-
作者：Birru, Justin; Chague, Fernando; De-Losso, Rodrigo; Giovannetti, Bruno
作者单位：University System of Ohio; Ohio State University; Getulio Vargas Foundation; Universidade de Sao Paulo
摘要：We first provide evidence of investor inattention to a very simple and well-known capital gains tax exemption in the Brazilian stock market. We then show that inattentive investors exhibit worse trading performance and stronger trading biases even after controlling for several investor-level variables, such as past trading experience. The evidence is consistent with inattention being one of the explanations for the prevalence of behavioral biases.
-
作者：Core, Fabrizio; De Marco, Filippo
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Bocconi University; Centre for Economic Policy Research - UK
摘要：This paper investigates whether banks' information technology (IT) can substitute for local branch presence in the provision of small business credit. Our identification strategy relies on loan-level data and the unique institutional features of the Italian public guarantee scheme during COVID-19. Despite the availability of online applications and low screening incentives, small business lending remains local even for first-time borrowers. However, IT partly mitigates the impact of local bran...
-
作者：Sen, Ananya; Grad, Tom; Ferreira, Pedro; Claussenb, Joerg
作者单位：Carnegie Mellon University; Copenhagen Business School; Universidade Nova de Lisboa; University of Munich
摘要：Many platforms host user-generated content (UGC) and content developed by professionals side by side. However, thus far, their impact on platform ecosystems has been mostly studied in isolation. In this paper, we use data from a network of 122 local news outlets hosted by an online news platform to study the spillover effects from UGC developed by citizen journalists to the content developed by professional journalists. We use the removal of a status index associated with citizen journalists a...
-
作者：Wan, Xiang (Shawn); Kumar, Anuj; Lic, Xitong
作者单位：Santa Clara University; State University System of Florida; University of Florida; Hautes Etudes Commerciales (HEC) Paris
摘要：Product recommendations can benefit consumers' online product search via multiple underlying mechanisms, such as showing products that offer them high value, facilitating navigation on the website, or exposing more product information. However, it is unclear ex ante which is the primary underlying mechanism that drives the benefits of product recommendations to consumers. We conducted a randomized field experiment to estimate the benefits of an item-based collaborative filtering (CF) recommend...
-
作者：Fry, Caroline; MacGarvie, Megan
作者单位：University of Hawaii System; University of Hawaii Manoa; Boston University; National Bureau of Economic Research
摘要：Online platforms such as preprint servers have become an important way to disseminate new scientific knowledge prior to peer review. However, little is known about how attention to preprints may vary across authors from different countries of origin, particularly relative to evaluation in expert-controlled systems such as scientific journals. This study explores how readers allocated attention across preprints in the initial months of the COVID-19 pandemic, a time when there was an increase in...
-
作者：Kim, Song-Hee; Zheng, Fanyin; Brown, Joan
作者单位：Seoul National University (SNU); Columbia University; University of Southern California
摘要：Because a hospital is an interconnected, interdependent network of care units, allocating resources-beds, nurses, and improvement initiatives-to one unit to reduce its congestion may have spillover effects on other units. If such congestion spillover is substantial, ignoring it may lead to unintended consequences and missed opportunities. We use data collected over five years from a hospital with 16 inpatient units to empirically examine whether and how much congestion propagates through the n...
-
作者：Adena, Maja; Hakimov, Rustamdjan; Huck, Steffen
作者单位：University of Lausanne; University of London; University College London
摘要：In a large-scale natural field experiment, we partnered with a microlending company in Kyrgyzstan that asked over 180,000 of its clients for donations to social projects as a form of corporate philanthropy. In a 2 x 2 design, we explored two main (preregistered) hypotheses about giving by the poor. First, based on a conjecture that the poor are more price sensitive than the rich and in contrast to previous studies, we hypothesize that matching incentives induce crowding in of out-of-pocket don...
-
作者：Lan, Chunhua; Wermers, Russ
作者单位：University of New Brunswick; University System of Maryland; University of Maryland College Park
摘要：We measure the ability of professional investment managers in timing cashflow versus discount-rate news, the two components of market returns. We find that the average U.S. equity mutual fund exhibits cashflow-timing skills of 1.77%/year, but discount-rate timing of -0.87%/year; furthermore, cashflow-timing skills, but not discount-rate timing skills, strongly persist over future quarters. Our evidence indicates that misspecification of markettiming abilities accounts for the failure of prior ...
-
作者：Bondi, Tommaso; Rossi, Michelangelo; Stevens, Ryan L.
作者单位：Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris
摘要：We study the impact of consumer heterogeneity on online ratings. Consumers differ in their experience, which can affect both their choices and ratings. Thus, biases in average ratings can arise when the opinions of experienced and novice users are aggregated. We first build a two-period model to characterize the biases' drivers and consequences. We test our theory combining data from IMDb and MovieLens, two well-known movie ratings platforms. We proxy users' experience with the total number of...
-
作者：Schanke, Scott; Burtch, Gordon; Ray, Gautam
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Boston University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We consider the pairing of audio chatbot technologies with voice-based deep fakes, that is, voice clones, examining the potential of this combination to induce consumer trust. We report on a set of controlled experiments based on the investment game, evaluating how voice cloning and chatbot disclosure jointly affect participants' trust, reflected by their willingness to play with an autonomous, AI-enabled partner. We observe evidence that voice-based agents garner significantly greater trust f...
