首页 > 最新文献

Manag. Sci.最新文献

英文 中文
Chinese Asset Managers' Monetary Policy Forecasts and Fund Performance 中国资产管理公司的货币政策预测与基金业绩
Pub Date : 2023-01-01 DOI: 10.1287/mnsc.2022.4330
J. Ammer, Jack Rogers, G. Wang, Yang Yu
{"title":"Chinese Asset Managers' Monetary Policy Forecasts and Fund Performance","authors":"J. Ammer, Jack Rogers, G. Wang, Yang Yu","doi":"10.1287/mnsc.2022.4330","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4330","url":null,"abstract":"","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"34 1","pages":"598-616"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75056520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Nudging Timely Wage Reporting: Field Experimental Evidence from the U.S. Supplemental Security Income Program 推动及时工资报告:来自美国补充安全收入计划的现场实验证据
Pub Date : 2022-12-30 DOI: 10.1287/mnsc.2022.4645
C. Y. Zhang, Jeffrey Hemmeter, Judd B. Kessler, R. Metcalfe, R. Weathers
We study a large-scale (n = 50,000) natural field experiment implemented by the U.S. Social Security Administration aimed at increasing the timely and accurate self-reporting of wages by Supplemental Security Income (SSI) recipients. A letter reminding SSI recipients of their wage reporting responsibilities significantly increased both the likelihood of reporting any earnings and the total earnings reported. However, the specific letter content—providing social information or highlighting the salience of penalties—had no systematic effect. We develop a conservative estimate that the letters generated roughly $5.91 in savings per dollar spent, highlighting the value of such a nudge in this important context. This paper was accepted by Yan Chen, behavioral economics and decision analysis. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2022.4645 .
我们研究了美国社会保障局实施的一项大规模(n = 50,000)自然田野实验,旨在提高补充安全收入(SSI)接受者对工资的及时和准确的自我报告。一封提醒SSI受助人他们的工资报告责任的信大大增加了报告任何收入和报告的总收入的可能性。然而,具体的信件内容——提供社会信息或强调惩罚的显著性——没有系统的影响。我们进行了一个保守的估计,每花费1美元,这些信件大约节省了5.91美元,突出了这种推动在这一重要背景下的价值。本文被闫晨、行为经济学和决策分析等学科接受。补充材料:数据文件和在线附录可在https://doi.org/10.1287/mnsc.2022.4645上获得。
{"title":"Nudging Timely Wage Reporting: Field Experimental Evidence from the U.S. Supplemental Security Income Program","authors":"C. Y. Zhang, Jeffrey Hemmeter, Judd B. Kessler, R. Metcalfe, R. Weathers","doi":"10.1287/mnsc.2022.4645","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4645","url":null,"abstract":"We study a large-scale (n = 50,000) natural field experiment implemented by the U.S. Social Security Administration aimed at increasing the timely and accurate self-reporting of wages by Supplemental Security Income (SSI) recipients. A letter reminding SSI recipients of their wage reporting responsibilities significantly increased both the likelihood of reporting any earnings and the total earnings reported. However, the specific letter content—providing social information or highlighting the salience of penalties—had no systematic effect. We develop a conservative estimate that the letters generated roughly $5.91 in savings per dollar spent, highlighting the value of such a nudge in this important context. This paper was accepted by Yan Chen, behavioral economics and decision analysis. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2022.4645 .","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"76 1","pages":"1341-1353"},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83867825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
From the Editor - January 2023 编辑——2023年1月
Pub Date : 2022-12-14 DOI: 10.1287/mnsc.2022.4644
D. Simchi-Levi
{"title":"From the Editor - January 2023","authors":"D. Simchi-Levi","doi":"10.1287/mnsc.2022.4644","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4644","url":null,"abstract":"","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"25 1","pages":"1-6"},"PeriodicalIF":0.0,"publicationDate":"2022-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81838600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Privacy Regulation and Barriers to Public Health 隐私法规和公共卫生障碍
Pub Date : 2022-11-11 DOI: 10.2139/ssrn.3983334
J. Buckman, Idris Adjerid, Catherine Tucker
The COVID-19 pandemic has killed millions and gravely disrupted the world’s economy. A safe and effective vaccine was developed remarkably swiftly, but as of yet, uptake of the vaccine has been slow. This paper explores one potential explanation of delayed adoption of the vaccine, which is data privacy concerns. We explore two contrasting regulations that vary across U.S. states that have the potential to affect the perceived privacy risk associated with receiving a COVID-19 vaccine. The first regulation—an “identification requirement”—increases privacy concerns by requiring individuals to verify residency with government approved documentation. The second regulation—“anonymity protection”—reduces privacy concerns by allowing individuals to remove personally identifying information from state-operated immunization registry systems. We investigate the effects of these privacy-reducing and privacy-protecting regulations on U.S. state-level COVID-19 vaccination rates. Using a panel data set, we find that identification requirements decrease vaccine demand but that this negative effect is offset when individuals are able to remove information from an immunization registry. Our results remain consistent when controlling for CDC-defined barriers to vaccination, levels of misinformation, vaccine incentives, and states’ phased distribution of vaccine supply. These findings yield significant theoretical and practical contributions for privacy policy and public health. This paper was accepted by David Simchi-Levi, information systems. Supplemental Material: Data and the e-companion are available at https://doi.org/10.1287/mnsc.2022.4580 .
