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作者：Eftekhari, Saeede; Yaraghi, Niam; Gopal, Ram D.; Rameshe, Ram
作者单位：Tulane University; University of Miami; Brookings Institution; University of Warwick; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：Efforts to promote Health Information Exchanges (HIEs) on a nationwide scale are beset with major challenges, and one of them is its meaningful use for both physicians and patients. Referrals potentially provide a context for the meaningful use of HIE, and we are yet to understand how HIEs affect referrals. This research studies the impact of HIE on referral patterns. We establish that participation in an HIE network increases the referrals sent to and received from other HIE participants. We ...
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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：The impact of product reviews on consumer purchasing behavior is empirically well documented. This can create perverse incentives for firms to offer reviewers side payments (bribes) in exchange for biased reviews for their products. The presence of bribes distorts the information in reviews and leads to detrimental effects on consumer utility. This paper builds a two-sided reputation model where a reviewer can inflate her reviews in exchange for bribes. If the reviewer accepts bribes and misre...
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作者：Chen, Xin; He, Wei; Tao, Libin; Yu, Jianfeng
作者单位：Shenzhen University; Audencia; Guangming Laboratory; Southwestern University of Finance & Economics - China; University of International Business & Economics; Tsinghua University
摘要：Recent studies have proposed a large set of powerful anomaly-based factors in the stock market. This study examines the role of investor inattention in the corresponding anomalies underlying these factors and other underreaction-related anomalies. Using media coverage as a proxy for investor attention, we show that the anomalies underlying many recently proposed prominent factors are much more pronounced among firms with low media coverage in portfolio-formation periods. In addition, we find m...
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作者：Bossaerts, Peter; Fattinger, Felix; Rotaru, Kristian; Xu, Kaitong
作者单位：University of Cambridge; Vienna University of Economics & Business; Monash University; Monash University; University of Melbourne
摘要：Emotional involvement is known to be necessary but not sufficient for good decision making in the face of uncertainty. It has been conjectured that emotional engagement in anticipation of risky outcomes constitutes good emotions. We introduce a new methodology to determine whether anticipatory emotional engagement is beneficial in the context of trading in financial markets. We focus on heart rate changes because they occur at a sufficiently high frequency to discern timing relative to events ...
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作者：Malinova, Katya; Park, Andreas
作者单位：McMaster University; University of Toronto
摘要：In a token offering, investors fund a venture in exchange for tokens that grant rights to future economic output. To many financial industry insiders, tokens have no intrinsic merit and exist only as a way to evade regulations. We demonstrate that generic revenue-based token contracts are indeed economically inferior to equity and lead to overor underproduction. However, an optimally designed token contract, which is a combination of an output presale and an incremental revenue-sharing agreeme...
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作者：Capponi, Agostino; Olafsson, Sveinn; Alsabah, Humoud
作者单位：Columbia University; Stevens Institute of Technology; Kuwait University
摘要：Does the proof-of-work consensus protocol serve its intended purpose of supporting decentralized cryptocurrency mining? To address this question, we develop a game-theoretical model in which miners first invest in hardware to improve the efficiency of their operations and then compete for mining rewards in a rent-seeking game. We show that centralization grows with heterogeneity in mining costs, but hardware capacity constraints prevent the most efficient miners from monopolizing the mining pr...
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作者：Cui, Xinyu; Kolokolova, Olga; Wang, Jiaguo (George)
作者单位：University of Bristol; University of Manchester; Alliance Manchester Business School; Lancaster University
摘要：Hedge funds earn positive ex post abnormal returns and avoid negative abnormal returns on their equity portfolios when trading in the opposite direction of highly diversified low-turnover institutional investors (quasi indexers). This pattern seems to be driven by the preferences of quasi indexers for high-market-beta stocks together with the ability of hedge funds to identify subsets of especially profitable trades. It remains pronounced when accounting for other determinants of hedge fund tr...
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作者：Allouah, Amine; Bahamou, Achraf; Besbes, Omar
作者单位：Columbia University; Columbia University
摘要：Historical data are typically limited. We study the following fundamental data-driven pricing problem. How can/should a decision maker price its product based on data at a single historical price? How valuable is such data? We consider a decision maker who optimizes over (potentially randomized) pricing policies to maximize the worst-case ratio of the garnered revenue compared to an oracle with full knowledge of the distribution of values, when the latter is only assumed to belong to a broad n...
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作者：El Ghoul, Sadok; Guedhami, Omrane; Mansi, Sattar A.; Yoon, Hyo Jin
作者单位：University of Alberta; University of South Carolina System; University of South Carolina Columbia; Sungkyunkwan University (SKKU); Virginia Polytechnic Institute & State University; University of Texas System; University of Texas El Paso
摘要：Using a new measure of shareholder inattention constructed from exogenous industry shocks to institutional investor portfolios, we find that firms with distracted shareholders are associated with a higher cost of debt. This effect is stronger for firms with more powerful CEOs, firms with higher information asymmetry, and those operating in less competitive product markets. Further testing suggests that the inattention-cost of debt relation is driven primarily by dual holders directly observing...
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作者：Chen, Chen; Dasgupta, Sudipto; Huynh, Thanh D.; Xia, Ying
作者单位：Monash University; Chinese University of Hong Kong; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; Monash University
摘要：We show that intensified competition changes the location of business activity and, in turn, affects supply chain relationships. Using establishment-level data, we find that, when upstream product markets become more competitive, suppliers are more likely to relocate their establishments closer to customers. Following the supplier's relocation, its sales to the customer increase, its relationship with the customer is less likely to be terminated, and its innovation is more aligned with the cus...
