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作者：Siano, Federico
作者单位：University of Texas System; University of Texas Dallas
摘要：This study examines the information content of textual disclosures in firms' earnings announcements. Using a large language model (LLM) to capture information in both words and word context, I show that the news in earnings press releases (i) explains three times more variation in short-window stock returns than a host of textual measures based on dictionary and non-LLM machine learning methods; (ii) doubles the R2 of an array of financial statement surprises, modeled with conventional regress...
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作者：Bar-Isaac, Heski; Johnson, Justin P.; Nocke, Volker
作者单位：University of Toronto; Cornell University; University of Mannheim
摘要：It is often argued that startups are acquired for the sole purpose of hiring specialized talent. We show that the goal of such acquihires might be to shut down the most relevant labor market competitor. This grants the acquirer monopsony power over specialized talent. As a consequence, acquihiring may harm employees and be socially inefficient. We explore the robustness of these effects, allowing for private benefits associated with working at a startup, varying bargaining protocols, multiple ...
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作者：Kinch, Michelle A.; Buell, Ryan W.
作者单位：Dartmouth College
摘要：Prior research in social psychology has shown that when people feel anxious, they seek advice from others. Yet, companies that operate in high-anxiety settings (like financial services, healthcare, and education) are increasingly deploying self-service technologies (SSTs), through which anxious customers transact without access to human contact. These companies may therefore face a classic efficiency-service trade-off where gains in operational efficiency through automation also hamper service...
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作者：Klusowski, Joowon; Lewis, Joshua
作者单位：Yale University; New York University
摘要：Business managers and policymakers must often communicate magnitudes. Yet conveying large relative magnitudes without desensitizing people to further increases can be challenging because of diminishing sensitivity to large numbers. In this research, we propose that percentage expressions not only make large relative magnitudes (e.g., 500%) appear larger than equivalent non-percentage expressions but also make large increases in relative magnitudes (e.g., from 500% to 600%) appear larger. We po...
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作者：Feng, Kai; Hong, Han; Tang, Ke; Wang, Jingyuan
作者单位：Tsinghua University; Stanford University; Beihang University
摘要：This paper proposes a statistical framework of using artificial intelligence to improve human decision making. The performance of each human decision maker is benchmarked against that of machine predictions. We replace the diagnoses made by a subset of the decision makers with the recommendation from the machine learning algorithm. We apply both a heuristic frequentist approach and a Bayesian posterior loss function approach to abnormal birth detection using a nationwide data set of doctor dia...
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作者：Baillon, Aurelien; Bleichrodt, Han; Li, Chen; Wakker, Peter P.
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite Lyon 2; Ecole Normale Superieure de Lyon (ENS de LYON); Universite Jean Monnet; Universite Lyon 1; emlyon business school; Universitat d'Alacant; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper introduces source theory, a new theory for decision under ambiguity (unknown probabilities). It shows how Savage's subjective probabilities, with sourcedependent nonlinear weighting functions, can model Ellsberg's ambiguity. It can do so in Savage's framework of state-contingent assets, permits nonexpected utility for risk, and avoids multistage complications. It is tractable, shows ambiguity attitudes through simple graphs, is empirically realistic, and can be used prescriptively. ...
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作者：de Kok, Ties
作者单位：University of Washington; University of Washington Seattle
摘要：Generative large language models (GLLMs), such as ChatGPT and GPT-4 by OpenAI, are emerging as powerful tools for textual analysis tasks in accounting research. GLLMs can solve any textual analysis task solvable using nongenerative methods as well as tasks previously only solvable using human coding. Whereas GLLMs are new and powerful, they also come with limitations and present new challenges that require care and due diligence. This paper highlights the applications of GLLMs for accounting r...
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作者：Alos-Ferrer, Carlos; Buckenmaier, Johannes T.; Garagnani, Michele; Rustichini, Aldo
作者单位：Lancaster University; Universitat Jaume I; University of Melbourne; University of Minnesota System; University of Minnesota Twin Cities
摘要：Choice inconsistency is ubiquitous in economic decision making. Standard random utility models as well as sequential sampling models account for it and predict a relation between inconsistency rates and utility differences (strength-of-preference effects). The latter phenomenon is well-established empirically. However, recent literature argues that inconsistency might be the outcome of a deliberate attempt to implement an explicit preference for randomization. We collected new data in three pr...
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作者：Ghita, Razvan; Zureich, Jacob
作者单位：University of Southern Denmark; Lehigh University
摘要：Socially driven organizations aiming to become more data driven often face practical barriers such as difficulties in measuring complex social objectives. We argue that, even when those practical barriers are addressed, social missions make it harder to foster a data-driven culture by exacerbating employee aversion to algorithms and hard data. Our theory is that emphasizing a social rather than profit-oriented mission increases employees' concern for empathy, and this, in turn, makes them more...
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作者：Han, Pengfei; Wang, Zhu
作者单位：Peking University; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Mobile payments are reshaping the global payment landscape with some developing economies leapfrogging advanced economies in adoption. We build and estimate a dynamic model of sequential payment innovations-progressing from cash to card to mobile-to explain this pattern. The model matches cross-country payment technology adoption patterns and shows how advanced economies' early success in adopting card payments dampens subsequent mobile payment adoption. Extending the framework to a two-sided ...
