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作者：Kempf, Elisabeth; Spalt, Oliver
作者单位：University of Chicago; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of Mannheim; European Corporate Governance Institute
摘要：This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate governance system, can constitute an obstacle to valuable corporate innovation. We first establish that valuable innovation output makes firms particularly vulnerable to costly low-quality class action litigation. Exploiting judge turnover in federal courts, we then show that changes in class action litigation risk affect the value and number of patents fil...
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作者：Herpfer, Christoph; Mjos, Aksel; Schmidt, Cornelius
作者单位：Emory University; Norwegian School of Economics (NHH)
摘要：We investigate the role of physical distance in corporate lending by exploiting infrastructure improvements as shocks to travel time. Lower travel time increases the likelihood of initiating a new banking relationship, consistent with an economic surplus from lower transaction costs. In existing lending relationships, banks capture part of this surplus by increasing interest rates, in particular, if banks have higher bargaining power. Reductions in travel time to competing banks have the oppos...
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作者：Bischof, Jannis; Brueggemann, Ulf; Daske, Holger
作者单位：University of Mannheim; Humboldt University of Berlin; University of Mannheim
摘要：Regulators frequently relax accounting rules during a financial crisis as a means of regulatory forbearance. The new accounting options provide banks with an opportunity for an accrual-based increase in their regulatory capital. The use of such an accounting option helps reduce the costs of government interventions such as bailouts and avoid the dilution of existing shareholders' ownership rights. We examine the introduction of the reclassification option for financial assets during the 2008 f...
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作者：Aral, Sinan; Dhillon, Paramveer S.
作者单位：Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：The strength of weak ties and brokerage theory both rely on the argument that weak bridging ties deliver novel information to create vision advantages for actors in brokerage positions. However, our conceptualization of novelty is itself fundamentally underdeveloped. We, therefore, develop a theory of how three distinct types of novelty-diversity, non-redundancy, and uniqueness-combine with network structure to create vision advantages in social networks. We test this theory using panel data o...
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作者：de Corniere, Alexandre; Sarvary, Miklos
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Columbia University
摘要：The growing influence of internet platforms acting as content aggregators is one of the most important challenges facing the media industry. We develop a simple model to understand the impact of third-party content bundling by a social platform that has a monopoly on showing user-generated content to consumers. In our model, consumers can access news either directly through a newspaper's website or indirectly through a platform, which also offers social content. We show that content bundling, ...
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作者：Gong, Shiyang; Li, Qian; Su, Song; Zhang, Juanjuan
作者单位：Beijing Normal University; Beijing Foreign Studies University; Massachusetts Institute of Technology (MIT)
摘要：This paper presents one of the first marketing applications of molecular genetics. We report evidence that salespeople's genetic variants linked to educational attainment predict sales performance. Both genetics and selling effort contribute to sales performance, whereas genetics contribute more than personality traits. We further show that adaptive learning, as captured in salespeople's customer orientation and opportunity recognition skills, may explain the gene-sales relationship. We discus...
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作者：deHaan, Ed; de Kok, Ties; Matsumoto, Dawn; Rodriguez-Vazquez, Edgar
作者单位：University of Washington; University of Washington Seattle; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：The timely flow of financial information is critical for efficient capital market functioning, yet we have little understanding of firms' and auditors' collective abilities to maintain timely financial reporting when under duress. We use COVID as a stress test case to examine whether reporting systems can withstand systemic increases in complex economic events and coordination challenges. Despite COVID-related challenges persisting through 2020 and beyond, we document surprisingly modest avera...
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作者：Immorlica, Nicole; Lucier, Brendan; Manshadi, Vahideh; Wei, Alexander
作者单位：Microsoft; Microsoft; Yale University; University of California System; University of California Berkeley
摘要：We study the design of a decentralized two-sided matching market in which agents' search is guided by the platform. There are finitely many agent types, each with (potentially random) preferences drawn from known type-specific distributions. Equipped with knowledge of these distributions, the platform guides the search process by determining the meeting rate between each pair of types from the two sides. Focusing on symmetric pairwise preferences in a continuum model, we first characterize the...
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作者：Sousa, Jose De; Hollard, Guillaume
作者单位：Universite Paris Saclay; Institut Polytechnique de Paris; Ecole Polytechnique; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We document that women compete worse against men in field tournaments in over 150 countries and across all ages. Our field setting is the game of chess and we benefit from a large and rich data set to investigate the robustness and heterogeneity of our uncovered gender differences in competition. We find a macro gender gap in every country: there are fewer female than male players, especially at the top, and women have lower average rankings. Moreover, comparing millions of individual games, w...
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作者：Nguyen, Tung; Petmezas, Dimitris; Karampatsas, Nikolaos
作者单位：University of Manchester; Alliance Manchester Business School; Durham University; University of Surrey
摘要：Using terrorist attacks as an exogenous shock to uncertainty, we provide evidence that firms located near terrorism-stricken areas are less likely takeover targets for two years after the attack and receive lower acquisition premiums. The latter finding is reflected in lower target firm abnormal returns and synergy gains. Additionally, in terrorism-stricken areas, target firms are associated with a lower share of synergies, withdrawn deals rise, and acquirers are more likely to get involved in...
