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Firms, Failures, and Fluctuations : The Macroeconomics of Supply Chain Disruptions
Acemoglu, Daron; Tahbaz-Salehi, Alireza - 2022
This paper studies how firm failures and the resulting disruptions to supply chains can amplify negative shocks. We develop a non-competitive model where customized supplier-customer relations increase productivity, and the relationship-specific surplus generated between firms and their...
Persistent link: https://www.econbiz.de/10013291552
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Cybersecurity Risk
Florackis, Chris; Louca, Christodoulos; Michaely, Roni; … - 2022
Using textual analysis and comparing cybersecurity-risk disclosures of firms that were hacked to others that were not …, we propose a novel firm-level measure of cybersecurity risk for all US-listed firms. We then examine whether … cybersecurity risk is priced in the cross-section of stock returns. Portfolios of firms with high exposure to cybersecurity risk …
Persistent link: https://www.econbiz.de/10014258639
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Patent Value and Citations : Creative Destruction or Strategic Disruption?
Abrams, David - 2014
Prior work suggests that more valuable patents are cited more. Using novel revenue data for tens of thousands of patents held by non-practicing entities (NPEs), we find that the relationship between citations and value forms an inverted-U, with fewer citations at the high end of value than in...
Persistent link: https://www.econbiz.de/10013062174
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The Aggregate Effects of Global and Local Supply Chain Disruptions : 2020–2022
Alessandria, George A.; Khan, Shafaat; Khederlarian, Armen - 2023
We study the aggregate effects of supply-chain disruptions in the post-pandemic period in a heterogeneous-firm, general equilibrium model with input-output linkages and a rich set of supply chain frictions: uncertain shipping delays, fixed order costs, and storage costs. Firms optimally hold...
Persistent link: https://www.econbiz.de/10014262789
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Blockchain Economics
Abadi, Joseph - 2018
When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The ideal qualities of any record-keeping system are (i) correctness, (ii) decentralization, and (iii) cost efficiency. We point out a blockchain trilemma: no ledger can satisfy all...
Persistent link: https://www.econbiz.de/10012906268
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Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Raskin, Max - 2016
Central banking in an age of digital currencies is a fast-developing topic in monetary economics. Algorithmic digital currencies such as bitcoin appear to be viable competitors to central bank fiat currency, and their presence in the marketplace may pressure central banks to pursue tighter...
Persistent link: https://www.econbiz.de/10012992627
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Can Currency Competition Work?
Fernández-Villaverde, Jesús - 2016
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including...
Persistent link: https://www.econbiz.de/10012994909
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Artificial Intelligence and Consumer Privacy
Jin, Ginger Zhe - 2018
Thanks to big data, artificial intelligence (AI) has spurred exciting innovations. In the meantime, AI and big data are reshaping the risk in consumer privacy and data security. In this essay, I first define the nature of the problem and then present a few facts about the ongoing risk. The bulk...
Persistent link: https://www.econbiz.de/10012928998
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Securing Their Future? Entry and Survival in the Information Security Industry
Arora, Ashish - 2014
In this paper we study how the existence of a functioning market for technology differentially conditions the entry strategy and survival of different types of entrants, and the role of scale, marketing ability and technical assets. Markets for technology facilitate entry of firms that lack...
Persistent link: https://www.econbiz.de/10012751727
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Network-Mediated Knowledge Spillovers : A Cross-Country Comparative Analysis of Information Security Innovations
Branstetter, Lee - 2017
A large and growing literature has used patent and patent citation data to measure knowledge spillovers across inventions and organizations, but relatively few papers in this literature have explicitly considered the collaboration networks formed by inventors as a mechanism for shaping and...
Persistent link: https://www.econbiz.de/10012947658