 8%-15%. From the monopolist's perspective, ignoring the value of rarity leads...
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作者：Huang, Ying; Li, Ningzhong; Zhou, Xiaolu
作者单位：University of Texas System; University of Texas Dallas; Chinese University of Hong Kong
摘要：We argue substitution can exist among corporate social responsibility (CSR) investments, and exogenously increasing one CSR investment could lead to a decrease in another CSR investment. We provide evidence using the U.S. states' staggered adoptions of E-Verify mandates, which curtail a labor-related social bad by reducing the hiring of unauthorized workers and related workplace abuses. We find the mandate leads to an increase in plant-level pollution, an environmental social bad, and the effe...
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作者：Vayanos, Phebe; Georghiou, Angelos; Yu, Han
作者单位：University of Southern California; University of Southern California; University of Southern California; University of Cyprus
摘要：Robust optimization (RO) is a popular paradigm for modeling and solving twoand multistage decision-making problems affected by uncertainty. In many real-world applications, such as R&D project selection, production planning, or preference elicitation for product or policy recommendations, the time of information discovery is decision-dependent and the uncertain parameters only become observable after an often costly investment. Yet, most of the literature on robust optimization assumes that th...
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作者：Anton, Miguel; Ederer, Florian; Gine, Mireia; Schmalz, Martin
作者单位：University of Navarra; IESE Business School; Boston University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Oxford; Leibniz Association; Ifo Institut
摘要：Firms have inefficiently low incentives to innovate when other firms benefit from their inventions and the innovating firm therefore does not capture the full surplus of its innovations. We show that, in theory, common ownership of firms mitigates this impediment to corporate innovation. By contrast, without technological spillovers, innovation has the effect of stealing market share from rivals and in that case more common ownership reduces innovation. Empirically, the association between com...
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作者：Kim, Jeong-Bon; Wang, Chong; Wu, Feng (Harry)
作者单位：Simon Fraser University; Hong Kong Polytechnic University; Lingnan University
摘要：With the London Interbank Offered Rate (LIBOR) being replaced by risk-free rate (RFR)-based alternative reference rates, the fundamental differences between the two bench-marking frameworks impose significant risks on banks. Exploiting the Financial Conduct Authority (FCA)'s announcement of the phase-out of LIBOR, we conduct a difference-indifferences analysis based on banks' reliance on LIBOR and show that LIBOR discontinuation entails higher interest rate spread of bank loans. The result imp...
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作者：Sariri, Amir
作者单位：Purdue University System; Purdue University
摘要：This paper examines the role of advice in early firm development and growth, drawing on detailed data from a global program where angel investors and venture capitalists (VCs) mentored founders over several months. Leveraging variation in mentors' availability to support start-ups because of personal scheduling conflicts, I find that advice significantly improves start-ups' future market performance. To explore how advice shapes early firm development, I develop a novel typology of start-up ac...
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作者：Evans, Richard B.; Prado, Melissa Porras; Rizzo, A. Emanuele; Zambrana, Rafael
作者单位：University of Virginia; Universidade Nova de Lisboa; University of Notre Dame
摘要：We examine team diversity and performance in the asset management industry through the lens of identity. Focusing on political ideology as the relevant dimension of identity, we find that diverse teams outperform homogeneous teams. The mechanism involves both improved decision making due to more diverse perspectives and increased monitoring by heterogeneous team members. The benefits of ideological diversity are undone when political polarization is higher, consistent with increased intrateam ...
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作者：Gupta, Arpit; Sachdeva, Kunal
作者单位：New York University; University of Michigan System; University of Michigan
摘要：Hedge fund managers contribute substantial personal capital, or skin in the game, into their funds. Although these allocations may better align incentives, managers may also strategically allocate their private capital in ways that negatively affect outside investors. We find that funds with more inside investment outperform other funds within the same family. This relationship is driven by managerial decisions to invest their own capital in their least-scalable strategies and restrict the ent...
