1. 从平台向竞争卖家提供信息：战略模糊性的作用

原标题：Information Provision from a Platform to Competing Sellers: The Role of Strategic Ambiguity

期刊：Manufacturing and Service Operations Management

作者：Tatyana Chernonog, Tal Avinadav, Noam Shamir

出版时间：2024-11-01

DOI：10.1287/msom.2023.0262

摘要：

问题定义：随着电商的快速增长，平台能够收集到大量数据，可以对消费者的购买模式和未来需求进行高精度的预测。一个根本性的问题是，平台是否有动力、有能力与其卖家分享此类不可验证的信息。方法学/结果：我们表明，当信息不可验证时，通过廉价对话分享平台私有信息的精确价值并不能导致均衡。这一结果是由于平台的激励，为了鼓励卖家提价、提高市场效率，刻画了比预期更有利的市场条件。尽管存在这种负面结果，但我们证明平台与其卖家之间的激励错位水平是有限的；因此，区域预测信息共享均衡就可以出现，在这种均衡中，平台私有信息的支撑被划分为多个区间，平台战略性地选择如实上报包含其私有信息的区间。分区结构受两大因素影响：平台对卖家降低市场不确定性的激励，平台软化卖家之间竞争的激励。虽然卖家和平台都受益于分享一定程度信息的能力，但这样的结果伤害了消费者。管理含义：这项工作解释了观察到的平台通过廉价对话向卖家提供不可验证信息的做法。这种均衡的主要优势在于能够以无成本的方式共享信息；但可共享的信息量有限，受卖家之间市场竞争水平的影响。

Abstract: 

Problem definition: With the rapid growth of e-commerce, platforms are able to gather large quantities of data, which can result in high-precision predictions regarding consumer purchasing patterns and future demand. A fundamental question is whether a platform has the incentives and ability to share such nonverifiable information with its sellers. Methodology/results: We show that when information is nonverifiable, sharing the precise value of the platform’s private information by means of cheap-talk cannot result in an equilibrium. This outcome is due to the incentive of the platform to portray a more favorable market condition than that predicted, in order to encourage the sellers to raise their prices and improve market efficiency. In spite of this negative result, we demonstrate that the level of incentives misalignment between the platform and its sellers is bounded; consequently, a region-forecast information-sharing equilibrium can emerge. In this equilibrium, the support of the platform’s private information is divided into several intervals, and the platform strategically chooses to report truthfully the interval containing its private information. The structure of the partition is influenced by two main factors: the incentive of the platform to reduce market uncertainty for the sellers, and the motivation of the platform to soften competition among the sellers. Although both the sellers and the platform benefit from the ability to share some level of information, such an outcome hurts the consumers. Managerial implications: This work explains the observed practice of a platform providing nonverifiable information to its sellers via cheap-talk. The main advantage of this equilibrium is the ability to share information in a costless manner; however, the amount of information that can be shared is limited and is influenced by the level of market competition between the sellers.

2. 在线推荐系统中的选择过载效应

原标题：The Choice Overload Effect in Online Recommender Systems

期刊：Manufacturing and Service Operations Management

作者：Jiankun Sun, Jianfeng Zhang, Yujie Chen, Binqiang Zhao, Hengchen Dai, Dennis Zhang, Haoyuan Hu, Xiaoyang Long

出版时间：2024-10-30

DOI：10.1287/msom.2022.0659

摘要：

问题定义：线上零售平台越来越依赖个性化推荐系统帮助引导消费者选择。在这样的环境中，一个重要但尚未得到研究的问题是，一个推荐集中要包含多少产品。在本文中，我们研究了在重定位环境下，在线个性化推荐系统中推荐产品的数量如何影响消费者的搜索和购买行为。方法/结果：通过在线零售平台上涉及160万消费者的实地实验，我们因果关系证明，随着推荐产品数量的增加，消费者从推荐集中购买任何产品的可能性先增加后减少。重要的是，高达64%的购买概率下降（即选择过载效应）可归因于消费者开始搜索的可能性下降（即点击任何推荐产品）。我们讨论了驱动这些结果的可能行为机制，并分析了这些影响如何在不同的产品类别、价格区间和时间上具有异质性。管理含义：这项工作为在线零售平台的选择过载效应提供了现实世界的实验证据，强调了消费者搜索行为在驱动这种效应中的重要作用，并揭示了何时以及如何限制推荐系统中的选项数量可能对在线零售商有利。

