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作者：Freeman, Rupert; Witkowski, Jens; Vaughan, Jennifer Wortman; Pennock, David M.
作者单位：University of Virginia; Frankfurt School Finance & Management; Microsoft; Rutgers University System; Rutgers University New Brunswick
摘要：We draw a surprising and direct mathematical equivalence between the class of fair division mechanisms, designed to allocate divisible goods without money, and the class of weakly budget-balanced wagering mechanisms, designed to elicit probabilities. Although this correspondence between fair division and wagering has applications in both settings, we focus on its implications for the design of incentive-compatible fair division mechanisms. In particular, we show that applying the correspondenc...
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作者：Iyengar, Garud; Saleh, Fahad; Sethuraman, Jay; Wang, Wenjun
作者单位：Columbia University; Wake Forest University
摘要：We examine a supply chain with a single risk-averse manufacturer who purchases from suppliers and sells to consumers. Within this context, we focus on two channels that drive blockchain adoption by the manufacturer: manufacturer risk aversion and consumer information asymmetry. Regarding the first channel, blockchain enables efficient tracing of defective products so that the manufacturer can selectively recall defective products rather than conducting a full recall. This tracing ability reduc...
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作者：Atmaz, Adem; Gulen, Huseyin; Cassella, Stefano; Ruan, Fangcheng
作者单位：Purdue University System; Purdue University; Tilburg University
摘要：We document considerable cross-investor variation in survey expectations about aggregate stock market returns. Although most investors are extrapolators who expect higher returns after a good market performance, some are contrarians who expect lower returns after a good performance. More notably, compared with extrapolators, contrarians have less persistent expectations that are corrected more quickly. We then develop a dynamic equilibrium model accounting for these differences in expectations...
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作者：Wu, Di (Andrew)
作者单位：University of Michigan System; University of Michigan
摘要：Using textual analysis techniques, including seeded word embedding and bagof-words-based content analysis, I develop a firm-level measure of supply chain risk exposure from a novel source of unstructured data-the discussion between managers and equity analysts on supply chain-related topics during firms' quarterly earnings conference calls. I validate the measure by showing that (1) the measure exhibits intuitive variations over time and across firms, successfully capturing both routine and sy...
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作者：Kini, Omesh; Lee, Sangho; Shen, Mo
作者单位：University System of Georgia; Georgia State University; California State University System; California State Polytechnic University Pomona; Auburn University System; Auburn University
摘要：The common ownership of firms can have anticompetitive effects by incentivizing collusive outcomes that maximize joint surpluses of the commonly held firms or pro competitive effects through enhanced knowledge spillovers. Using a difference -indifferences regression methodology that exploits mergers between financial institutions as exogenous shocks to common ownership, our baseline results suggest that higher common ownership leads to greater product market fluidity (a text-based metric of co...
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作者：Kerimov, Suleyman; Ashlagi, Itai; Gurvich, Itai
作者单位：Rice University; Stanford University; Northwestern University
摘要：We study how to optimally match agents in a dynamic matching market with heterogeneous match cardinalities and values. A network topology determines the feasible matches in the market. In general, a fundamental tradeoff exists between short-term value-which calls for performing matches frequently-and long-term value-which calls, sometimes, for delaying match decisions in order to perform better matches. We find that in networks that satisfy a general position condition, the tension between sho...
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作者：Rossi, Michelangelo
作者单位：IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：This paper studies how competition affects the role of reputation in encouraging sellers to exert effort. More competition disciplines sellers, but at the same time, it erodes reputational premia. This paper identifies whether one effect dominates the other using data from Airbnb. I exploit the introduction of a short-term rental regulation effective in San Francisco in 2017 that halved the number of short-term listings on the platform. I focus on hosts who are present on the platform before a...
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作者：Zhang, Donghang; Zhang, Yafei; Zhao, Yijia (Eddie)
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Manchester; Alliance Manchester Business School; University of Massachusetts System; University of Massachusetts Boston
摘要：Using a dataset on syndicated loan primary market pricing adjustments, we examine whether relationship banks' information advantage facilitates price discovery in loan issuances. We find that the lead bank makes fewer adjustments to the initial pricing terms of a syndicated loan and shortens the syndication time when it has a stronger relationship with the borrower. A stronger relationship also reduces loan underpricing. A relationship lead bank relies less on information from syndicate member...
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作者：Agarwal, Sumit; Ayyagari, Meghana; Kosova, Renata
作者单位：National University of Singapore; George Washington University; Imperial College London
摘要：Despite a large minimum wage literature that analyzes employee outcomes, there is less evidence on firm performance, prices, and quality. Exploiting staggered changes in U.S. minimum wages during 2000-2008 and census data on more than 29,000 hotel properties, we find that doubling the minimum wage as currently debated would reduce average hotel revenues by 6% per year and their occupancy rates by 3.1%. Responses vary by employer quality and organizational form. Although luxury hotels pass thro...
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作者：Drobner, Christoph; Goerg, Sebastian J.
作者单位：Technical University of Munich; Technical University of Munich
摘要：We study belief updating about relative performance in an ego-relevant task. Manipulating the perceived ego relevance of the task, we show that subjects substantially overweight positive information relative to negative information because they derive direct utility from holding positive beliefs. This finding provides a behavioral explanation why and how overconfidence can evolve in the presence of objective information. Moreover, we document that subjects who receive more negative information...