新冠肺炎大流行已造成数百万人死亡,严重扰乱了世界经济。一种安全有效的疫苗研制得非常迅速,但到目前为止,疫苗的吸收速度很慢。本文探讨了延迟采用疫苗的一个潜在解释,即数据隐私问题。我们探讨了美国各州不同的两项截然不同的法规,这些法规有可能影响与接种COVID-19疫苗相关的感知隐私风险。第一条规定——“身份要求”——通过要求个人用政府批准的文件来验证居住权,增加了对隐私的担忧。第二项规定——“匿名保护”——允许个人从国家运营的免疫登记系统中删除个人身份信息,从而减少了对隐私的担忧。我们调查了这些隐私减少和隐私保护法规对美国州一级COVID-19疫苗接种率的影响。使用面板数据集,我们发现识别要求减少了疫苗需求,但当个人能够从免疫登记中删除信息时,这种负面影响被抵消。在控制cdc定义的疫苗接种障碍、错误信息水平、疫苗激励措施和各州分阶段分配疫苗供应的情况下,我们的结果保持一致。这些发现为隐私政策和公共卫生提供了重要的理论和实践贡献。这篇论文被信息系统的David Simchi-Levi接受。补充材料:数据和电子伴侣可在https://doi.org/10.1287/mnsc.2022.4580上获得。
{"title":"Privacy Regulation and Barriers to Public Health","authors":"J. Buckman, Idris Adjerid, Catherine Tucker","doi":"10.2139/ssrn.3983334","DOIUrl":"https://doi.org/10.2139/ssrn.3983334","url":null,"abstract":"The COVID-19 pandemic has killed millions and gravely disrupted the world’s economy. A safe and effective vaccine was developed remarkably swiftly, but as of yet, uptake of the vaccine has been slow. This paper explores one potential explanation of delayed adoption of the vaccine, which is data privacy concerns. We explore two contrasting regulations that vary across U.S. states that have the potential to affect the perceived privacy risk associated with receiving a COVID-19 vaccine. The first regulation—an “identification requirement”—increases privacy concerns by requiring individuals to verify residency with government approved documentation. The second regulation—“anonymity protection”—reduces privacy concerns by allowing individuals to remove personally identifying information from state-operated immunization registry systems. We investigate the effects of these privacy-reducing and privacy-protecting regulations on U.S. state-level COVID-19 vaccination rates. Using a panel data set, we find that identification requirements decrease vaccine demand but that this negative effect is offset when individuals are able to remove information from an immunization registry. Our results remain consistent when controlling for CDC-defined barriers to vaccination, levels of misinformation, vaccine incentives, and states’ phased distribution of vaccine supply. These findings yield significant theoretical and practical contributions for privacy policy and public health. This paper was accepted by David Simchi-Levi, information systems. Supplemental Material: Data and the e-companion are available at https://doi.org/10.1287/mnsc.2022.4580 .","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"1 1","pages":"342-350"},"PeriodicalIF":0.0,"publicationDate":"2022-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89661821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Ratings and Cooperative Information Transmission 评级与协同信息传输
Pub Date : 2022-09-16 DOI: 10.1287/mnsc.2022.4297
Jordan M. Martel, Edward Dickersin Van Wesep, R. V. Wesep
Researchers have often attributed discrete messages such as ratings to a difference in preferences between sender and receiver. By extending a standard model of information transmission, we show that discreteness can also arise when preferences are identical but misinterpretation is possible. Whereas discrete messages are less precise, they are easier to interpret. We provide predictions for the distribution of ratings. If we believe that an observed distribution results from cooperative behavior, the model provides a method for inferring the objectives of the sender and receiver. Ratings inflation and deflation arise as emergent properties of an optimal distribution. This paper was accepted by Gustavo Manso, finance.
