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作者：Brochet, Francois; Chychyla, Roman; Ferri, Fabrizio
作者单位：Boston University; University of Miami; European Corporate Governance Institute
摘要：We examine determinants and consequences of virtual shareholder meetings (VSMs) using a sample of voluntary (precoronavirus disease 2019) and forced (i.e., because of coronavirus disease 2019) VSM adopters. Voluntary adopters are tech firms and firms traditionally more engaged with shareholders, consistent with the stated objective to increase shareholder participation. In contrast, we do not find that firms choose the virtual format to avoid shareholders' scrutiny. Textual analysis of transcr...
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作者：Bi, Xuan; Gupta, Alok; Yang, Mochen
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Limited access to large-scale data is a key obstacle to building machine learning (ML) applications in practice, partly due to a reluctance of information exchange among data owners out of privacy and data security concerns. To address this information silo problem, federated learning (FL) techniques have been proposed to enable decentralized model training via an orchestrating central server and have received increasing attention in several industries (including healthcare and finance). Despi...
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作者：Nikzad, Afshin; Strack, Philipp
作者单位：University of Southern California; Yale University
摘要：Waitlists are commonly used to allocate scarce resources, such as public housing or organs. Waitlist policies attempt to prioritize agents who wait longer by assigning them priority points (a` la first come, first served). We show that such point systems can lead to severe inequality across the agents' assignment probabilities unless they use randomization. In particular, deterministic point systems lead to a more unequal allocation than any other rule that prioritizes earlier arrivals, an axi...
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作者：Sheng, Jinfei; Sun, Zheng; Wang, Wanyi
作者单位：University of California System; University of California Irvine
摘要：Using two proxies for investors' political affiliation, we document sharp differences in stock returns between firms likely dominated by Democratic investors (blue stocks) and those dominated by Republican investors (red stocks) during the COVID pandemic. Red stocks have 20 basis points higher risk-adjusted returns than blue stocks on COVID news days (Partisan Return Gap). Lockdown policies, COVID cases, industry and firm fundamentals only explain at most 40% of the return gap. Polarized polit...
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作者：Bali, Turan G.; Del Viva, Luca; El Hefnawy, Menatalla; Trigeorgis, Lenos
作者单位：Georgetown University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); CUNEF Universidad; Durham University
摘要：We examine how time-series volatility of book-to-market (UNC) is priced in equity returns and the relative contributions of its book volatility (variations in earnings and book value) and market volatility components (shocks in required return). UNC captures valuation risk, so stocks with high valuation risk earn higher return. An investment strategy long in high-UNC firms and short in low-UNC firms generates 8.5% annual risk adjusted return. UNC valuation risk premium is driven by outperforma...
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作者：Sundaresan, Savitar
作者单位：Imperial College London
摘要：Unusual events trigger persistent spikes in uncertainty. Standard models cannot match these dynamic patterns. This paper presents a unified framework, motivated by the literature on inattention. Agents choose whether and how to prepare for different possible states of the world by collecting information. Agents optimally ignore sufficiently unlikely events, so the occurrence of such events does not resolve, but rather increases, uncertainty. Uncertain agents have dispersed beliefs, making it h...
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作者：Chen, Fadong; Zhu, Zhi; Shen, Qiang; Krajbich, Ian; Hare, Todd A.
作者单位：Zhejiang University; Zhejiang University; Shanghai International Studies University; University System of Ohio; Ohio State University; University System of Ohio; Ohio State University; University of Zurich
摘要：Do people have well-defined social preferences waiting to be applied when making decisions? Or do they have to construct social decisions on the spot? If the latter, how are those decisions influenced by the way in which information is acquired and evaluated? These temporal dynamics are fundamental to understanding how people trade off selfishness and prosociality in organizations and societies. Here, we investigate how the temporal dynamics of the choice process shape social decisions in thre...
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作者：Choi, W. Jason; Liu, Qihong; Shin, Jiwoong
作者单位：University System of Maryland; University of Maryland College Park; University of Oklahoma System; University of Oklahoma - Norman; Yale University
摘要：This paper studies an emerging subscription model called ship-then-shop. Leveraging its predictive analytics and artificial intelligence (AI) capability, the ship-then-shop firm curates and ships a product to the consumer, after which the consumer shops (i.e., evaluates product fit and makes a purchase decision). The consumer first pays the up-front ship-then shop subscription fee prior to observing product fit and then pays the product price afterward if the consumer decides to purchase. We i...
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作者：Brilon, Stefanie; Grassi, Simona; Grieder, Manuel; Schulz, Jonathan F.
作者单位：Johannes Gutenberg University of Mainz; Zurich University of Applied Sciences; George Mason University
摘要：This study tests the hypothesis that competitive strategic interactions foster overconfidence. We experimentally compare a strategic environment in which players have an incentive to overstate their own ability to deter competitors and avoid competition with a nonstrategic environment in which these incentives are removed. Subsequently, we measure the participants' confidence. Overconfidence persists in the former environment but vanishes in the latter. We provide evidence for three mechanisms...
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作者：Shen, Hao; Xue, Mengying; Shen, Zuo-Tun Max
作者单位：Renmin University of China; Fudan University; University of Hong Kong; University of Hong Kong
摘要：We study the reliable (uncapacitated) facility location (RFL) problem in a datadriven environment where historical observations of random demands and disruptions are available. Owing to the combinatorial optimization nature of the RFL problem and the mixed-binary randomness of parameters therein, the state-of-the-art RFL models applied to the data-driven setting either suggest overly conservative solutions or become computationally prohibitive for large- or even moderate-size problems. In this...