Abstract: 

Problem definition: Online retailing platforms are increasingly relying on personalized recommender systems to help guide consumer choice. An important but understudied question in such settings is how many products to include in a recommendation set. In this work, we study how the number of recommended products influences consumers’ search and purchase behavior in an online personalized recommender system within a retargeting setting. Methodology/results: Via a field experiment involving 1.6 million consumers on an online retailing platform, we causally demonstrate that consumers’ likelihood of purchasing any product from the recommendation set first increases then decreases as the number of recommended products increases. Importantly, as much as 64% of the decrease in purchase probability (i.e., the choice overload effect) can be attributed to a decrease in consumers’ likelihood of starting a search (i.e., clicking on any recommended product). We discuss the possible behavioral mechanisms driving these results and analyze how these effects could be heterogeneous across different product categories, price ranges, and timing. Managerial implications: This work presents real-world experimental evidence for the choice overload effect in online retailing platforms, highlights the important role of consumer search behavior in driving this effect, and sheds light on when and how limiting the number of options in a recommender system may be beneficial to online retailers.

3. 算法交易对管理导向的影响

原标题：The Effect of Algorithmic Trading on Management Guidance

期刊：The Accounting Review

作者：Andrew Stephan

出版时间：2024-11-01

DOI：10.2308/TAR-2022-0080

摘要：

我调查算法交易（AT）是否影响管理指引的提供。已有研究发现，AT降低了盈利公告前的基本面信息获取，从而降低了价格的信息性。为了弥补信息获取的减少，我预测并发现，在at活动较多的公司，经理会增加在收益公告中发布的指引的数量和质量。证据与管理者对减少信息获取的反应一致，而不是流动性的变化，结果表明，针对AT的指导在减少信息不对称方面是有效的。这些发现通过记录与管理者披露决策的联系，确定了AT影响股价信息性的一个新渠道。

Abstract: 

I investigate whether algorithmic trading (AT) affects the provision of management guidance. Existing research finds that AT decreases fundamental information acquisition before earnings announcements and consequently reduces the informativeness of prices. To compensate for reduced information acquisition, I predict and find that managers at firms with more AT activity increase the quantity and quality of guidance issued at earnings announcements. Evidence is consistent with managers responding to reduced information acquisition, as opposed to changes in liquidity, and results suggest guidance in response to AT is effective at reducing information asymmetry. These findings identify a new channel through which AT affects stock price informativeness by documenting a link to managers’ disclosure decisions.

4. 技术合作与创新自愿披露

原标题：Technology Coopetition and Voluntary Disclosures of Innovation

期刊：The Accounting Review

作者：P. Eric Yeung, Jun Oh；Bo Zhu

出版时间：2024-11-01

DOI：10.2308/TAR-2022-0544

摘要：

我们以技术标准制定机构（SSO）为研究对象，考察了企业在技术合作竞争下自愿披露的创新情况。技术合作竞争的特点是（1）合作确定技术标准，这要求信息共享以达成共识；（2）竞争标准实施以获得标准基本专利，这为企业偏离预期的信息共享水平创造了激励。我们记录了10-K叙事研发披露的减少、更通用的10-K叙事研发披露，以及在企业加入SSO后通过USPTO进行专利披露的更长延迟。在其他解释中，我们的证据最支持企业战略性地隐瞒创新信息的假设。