研究人员经常将诸如评级之类的离散信息归因于发送者和接收者之间偏好的差异。通过扩展信息传递的标准模型,我们表明,当偏好相同但可能存在误解时,也会出现离散性。尽管离散信息不那么精确,但它们更容易解释。我们为评级的分布提供预测。如果我们认为观察到的分配是合作行为的结果,该模型提供了一种推断发送方和接收方目标的方法。评级通货膨胀和通货紧缩是最优分布的紧急属性。这篇论文被金融学的Gustavo Manso接受。
{"title":"Ratings and Cooperative Information Transmission","authors":"Jordan M. Martel, Edward Dickersin Van Wesep, R. V. Wesep","doi":"10.1287/mnsc.2022.4297","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4297","url":null,"abstract":"Researchers have often attributed discrete messages such as ratings to a difference in preferences between sender and receiver. By extending a standard model of information transmission, we show that discreteness can also arise when preferences are identical but misinterpretation is possible. Whereas discrete messages are less precise, they are easier to interpret. We provide predictions for the distribution of ratings. If we believe that an observed distribution results from cooperative behavior, the model provides a method for inferring the objectives of the sender and receiver. Ratings inflation and deflation arise as emergent properties of an optimal distribution. This paper was accepted by Gustavo Manso, finance.","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"7 1","pages":"9175-9197"},"PeriodicalIF":0.0,"publicationDate":"2022-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83161493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Fending Off Critics of Platform Power with Differential Revenue Sharing: Doing Well by Doing Good? 用差异化收入分成抵挡对平台权力的批评:做得好就做得好?
Pub Date : 2022-09-14 DOI: 10.1287/mnsc.2022.4545
H. Bhargava, Kitty Wang, X. Zhang
Many digital platforms have accrued enormous power and scale, leveraging cross-side network effects between the sides they connect (e.g., producers and consumers or creators and viewers). Platforms motivate a diverse spectrum of producers, large and small, to participate by sharing platform revenue with them, predominantly under a linear revenue-sharing scheme with the same commission rate regardless of producer power or size. Under pressure from society, lawsuits, and antitrust investigations, major platforms have announced revenue sharing designs that favor smaller businesses. We develop a model of platform economics and show that a small-business oriented (SBO) differential revenue sharing design can increase total welfare and outputs on the platform. Although smaller producers almost always benefit from the shift in revenue sharing design, spillover effects can also make large producers better off under some conditions. More interestingly, we show that platforms are the most likely winner under a differential revenue sharing scheme. Hence, an intervention that ostensibly offers concessions and generous treatment to producers might well be self-serving for platforms and good for the entire ecosystem. This paper was accepted by David Simchi-Levi, information systems–fast track.
