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作者：Billings, Mary Brooke; Hsueh, Kevin; Lewis-Western, Melissa F.; Shobe, Gladriel
作者单位：New York University; Brigham Young University
摘要：This paper examines an innovation in capital formation that has spurred contentious debate: the Umbrella Partnership Corporation (???Up-C???) IPO. Advisors and underwriters argue that the Up-C deal structure is a driver of post-IPO value and, thus, is a value-enhancing means of raising capital that may be one solution to concerns regarding the drop in the number of publicly traded companies. Consistent with these claims, recent research suggests that organizing soon-to-be public businesses as ...
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作者：Ichihashi, Shota; Kim, Byung-Cheol
作者单位：Bank of Canada; Queens University - Canada; University of Alabama System; University of Alabama Tuscaloosa
摘要：We study competition for consumer attention in which platforms can sacrifice service quality for attention. A platform can choose the addictiveness of its service. A more addictive platform yields consumers a lower utility of participation but a higher marginal utility of allocating attention. We provide conditions under which increased competition can harm consumers by encouraging platforms to offer low-quality services. In particular, if attention is scarce, increased competition reduces the...
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作者：Mostagir, Mohamed; Siderius, James
作者单位：University of Michigan System; University of Michigan; Massachusetts Institute of Technology (MIT)
摘要：We study the spread of misinformation in a social network characterized by unequal access to learning resources. Agents use social learning to uncover an unknown state of the world, and a principal strategically injects misinformation into the network to distort this learning process. A subset of agents throughout the network is endowed with knowledge of the true state. This gives rise to a natural definition of inequality: privileged communities have unrestricted access to these agents, where...
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作者：Boehm, Johannes; Sonntag, Jan
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper studies the prevalence of potential anticompetitive effects of vertical mergers using a novel data set on U.S. and international buyer-seller relationships and across a large range of industries. We find that relationships are more likely to break when suppliers vertically integrate with one of the buyers??? competitors than when they vertically integrate with an unrelated firm. This relationship holds for both domestic and crossborder mergers and for domestic and international rela...
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作者：Babar, Yash; Adeli, Ali Mahdavi; Burtch, Gordon
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Memphis; Boston University
摘要：Recent shifts in societal discourse have led digital platforms to support equity, inclusivity, and diversity by introducing identity-signaling features, for example, indicators of owner race or gender. In this work, we explore whether, when, and how using those features may impact retailer demand. We tackle this question via a multimethod study. We begin by conducting a controlled experiment on Prolific.co, presenting subjects with actual Google Places business profiles for a set of Black-owne...
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作者：Augustin, Patrick; Rubtsov, Alexey; Shin, Donghwa
作者单位：McGill University; Toronto Metropolitan University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：Cryptocurrencies provide a unique opportunity to identify how derivatives impact spot markets. They are fully fungible and trade across multiple spot exchanges at different prices, and futures contracts were selectively introduced on Bitcoin (BTC) exchange rates against the U.S. dollar (USD) in December 2017. Following the futures introduction, we find a significantly greater increase in cross-exchange price synchronicity for BTC-USD relative to other exchange rate pairs as demonstrated by an ...
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作者：Jin, Shuang; Wang, Wei; Zhang, Zilong
作者单位：Hong Kong University of Science & Technology; Queens University - Canada; Zhejiang University
摘要：We study the effects of implicit government guarantee (IGG) on Chinese stateowned enterprises (SOEs). We find that SOEs reduce their investments by 2.4% of book assets, on average, relative to matched non-SOEs after the first SOE default in China's onshore bond markets in 2015. The investment reduction concentrates among SOEs that are financially constrained, yet SOEs financed by large state banks are hardly affected. Bondholders require more stringent default protection in newly issued SOE bo...
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作者：Zhao, Yifan; Basu, Arnab; Lontzek, Thomas S.; Schmedders, Karl
作者单位：Ihsan Dogramaci Bilkent University; International Institute for Management Development (IMD)
摘要：We compute the social cost of carbon (SCC) when decision makers want robust estimates in the face of deep (or Knightian) uncertainty. We introduce the notion of full path accumulated robust preferences from stochastic control theory to an integrated assessment model. Robust preferences are appropriate for analyzing climate-related problems because, given the large uncertainty in climate science, they enable decision makers to attain solutions that are robust to a wide range of climate change s...
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作者：Si, Nian; Zhang, Fan; Zhou, Zhengyuan; Blanchet, Jose
作者单位：Stanford University; New York University
摘要：Policy learning using historical observational data are an important problem that has widespread applications. Examples include selecting offers, prices, or advertisements for consumers; choosing bids in contextual first-price auctions; and selecting medication based on patients' characteristics. However, existing literature rests on the crucial assumption that the future environment where the learned policy will be deployed is the same as the past environment that has generated the data: an a...
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作者：Johnson, Garrett A.; Shriver, Scott K.; Goldberg, Samuel G.
作者单位：Boston University; University of Colorado System; University of Colorado Boulder; Stanford University
摘要：We show that websites' vendor use falls after the European Union's (EU's) General Data Protection Regulation (GDPR), but that market concentration also increases among technology vendors that provide support services to websites. We collect panel data on the web technology vendors selected by more than 27,000 top websites internationally. The week after the GDPR's enforcement, website use of web technology vendors falls by 15% for EU residents. Websites are relatively more likely to retain top...
