1. 货币与支付竞争中的战略数字化

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原标题：Strategic digitization in currency and payment competition

期刊：Journal of Financial Economics

作者：Lin William Cong， Simon Mayer

出版时间：2025-04-04

DOI：10.1016/j.jfineco.2025.104055

摘要：

我们对法定货币和私人数字货币的数字形式之间的竞争进行了建模。各国将货币数字化——通过升级现有或推出新的支付系统（包括CBDC）——与外国法定货币和私人数字货币竞争。一个优先顺序出现了：不那么占主导地位的货币更早数字化，反映出先发优势；主导货币推迟数字化，直到面临竞争；最疲软的货币放弃数字化。然而，延迟的数字化使得私人数字货币获得广泛采用，最终削弱了菲亚特货币的作用。我们强调地缘政治考虑、稳定因素以及菲亚特和私人数字货币之间的互操作性如何影响货币竞争的动态。

Abstract: 

We model the competition between digital forms of fiat money and private digital money. Countries digitize their currencies–by upgrading existing or launching new payment systems (including CBDCs)–to compete with foreign fiat currencies and private digital money. A pecking order emerges: less dominant currencies digitize earlier， reflecting a first-mover advantage; dominant currencies delay digitization until they face competition; the weakest currencies forgo digitization. However， delayed digitization allows private digital money to gain widespread adoption， eventually weakening fiat money’s role. We highlight how geopolitical considerations， stablecoins， and interoperability between fiat and private digital money shape the dynamics of currency competition.

2. 零售执行质量景观

原标题：The retail execution quality landscape

期刊：Journal of Financial Economics

作者：Anne Haubo Dyhrberg， Andriy Shkilko， Ingrid M. Werner

出版时间：2025-04-03

DOI：10.1016/j.jfineco.2025.104051

摘要：

我们证明，场外（批发商）执行为散户投资者提供了显著的成本节约。批发商集中度引发监管担忧；然而，我们发现，由于规模经济，最大的批发商提供的成本最低。新的大型批发商的进入降低了现有的规模经济，导致更高的执行成本。大多数零售经纪人会找到多家批发商，并积极监测他们的业绩，以更大的交易量奖励那些执行成本更低的批发商。虽然散户投资者受益于当前所有股票的行情，但交易小盘股的投资者受益最多。

Abstract: 

We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however， we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies， resulting in higher execution costs. Most retail brokers route to multiple wholesalers and actively monitor their performance， rewarding those offering lower execution costs with more volume. While retail investors benefit from the current landscape across all stocks， those trading small stocks benefit the most.

3. CEO的数字技术取向与董事会特征对公司价值的影响：一种信号传递视角

原标题：Impact of CEO’s Digital Technology Orientation and Board Characteristics on Firm Value: A Signaling Perspective

期刊：Journal of Management

作者：I Filatotchev， G Lanzolla， E Syrigos

出版时间：2025-02-15

DOI：10.1177/01492063231200819

摘要：

结合信号传递研究与资本市场的制度视角，我们认为，在技术变革剧烈的情况下，投资者对公司价值的认知会因CEO对数字技术的投入而提升，尤其是当CEO在数字技术方面的倾向超过同行业的其他公司时。这一基本关系受到董事会特征的调节：董事会成员的数字技术专长和知识多样性能够增强CEO相对于同行的数字技术倾向对公司价值的影响。此外，未具备数字技术专长的独立董事的监督力量会对我们的基本假设产生负面调节作用，而具备数字技术专长的独立董事的监督则会产生正向调节作用。为了验证这一理论，我们利用先进的自然语言处理技术，结合一组独特且手工收集的关于董事会成员数字专长和知识多样性的衡量指标，构建了CEO相对数字技术倾向的构念，并对S&P 500公司的样本进行了分析。本文提供了新的见解，探讨了在高度技术不确定性条件下，与CEO向股东传达的信息相关的技术信号如何与董事会特征互动，共同影响投资者对公司价值的认知。

Abstract: 

Integrating signaling research with the institutional perspective on capital markets， we argue that， in conditions of radical technological change， investor perceptions about firm value are enhanced by the CEO's orientation toward digital technologies that exceeds the firm's industry peers. This base relationship is moderated by board characteristics so that the board members’ digital expertise and knowledge diversity enhance the effect of the CEO's relative digital technology orientation on firm value. Furthermore，TrustWallet安卓版下载 the monitoring power of independent board members who do not have digital expertise negatively moderates our baseline hypothesis， TrustWallet钱包安卓下载 whereas board monitoring exerted by independent board members with digital expertise has a positive moderating effect. To test our theory， we use advanced natural language processing techniques to develop the CEO's relative digital technology orientation construct combined with a unique， hand-collected set of measures associated with board members’ digital expertise and knowledge diversity in a sample of S&P 500 companies. Our article offers novel insights on how technology-related signals associated with the CEO's communications to shareholders interact with board characteristics in determining investor perceptions of the firm's value in conditions of high technological uncertainty.