许多数字平台已经积累了巨大的力量和规模,利用了它们连接的双方(例如,生产者和消费者或创作者和观众)之间的横向网络效应。平台鼓励各种各样的生产商,无论大小,通过与他们分享平台收入来参与其中,主要是在线性收入分享计划下,无论生产商的实力或规模如何,都有相同的佣金率。在社会、诉讼和反垄断调查的压力下,各大平台都宣布了有利于小企业的收入分成设计。我们建立了一个平台经济学模型,并证明了面向小企业(SBO)的差异收益共享设计可以增加平台上的总福利和产出。尽管小规模生产者几乎总是从收入分享设计的转变中受益,但在某些条件下,溢出效应也会使大型生产者受益。更有趣的是,我们表明,在差异收入分享方案下,平台最有可能成为赢家。因此,表面上向生产者提供让步和慷慨待遇的干预可能对平台来说是自私的,对整个生态系统都是有益的。这篇论文被信息系统快车道的David Simchi-Levi接受。
{"title":"Fending Off Critics of Platform Power with Differential Revenue Sharing: Doing Well by Doing Good?","authors":"H. Bhargava, Kitty Wang, X. Zhang","doi":"10.1287/mnsc.2022.4545","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4545","url":null,"abstract":"Many digital platforms have accrued enormous power and scale, leveraging cross-side network effects between the sides they connect (e.g., producers and consumers or creators and viewers). Platforms motivate a diverse spectrum of producers, large and small, to participate by sharing platform revenue with them, predominantly under a linear revenue-sharing scheme with the same commission rate regardless of producer power or size. Under pressure from society, lawsuits, and antitrust investigations, major platforms have announced revenue sharing designs that favor smaller businesses. We develop a model of platform economics and show that a small-business oriented (SBO) differential revenue sharing design can increase total welfare and outputs on the platform. Although smaller producers almost always benefit from the shift in revenue sharing design, spillover effects can also make large producers better off under some conditions. More interestingly, we show that platforms are the most likely winner under a differential revenue sharing scheme. Hence, an intervention that ostensibly offers concessions and generous treatment to producers might well be self-serving for platforms and good for the entire ecosystem. This paper was accepted by David Simchi-Levi, information systems–fast track.","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"71 1","pages":"8249-8260"},"PeriodicalIF":0.0,"publicationDate":"2022-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85197835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Manipulation and (Mis)trust in Prediction Markets 预测市场中的操纵和(错误)信任
Pub Date : 2022-09-01 DOI: 10.1287/mnsc.2021.4213
Lawrence Choo, Todd R. Kaplan, Ro’i Zultan
Markets are increasingly used as information aggregation mechanisms to predict future events. If policymakers and managers use markets to guide policy and managerial decisions, interested parties may attempt to manipulate the market in order to influence decisions. We study experimentally the willingness of managers to base decisions on market information under the shadow of manipulation. We find that when there are manipulators in the market, managers under-utilize the information revealed in prices. Furthermore, mere suspicion of manipulation erodes trust in the market, leading to the implementation of suboptimal policies—even without actual manipulation. This paper was accepted by Yan Chen, behavioral economics and decision analysis.
市场越来越多地被用作预测未来事件的信息聚合机制。如果决策者和管理者利用市场来指导政策和管理决策,利益相关方可能试图操纵市场以影响决策。本文通过实验研究了在操纵的阴影下,管理者根据市场信息做出决策的意愿。我们发现,当市场上存在操纵者时,管理者对价格信息的利用不足。此外,仅仅怀疑操纵就会侵蚀市场的信任,导致次优政策的实施——即使没有实际的操纵。本文被闫晨、行为经济学和决策分析等学科接受。
{"title":"Manipulation and (Mis)trust in Prediction Markets","authors":"Lawrence Choo, Todd R. Kaplan, Ro’i Zultan","doi":"10.1287/mnsc.2021.4213","DOIUrl":"https://doi.org/10.1287/mnsc.2021.4213","url":null,"abstract":"Markets are increasingly used as information aggregation mechanisms to predict future events. If policymakers and managers use markets to guide policy and managerial decisions, interested parties may attempt to manipulate the market in order to influence decisions. We study experimentally the willingness of managers to base decisions on market information under the shadow of manipulation. We find that when there are manipulators in the market, managers under-utilize the information revealed in prices. Furthermore, mere suspicion of manipulation erodes trust in the market, leading to the implementation of suboptimal policies—even without actual manipulation. This paper was accepted by Yan Chen, behavioral economics and decision analysis.","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"24 1","pages":"6716-6732"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81070296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Learning to Successfully Hire in Online Labor Markets 学习如何在网络劳动力市场成功招聘
