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Artificial Intelligence and the Rents of Finance Workers
No full textThis paper studies how artificial intelligence (AI) affects the finance labor market when humans and AI perform different tasks in investment projects, and workers earn agency rents that grow with project size. We identify two key effects of AI improvement: A free-riding effect raises worker rents by increasing the probability of successful investment when the worker shirks; A capital reallocation effect shifts investment toward workers with higher or lower rents, depending on which tasks AI improves. Contrary to standard predictions, AI can raise both worker rents and labor demand. We derive implications for capital allocation, labor demand, compensation, and welfare
Corporate Accelerators and Global Entrepreneurial Growth
No full textThis study assesses the impact of corporate accelerators on startup growth and technology adoption. Corporate accelerator programs offer technological resources that can spur startup growth, but they can also deter startups from exploring other suppliers' technologies. With novel data from one technology firm's accelerator program, we compare accepted and rejected startups using a machine-learning-based matching algorithm trained on the selection criteria. Participating in the corporate accelerator increases startups’ future funding by more than 50%. Moreover, participation increases startups’ use of the hosting firm's technologies by about 9%. The program asymmetrically benefits startups already using the host firm’s technologies and startups located in countries with more entrepreneurial resources, while reducing participation in other suppliers’ technological ecosystems. These findings suggest that corporate accelerator programs spur the growth of those with sufficient technological capabilities and local financing, but at the potential cost of reduced flexibility
My Advisor, Her AI and Me: Evidence from a Field Experiment on Human-AI Collaboration and Investment Decisions
No full textAmid ongoing policy and managerial debates on keeping humans in the loop of AI decision-making processes, we investigate whether human involvement in AI-based service production benefits downstream consumers. Partnering with a large savings bank in Europe, we produced pure AI and human-AI collaborative investment advice, which we passed to the bank customers and investigated the degree of their advice-taking in a field experiment. On the production side, contrary to concerns that humans might inefficiently override AI output, our findings show that having a human banker in the loop of AIbased financial advisory by giving her the final say over the advice provided does not compromise the quality of the advice. More importantly, on the consumption side, we find that the bank customers are more likely to align their final investment decisions with advice from the human-AI collaboration, compared to pure AI, especially when facing more risky investments. In our setting, this increased reliance on human-AI collaborative advice leads to higher material welfare for consumers. Additional analyses from the field experiment along with an online controlled experiment indicate that the persuasive efficacy of human-AI collaborative advice cannot be attributed to consumers' belief in increased advice quality resulting from complementarities between human and AI capabilities. Instead, the consumption-side benefits of human involvement in the AI-based service largely stem from human involvement serving as a peripheral cue that enhances the affective appeal of the advice. Our findings indicate that regulations and guidelines should adopt a consumer-centric approach by fostering environments where human capabilities and AI systems can synergize effectively to benefit consumers while safeguarding consumer welfare. These nuanced insights are crucial for managers who face decisions about offering pure AI versus human-AI collaborative services and also for regulators advocating for having humans in the loop
How Stock Market Participants Use Generative Artificial Intelligence: Evidence from User-Platform Interaction Data
No full textWe systematically delineate how stock market participants use Generative Artificial Intelligence (GenAI) to aid their processing of investment-related information. Drawing on a comprehensive dataset of user-platform interactions from one of China's largest GenAI service providers, we identify over 1.7 million stock-related queries submitted during the first half of 2024, spanning a wide range of topics and information-processing tasks. We find that firm size, short-term performance, and media coverage are key correlates of query volume. Moreover, user activity increases on days with financial disclosures, but these increases largely parallel media coverage. In addition, we find suggestive evidence of a substitutive relationship between informative management disclosures and GenAI usage. At the answer level, user fixed effects explain most variation in answer attributes, with more accurate trading signals linked to positive feedback and continued engagement. Finally, GenAI usage is associated with more informed trading, lower liquidity, and aggregated answer sentiment correlates with same-day abnormal returns. Overall, we provide comprehensive descriptive evidence on how users rely on GenAI to acquire information for stock market investment, offering practical insights for GenAI providers, firms, and regulators into how to cater to the informational demands of (retail) investors
Essais sur les effets réels des interventions publiques sur les marchés financiers
