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作者：Morris, Peter; Phalippou, Ludovic; Wu, Betty
作者单位：University of Oxford; University of Glasgow
摘要：Once information about leasing and corporate structure is incorporated into the way financial leverage is calculated, highly leveraged care homes are found to have a death rate twice as high as that of non-leveraged care homes before the government provided financial support (i.e., during the first wave). Highly leveraged care homes cut costs more aggressively and experienced the largest drop in cash reserves. Care homes controlled by private equity firms no longer display higher COVID-19 deat...
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作者：Pitkajarvi, Aleksi; Vacca, Matteo
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; Aalto University; Hanken School of Economics
摘要：Mahmoud [Mahmoud O (2022) The willingness to pay for diversification. Management Sci. 68(8):6235-6249] presents experimental evidence showing that people have an intrinsic preference for diversification that is driven by risk aversion and loss aversion, with risk-averse and loss-averse individuals being more willing to pay for diversification. We document numerous discrepancies between the results reported in the paper and the results calculated from the experimental data. In particular, the d...
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作者：Kannan, Karthik Babu Nattamai; Overby, Eric; Narasimhan, Sridhar
作者单位：Southern Methodist University; University System of Georgia; Georgia Institute of Technology
摘要：Quality internet access is critical to participating in contemporary society. Unfortunately, many households-particularly those of low socioeconomic status and/or those in rural areas-do not have quality internet access. Some have no access, whereas others are reliant on their mobile data plans for internet access (i.e., they are smartphone dependent). This generates inequality in internet access and use. Given the smartphone dependence of many disadvantaged households, we explore whether impr...
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作者：De-Arteaga, Maria; Jeanselme, Vincent; Dubrawski, Artur; Chouldechova, Alexandra
作者单位：University of Texas System; University of Texas Austin; University of Cambridge; MRC Biostatistics Unit; Carnegie Mellon University; Carnegie Mellon University
摘要：Machine learning (ML) is increasingly being used to support high-stakes decisions. However, there is frequently a construct gap: a gap between the construct of interest to the decision-making task and what is captured in proxies used as labels to train ML models. As a result, ML models may fail to capture important dimensions of decision criteria, hampering their utility for decision support. Thus, an essential step in the design of ML systems for decision support is selecting a target label a...
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作者：Law, Kelvin K. F.; Shen, Michael
作者单位：Nanyang Technological University; National University of Singapore
摘要：Does artificial intelligence (AI) displace auditors? We exploit the staggered hiring of AI employees at audit office locations across the United States as a proxy for the use of AI at local audit offices. The main findings are as follows. First, relative to audit offices that do not yet hire AI employees, those that do hire AI employees have a 4.3% increase in the number of auditor jobs, particularly among junior and midlevel auditors. Second, using AI is associated with an increased demand fo...
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作者：Arslan, Yavuz; Degerli, Ahmet; Kabas, Gazi
作者单位：University of Liverpool; Federal Reserve System - USA; Federal Reserve System Board of Governors; Tilburg University
摘要：We use disaggregated U.S. data and a border discontinuity design to show that more generous unemployment insurance (UI) policies lower bank deposits. We test several channels that could explain this decline and find evidence consistent with households lowering their deposit holdings due to reduced precautionary savings. Because deposits are the largest and most stable source of funding for banks, the decrease in deposits affects bank lending. Banks that raise deposits in states with generous U...
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作者：Chen, Shuzhen; Baron, Opher; Chen, Ningyuan
作者单位：Central South University; University of Toronto
摘要：We investigate the optimal clearing policy for a financial payment system composed of a number of member banks and a central bank in a dynamic setting, when new payment obligations or debts between member banks are generated over time. The central bank clears the debts among members in the system in order to minimize the costs, including the setup cost of each clearing, the variable cost of clearing the net debts, and the liquidity cost of uncleared debts. We formulate the problem using dynami...
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作者：Kang, Hyo
作者单位：Seoul National University (SNU)
摘要：This paper examines the relationship between price-fixing cartels and firm innovation using a data set encompassing all 461 cartel cases and 1,818 firms identified in the United States in the years 1975-2016. A difference-in-differences estimation reveals a positive relationship between collusion and innovation. Colluding firms exhibited increases of 28% in patent filings, 20% in top-quality patents, and 16% in research and development investment. Innovation breadth also expanded by 16%, sugge...
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作者：Bai, Yicheng; Rusmevichientong, Paat; Topaloglu, Huseyin
作者单位：University of Southern California
摘要：We consider the placement, delivery promise, and fulfillment decisions of an online retailer. We have a set of products with given numbers of units to be placed at capacitated fulfillment centers. Once we make the placement decisions, we face demands for the products arriving from different demand regions randomly over time. In response to each demand, we pick a delivery promise to offer, which determines the probability that the demand converts into sales as well as choose a fulfillment cente...
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作者：Chen, Zenan; Chan, Jason
作者单位：University of Texas System; University of Texas Dallas; University of Minnesota System; University of Minnesota Twin Cities
摘要：Since the launch of ChatGPT in December 2022, large language models (LLMs) have been rapidly adopted by businesses to assist users in a wide range of open-ended tasks, including creative work. Although the versatility of LLM has unlocked new ways of human-artificial intelligence collaboration, it remains uncertain how LLMs should be used to enhance business outcomes. To examine the effects of human-LLM collaboration on business outcomes, we conducted an experiment where we tasked expert and no...
