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作者：Gupta, Arpit; Sachdeva, Kunal
作者单位：New York University; University of Michigan; 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...
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作者：Dhingra, Vibhuti; Krishnan, Harish; Serpa, Juan Camilo
作者单位：York University - Canada; University of British Columbia; McGill University
摘要：A project involves several participants-including clients, contractors, and subcontractors-that work concurrently on multiple projects and allocate resources among them. This interdependency creates a network of otherwise-unrelated projects. We map the network of U.S. government projects involving over 150,000 participants. We show that a seemingly localized disruption, affecting only one project site, eventually causes delays across unrelated projects. This is because participants opportunist...
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作者：Ekmekci, Mehmet; White, Alexander; Wu, Lingxuan
作者单位：Boston College; Tsinghua University; Tsinghua University; Harvard University
摘要：Is more competition the key to mitigating dominance by large tech platforms? Could regulation of such markets be a better alternative? We study the effects of competi-tion and interoperability regulation in platform markets. To do so, we propose an approach of competition in net fees, which is well-suited to situations in which users pay additional charges, after joining, for on-platform interactions. Compared with existing approaches, the net fee model expands the tractable scope to allow var...
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作者：Glossner, Simon; Matos, Pedro; Ramelli, Stefano; Wagner, Alexander F.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Virginia; European Corporate Governance Institute; University of St Gallen; Swiss Finance Institute (SFI); University of Zurich; Centre for Economic Policy Research - UK; University of Zurich
摘要：During the COVID-19 stock market crash, U.S. stocks with higher institutional ownership (IO) performed worse than those with lower IO. By studying firm-level changes, we identify two mechanisms behind this effect: a sudden downscaling of institutional capital in the equity market and a collective attempt by institutions to reposition their equity portfolios toward more COVID-resilient stocks. The stock price effects of their portfolio downscaling trades quickly reversed in the market's recover...
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作者：Zhang, Kairen; Gao, Xiangyu; Wang, Zhanyue; Zhou, Sean X.
作者单位：Southeast University - China; Chinese University of Hong Kong; Nankai University
摘要：We study inventory management of an infinite-horizon, series system with multiple stages. Each stage orders from its immediate upstream stage, and the most upstream stage orders from an external supplier. Random demand with unknown distribution occurs at the most downstream stage. Each stage incurs inventory holding cost while the most downstream stage also incurs demand backlogging cost when it experiences inventory shortage. The objective is to minimize the expected total discounted cost ove...
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作者：Ganz, Scott C.; Schiff, Daniel S.
作者单位：Georgetown University; American Enterprise Institute for Public Policy Research; Purdue University System; Purdue University
摘要：The renewed interest among managers and management researchers in stakeholder governance has also underscored the shortage of quantitative methods available for studying business firms as political systems. A critical problem for researchers applying coalition-based theories of organizational politics to observational data is that the units of analysis, coined subcoalitions, are often unobservable. This paper introduces subcoalition cluster analysis (SCA) as a new computational framework for a...
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作者：Han, Jungsuk; Lee, Jongsub; Li, Tao
作者单位：Seoul National University (SNU); State University System of Florida; University of Florida; European Corporate Governance Institute
摘要：Decentralized autonomous organizations (DAOs) are entities without central leadership and operate based on a set of decision-making rules encoded into smart contracts using blockchain technology. In this study, we develop a theoretical model of DAO governance featuring strategic token trading under token-based voting to investigate potential conflicts of interest between a large participant (a whale) and many small participants. Our results show that ownership concentration has a negative effe...
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作者：Epperson, Raphael; Gersterb, Andreas
作者单位：heSam Universite; ESCP Business School; Johannes Gutenberg University of Mainz; Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung
摘要：Consumers' willful ignorance about the consequences of their actions may impede moral behavior. We test this concern in a real-world context based on a laboratory experiment and field data. We find that willful ignorance about farming practices increases consumption of meat from intensive farming, both in the laboratory and at university canteens. Individuals who prefer to avoid costless evidence are particularly responsive to it, yet their behavioral response vanishes within two weeks. Both f...
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作者：Han, Brian Rongqing; Chu, Leon Yang; Sun, Tianshu; Wu, Lixia
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Many e-commerce platforms have established their warehouses to facilitate the storage and delivery of packages. This paper studies a novel business practice-crosssampling through e-commerce warehouses-that allows physical free samples provided by one (sampling) brand to be distributed with the packages of another unrelated (distributing) brand. In close collaboration with Alibaba, we implement cross-sampling through a large-scale field experiment, in which more than 55,000 free samples are dis...
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作者：Gkikopoulos, Spyridon; Lee, Edward; Stathopoulos, Konstantinos
作者单位：University of Manchester; Alliance Manchester Business School
摘要：We examine the relation between corporate tax planning and firm-level productivity. Using a sample of U.S. public firms from 1993 to 2017, we find that tax planning is positively associated with productivity. Our findings further indicate that tax planning contributes to growth in production input factors: capital and labor. We also test the underlying mechanisms, documenting that the observed association between productivity and tax planning is more pronounced in financially constrained and k...
