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作者：Eaglin, F. Christopher
作者单位：Duke University
摘要：Existing literature suggests that firms engage in misconduct in response to financial pressure. However, the extent and severity of misconduct have been challenging to determine given the lack of granular data. This limitation is particularly true for smaller firms in emerging markets whose profitability and survival depend on misconduct. This study analyzes the impact of reducing capital constraints on misconduct using highfrequency global positioning system and financing data from the minibu...
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作者：Schuett, Florian; Wipusanawan, Chayanin
作者单位：KU Leuven; Tilburg University; University of Passau; University of Passau
摘要：There is widespread concern about the lack of transparency regarding standard essential patents (SEPs). This paper examines the proposal to introduce essentiality checks, a certification scheme for declared SEPs. We develop a framework that allows us to evaluate how essentiality checks would impact licensing, litigation, and incentives to innovate. In our model, an upstream innovator invests in R&D and privately learns about the likely essentiality of its patents for a standard. The innovator ...
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作者：Campello, Murillo; Matta, Rafael; Saffi, Pedro A. C.
作者单位：State University System of Florida; University of Florida; National Bureau of Economic Research; SKEMA Business School; Universite Cote d'Azur; CUNEF Universidad; University of Cambridge
摘要：We characterize how managers can curb manipulation by signaling information via stock repurchases in an environment with costly short selling and feedback effects from trading to firms' access to capital. Without repurchases, manipulation coexists with informed trading at low shorting costs, reducing price informativeness and firm investment. Manipulation becomes less profitable as shorting costs increase, making prices more informative and boosting investment if speculators are less informed....
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作者：Dasgupta, Sudipto; Li, Di; Li, Erica X. N.
作者单位：Chinese University of Hong Kong; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：How much value does an additional dollar of cash create for a firm? It is generally recognized that the marginal value of cash (MVC) can either exceed or fall below one dollar. Estimates of MVC can guide corporate cash and payout policy, indicate the quality of governance, and make a firm a target for takeover or activism. Yet the existing methods of estimation lack a rigorous theoretical foundation and often provide implausibly high or low estimates. In this paper, we provide a formulation of...
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作者：Kim, Hyunjin
作者单位：INSEAD Business School
摘要：To what extent do firms know available information on key competitor decisions, and how does competitor information change their own strategic choices? These questions are fundamental to understanding how firms compete and make strategic decisions, yet systematic evidence on them remains limited. I designed a field experiment across 3,218 differentiated firms in the personal care industry, where firms randomly assigned to treatment received easily accessible information on competitor prices. A...
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作者：Mayya, Raveesh; Huang, Peng
作者单位：New York University; University System of Maryland; University of Maryland College Park
摘要：Beyond financial incentives, investments by Corporate Venture Capitalists (CVCs) are often motivated by strategic objectives, such as gaining early exposure to emerging technologies. However, in the presence of information asymmetry, CVCs tend to invest in startups with a high degree of business relatedness-startups that are less risky but lacking in knowledge novelty-which are not ideal for achieving their strategic objectives. With startup accelerators showing promise in mitigating the infor...
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作者：Moshary, Sarah
作者单位：University of California System; University of California Berkeley
摘要：This paper provides empirical evidence on the performance of sponsored search advertising in a case study of an unnamed e-commerce platform. I leverage a field experiment that blocks all sponsored search advertising for 3% of site visitors. The experiment shows that sponsored search advertising both steals business from organic listings and also reduces the total volume of transactions intermediated by the platform. However, in this case study, I find that sponsored search is nonetheless profi...
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作者：Voleti, Sudhir; Malladi, Vishwakant; Sohoni, Milind G.
作者单位：Indian School of Business (ISB); State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We investigate whether and to what extent financial markets value and respond to operations management (OM)-related information in quarterly earnings calls directed toward financial market participants. We develop and use a novel construct called stated OM focus (SOMF) to mine the incidence of and emphasis on OM information in the quarterly earnings conference calls for a large cross-section of firms (S&P 1500) over a time frame of 15 years. We empirically establish the value-relevance of OM i...
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作者：Fereidouni, Meysam; Nault, Barrie R.
作者单位：Simon Fraser University; University of Calgary
摘要：Despite utilizing technical prevention methods and enacting copyright protection legislation, digital piracy has remained a persistent problem. We examine policy remedies to digital piracy whereby the policymaker has to balance its budget between fines on detected pirates, subsidies for legal purchases, and restitution to the firm. In our model, users choose whether to subscribe, copy, or not use the good, a firm decides on subscription fee and quality, and a policymaker determines subsidies, ...
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作者：Manshadi, Vahideh; Rodilitz, Scott; Saban, Daniela; Suresh, Akshaya
作者单位：Yale University; University of California System; University of California Los Angeles; Stanford University; RAND Corporation
摘要：Two-sided platforms rely on their recommendation algorithms to help visitors successfully find a match. However, on platforms such as VolunteerMatch, which has facilitated millions of connections between volunteers and nonprofits, a sizable fraction of website traffic arrives directly to a nonprofit's volunteering page via an external link, thus bypassing the platform's recommendation algorithm. We study how such platforms should account for this external traffic in the design of their recomme...