Pub Date : 2022-08-26 DOI: 10.1287/mnsc.2022.4426
Marios Kokkodis, S. Ransbotham
Hiring in online labor markets involves considerable uncertainty: which hiring choices are more likely to yield successful outcomes and how do employers adjust their hiring behaviors to make such choices? We argue that employers will initially explore the value of available information. When employers observe successful outcomes, they will keep reinforcing their hiring strategies; but when the outcomes are unsuccessful, employers will adjust their hiring behaviors. To investigate these dynamics, we propose a two-component framework that links hiring choices with task outcomes. The framework’s first component, a Hidden Markov Model, captures how employers transition from unsuccessful to successful hiring decisions. The framework’s second component, a conditional logit model, estimates employer hiring choices. Analysis of 238,364 hiring decisions from a large online labor market shows that, often, employers initially explore cheaper contractors with a lower reputation. When these options result in unsuccessful outcomes, employers learn and adjust their hiring behaviors to rely more on reputable contractors who are not as cheap. Such hiring tends to be successful, guiding employers to reinforce their hiring processes. As a result, the market observes employers transition from cheaper, lower-reputation options with poorer performance to more expensive reputable options with better performance. We attribute part of this behavior to employer confidence and risk attitude, which can change over time. This work is the first to investigate how employers learn to make successful hiring choices in online labor markets. As a result, it provides platform managers with new knowledge and analytics tools to target employer interventions. This paper was accepted by Anandhi Bharadwaj, information systems.
在线劳动力市场的招聘涉及到相当大的不确定性:哪些招聘选择更有可能产生成功的结果,雇主如何调整他们的招聘行为来做出这样的选择?我们认为,雇主首先会探索现有信息的价值。当雇主观察到成功的结果时,他们会不断强化自己的招聘策略;但当结果不成功时,雇主会调整他们的招聘行为。为了研究这些动态,我们提出了一个将招聘选择与任务结果联系起来的双组件框架。该框架的第一个组成部分是隐马尔可夫模型,它捕捉了雇主如何从不成功的招聘决策过渡到成功的招聘决策。该框架的第二个部分是一个条件logit模型,用于估计雇主的招聘选择。对一个大型在线劳动力市场上238,364个招聘决定的分析显示,雇主通常会首先寻找声誉较低的廉价承包商。当这些选择导致不成功的结果时,雇主会学习并调整他们的雇佣行为,更多地依赖信誉良好的承包商,而不是廉价的承包商。这样的招聘往往是成功的,引导雇主加强他们的招聘过程。因此,市场观察到雇主从更便宜、声誉较低、业绩较差的选择,转向更昂贵、声誉较好的选择。我们将这种行为部分归因于雇主的信心和风险态度,这可能会随着时间的推移而改变。这项工作首次调查了雇主如何在在线劳动力市场上学习做出成功的招聘选择。因此,它为平台管理人员提供了新的知识和分析工具,以针对雇主的干预。这篇论文被信息系统的Anandhi Bharadwaj接受。
{"title":"Learning to Successfully Hire in Online Labor Markets","authors":"Marios Kokkodis, S. Ransbotham","doi":"10.1287/mnsc.2022.4426","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4426","url":null,"abstract":"Hiring in online labor markets involves considerable uncertainty: which hiring choices are more likely to yield successful outcomes and how do employers adjust their hiring behaviors to make such choices? We argue that employers will initially explore the value of available information. When employers observe successful outcomes, they will keep reinforcing their hiring strategies; but when the outcomes are unsuccessful, employers will adjust their hiring behaviors. To investigate these dynamics, we propose a two-component framework that links hiring choices with task outcomes. The framework’s first component, a Hidden Markov Model, captures how employers transition from unsuccessful to successful hiring decisions. The framework’s second component, a conditional logit model, estimates employer hiring choices. Analysis of 238,364 hiring decisions from a large online labor market shows that, often, employers initially explore cheaper contractors with a lower reputation. When these options result in unsuccessful outcomes, employers learn and adjust their hiring behaviors to rely more on reputable contractors who are not as cheap. Such hiring tends to be successful, guiding employers to reinforce their hiring processes. As a result, the market observes employers transition from cheaper, lower-reputation options with poorer performance to more expensive reputable options with better performance. We attribute part of this behavior to employer confidence and risk