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作者：Garg, Nikhil; Nazerzadeh, Hamid
作者单位：University of Southern California; Uber Technologies, Inc.
摘要：Ride-hailing marketplaces like Uber and Lyft use dynamic pricing, often called surge, to balance the supply of available drivers with the demand for rides. We study driverside payment mechanisms for such marketplaces, presenting the theoretical foundation that has informed the design of Uber's new additive driver surge mechanism. We present a dynamic stochastic model to capture the impact of surge pricing on driver earnings and their strategies to maximize such earnings. In this setting, some ...
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作者：Blanchet, Jose; Chen, Lin; Zhou, Xun Yu
作者单位：Stanford University; Columbia University
摘要：We revisit Markowitz's mean-variance portfolio selection model by considering a distributionally robust version, in which the region of distributional uncertainty is around the empirical measure and the discrepancy between probability measures is dictated by theWasserstein distance. We reduce this problem into an empirical variance minimization problem with an additional regularization term. Moreover, we extend the recently developed inference methodology to our setting in order to select the ...
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作者：Jacob, Martin; Wentland, Kelly; Wentland, Scott A.
作者单位：WHU - Otto Beisheim School of Management; George Mason University
摘要：This paper examines whether tax uncertainty can alter investment decisions, focusing primarily on the timing of large capital investments. Empirically, we exploit the staggered implementation of Schedule UTP, a discrete policy change expected to increase tax uncertainty, finding that, on average, firms responded by delaying large capital investments. This effect is stronger among firms at which the policy treatment is particularly germane, that is, for firms with more material UTBs or with low...
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作者：Zhang, Ruishen
作者单位：Shanghai University of Finance & Economics
摘要：I study the effects of language commonality (i.e., sharing a native language) on information production in financial markets. Using a hand-collected data set on the prevalent dialects for 2,091 cities (counties) in China, I identify the effects of language commonality separately from those of shared hometown and geographic proximity. In in-sample tests, language commonality between analysts and CEOs increases the return of trading on analysts' recommendations by 5.5%. The results mainly stem f...
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作者：Liaukonyte, Jura; Zaldokas, Alminas
作者单位：Cornell University; Hong Kong University of Science & Technology
摘要：Using minute-by-minute TV advertising data covering some 300 firms, 327,000 ads, and $20 billion in ad spending, we study the real-time effects of TV advertising on investors??? searches for online financial information and subsequent trading activity. Our identification strategy exploits the fact that viewers in different U.S. time zones are exposed to the same programming and national advertising at different times, allowing us to control for contemporaneous confounding events. We find that ...
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作者：Huang, Sheng; Lu, Ruichang; Srinivasan, Anand
作者单位：China Europe International Business School; Peking University; National University of Singapore
摘要：We examine the valuation impact of bank-financed mergers and acquisitions (M&As) and the loan contracts used to finance M&A transactions, focusing on the difference between bank-dependent acquirers and other acquirers. We find that bankfinanced deals have higher acquirer's cumulative abnormal returns relative to other cash M&A deals, but this certification effect exists only for bank-dependent acquirers. Despite bank-dependent acquirers being more susceptible to hold-up, banks do not impose hi...
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作者：Alaei, Saeed; Makhdoumi, Ali; Malekian, Azarakhsh; Pekec, Sasa
作者单位：Alphabet Inc.; Google Incorporated; Duke University; University of Toronto
摘要：We consider a two-sided streaming service platform that generates revenues by charging users a subscription fee for unlimited access to the content and compensates content providers (artists) through a revenue-sharing allocation rule. Platform users are heterogeneous in both their overall consumption and the distribution of their consumption over different artists. We study two primary revenue allocation rules used by market-leading music streaming platforms-pro-rata and user-centric. With pro...
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作者：Ho, Chun-Yu; Kim, Nayoung; Rong, Ying; Tian, Xin
作者单位：State University of New York (SUNY) System; University at Albany, SUNY; Shanghai Jiao Tong University; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Chinese Academy of Sciences
摘要：Using a proprietary data set containing more than 10 million transactions over 14 months from hundreds of grocery stores, we examine consumer payment choices at point of sale (POS) between cash and mobile, where the use of other methods (including cards) is minimal. We find that cash is the dominant method of payment. Nonetheless, the share of mobile payments has increased at the expense of cash payments over time. Importantly, we exploit price incentives for consumers using mobile payment to ...
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作者：Zhang, Hao
作者单位：University of British Columbia
摘要：Problems concerning dynamic learning and decision making are difficult to solve analytically. We study an infinite-horizon discrete-time model with a constant unknown state that may take two possible values. As a special partially observable Markov decision process (POMDP), this model unifies several types of learning-and-doing problems such as sequential hypothesis testing, dynamic pricing with demand learning, and multiarmed bandits. We adopt a relatively new solution framework fromthe POMDP...
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作者：Agarwal, Saharsh; Sen, Ananya
作者单位：Carnegie Mellon University
摘要：In this paper, we examine the impact of racially charged events on the demand for antiracist classroom resources in U.S. public schools. We use book requests made by teachers on DonorsChoose, the largest crowdfunding platform for public school teachers, as a measure of intent to address race-related topics in the classroom. We use the precise timing of high-profile police brutality and other racially charged events in the United States (2010-2020) to identify their effect on antiracism request...