4. 数字情感邂逅：社交媒体内容流通的关系角色

原标题：Digital Affective Encounters: The Relational Role of Content Circulation on Social Media

期刊：Journal of Consumer Research

作者：Ghalia Shamayleh， Zeynep Arsel

出版时间：2025-04-07

DOI：10.1093/jcr/ucaf023

摘要：

社交媒体上最普遍的做法之一是与他人分享内容以表达感情或确认人际关系。现存的消费者研究考察了由欲望推动的物品的流通，或作为情感和价值的储存库和载体。本文扩展了这项工作，以了解消费者关系是如何通过充满情感的数字对象的创造、消费和流通形成的。本文通过对动物账户管理者和关注者的采访，以及Instagram上动物内容的netnographic数据，从理论上解释了社交媒体上的数字情感遭遇如何通过动物内容的传播而发生。这些发现突显了内容持续充满情感线索以管理准社会和人际关系的过程。虽然充满情感的内容可以在朋友和家人之间共享时充当关系代币，但也可以被大账户捕获和修改。因此，这一内容的情感力量能够触及大众受众，成为模因。本文展示了情感作为数字情感网络动员力量的重要作用。除了动物内容，该框架还可转移至其他社交媒体内容和消费者影响者关系的流通。

Abstract: 

One of the most ubiquitous practices on social media is sharing content with others to show affection or affirm an interpersonal connection. Extant consumer research has examined the circulation of objects fueled by desire or as repositories and carriers of emotion and value. The paper extends this work to understand how consumer relationships are shaped through the creation， consumption， and circulation of digital objects imbued with affect. Drawing upon interviews with both managers and followers of animal accounts and netnographic data of animal content on Instagram， this work theorizes how digital affective encounters on social media transpire through the circulation of animal content. The findings highlight the processes through which content is continuously imbued with affective cues to manage parasocial and interpersonal relationships. While affect-laden content can serve as a relational token when shared between friends and family， it can also be captured and modified by large accounts. As a result， the affective force of this content can reach mass audiences and become memetic. Our paper shows the significant role of affect as a mobilizing force of digital affective networks. Beyond animal content， the framework is transferable to the circulation of other social media content and consumer-influencer relationships.

5. 数字经济中的支付和隐私

原标题：Payments and privacy in the digital economy

期刊：Journal of Financial Economics

作者：Toni Ahnert， Peter Hoffmann， Cyril Monnet

出版时间：2025-04-08

DOI：10.1016/j.jfineco.2025.104050

摘要：

我们提出了数字经济中的借贷、支付选择和隐私模型。虽然数字支付让商家能够在网上销售商品，但他们会向贷款人透露信息。现金保证匿名，但将分发限制在效率较低的线下场所。在均衡状态下，商家会权衡在线分销（使用数字支付）带来的效率收益，以及保持匿名（使用现金）带来的信息租金。虽然新技术可以减少与数字支付相关的隐私担忧，但它们也将盈余从贷款人重新分配给商家。因此，隐私增强并不总是能改善福利。

Abstract: 

We propose a model of lending， payments choice， and privacy in the digital economy. While digital payments enable merchants to sell goods online， they reveal information to their lender. Cash guarantees anonymity， but limits distribution to less efficient offline venues. In equilibrium， merchants trade off the efficiency gains from online distribution (with digital payments) and the informational rents from staying anonymous (with cash). While new technologies can reduce the privacy concerns associated with digital payments， they also redistribute surplus from the lender to merchants. Hence， privacy enhancements do not always improve welfare.