Abstract: 

We examine firms’ voluntary disclosures of innovation under technology coopetition, focusing on technology standard setting organizations (SSOs). Technology coopetition is characterized by (1) cooperation to determine technology standards, which requires information sharing to reach consensus, and (2) competition for standard implementation to obtain standard-essential patents, which create incentives for firms to deviate from the expected level of information sharing. We document a decrease in 10-K narrative R&D disclosures, more generic 10-K narrative R&D disclosures, and a longer delay of patent disclosures via the USPTO after a firm joins an SSO. Among alternative explanations, our evidence is most supportive of the hypothesis that firms strategically withhold innovation information.

5. 用户语言与文化产品创新：来自全球移动游戏行业的洞见

原标题：User language and cultural product innovation: insights from the global mobile gaming industry

期刊：Journal of International Business Studies

作者：Jingtao Yi, Pengxiang Zhang, Sali Li

出版时间：2024-10-29

DOI：10.1057/s41267-024-00752-0

摘要：

传统文化产业研究强调根植于文化产品原产国的本土化创新。虽然这项研究承认了生产起源的重要性，但文化产业的数字化转型已经将文化产品创新的版图从传统的本地化流程转变为更全球化、更民主的方式，吸引全球用户。然而，在理解不同国家用户的需求端差异方面存在显著差距，尤其是在数字化允许全球用户的语言传达多样化的语言输入的情况下。为了解决这一差距，我们研究了各国用户的未来时间参考（FTR）如何影响移动游戏行业文化产品创新的步伐。通过对7787款手机游戏的全球样本分析，我们发现，在游戏玩家主要使用弱FTR语言的国家，他们的通信呈现出近似的时间框架，促使新游戏内容以更快的速度引入。此外，当出版商密切关注或熟悉游戏玩家的语言时，这种FTR框架的有效性变得更加明显。这些发现为原产地和文化产业研究以及管理者更好地吸引用户推动文化产品创新提供了重要见解。

Abstract: 

Traditional studies on cultural industries have emphasized localized innovation rooted in cultural products’ countries of origin. While this research acknowledges the significance of production origin, the digital transformation of cultural industries has shifted the landscape of cultural product innovation from traditional localized processes to a more globalized and democratic approach by engaging users worldwide. However, there is a notable gap in understanding demand-side variations in users from different countries, particularly as digitalization allows global users’ languages to convey diverse linguistic inputs. To address this gap, we investigate how users’ future-time reference (FTR) across countries influences the pace of cultural product innovation in the mobile gaming industry. Analyzing a global sample of 7787 mobile games, we find that in countries where gamers predominantly use weak FTR languages, their communication exhibits proximate temporal framing, prompting the introduction of new gaming content at a faster pace. Further, the effectiveness of such FTR framing becomes more pronounced when publishers pay close attention to or are familiar with gamers’ languages. These findings contribute important insights for research on country of origin and cultural industries and for managers to better engage users to drive cultural product innovation.

6. 超越稀缺：基于社会价值的NFT定价视角

原标题：Beyond Scarcity: A Social Value-Based Lens for NFT Pricing

期刊：Journal of Consumer Research

作者：Reto Hofstetter, Martin P Fritze, Cait Lamberton

出版时间：2024-05-15

DOI：10.1093/jcr/ucad082

摘要：

在过去半个世纪里，消费者研究经常将稀缺性描述为价格上涨的主导因素。但是，在一个新形式的数字产品激增的世界里，我们是否应该假设稀缺性对价格的上行压力保持不变？在本文中，我们提出区块链加密的数字商品，尤其是不可替代代币（NFT），为重新审视这一假设提供了很好的理由。在此背景下，我们提出并发现，作为支付意愿的决定因素，社会价值可以超过内在价值。因此，当稀缺性威胁到获得高水平的社会价值时，其对价格的影响可能是负面的，而不是正面的，这与通常观察到的线下收藏品模式相反。从NFT平台Opensea获得的二级数据和一组实验研究支持这种基于社会价值的视角。鉴于这些发现，我们提出了一个研究议程，为这一领域的未来工作奠定基础。我们还建议NFTs提供一个实验室，在这里可以重新考虑过去与社会价值、稀缺性和价格相关的理论，并发展未来的理论，有望让消费者研究人员在未来50年内领导这些领域的知识开发年。

