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作者：Akerlof, Robert; Holden, Richard; Rayo, Luis
作者单位：University of Warwick; Centre for Economic Policy Research - UK; University of New South Wales Sydney; Northwestern University
摘要：We propose a monopoly and Stackelberg duopoly model for new economy markets-with a Beckerian S-shaped demand curve at its center-that allows for intermediate degrees of firm focality and consumer heterogeneity. Because of network externalities, firms compete for the dominant market share, rather than the marginal consumer. This leads to a type of limit pricing-from within, rather than from outside the market- where the nondominant firm captures a positive market share that serves as a consolat...
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作者：Hu, Qing; Li, Wenjing; Lin, Chen; Wei, Lai
作者单位：Renmin University of China; Jinan University; University of Hong Kong; Lingnan University
摘要：In this paper, we identify product market competition as a driver of privatization. Using product market shocks caused by trade liberalization of China, which has the world's largest state sector, we find that subjecting state-owned enterprises (SOEs) to higher competition leads to an increase in private ownership. This response is strengthened when SOEs operate in industries with large technology or productivity gaps from those in the frontier economies or when SOEs impose large fiscal burden...
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作者：Hugon, Artur; Lin, An-Ping; Markov, Stanimir
作者单位：Arizona State University; Arizona State University-Tempe; Singapore Management University; University of Texas System; University of Texas Dallas
摘要：We study interdepartment knowledge sharing in an investment research setting where the benefits are potentially significant for the brokerage and the capital market, but so are the frictions impeding it. Using hand-collected data on equity analyst access to in-house debt research expertise, we find significant benefits to equity analysts in the form of improved ability to forecast cash flows and to anticipate credit rating downgrades. Moreover, we find evidence that access to management and re...
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作者：Gudmundsson, Jens; Hougaard, Jens Leth; Ko, Chiu Yu
作者单位：University of Copenhagen; Chinese University of Hong Kong
摘要：When actions by one agent force another to deviate from their agreements with a third, victim turns into injurer in the chain's subsequent steps. Should the chain's initiator be responsible only for the direct harm they cause or also bear some of the indirect losses they trigger? Through an axiomatic approach, we characterize the class of fixed fraction rules, which strike a balance between incentives for accident prevention on the one hand and fairness in terms of how liabilities are assigned...
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作者：Chen, Mingyu
作者单位：IZA Institute Labor Economics
摘要：One million international students study in the United States each year, and the majority of them compete in global labor markets after graduation. I conducted a largescale field experiment and a companion employer survey to study how employers in China value U.S. college education. I sent more than 27,000 fictitious online applications to business and computer science jobs in China, randomizing the country of college education. I find that U.S.-educated applicants are on average 18% less like...
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作者：Wang, Xiaoning; Wu, Lynn; Hitt, Lorin M.
作者单位：University of Pennsylvania
摘要：Start-ups are increasingly using social media to signal quality and provide information to potential investors. However, the effectiveness of social media on venture capital (VC) financing is likely to be heterogeneous, differing by demographic and network characteristics of the founders. In this paper, we examine whether social media use can improve funding outcomes for firms founded by women and by other people also lacking connections to the investor network, two groups that face greater di...
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作者：Michaely, Roni; Rubin, Amir; Segal, Dan; Vedrashko, Alexander
作者单位：University of Hong Kong; Simon Fraser University; Reichman University; University of Warwick
摘要：This study investigates whether investors can reap economic benefits from analyzing differences in analyst quality. Although high-quality analysts' average forecast is more accurate than the consensus forecast for firms with a large analyst following, the benefits of using high-quality analysts' average forecasts are not economically significant. In contrast, the value of analyst quality differentiation exists in the second moment of forecasts. High-quality analysts' forecast dispersion gives ...
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作者：Choi, Hae Mi; Karpoff, Jonathan M.; Lou, Xiaoxia; Martin, Gerald S.
作者单位：Loyola University Chicago; University of Washington; University of Washington Seattle; University of Delaware; American University
摘要：We document that regulatory enforcement actions for financial misrepresentation cluster in industry-specific waves and that wave-related enforcement has information spillovers on industry peer firms. Waves and spillovers have significant effects on share prices. Early-wave target firms have the largest short-run losses in share values and the largest information spillovers on industry peer firms. Late-wave targets' short-run losses are smaller, but not because they involve less costly instance...
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作者：Morag, Dor; Loewenstein, George
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Carnegie Mellon University
摘要：Although the significance of narrative thinking has been increasingly recognized by social scientists, very little empirical research has documented its consequences for economically significant outcomes. The current paper addresses this gap in one important domain: valuations. In three experiments, participants were given the opportunity to sell an item they owned (mug in Study 1, hat in Studies 2 and 3) using an incentivecompatible procedure (multiple price list). Prior to making selling dec...
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作者：Baek, Jackie; Farias, Vivek F.
作者单位：New York University; Massachusetts Institute of Technology (MIT)
摘要：Exploration is often necessary in online learning to maximize long-term rewards, but it comes at the cost of short-term regret. We study how this cost of exploration is shared across multiple groups. For example, in a clinical trial setting, patients who are assigned a suboptimal treatment effectively incur the cost of exploration. When patients are associated with natural groups on the basis of, say, race or age, it is natural to ask whether the cost of exploration borne by any single group i...