6. 推荐搜索内容：查询推荐系统的销量和消费多样性效应

原标题：Recommending What to Search: Sales Volume and Consumption Diversity Effects of a Query Recommender System

期刊：Marketing Science

作者：Shuang Zheng， Siliang (Jack) Tong， Hyeokkoo Eric Kwon， Gordon Burtch， Xianneng Li

出版时间：2025-03-24

DOI：10.1287/mksc.2024.1121

摘要：

本研究考察了在亚洲领先的移动食品配送应用中，查询推荐系统对用户搜索行为、销量和消费多样性的影响。我们发现，在30天内，访问查询推荐者会增加消费者购买量1%-2%，同时扩大个人和市场层面的消费多样性。通过探索这些效应产生的机制，我们强调了查询自动完成功能的互补、平衡作用。虽然查询推荐器通过建议替代和相邻查询来帮助扩展用户的考虑集，但自动完成功能有助于以个性化的方式扩展和细化查询。我们的发现突显了查询推荐程序在增加需求的同时增强消费者探索和消费多样性的潜力，尤其是在与auto complete同时部署时。我们的研究贡献了有关搜索行为和推荐系统的文献，为平台经理提供了可操作的见解，帮助他们进行查询推荐者的战略设计和集成，以提高用户参与度和市场结果。

Abstract: 

This study examines the impact of a query recommender system on user search behavior， sales volume， and consumption diversity within a leading mobile food delivery app in Asia. We find that access to a query recommender increases consumer purchase volumes by 1%–2% over 30 days while broadening consumption diversity at both the individual and market levels. Exploring the mechanisms by which these effects arise， we highlight the complementary， balancing role of query auto-completion features. Whereas the query recommender helps to expand a user’s consideration set by suggesting alternative and adjacent queries， the auto-complete feature helps to extend and refine the queries in a personalized manner. Our findings highlight the potential of query recommenders for increasing demand while enhancing consumer exploration and consumption diversity， particularly when deployed in tandem with auto-complete. Our study contributes to the literature on search behavior and recommendation systems， offering actionable insights for platform managers into the strategic design and integration of query recommenders to improve user engagement and market outcomes.

7. 数字援助能否在人道主义危机中发挥作用？

原标题：Can Digital Aid Deliver During Humanitarian Crises?

期刊：Management Science

作者：Michael Callen， Miguel Fajardo-Steinhäuser， Michael G. Findley， Tarek Ghani

出版时间：2025-03-31

DOI：10.1287/mnsc.2024.06469

摘要：

数字支付能帮助减少极度饥饿吗？人道主义需求达到1945年以来的最高水平，援助预算落后，饥饿集中在脆弱国家，这些国家的镇压和援助转移是主要障碍。在这种情况下，直接与政府合作往往既不可行也不可取，这使得私人数字支付平台成为提供援助的潜在有用手段。作为社区、非营利组织和私人组织之间合作的一部分，我们实验性地评估了向阿富汗极端贫困的女性户主家庭提供的数字支付。这些款项大大改善了粮食安全和精神健康。尽管受益人的技术知识有限，但99.75%的人使用了这些款项，严格的检查没有发现转移的证据。在看到我们的成果之前，政策制定者和专家对数字援助持不确定和怀疑态度，这与之前缺乏关于人道主义响应的数字支付的证据是一致的。配送成本低于每美元7美分，比世界粮食计划署的全球现金转移支付成本低10美分。这些节省可以在不增加资源的情况下帮助减少饥饿，这表明利用数字支付平台的混合伙伴关系如何有助于在困难情况下应对重大挑战。

Abstract: 

Can digital payments help reduce extreme hunger? Humanitarian needs are at their highest since 1945， aid budgets are falling behind， and hunger is concentrating in fragile states where repression and aid diversion present major obstacles. In such contexts， partnering directly with governments is often neither feasible nor desirable， making private digital payment platforms a potentially useful means of delivering assistance. We experimentally evaluated digital payments to extremely poor， female-headed households in Afghanistan， as part of a partnership between community， nonprofit， and private organizations. The payments led to substantial improvements in food security and mental well-being. Despite beneficiaries’ limited tech literacy， 99.75% used the payments， and stringent checks revealed no evidence of diversion. Before seeing our results， policymakers and experts are uncertain and skeptical about digital aid， consistent with the lack of prior evidence on digital payments for humanitarian response. Delivery costs are under 7 cents per dollar， which is 10 cents per dollar less than the World Food Programme’s global figure for cash-based transfers. These savings can help reduce hunger without additional resources， demonstrating how hybrid partnerships utilizing digital payment platforms can help address grand challenges in difficult contexts.