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作者：Li, You; Tan, Weiqiang; Yao, Daifei; Zhang, Tian
作者单位：Macau University of Science & Technology; Education University of Hong Kong (EdUHK); Griffith University; University of Hong Kong
摘要：We study how households understand and respond to monetary policy by exploiting the open auctions of early-stage crowdfunding and inferring individuals' expectations based on their maximum requested interest rates. Using loan listings from Prosper, we find that borrowers adjust their willingness-to-pay interest rates in response to unexpected Federal funds rate changes, whereas anticipated shifts have negligible effects. These responses are more pronounced among high-income, high-credit-score ...
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作者：Hamdi, Naser; Kalda, Ankit; Sovich, David
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Kentucky
摘要：We examine the effects of student loan forbearance on job search outcomes. Our experimental setting is the 2020 federal student loan moratorium that provided some borrowers with forbearance by pausing the payments on their student loans. We use data on unemployment insurance claims, payroll records, and credit histories to compare unemployed borrowers who received forbearance to unemployed borrowers who had to continue making payments. We find that the payment pause did not have any economical...
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作者：Vijairaghavan, Vaarun; Hidaji, Hooman; Nault, Barrie R.
作者单位：University of Calgary
摘要：Many jurisdictions have implemented data portability regulation (DPR) that requires that Data Controllers (DCs) enable users to download their personal data so that they can port their data to competing DCs. The intention of DPR is to return partial control of data to users, improve user choice of DCs, increase DC participation in the market, and reduce industry concentration. To achieve this, if nonmonetary corrective measures (e.g., warnings, orders to comply) to obtain portability complianc...
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作者：Wang, Xiaoning; Wu, Lynn
作者单位：University of Texas System; University of Texas Dallas; University of Pennsylvania
摘要：Although artificial intelligence (AI) has the potential to drive significant business innovation, many firms struggle to realize its benefits. We investigate why some firms succeed in using AI for innovation, whereas others fail, focusing on the organizational support necessary for leveraging AI in both novel and incremental innovation. Specifically, we examine how the lean startup method (LSM) influences the impact of AI on product innovation in startups. Analyzing data from 1,800 Chinese sta...
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作者：Klingler, Sven; Sundaresan, Suresh; Moran, Michael
作者单位：Frankfurt School Finance & Management; Columbia University
摘要：Sponsors of corporate defined benefit (DB) pension plans in the United States transferred $155 billion pension obligations to insurance companies between 2012 and 2022. These pension risk transfers (PRTs) reduced the pool of corporate DB plan participants by 12% and are a huge business for the involved insurers. We assemble a new PRT database and highlight three features of PRTs: (i) the burden associated with mandatory Pension Benefit Guaranty Corporation (PBGC) insurance premiums drives PRT ...
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作者：Lei, Xiaoxia; Chen, Yixing; Sen, Ananya
作者单位：Shanghai Jiao Tong University; University of Notre Dame; Carnegie Mellon University
摘要：Firms increasingly leverage external entities' data capabilities to unlock improvements in their offerings, but measuring the impact of such capabilities is challenging. Collaborating with the search team at a technology company, we analyzed a large-scale field experiment in which we randomized access to an external, leading search engine's autocomplete application programming interface (API) for more than two million users over 108 days. We measure the causal effects of removing API access on...
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作者：Shehu, Edlira; Zantedeschi, Daniel; Naik, Prasad A.
作者单位：University of Groningen; State University System of Florida; University of South Florida; University of California System; University of California Davis
摘要：Many time series data evolve asynchronously. In marketing, for example, we observe ad liking every second, hourly clickstreams, daily sales, weekly brand awareness, or monthly ad expenditures. Thus, the question arises: how to estimate dynamic models when metrics evolve at different frequencies? To this end, we develop a new method for estimation and inference of state space models for asynchronous data. In contrast to existing approaches, the proposed method does not require any data preproce...
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作者：Wang, Hongchang; Zhang, Yingjie; Lu, Tian
作者单位：University of Texas System; University of Texas Dallas; Peking University; Arizona State University; Arizona State University-Tempe
摘要：Human-algorithm collaboration is becoming increasingly prevalent in the economy and society. However, this collaboration is not always fruitful, and in extreme cases, people become human borgs or totally averse to algorithms. The key to collaborative value is whether humans and algorithms can complement each other in decision making, but it is challenging for humans to disagree with algorithmic recommendations at the right time (i.e., to disagree when algorithms are wrong and not disagree when...
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作者：Barucci, Emilio; Brachetta, Matteo; Marazzina, Daniele
作者单位：Polytechnic University of Milan; University of Genoa
摘要：We investigate the adoption of Central Bank digital currency (CBDC) in a partial equilibrium setting, focusing on four key features: remuneration, monetary incentives, interoperability, and architecture. Agents are interested in adopting CBDC because they have a preference for digital payments, and the Central Bank may incentivize adoption through subsidies and platform development, potentially in collaboration with the private sector. Our results demonstrate that both the remuneration scheme ...
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作者：Li, Minwen; Makaew, Tanakorn; Winton, Andrew
作者单位：Tsinghua University; University of Southern California; University of Minnesota System; University of Minnesota Twin Cities
摘要：We propose a model of bank monitoring and borrower financial misreporting. Using the staggered liberalization of the banking sector in China as a natural experiment, we find that, consistent with the model's prediction, entry by more efficient foreign banks reduces corporate misreporting fraud. Fraud reduction is greatest among borrowers of foreign banks, but fraud also drops among borrowers of domestic banks, suggesting a spillover effect. As predicted by the model, fraud reduction is greates...
