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作者：Alyakoob, Mohammed; Rahman, Mohammad
作者单位：University of Southern California; Purdue University System; Purdue University
摘要：This study investigates the potential of market design choices, specifically quality certification, to mitigate racial discrimination in digital marketplaces. Using a regression discontinuity design (RDD) that exploits the discontinuity in Airbnb's Superhost assignment, we find that Black hosts benefit 1.5 times more from the quality certification than other hosts. Moreover, we find compelling evidence that this disproportionate increase does not come at the expense of non-Superhost Black host...
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作者：Di Giuli, Alberta; Garel, Alexandre; Michaely, Roni; Romec, Arthur
作者单位：heSam Universite; ESCP Business School; Audencia; University of Hong Kong; European Corporate Governance Institute
摘要：This paper explores whether investors' personal experience with climate change affects their voting behavior on climate change-related proposals. We find that fund managers exposed to abnormally hot temperatures are significantly more likely to support climate proposals. We further show that the effect is persistent. We observe significant heterogeneity in the effect of hot temperatures, depending on firm-level climate risk, the quality of the proposals, fund investment strategy, and prior awa...
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作者：Castillo, Juan Camilo; Knoepfle, Dan; Weyl, E. Glen
作者单位：University of Pennsylvania; Uber Technologies, Inc.; Microsoft
摘要：We show that ride-hailing markets are prone to a matching failure (wild goose chases) in which high demand sets off a harmful feedback cycle of few idle drivers, high pickup times, and low earnings, drastically reducing welfare. After characterizing these failures theoretically and showing empirical evidence of their relevance, we analyze how platforms can avoid them. Raising prices brings demand back under control. Platforms can thus set a uniform high price, or they can use high surge pricin...
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作者：Li, Meng; Zhang, Shichen
作者单位：University of Houston System; University of Houston; Nankai University
摘要：Procuring essential products during disasters can save lives and livelihoods; nevertheless, limited research has explored this critical issue. In this paper, we collaborate with a buying company to run a unique B2B field experiment during the early COVID-19 outbreak that prompts an urgent need for personal protective equipment. We find that suppliers would deliver products faster by quoting a significantly shorter lead time when the buying company purchases products for donation rather than fo...
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作者：Dai, Yun; Bao, Te; Zhu, Jiahua
作者单位：Sun Yat Sen University; Nanyang Technological University; Inner Mongolia University; University of London; King's College London
摘要：Using a controlled laboratory experiment, we examine how financial reporting regulations-limits on earnings management and auditing-affect disclosure quality and market efficiency. Our findings indicate that a tight limit and the possibility of an audit enhance the informativeness of earnings disclosures, leading to improved pricing efficiency while a weak limit deteriorates disclosure quality and pricing efficiency. Financial reporting regulations enhance disclosure quality via both constrain...
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作者：Elul, Ronel; Gupta, Deeksha; Musto, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Johns Hopkins University; University of Pennsylvania
摘要：When home prices threaten to decline, large mortgage investors can benefit from fostering new lending that boosts demand. We ask whether this benefit contributed to the growth in acquisitions of risky mortgages by the Government Sponsored Enterprises (GSEs) in the first half of 2007. We find that it helps explain the variation of this growth across regions, as well as regional house price and credit changes. The growth predicted by this benefit is on top of the acquisition growth caused by the...
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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; Harvard University
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...
