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作者：Steffena, Thomas D.
作者单位：Yale University
摘要：I study the information asymmetry effects of Statement of Financial Accounting Standards Number 161 (SFAS 161), which requires changes to the content and format of derivative and hedging footnote disclosures. Using a difference-in-differences design, I investigate whether these mandatory disclosure changes affected bid-ask spreads. To capture the extent to which firms were likely impacted by SFAS 161, I employ two complementary measures: (1) actual changes in firms' derivative and hedging disc...
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作者：Bhargava, Hemant K.
作者单位：University of California System; University of California Davis
摘要：Many digital platforms give users a bundle of goods sourced from numerous creators, generate revenue through consumption of these goods, and motivate creators by sharing of revenue. This paper studies the platform's design choices and creators' participation and supply decisions when users' (viewers') consumption of goods (content) is financed by third-party advertisers. The model specifies the platform's scale: number of creators and content supplied and magnitudes of viewers, advertisers, an...
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作者：Hu, Yichun; Kallus, Nathan; Mao, Xiaojie
作者单位：Cornell University; Cornell University; Tsinghua University
摘要：Incorporating side observations in decision making can reduce uncertainty and boost performance, but it also requires that we tackle a potentially complex predictive relationship. Although one may use off-the-shelf machine learning methods to separately learn a predictive model and plug it in, a variety of recent methods instead integrate estimation and optimization by fitting the model to directly optimize downstream decision performance. Surprisingly, in the case of contextual linear optimiz...
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作者：Izhakian, Yehuda; Yermack, David; Zender, Jaime F.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University; National Bureau of Economic Research; University of Colorado System; University of Colorado Boulder
摘要：We examine the impact of ambiguity, or Knightian uncertainty, on the capital structure decision, using a static tradeoff theory model in which agents are both ambiguity and risk averse. The model confirms the well-known result that greater risk???the uncertainty over outcomes???leads firms to decrease leverage. Conversely, the model indicates that greater ambiguity???the uncertainty over the probabilities associated with the outcomes???leads firms to increase leverage. Using a theoretically ba...
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作者：Gabel, Sebastian; Timoshenko, Artem
作者单位：Humboldt University of Berlin; Northwestern University
摘要：Personalized marketing in retail requires a model to predict how different marketing actions affect product choices by individual customers. Large retailers often handle millions of transactions daily, involving thousands of products in hundreds of categories. Product choice models thus need to scale to large product assortments and customer bases, without extensive product attribute information. To address these challenges, we propose a custom deep neural network model. The model incorporates...
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作者：Holden, Richard; Malani, Anup
作者单位：University of New South Wales Sydney; University of Chicago; National Bureau of Economic Research
摘要：Blockchain technology offers firms a novel method of raising capital via so-called initial coin offerings (ICOs). In the most common form of an ICO, a firm creates digital assets called utility tokens that are tracked on a blockchain-based ledger, requires that its product be purchased only with those tokens, and then, raises capital by selling these tokens to investors prior to creating any saleable product. (Some nonfungible tokens (NFTs) may function in a similar fashion.) We model a fundam...
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作者：Hu, Bin; Sun, Zhankun
作者单位：University of Texas System; University of Texas Dallas; City University of Hong Kong
摘要：Inspired by self-replicating three-dimensional printers and innovative agricultural and husbandry goods, we study optimal production and sales policies for a manufacturer of self-replicating innovative goods with a focus on the unique keep-or-sell trade-off-namely, whether a newly produced unit should be sold to satisfy demand and stimulate future demand or added to inventory to increase production capacity. We adopt the continuous-time optimal control framework and marry a self-replication mo...
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作者：Zhang, Shunyuan; Lee, Dokyun; Singh, Param Vir; Srinivasan, Kannan
作者单位：Harvard University; Boston University; Carnegie Mellon University
摘要：We study how Airbnb property demand changed after the acquisition of verified images (taken by Airbnb's photographers) and explore what makes a good image for an Airbnb property. Using deep learning and difference-in-difference analyses on an Airbnb panel data set spanning 7,423 properties over 16 months, we find that properties with verified images had 8.98% higher occupancy than properties without verified images (images taken by the host). To explore what constitutes a good image for an Air...
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作者：Hackbarth, Dirk; Rivera, Alejandro; Wong, Tak-Yuen
作者单位：Boston University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Texas System; University of Texas Dallas; National Tsing Hua University
摘要：This paper develops a dynamic contracting (multitasking) model of a levered firm. In particular, the manager selects long-term and short-term efforts, and shareholders choose optimal debt and default policies. Excessive short-termism ex post is optimal for shareholders because debt has an asymmetric effect: shareholders receive all gains from short-termeffort but share gains fromlong-termeffort. We find that grimgrowth prospects and shareholder impatience imply higher optimal levels of short-t...
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作者：Wu, Xiaole; Zhang, Fuqiang; Zhou, Yu
作者单位：Fudan University; Washington University (WUSTL); Chongqing University
摘要：When a weak-brand firm and a strong-brand firm source from a common contract manufacturer, the weak-brand firm may advertise this relationship to promote its own product. This paper investigates whether the weak-brand firm should use such brand spillover as a marketing strategy and how this decision depends on the firms' characteristics and market conditions. We develop a game theoretic model consisting of one contract manufacturer and two firms with asymmetric brand power. The contract manufa...
