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作者：Filippas, Apostolos; Jagabathula, Srikanth; Sundararajan, Arun
作者单位：Fordham University; New York University
摘要：We report experimental and quasi-experimental evidence from a sharing economy marketplace that transitioned from decentralized to centralized pricing. Centralized pricing increased the utilization of providers' assets, resulting in higher revenues but also higher transaction costs. Providers who were barred from accessing the price system made nonprice adjustments, including reducing the availability of their assets, canceling booked transactions, and exiting the market. Providers who retained...
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作者：Garcia, Daniel; Janssen, Maarten C. W.; Shopova, Radostina
作者单位：University of Vienna; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK
摘要：In markets, such as those for airline tickets and hotel accommodations, firms sell time-dated products and have private information about unsold capacities. We show that competition under private information may explain observed phenomena, such as increased price dispersion and higher expected prices toward the deadline. We also show that private information severely limits the market power of firms and that information exchange about capacity increases firms' profits. Finally, we inquire into...
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作者：Chen, Ningyuan; Cire, Andre A.; Hu, Ming; Lagzi, Saman
作者单位：University of Toronto; University of Toronto; University Toronto Scarborough; University of North Carolina; University of North Carolina Chapel Hill
摘要：We study the problem when a firm sets prices for products based on the transaction data, that is, which product past customers chose from an assortment and what were the historical prices that they observed. Our approach does not impose a model on the distribution of the customers' valuations and only assumes, instead, that purchase choices satisfy incentive-compatible constraints. The uncertainty set of potential valuations of each past customer can then be encoded as a polyhedral set, and ou...
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作者：Markou, Panos; Kavadias, Stylianos; Oraiopoulos, Nektarios
作者单位：University of Virginia; University of Cambridge
摘要：Project selection decisions are complex because they must balance not only financial returns, project risk, and fit with strategy, but also competitive circumstances. A rival's project development efforts provide two pieces of information: a market rivalry signal, indicating potentially heightened competition in a market, and a technological signal, indicating a possible solution to a problem in that market. We hypothesize that these signals affect a firm's likelihood of project selection in o...
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作者：Ardia, David; Bluteau, Keven; Boudt, Kris; Inghelbrecht, Koen
作者单位：Universite de Montreal; HEC Montreal; Universite de Montreal; HEC Montreal; University of Sherbrooke; Vrije Universiteit Brussel; Ghent University; Vrije Universiteit Amsterdam
摘要：We empirically test the prediction of Pa ' stor et al. (2021) that green firms outperform brown firms when concerns about climate change increase unexpectedly, using data for S&P 500 companies from January 2010 to June 2018. To capture unexpected increases in climate change concerns, we construct a daily Media Climate Change Concerns index using news about climate change published by major U.S. newspapers and newswires. We find that on days with an unexpected increase in climate change concern...
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作者：Niu, Xiaofei; Li, Jianbiao; Li, Dahui; Cao, Qian
作者单位：Shandong University; University of Minnesota System; University of Minnesota Duluth; Nanjing University of Finance & Economics
摘要：This study tests whether modulating a brain region associated with cognitive control using noninvasive brain stimulation affects the disposition effect. A participant trades stocks in an experimental asset market while their level of cognitive control is exogenously manipulated by applying weak current stimulation to a control-related cortical region. We find that the stimulation significantly affects the participant's cognitive control and tendency to exhibit the disposition effect. This resu...
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作者：Lin, Danmo
作者单位：University of Warwick
摘要：I develop a continuous-time model to examine how the interaction between competition and financial constraints affects firms' research and development (R&D) strategies. The model integrates two key characteristics of R&D investment: accelerability (i.e., higher R&D intensity leads to faster discovery) and scalability (i.e., higher R&D intensity leads to higher project payoff). I find that firms react strategically to their rivals' financial constraints when making investment decisions in a duo...
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作者：Li, Bin; Boyabatll, Onur; Avci, Buket
作者单位：Wuhan University; Singapore Management University
摘要：Motivated by the agricultural industries, this paper studies the economic and environmental implications of biomass commercialization; that is, converting organic waste into a saleable product from the perspective of a processor that uses a commodity input to produce both a commodity output and biomass. We characterize the economic value of biomass commercialization and examine how input and output spot price uncertainties affect this value. Using a model calibration, we find that lower input ...
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作者：Meloso, Debrah; Nunnari, Salvatore; Ottaviani, Marco
作者单位：Bocconi University
摘要：We experimentally study information transmission by experts motivated by their reputation for being well-informed. In our game of reputational cheap talk, a reporter privately observes information about a state of the world and sends a message to an evaluator; the evaluator uses the message and the realized state of the world to assess the reporter's informativeness. We manipulate the key driver of misreporting incentives: the uncertainty about the phenomenon to forecast. We highlight three fi...
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作者：Frake, Justin; Harmon, Derek
作者单位：University of Michigan System; University of Michigan
摘要：This paper investigates how organizational misconduct is perpetuated through intergenerational transmission. We theorize that early exposure to a subculture of misconduct imprints newcomers with the belief that misconduct is normal, which is then carried by these individuals into managerial positions and passed down to their subordinates. We test this using longitudinal administrative data from the Chicago Police Department from 1980 to 2017. We exploit a lottery that assigns applicants to tra...
