學術論文

The lack of hard evidence in allegations about sexual misconduct makes it difficult to separate true allegations from false ones. We provide a model in which victims and potential libelers face the same costs and benefits from making an allegation, but the tendency for perpetrators of sexual misconduct to engage in repeat offenses allows semiseparation to occur, which lends credibility to such allegations. Our model also explains why reports about sexual misconduct are often delayed, and why the public rationally assigns less credibility to these delayed reports.

We study how vertical market structure affects the incentives of suppliers and customers to develop a new input that will enable the innovator to replace the incumbent supplier. In a vertical setting with an incumbent monopoly upstream supplier and two downstream firms, we show that vertical integration reduces the R&D incentives of the integrated parties, but increases that of the nonintegrated downstream rival. Strategic vertical integration may occur whereby the upstream incumbent integrates with a downstream firm to discourage or even preempt downstream disruptive R&D. Depending on the R&D costs, vertical integration may lower the social rate of innovation.

An agent performing risky experimentation can benefit from suspending it to learn directly about the state. ‘Positive’ information acquisition seeks news that would confirm the state that favours experimentation. It is used as a last-ditch effort when the agent is pessimistic about the risky arm before abandoning it. ‘Negative’ information acquisition seeks news that would demonstrate that experimentation is futile. It is used as an insurance strategy to avoid wasteful experimentation when the agent is still optimistic. A higher reward from risky experimentation expands the region of beliefs that the agent optimally chooses information acquisition rather than experimentation.

In an environment subject to random fluctuations, when does an increase in the breadth of activities in which individuals interact together help foster collaboration on each activity? We show that when players, on average, prefer to stick to a cooperative agreement rather than reneging by taking their privately optimal action, then such an agreement can be approximated as equilibrium play in a sufficiently broad relationship. This is in contrast to existing results showing that a cooperative agreement can be sustained only if players prefer to adhere to it in every state of the world. We consider applications to favor exchange, multimarket contact, and relational contracts.

本研究考察了社會排斥對消費者視覺密度偏好的影響。基於七項實驗研究，我們發現認為自己被社會排斥的消費者與不感到被排斥的人相比，對有密集圖案產品的評價更正面。之所以會出現這個現象，是因為社會排斥會引發一種心理的空虛感，而密集的圖案提供了一種「被填滿」的感覺，有助緩解空虛感。當消費者進行填充某些物品的動作或體驗到「時間密度」的感覺（即一個排得滿滿的日程，需於短時間内完成許多工作）時，這種效果會減弱。研究結果揭示了消費者基於社會因素對產品所形成的審美偏好，為營銷人員、設計師和政策制定者帶來實際參考價值。

Using brokerage mergers and closures as natural experiments, we examine how exogenous changes in the information environment affect a firm’s financing choice. Our difference-in-differences approach shows that exogenous increases in information asymmetry lead firms to substitute away from equity and public debt toward bank debt. Firms with higher risk tend to substitute equity for bank debt, and firms with lower risk tend to substitute bonds for bank debt. The effect of the change in the information environment on a firm’s financing choice is more pronounced for firms with worse information environments, such as those with few initial analysts and younger firms. We demonstrate that the mechanism of the change is through a reduction of the issuance of equity and bonds but with an increase of the issuance of bank loans. Further analysis reveals that such firms tend to reduce long-term borrowing, reduce their issuance of subordinated debt, and increase their revolving credit lines.

We analyze the design and performance of equity auctions when bidder's valuations and opportunity costs are private information, distributed according to an arbitrary joint density that can differ across bidders. We identify, for any incentive compatible mechanism, an equivalent single-dimensional representation for uncertainty. We then characterize the revenue-maximizing and surplus-maximizing equity mechanisms, and compare revenues in optimal equity and cash auctions. Unlike in cash auctions, the adverse selection arising from bidders' two-dimensional types in equity auctions can lead to a global violation of the regularity condition, which represents a maximal mismatch between incentive compatibility and maximization of revenue or surplus. Such mismatch can lead a seller to exclude bidders and demand a bidder-specific stake from a non-excluded bidder, providing insights into when a firm should employ an auction and when it should just negotiate with a single bidder.

The rise of credit default swaps (CDS) provides creditors with a market-based approach to obtaining protection, but it can also affect lenders' monitoring of the borrowers. We find that after CDS begin trading on a given firm, new loans to that firm are less likely to require collateral and have less strict financial covenants, even controlling for endogeneity. The effects are stronger when lenders have easier access to CDS, for safer firms, credit lines, and performance-based covenants. Our evidence is consistent with the theory that the introduction of CDS trading makes loan contracting more effective for better quality borrowers.

We provide a meta-analytic examination of the regulatory strategies that employees adopt to cope with different types of stressors in the workplace and how these strategies are linked to work and personal outcomes. Drawing from regulatory focus theory, we introduce a new taxonomy of promotion- and prevention-focused coping that complements the traditional taxonomy of problem- and emotion-focused coping in the transactional theory of stress. In addition, we propose that challenge stressors tend to evoke promotion-focused coping, whereas hindrance stressors tend to evoke prevention-focused coping. As a pair of important coping mechanisms in the work stress process, promotion-focused coping is positively related to employees’ job performance, job attitudes, and personal well-being, whereas prevention-focused coping is negatively related to these outcomes. We conducted an original meta-analysis of coping strategies in the workplace and tested the hypotheses with 550 effect sizes drawn from 156 samples that involved a total of 75,344 employees. We also tested the tenability of the proposed stressor-coping-outcome processes using meta-analytic path models and further examined the robustness of these models using full-information bootstrapping technique. The results converge to show that promotion- and prevention-focused coping serve as important intervening mechanisms that account for the relationships between work stressors and individual outcomes.