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作者：Zhan, Ruohan; Ren, Zhimei; Athey, Susan; Zhou, Zhengyuan
作者单位：Hong Kong University of Science & Technology; University of Pennsylvania; Stanford University; New York University
摘要：In a wide variety of applications, including healthcare, bidding in first price auctions, digital recommendations, and online education, it can be beneficial to learn a policy that assigns treatments to individuals based on their characteristics. The growing policylearning literature focuses on settings in which policies are learned from historical data in which the treatment assignment rule is fixed throughout the data-collection period. However, adaptive data collection is becoming more comm...
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作者：Mohan, Vijay; Khezr, Peyman; Berg, Chris
作者单位：Royal Melbourne Institute of Technology (RMIT); Royal Melbourne Institute of Technology (RMIT)
摘要：In this paper, we examine the usefulness of time commitment as a voting resource for decentralized governance when the identity of voters cannot be verified. In order to do so, we take a closer look at two issues that confront token -based voting systems used by blockchain communities and organizations: voter fraud through the creation of multiple identities (Sybil attack) and concentration of voting power in the hands of the wealthy (plutocracy). Our contribution is threefold: first, we lay a...
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作者：Neumann, Nico; Tucker, Catherine E.; Kaplan, Levi; Mislove, Alan; Sapiezynski, Piotr
作者单位：University of Melbourne; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northeastern University
摘要：Data brokers use black -box methods to profile and segment individuals for ad targeting, often with mixed success. We present evidence from 5 complementary field tests and 15 data brokers that differences in profiling accuracy and coverage for these attributes mainly depend on who is being profiled. Consumers who are better off-for example, those with higher incomes or living in affluent areas-are both more likely to be profiled and more likely to be profiled accurately. Occupational status (w...
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作者：Gao, Janet; Wang, Wenyu; Yu, Xiaoyun
作者单位：Georgetown University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Shanghai Jiao Tong University
摘要：We study the comparative advantage of firms with focused and multidivisional organizational forms at attracting valuable human capital. Using the merger and acquisition (M&A) advisory industry as a laboratory, we show that high-performing individuals are more likely to migrate to boutique (focused) banks, especially those who are still on the upward trajectory of their career. Such migration is amplified by the cross-subsidization inside bulge bracket (multidivisional) firms, proxied by poor p...
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作者：Capponi, Agostino; Zhang, Yuchong
作者单位：Columbia University; University of Toronto
摘要：We develop a continuous time framework for sequential goals-based wealth management. A stochastic factor process drives asset price dynamics and the client's goal amount and income. We prove the weak dynamic programming principle for the value function of our control problem, which we show to be the unique viscosity solution of the corresponding Hamilton-Jacobi-Bellman equation. We develop an equivalent and computationally efficient representation of the Hamiltonian, which yields the optimal p...
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作者：Carvalho, Margarida; Dragotto, Gabriele; Feijoo, Felipe; Lodi, Andrea; Sankaranarayanan, Sriram
作者单位：Universite de Montreal; Universite de Montreal; Princeton University; Technion Israel Institute of Technology; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad
摘要：This article introduces a class of Nash games among Stackelberg players (NASPs), namely, a class of simultaneous noncooperative games where the players solve sequential Stackelberg games. Specifically, each player solves a Stackelberg game where a leader optimizes a (parametrized) linear objective function subject to linear constraints, whereas its followers solve convex quadratic problems subject to the standard optimistic assumption. Although we prove that deciding if a NASP instance admits ...
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作者：Black, Bernard S.; Desai, Hemang; Litvak, Katherine; Yoo, Woongsun; Yu, Jeff Jiewei
作者单位：Northwestern University; Northwestern University; Southern Methodist University; Central Michigan University; University of Arizona
摘要：During 2005-2007, the Securities and Exchange Commission conducted a randomized trial in which it removed short-sale restrictions from one third of the Russell 3000 firms. Early studies found modest market microstructure effects of removing the restrictions but no effect on short interest, stock returns, volatility, or price efficiency. More recently, many studies have attributed a wide range of indirect outcomes to this experiment, mostly without assessing the causal channels for those outcom...
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作者：Bushee, Brian J.; Keusch, Thomas; Kim-Gina, Jessica
作者单位：University of Pennsylvania; INSEAD Business School; University of California System; University of California Los Angeles
摘要：Some firms in the technology sector choose to cooperate with competitors (coopetition) in standard setting organizations (SSOs). These SSOs create technology standards that facilitate rapid market penetration of new technologies such as Wi-Fi, Bluetooth, and 4G. Active participation in the standard setting process requires the exchange of proprietary information with competitors. Although the goal of such information sharing is to further a technology or a product market, firms potentially rec...
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作者：Feylessoufi, Antoine; Kavadias, Stylianos; Ralph, Daniel
作者单位：University of Cambridge; University of London; University College London
摘要：Organizations face challenges when trying to effectively introduce new operational practices that substitute for existing ones. We study how the dynamics due to social comparisons between employees give rise to individual strategic considerations and eventually shape the organizational adoption outcome. We develop an evolutionary game theory model that accounts for these microlevel individual adoption decisions and their impact on macrolevel population adoption equilibria. Social comparisons i...
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作者：Kumar, Alok; Motahari, Mehrshad; Taffler, Richard J.
作者单位：University of Miami; City St Georges, University of London; University of Warwick
摘要：This study demonstrates that skewness preference of investors is an important driver of various market anomalies. Using a combined measure of mispricing based on 11 prominent anomaly strategies, we show that return predictability associated with the mispricing component of market anomalies is stronger among firms with higher idiosyncratic skewness. The predictability differences are driven by the higher underperformance of high-skewness firms in short anomaly portfolios. Skewness does not affe...
