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作者：Bazley, William; Cuculiza, Carina; Pisciotta, Kevin
作者单位：University of Kansas; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：Despite evidence of the importance of sleep for cognitive performance, prior research finds limited effects of sleep disruptions on financial markets. This is puzzling because financial decisions rely on higher-order cognitive processes that are typically affected by sleep. We reconcile this dissonance by examining forecasts of corporate earnings by nonprofessional and professional forecasters. We find that nonprofessional forecasters exhibit a significant decline in their forecast accuracy fo...
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作者：Jiang, Zhaohui (Zoey); Li, Jun; Zhang, Dennis
作者单位：Carnegie Mellon University; University of Michigan System; University of Michigan; Washington University (WUSTL)
摘要：Online retailers are facing an increasing variety of product choices and diversified consumer decision journeys. To improve many operations decisions for online retailers, such as demand forecasting and inventory management and pricing, an important first step is to obtain an accurate estimate of the substitution patterns among a large number of products offered in the complex online environment. Classic choice models either do not account for these substitution patterns beyond what is reflect...
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作者：Lahaie, Sebastien; Lubin, Benjamin
作者单位：Alphabet Inc.; Google Incorporated; Boston University
摘要：We introduce the first adaptively priced iterative combinatorial auction design, which gradually extends price expressiveness as the rounds progress. This mechanism achieves both high efficiency and fast convergence across a wide range of valuation domains. We implement our auction design using polynomial prices, show how to detect when the current price structure is insufficient to clear the market, and show how to correctly expand the polynomial structure to guarantee progress. An experiment...
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作者：Bayati, Mohsen; Cao, Junyu; Chen, Wanning
作者单位：Stanford University; University of Texas System; University of Texas Austin; University of Washington; University of Washington Seattle
摘要：Multiarmed bandit (MAB) algorithms are efficient approaches to reduce the opportunity cost of online experimentation and are used by companies to find the best product from periodically refreshed product catalogs. However, these algorithms face the so-called cold-start at the onset of the experiment due to a lack of knowledge of customer preferences for new products, requiring an initial data collection phase known as the burn-in period. During this period, standard MAB algorithms operate like...
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作者：Rzeznik, Aleksandra; Hanley, Kathleen Weiss; Pelizzon, Loriana
作者单位：York University - Canada; Lehigh University; Goethe University Frankfurt; Universita Ca Foscari Venezia
摘要：We exploit a quasi-natural experiment, the change in Sustainalytics' environmental, social, and governance (ESG) rating methodology, which reassesses risk and inverts the rating scale, to examine how reliance on ESG ratings impacts stock returns. The change in the ESG rating influences stocks' returns, but this is due to retail investors' misinterpretation about the change in the ratings scale. Sophisticated investors, such as 13F institutions and short sellers, take advantage of individual in...
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作者：Gandhi, Ashvin D.; Song, YoungJun; Upadrashta, Prabhava
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; California State University System; San Diego State University
摘要：This paper studies how product market competition shapes the impact of private equity (PE) acquisitions on consumers. We examine nursing home buyouts and observe that PE-owned facilities exhibit greater competitive sensitivity: competing more aggressively when competitive incentives are strong and exploiting market power more aggressively when competitive incentives are weak. We find that PE-owned facilities are more sensitive to local market competition-even when comparing effects only across...
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作者：Peura, Heikki; Yang, S. Alex
作者单位：Aalto University; University of London; London Business School
摘要：Service platforms connect consumers to independent providers, who typically deliver the service using their own assets (e.g., ride-hailing with suitable vehicles). To expand their services, platforms have introduced programs aimed at attracting prospective providers who lack the requisite assets. These programs diverge in terms of asset ownership and contract structures. In platform financing, the platform offers to finance providers' asset investments, serving as an alternative to bank loans....
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作者：Martin, Julien; Parenti, Mathieu; Toubal, Farid
作者单位：University of Quebec; University of Quebec Montreal; Centre for Economic Policy Research - UK; Paris School of Economics; INRAE; Leibniz Association; Ifo Institut; Universite PSL; Universite Paris-Dauphine
摘要：This paper examines the effect of corporate tax avoidance (CTA) on U.S. firm-level sales and its aggregate implications. In theory, CTA gives a competitive edge to avoiding firms, which affects the distribution of sales in the economy. In practice, we find a causal impact of CTA on firm-level sales using a broad set of measures of tax avoidance and different identification strategies. Combining microestimates and the model, we assess how changes in CTA over the past two decades have shaped the...
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作者：Xu, Da
作者单位：Tsinghua University
摘要：In recent years, earnings call slide decks (hereafter, earnings decks) have become increasingly common in the earnings announcements of public firms. In this paper, I examine the characteristics of earnings decks and the determinants of firms' use of them. More importantly, I study their capital market roles. While I fail to find evidence that earnings decks on average offer information incremental to traditional disclosures, such as press releases and conference calls, they significantly redu...
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作者：Bogliacino, Francesco; Grimalda, Gianluca; Pipke, David
作者单位：Catholic University of the Sacred Heart; University of Passau
摘要：The gift exchange hypothesis posits that workers reciprocate above-market wages with increased productivity. This paper tests this hypothesis in a natural field experiment where one or both workers in a pair received a discretionary bonus after an initial round of data entry tasks. Bonuses were assigned based on one of three criteria: (i) relative productivity in the initial round, (ii) economic need, or (iii) an arbitrary decision. Two conditions where neither or both workers received a bonus...
