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作者：Banerjee, Snehal; Davis, Jesse; Gondhi, Naveen
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; INSEAD Business School
摘要：Common wisdom suggests that the curse of knowledge (COK), whereby better-informed individuals are unable to ignore their private information when forecasting others' beliefs, reduces the quality of communication. We study how this bias affects costly information provision by a founder who wants to raise financing from an outside investor. When the founder exhibits COK about the content of her communication, there is less information provision and payoffs tend to be lower for both players. Howe...
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作者：Laudi, Marten; Smeets, Paul; Weitzel, Utz
作者单位：University of Bremen; University of Amsterdam; Vrije Universiteit Amsterdam; Tinbergen Institute; Radboud University Nijmegen
摘要：Despite growing regulatory concerns about potential overcharging of sustainable investors, empirical evidence is lacking. In two controlled laboratory-in-the-field experiments with 415 professional financial advisors from Europe and the United States and an incentivized survey, we identify two distinct but interacting effects. First, advisors charge sustainable investors a premium. This premium persists even when accounting for differences in skill, effort, and costs. Second, advisors impose h...
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作者：Cohen, Lauren H.; Gurun, Umit G.; Nguyen, Quoc H.
作者单位：Harvard University; National Bureau of Economic Research; University of Texas System; University of Texas Dallas; DePaul University
摘要：We document that traditional energy firms are key innovators in the United States' green patent landscape. These firms produce more, and significantly higher-quality, green innovation. In many green technology spaces, they appear to be influential first movers and to produce ongoing foundational aspects of innovation and commercialization on which other alternative energy producers build. They additionally invest significantly in labor and capital to complement these green innovations. These t...
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作者：Xia, Dandan; Cassiman, Bruno; Wehrheim, David
作者单位：Utrecht University; KU Leuven; University of Navarra; IESE Business School
摘要：This study leverages advanced text-analysis techniques to investigate how increased product market rivalry, induced by Chinese import competition, affects innovation among incumbent U.S. firms in the electronic and electrical appliance industry. We measure the similarity between the product descriptions of U.S. firms and those of Chinese importers, thus capturing firm-level competitive pressure. Employing a continuous difference-in-differences framework, we compare innovation outcomes of U.S. ...
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作者：Hristakeva, Sylvia; Mortimer, Julie Holland; Yde, Eric
作者单位：Cornell University; Washington University (WUSTL); National Bureau of Economic Research; University of Virginia
摘要：We study the effect of price caps on the provision of costly effort by pharmaceutical firms using variation in drug discounts generated by a price regulation program that allows eligible hospitals to purchase outpatient drugs at steep discounts. These discounts directly affect drug manufacturers' markups and may change firms' incentives to exert promotional effort targeted toward physicians at these hospitals. We find that the effects of price regulation on pharmaceutical firm effort depend cr...
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作者：Tambe, Prasanna B.
作者单位：University of Pennsylvania
摘要：This study provides evidence that AI and algorithms act as complements to domain expertise, creating the greatest value when algorithmic literacy is broadly diffused among workers. Unlike earlier business technologies that concentrated expertise in IT specialists, AI and algorithms are most effective when domain experts themselves can interpret and apply them. Using two workforce datasets, I show that demand for algorithmic skills is rising among domain experts, frontier firms diffuse these sk...
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作者：Vollon, Lauren J.
作者单位：University of Notre Dame
摘要：This study investigates the role of venture capital (VC) firms in private mergers and acquisitions (M&A) contracting, particularly in reducing information asymmetry. Analyzing a proprietary data set of 851 startup acquisitions from 2015 to 2020, I find that M&A contracts are significantly less likely to include earnouts, mechanisms designed to mitigate information asymmetry, when a VC is involved in the transaction. Further analysis reveals that earnouts are more likely in transactions with hi...
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作者：Chen, Keith; Feinerman, Katherine; Haggag, Kareem
作者单位：University of California System; University of California Los Angeles
摘要：Modern tech platforms provide workers real-time control over when they work and, increasingly, flexible pay: the option to be paid immediately after work. We investigate the labor supply effects of pay flexibility and the implications of present-biased preferences among gig-economy workers. Using granular data from a nationwide randomized controlled trial at Uber, we estimate the effects of switching from a fixed weekly pay schedule to Instant Pay, a system that allows on-demand, within-day wi...
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作者：de Roure, Calebe; Moench, Emanuel; Pelizzon, Loriana; Schneider, Michael
作者单位：Reserve Bank of Australia; Frankfurt School Finance & Management; Goethe University Frankfurt; Universita Ca Foscari Venezia; Deutsche Bundesbank
摘要：We document a pecking order of transaction costs in the interdealer market for German sovereign bonds, where three trading protocols coexist. Dealers can trade over the counter (OTC), either bilaterally or via brokers, as well as on an exchange. Trading on the exchange is more expensive than OTC, and broker-intermediated trades are more costly than bilateral OTC trades. The existence of an OTC discount is difficult to square with theories centered around search-and-bargaining frictions but is ...
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作者：Loch, Christoph
作者单位：University of Navarra
