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作者：Guo, Lixiong; Kong, Jing; Masulis, Ronald W.
作者单位：University of Mississippi; University of Michigan System; University of Michigan; University of New South Wales Sydney
摘要：We explore whether employee interests affect the evaluation of acquisition offers by target boards of directors. Exploiting changes in state unemployment insurance (UI) as sources of exogenous variation in worker unemployment costs, we find that lower unemployment costs increase acquisition activity. The adoption of state constituency statutes strengthens this relation. Boards of target firms having high labor intensity, low short-term institutional ownership, headquartered in low population o...
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作者：Agarwal, Sumit; Sing, Tien Foo; Song, Changcheng; Zhang, Jian
作者单位：National University of Singapore; National University of Singapore; Singapore Management University; University of Hong Kong
摘要：Working at home benefits entrepreneurs by lowering fixed costs and allowing them to engage in joint market and household production. We evaluate a large-scale reform in Singapore, the Home Office Scheme, that allowed business creation at one's residential property and study whether home-based entrepreneurship spurs entrepreneurial activities. The difference-in-differences estimate shows that the reform led to a significantly higher level of business creation and the firms newly created in resp...
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作者：Wijnsma, Sytske C.; Lauga, Dominique Olie; Toktay, L. Beril
作者单位：University of California System; University of California Berkeley; University of Cambridge; University System of Georgia; Georgia Institute of Technology
摘要：Illegal or unwanted waste disposal methods such as dumping and export are prevalent in practice. To minimize the environmental harm of these methods, policymakers have implemented laws and regulations designed to combat them. Even so, violations are rampant as a high degree of heterogeneity between firms and proprietary information render monitoring imperfect. Decentralized waste disposal chains, a common form of interbusiness organization in this sector, compound this problem as firms also ha...
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作者：Kleinberg, Jon; Mullainathan, Sendhil; Raghavan, Manish
作者单位：Cornell University; Cornell University; University of Chicago; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Online platforms have a wealth of data, run countless experiments, and use industrial-scale algorithms to optimize user experience. Despite this, many users seem to regret the time they spend on these platforms. One possible explanation is that incentives are misaligned: platforms are not optimizing for user happiness. We suggest the problem runs deeper, transcending the specific incentives of any particular platform, and instead stems from a mistaken foundational assumption. To understand wha...
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作者：Virudachalam, Vanitha; Savin, Sergei; Steinberg, Matthew P.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Pennsylvania
摘要：U.S. K-12 school districts that traditionally utilized ongoing formative assessments of student progress increasingly rely on additional interim assessments to predict student performance on standardized tests. Moreover, some districts are experimenting with merit-based teacher bonuses tied to standardized test scores. We examine the relationship between interim assessments and teacher bonuses using a two-period principal-agent model. The school district (principal), operating under a limited ...
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作者：Yang, Luyi; Jin, Chen; Shao, Zhen
作者单位：University of California System; University of California Berkeley; National University of Singapore; Chinese Academy of Sciences; University of Science & Technology of China, CAS
摘要：This paper studies a novel social commerce practice known as help-and haggle, whereby an online consumer can ask friends to help her haggle over the price of a product. Each time a friend agrees to help, the price is cut by a random amount, and if the consumer cuts the product price down to zero within a time limit, she will get the product for free; otherwise, the product reverts to the original price. Help-and-haggle enables the firm to promote its product and boost its social reach as consu...
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作者：Marquez, Robert; Singh, Rajdeep
作者单位：University of California System; University of California Davis; University of Minnesota System; University of Minnesota Twin Cities
摘要：When do sellers benefit from the presence of a strong buyer? In a second price auction with independent private values and entry costs for buyers, we allow for one buyer to be stochastically strong. We show that, when buyers make positive net profits, seller revenue is higher with a stronger buyer. In contrast, when competition is endogenous so that all buyers other than the strong buyer break even, seller revenue is always lower in the presence of a strong buyer. We also study seller actions ...
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作者：Li, Yi; O'Hara, Maureen; Zhou, Xing (Alex)
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Cornell University; Southern Methodist University
摘要：Against the backdrop of COVID-19, we study how the interactions of mutual funds and dealers introduce fragility to the municipal bond market and induce lasting market impacts. During the crisis, trading surges, whereas dealers' liquidity provision plunges for mutual-fund-held bonds, leading to greater price depressions in these bonds. Importantly, the crisis reshapes the market's perceptions of mutual fund fragility risks, with the aftermath-yield spreads widening significantly more for bonds ...
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作者：Hahn, Anja M.; Kholodilin, Konstantin A.; Waltl, Sofie R.; Fongoni, Marco
作者单位：Vienna University of Economics & Business; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; HSE University (National Research University Higher School of Economics); Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin's rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side effects in terms of prices, quantities, and landlords' strategic behavior. We develop ...
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作者：Gong, Jie; Png, I. P. L.
作者单位：University of Hong Kong; National University of Singapore
摘要：Becker and Murphy proposed that task specialization raises productivity but is limited by the costs of coordinating workers. We propose that automation enables workers to specialize without coordination costs. To the extent that the cost of effort exhibits increasing differences, workers increase effort in nonautomated tasks and productivity. The proposition is supported by a field experiment among supermarket cashiers. Conventionally, supermarket cashiers perform two tasks: scanning purchases...
