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作者：Chen, Shiqi; Lambrecht, Bart M.
作者单位：Lancaster University; University of Cambridge; Centre for Economic Policy Research - UK
摘要：Legal scholars highlight the tensions that exist between different classes of shareholders in startups. We model a startup owned by undiversified investors with heterogeneous capital contributions and risk preferences. A social planner runs the firm on behalf of all investors. We compare investors' expected utility with a hypothetical first-best decentralized benchmark. The startup's optimal investment policy is procyclical and a time-varying weighted average of shareholders' optimal investmen...
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作者：Benjaafar, Saif; Wang, Zicheng; Yang, Xiaotang
作者单位：University of Michigan System; University of Michigan; The Chinese University of Hong Kong, Shenzhen; University of Minnesota System; University of Minnesota Twin Cities
摘要：Tele-driving refers to a novel concept by which drivers can remotely operate vehicles (without being physically in the vehicle). By putting the human back in the loop, tele-driving has emerged recently as a more viable alternative to fully automated vehicles with ride-hailing (and other on-demand transportation-enabled services) being an important application. Because remote drivers can be operated as a shared resource (any driver can be assigned to any customer regardless of trip origin or de...
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作者：Forderer, Jens; Burtch, Gordon
作者单位：Technical University of Munich; Boston University
摘要：Many IT professionals seek to improve their job prospects by engaging as leaders of online communities, for example, by serving as a moderator or admin. We investigate whether such community leadership leads to (causal) improvements in individuals' careers. We assemble a data set, including job histories of IT professionals who have sought election as moderators (mods) in Stack Exchange question -and -answer communities, between 2010 and 2020. We estimate the career benefits of moderatorship u...
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作者：Baruffaldi, Stefano; Poege, Felix
作者单位：Polytechnic University of Milan; Bocconi University; Bocconi University
摘要：Scientific conferences are an underexplored channel by which firms can learn from science. We provide empirical evidence that firms learn from scientific conferences in which they participate but also that this is conditional on intense participation. Using data from conference papers in computer science since the 1990s, we show that corporate investments in participation are both frequent and highly skewed, with some firms contributing to a given conference scientifically, some as sponsors, a...
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作者：Wang, Wei; Yung, Chris
作者单位：University System of Ohio; Cleveland State University; University of Virginia
摘要：Wrongful discharge laws (WDLs) provide limits to the employment-at-will doctrine, and thus impair operating flexibility, increasing expected financial distress costs by making it costly to fire employees. This impairment is detrimental to start-ups, leading to a decline in venture capital (VC) investment. Using a difference-in-differences framework enabled by the staggered adoption of WDLs across the U.S. states, we show VC investment declines after a state adopts the good faith exception (the...
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作者：Elkamhi, Redouane; Li, Ruicong; Nozawa, Yoshio
作者单位：University of Toronto; Hong Kong University of Science & Technology; University of Toronto; University Toronto Scarborough
摘要：We build a benchmark for AAA -rated tranches of collateralized loan obligations (CLOs) using business development companies (BDCs), which hold a diversified portfolio of loans as CLOs do. BDCs are publicly listed, and their share price, equity volatility, and borrowing cost can be easily obtained. Applying a structural model to BDCs, we extract market -implied correlation in their loan portfolio, compare spreads on CLO tranches and BDC-implied benchmark, and find that observed large credit spr...
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作者：Barron, Kai; Ditlmann, Ruth; Gehrig, Stefan; Schweighofer-Kodritsch, Sebastian
作者单位：Hertie School; Humboldt University of Berlin
摘要：This paper studies a key element of discrimination, namely, when stereotypes translate into discriminatory actions. Using a hiring experiment, we rule out taste-based discrimination by design and test for the presence of two types of belief-based gender discrimination. We document evidence of explicit discriminators-individuals who are willing to discriminate even when their hiring choices are highly revealing of their gender-biased beliefs. Crucially, we also identify implicit discriminators-...
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作者：Stouras, Konstantinos I.; Erat, Sanjiv; Lichtendahl Jr, Kenneth C.
作者单位：University College Dublin; University of California System; University of California San Diego; Alphabet Inc.; Google Incorporated
摘要：Crowdsourcing platforms typically take a passive approach, and they let the competing firms freely design their own contests and allow every solver to self-select and join any of the concurrently running contests. In a model of competing noise-driven contests, we show that the duopoly prize allocation has fewer (but larger) prizes compared with a monopolist contest designer. We also find that contests with firm-chosen budgets and solvers' endogenous participation create coordination inefficien...
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作者：Charoenwong, Ben; Miao, Meng; Ruan, Tianyue
作者单位：National University of Singapore; Renmin University of China
摘要：Using proprietary data on nonperforming loan (NPL) transactions in China, we document that banks conceal NPLs in disposal transactions that are supposed to resolve NPLs. In these transactions, banks provide financing and retain the credit risks and debt collection obligations. Transaction prices contradict underlying credit risks: Despite being delinquent for 4.5 years, the median NPL package is sold at face value with zero haircut. The majority of NPL packages are resold at a premium to banks...
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作者：Simchi-Levi, David; Zheng, Zeyu; Zhu, Feng
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：Motivated by emerging applications, such as live -streaming e -commerce, promotions, and recommendations, we introduce and solve a general class of nonstationary multi -armed bandit problems that have the following two features: (i) the decision maker can pull and collect rewards from up to K(>= 1) out of N different arms in each time period and (ii) the expected reward of an arm immediately drops after it is pulled and then nonparametrically recovers as the arm's idle time increases. With the...