attitude, which can change over time. This work is the first to investigate how employers learn to make successful hiring choices in online labor markets. As a result, it provides platform managers with new knowledge and analytics tools to target employer interventions. This paper was accepted by Anandhi Bharadwaj, information systems.","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"46 1","pages":"1597-1614"},"PeriodicalIF":0.0,"publicationDate":"2022-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89270143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Tax-Favored Stock Donations by Corporate Insiders and Consequences for Equity Markets 企业内部人士的税收优惠股票捐赠及其对股票市场的影响
Pub Date : 2022-08-22 DOI: 10.1287/mnsc.2022.4514
Anil Arya, B. Mittendorf, Ramachandran Ramanan
Although corporate insiders face substantial restrictions on stock sales, securing tax deductions through charitable donations of stock is viewed as an attractive alternative. Recent press coverage and growing empirical evidence confirm that insider donations occur frequently and often precede stock price drops. Securities regulators have also taken note, with a recent push for new rules to require rapid disclosure as with insider trades. This paper develops a model of informed stock trading when disposal of stock by insiders takes the form of tax-favored charitable donations rather than direct trading. We demonstrate that charitable gifts by insiders can reflect nonpublic information about firm value and that they do so in a manner that promotes greater market efficiency. Relative to informed trading, insider donations yield greater market liquidity, more efficient equity prices, and superior investor protection. The results suggest that although insider donations deserve scrutiny, they are not equivalent to insider trades. The results also provide a general framework to examine implications of insider donations for tax policy governing philanthropic behavior. This paper was accepted by Ranjani Krishnan, accounting.
尽管企业内部人士在出售股票方面受到严格限制,但通过慈善捐赠股票来获得税收减免被视为一个有吸引力的选择。最近的新闻报道和越来越多的经验证据证实,内部人士的捐赠频繁发生,而且往往发生在股价下跌之前。证券监管机构也注意到了这一点,最近推动出台新规,要求像内幕交易一样迅速披露信息。本文建立了一个内幕人以税收优惠的慈善捐赠形式处置股票而非直接交易的知情股票交易模型。我们证明了内部人士的慈善捐赠可以反映有关公司价值的非公开信息,并且它们以一种促进更高市场效率的方式这样做。相对于知情交易,内部人捐赠产生更大的市场流动性,更有效的股票价格和更好的投资者保护。结果表明,尽管内幕捐款值得审查,但它们并不等同于内幕交易。研究结果还提供了一个总体框架来研究内部捐赠对管理慈善行为的税收政策的影响。这篇论文被Ranjani Krishnan接受。
{"title":"Tax-Favored Stock Donations by Corporate Insiders and Consequences for Equity Markets","authors":"Anil Arya, B. Mittendorf, Ramachandran Ramanan","doi":"10.1287/mnsc.2022.4514","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4514","url":null,"abstract":"Although corporate insiders face substantial restrictions on stock sales, securing tax deductions through charitable donations of stock is viewed as an attractive alternative. Recent press coverage and growing empirical evidence confirm that insider donations occur frequently and often precede stock price drops. Securities regulators have also taken note, with a recent push for new rules to require rapid disclosure as with insider trades. This paper develops a model of informed stock trading when disposal of stock by insiders takes the form of tax-favored charitable donations rather than direct trading. We demonstrate that charitable gifts by insiders can reflect nonpublic information about firm value and that they do so in a manner that promotes greater market efficiency. Relative to informed trading, insider donations yield greater market liquidity, more efficient equity prices, and superior investor protection. The results suggest that although insider donations deserve scrutiny, they are not equivalent to insider trades. The results also provide a general framework to examine implications of insider donations for tax policy governing philanthropic behavior. This paper was accepted by Ranjani Krishnan, accounting.","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"54 1","pages":"8506-8514"},"PeriodicalIF":0.0,"publicationDate":"2022-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76118727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Internet Governance Through Site Shutdowns: The Impact of Shutting Down Two Major Commercial Sex Advertising Sites 互联网治理通过网站关闭:关闭两个主要的商业性广告网站的影响
Pub Date : 2022-08-16 DOI: 10.1287/mnsc.2022.4498
