We empirically show people tend to associate a higher valuation of Bitcoin with a higher Bitcoin exchange rate, and such exchange rate has significant impacts on both the supply and demand of the mining rigs.…Read More
A fundamental question remains unanswered which I seek to address in this research: What is the actual value of novelty in pharmaceuticals to consumers?…Read More
This paper investigates the cor-porate parenting advantage, the extent to which corporate parents improve the performance of theirsubsidiaries. …Read More
Few studies have examined the impact of divestitures on the innovation performance of firms. In particular, little attention has been paid into how the divestiture of firms’ non-core businesses could influence the innovation outcomes of their core businesses. …Read More
The PCMH model has significant impact on patterns of health care utilization, especially when heterogeneity in implementation is accounted for in program evaluation.…Read More
Commuting is costly for employees, but is it costly for employers in terms of lost productivity? We study the causal effects of commuting distance on inventor productivity. Specifically, we estimate how inventor productivity changes when their employer relocates.…Read More
Experimentation has been the center of a fascinating debate among entrepreneurship practitioners throughout the past decade. While intellectually stimulating and practically relevant, this discussion has received little attention from management research, and therefore has no scientific support. …Read More
This study examines the tension between learning and appropriability in the experimentation process of early-stage ventures. I build a stylized model to argue that, when formal intellectual property is weak, the learning benefit of experimentation may be offset by its imitation risk. …Read More
Renewables have become the cheapest energy sources in most of the world but their generation remains variable and difficult to predict. However, recent technology advances have rendered large-scale electricity storage economically viable, thus mitigating the renewable intermittency issue and enabling combinations of e.g. wind and batteries to replace fossil fuel power plants.…Read More
Prior research has argued and shown that firms with centralized R&D produce broader innovations relative to decentralized firms, but the organizational mechanisms underlying this relationship are underexplored. This gap limits our understanding of whether and how formal R&D structure can be used as a lever to influence research outcomes.…Read More
We study how a new development in entrepreneurship—crowdfunding—interacts with more traditional financing sources, such as venture capital (VC) and bank financing. …Read More
This study focuses on how data analytics talent in firms can have an effect on firms’ return on their technology investment. Especially with the rise of social media, cloud computing, as well as many other technologies that can capture detailed digital trace about various human interactions, we hope to understand how some firms can capture the value of the data and gain competitive advantage while some could not.…Read More
Using data on employer job search, this study demonstrates that employers are seeking algorithmic literacy from workers in a particularly broad class of occupations because familiarity with algorithms in downstream “using” occupations is important for integrating AI and data science into production. …Read More
Empirical analysis of a sample of companies with private equity (PE) ownership in the UK shows that PE firms act as deep-pocket investors for their portfolio companies, rescuing them if they fall in financial distress.…Read More
Initial Coin Offerings (ICOs) are an emerging form of fundraising for Blockchain-based startups. We propose a simple model of matching supply with demand with ICOs by companies involved in production of physical products.…Read More
We develop a general-equilibrium asset-pricing model with dynamic games of price competition. Price war risks arise endogenously from declines in long-run growth as firms’ incentive to undercut prices grows stronger with a worse growth outlook. …Read More
In markets where consumers seek expert advice regarding purchases, firms seek to influence experts, raising concerns about biased advice. We combine a model of supply and demand with a local instrumental variables strategy based on regional spillovers from academic medical center conflict-of-interest policies. …Read More
This paper addresses the recent trend of offering unlimited vacation to employees. While potentially useful for acquiring human capital benefits, unlimited vacation is a risky perk for firms due to the possibility of abuse.…Read More
Firms tend to compete on prices more aggressively when they are in financial distress; the intensified competition in turn reduces firms’ profit margins, pushing them further into distress. Competitors’ aggressive pricing reactions could be attributed to both predatory and self-defensive incentives.…Read More
The idea that source code for computer software be accessible to anyone has gained increasing popularity among software developers, fueling the rapid growth of the open source software (OSS) movement. Platforms for OSS development currently host incredibly valuable projects like the Linux kernel, TensorFlow and various blockchain software projects.…Read More