Abstract: 

Over the last half-century, consumer research has often depicted scarcity as a dominant factor increasing price. But should we assume that scarcity’s upward pressure on price remains intact, in a world where novel forms of digital products proliferate? In this article, we propose that blockchain-encrypted digital goods, in particular, non-fungible tokens (NFTs), offer good reason to revisit this assumption. In this context, we argue and find that social value can outweigh intrinsic value as a determinant of willingness-to-pay. As a result, when scarcity threatens access to high levels of social value, its effect on price can be negative rather than positive—an inversion of a pattern typically observed for offline collectibles. Secondary data taken from the NFT platform Opensea and a set of experimental studies support this social value-based lens. Given these findings, we propose a research agenda to ground future work in this area. We also suggest that NFTs offer a laboratory in which past theories related to social value, scarcity, and price can be reconsidered and future theories developed, hopefully allowing consumer researchers to lead knowledge development in these domains over the next 50 years.

7. 企业社会责任整合研究：网络知名度与供应链伙伴的角色

原标题：An investigation of corporate social responsibility conformity: The roles of network prominence and supply chain partners

期刊：Journal of Operations Management

作者：Ellie C. Falcone, Jason W. Ridge

出版时间：2024-03-27

DOI：10.1002/joom.1302

摘要：

大量关于企业社会责任（CSR）的研究表明，企业采用CSR实践的原因与供应链有关。然而，遵守企业自身行业CSR规范的必要性被忽视。遵守行业CSR规范——一种被称为CSR合规的羊群行为确保了公司在集团内的合法性，并为核心业务活动保留了内部资源。另一方面，偏离行业规范使企业与同行脱节，使企业对供应链合作伙伴更有吸引力。在这种困境的驱动下，本研究借鉴中间地位整合理论，探讨企业的网络知名度如何决定其CSR整合。对1650家企业年观测数据的面板数据分析显示，企业网络突出度与其CSR整合度呈倒U型关系，表明具有中等网络突出度的企业具有较高的CSR整合度。然而，当一家公司的供应链合作伙伴（及其各自的行业）共享类似的CSR标准时，逆U变平，这表明一家公司只有在其供应链合作伙伴共享兼容的CSR标准时才能优先考虑自己的行业CSR规范。这些发现突显了从组织整合角度理解CSR的重要性，尤其是在供应链网络的背景下。

Abstract: 

Numerous studies on corporate social responsibility (CSR) indicate that firms adopt CSR practices for various reasons related to their supply chain. However, the necessity to conform to a firm's own industry CSR norm is overlooked. Conforming to one's industry CSR norm—a herding behavior known as CSR conformity—ensures firm in-group legitimacy and preserves internal resources for core business activities. On the other hand, deviating from industry norms sets a firm apart from its peers, making the firm more appealing to supply chain partners. Motivated by this dilemma, this study draws on middle-status conformity theory and explores how a firm's network prominence determines its CSR conformity. Panel data analyses of 1650 firm-year observations reveal an inverse U-shaped relationship between firm network prominence and its CSR conformity, indicating that firms with a mid-level network prominence engage in higher CSR conformity. However, the inverse U is flattened when a firm's supply chain partners (and their respective industries) share similar CSR standards, suggesting that a firm can only prioritize its own industry CSR norms if its supply chain partners share a compatible CSR standard. These findings highlight the importance of understanding CSR from an organizational conformity perspective, especially in the context of supply chain network.