Helen Zeng, Brett Danaher, Michael D. Smith
In the two weeks after the U.S. Congress passed a package of anti-sex trafficking bills on March 21, 2018, two of the largest online commercial sex advertising platforms ceased operation. On March 23, Craigslist voluntarily removed their personals section, which had been dominated by advertisements for commercial sex. And on April 6, the Department of Justice seized Backpage.com, the largest online platform for commercial sex advertisements. Our research examines the impact of these shutdowns on a variety of important outcome variables, notably prostitution arrests and violence against women—variables that the prior literature has shown were impacted by the introduction of commercial sex advertising platforms. We employ a generalized difference-in-differences model by exploiting cross-city variation in the preshutdown usage of the two shuttered sites. We find no causal effect of the shutdowns on any of the outcome variables we measure. Further analysis suggests that these null results are likely due to the fluidity of online markets. Our data show that the majority of advertisers and users of Backpage and Craigslist’s personals quickly moved to other (often off-shore) commercial sex advertising portals. Our results highlight the challenges that governments face in reducing online sex trafficking, as the market for commercial sex advertising appears agile enough to quickly disperse to offshore sites after a few popular domestic sites are shut down. Our results have general implications for the governance of other illegal activities online. This paper was accepted by D. J. Wu, information systems.
2018年3月21日,美国国会通过了一系列打击性交易法案,两周后,两家最大的在线商业性广告平台停止运营。3月23日,Craigslist自愿删除了他们的个人信息版块,这个版块一直被商业性广告占据。4月6日,美国司法部查封了最大的商业性广告在线平台Backpage.com。我们的研究考察了这些关闭对各种重要结果变量的影响,特别是卖淫逮捕和对妇女的暴力行为——之前的文献表明,这些变量受到商业性广告平台引入的影响。我们通过利用两个关闭站点关闭前使用的跨城市变化,采用了一个广义的差中差模型。我们发现关闭对我们测量的任何结果变量都没有因果关系。进一步的分析表明,这些无效结果可能是由于在线市场的流动性。我们的数据显示,Backpage和Craigslist的大多数广告商和用户很快就转向了其他(通常是离岸的)商业性广告门户网站。我们的研究结果强调了政府在减少网络性交易方面面临的挑战,因为商业性广告市场似乎足够灵活,在一些受欢迎的国内网站关闭后,它们会迅速分散到海外网站。我们的研究结果对其他在线非法活动的治理具有普遍意义。本文被吴德俊,信息系统。
{"title":"Internet Governance Through Site Shutdowns: The Impact of Shutting Down Two Major Commercial Sex Advertising Sites","authors":"Helen Zeng, Brett Danaher, Michael D. Smith","doi":"10.1287/mnsc.2022.4498","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4498","url":null,"abstract":"In the two weeks after the U.S. Congress passed a package of anti-sex trafficking bills on March 21, 2018, two of the largest online commercial sex advertising platforms ceased operation. On March 23, Craigslist voluntarily removed their personals section, which had been dominated by advertisements for commercial sex. And on April 6, the Department of Justice seized Backpage.com, the largest online platform for commercial sex advertisements. Our research examines the impact of these shutdowns on a variety of important outcome variables, notably prostitution arrests and violence against women—variables that the prior literature has shown were impacted by the introduction of commercial sex advertising platforms. We employ a generalized difference-in-differences model by exploiting cross-city variation in the preshutdown usage of the two shuttered sites. We find no causal effect of the shutdowns on any of the outcome variables we measure. Further analysis suggests that these null results are likely due to the fluidity of online markets. Our data show that the majority of advertisers and users of Backpage and Craigslist’s personals quickly moved to other (often off-shore) commercial sex advertising portals. Our results highlight the challenges that governments face in reducing online sex trafficking, as the market for commercial sex advertising appears agile enough to quickly disperse to offshore sites after a few popular domestic sites are shut down. Our results have general implications for the governance of other illegal activities online. This paper was accepted by D. J. Wu, information systems.","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"507 1","pages":"8234-8248"},"PeriodicalIF":0.0,"publicationDate":"2022-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76395929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
期刊
Manag. Sci.
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1