No full textThis thesis examines the effects of fiscal and monetary interventions in financial markets and their impact on corporate investment. The first chapter exploits exogenous variations in the maturity structure of U.S. government debt to show that an increase in the supply of long-term government debt raises long-term discount rates and reduces long-term corporate investment. This effect causes a reallocation of investment across sectors, firms, and even divisions, independently of firms’ capital structure. The second chapter develops a theoretical framework integrating the central bank and the treasury to study the risk-benefit trade-off of quantitative easing (QE) for the consolidated government. Using a simple model with distortionary taxes, nominal frictions, and a zero lower bound on interest rates, it characterizes the optimal size of a QE program as the one that balances the marginal benefit from stimulating output with the marginal cost of rollover risk borne by taxpayers. The third chapter analyzes the impact of monetary policy on banks’ lending capacity: lower interest rates compress deposit margins, constraining bank credit supply, which leads to higher loan spreads and a reduction in investment by borrowing firms compared to a more complete transmission. These studies shed light on the mechanisms through which public interventions in financial markets influence financial conditions, corporate investment, and the risks borne by taxpayers.Cette thèse étudie les effets des interventions publiques, fiscales et monétaires, sur les marchés financiers et leur impact sur l’investissement des entreprises. Le premier chapitre exploite des variations exogènes dans la structure de maturité de la dette publique américaine pour montrer que l’augmentation de l’offre de dette publique à long terme fait monter les taux d’actualisation à long terme et réduit l’investissement des entreprises sur le long terme. Ce phénomène provoque une réallocation des investissements, au sein des secteurs, des entreprises, et même des divisions, indépendamment de la structure financière des firmes. Le deuxième chapitre propose un cadre théorique intégrant la banque centrale et le ministère des finances afin d’étudier le compromis entre risques et bénéfices de l’assouplissement quantitatif (QE) pour le gouvernement consolidé. Grâce à un modèle simple comprenant des impôts distorsifs, des frictions nominales, et une borne inférieure zéro sur les taux d’intérêt, il caractérise la taille optimale d’un programme de QE comme celle qui équilibre le bénéfice marginal de la stimulation de la production et le coût marginal du risque de refinancement supporté par les contribuables. Le troisième chapitre analyse l’impact des politiques monétaires sur la capacité de prêt des banques : la baisse des taux réduit les marges sur les dépôts, ce qui contraint le crédit bancaire, entraînant une hausse des écarts de taux et une réduction de l’investissement des entreprises emprunteuses, comparée à une transmission plus complète. Ces travaux éclairent les mécanismes par lesquels les interventions publiques sur les marchés financiers influencent les conditions financières, l’investissement des entreprises, ainsi que les risques encourus par les contribuables
La consultation à distance : vers une reconfiguration de la relation patient-professionnel de santé
No full textL'édition 2025 de L'État du management met l'accent sur des problématiques caractérisant l'environnement des entreprises à l'heure de l'Anthropocène et qui les conduisent à se transformer (décarbonation ou IA).Qu'il s'agisse de la télémédecine, des organisations hybrides, des étiquetages nutritionnels et environnementaux ou des méta-organisations de la société civile, les travaux des chercheurs du laboratoire Dauphine Recherches en Management (DRM) s'attachent à explorer les transformations à l'œuvre de manière à mettre en perspective les enjeux managériaux soulevés.D'autres contributions prolongent des réflexions, entamées dans les éditions précédentes, sur l'émergence d'une comptabilité écologique, l'usage des indicateurs de pilotage, le rôle des influenceurs ou encore la recherche du sens du travail à travers la conflictualité au sein des organisations.Cette édition est complétée par une synthèse de la vie des affaires au cours de la période octobre 2023-septembre 2024
A Dynamic Federalism Test
No full textFederalism notoriously struggles with the allocation of competences between the federal and sub-federal levels. Legal doctrines vary across jurisdictions in how they allocate authority. From an efficiency perspective, the allocation is determined through a "federalism test" comparing the efficiency of each level of government. This comparison is difficult because which allocation will be more efficient in the future is uncertain and potentially endogenous to the current allocation. We formally define efficiency in such a context, show that a "static" federalism test that neglects endogeneity can fail to implement the efficient allocation, and propose a "dynamic" test to address the issue. We discuss the relevance of our results in light of jurisprudence in different policy areas
Conformal Prediction for Hierarchical Data
No full textWe consider conformal prediction for multivariate data and focus on hierarchical data, where some components are linear combinations of others. Intuitively, the hierarchical structure can be leveraged to reduce the size of prediction regions for the same coverage level. We implement this intuition by including a projection step (also called a reconciliation step) in the split conformal prediction [SCP] procedure, and prove that the resulting prediction regions are indeed globally smaller. We do so both under the classic objective of joint coverage and under a new and challenging task: component-wise coverage, for which efficiency results are more difficult to obtain. The associated strategies and their analyses are based both on the literature of SCP and of forecast reconciliation, which we connect. We also illustrate the theoretical findings, for different scales of hierarchies on simulated data
"Word-of-AI" and Matching Quality: Evidence from a Natural Experiment on Online Review Platforms
No full textMany online platforms have recently integrated generative AI (GAI) generated content, yet its impact on the platform ecosystem requires careful investigation. By leveraging a unique policy of a leading online review platform that introduces GAI reviews summary (GAIRS), this study examines how GAIRS can affect the matching quality of online consumers purchasing products or services. Constructing a unique panel dataset of online reviews for a set of hotels on both TripAdvisor and Expedia, we apply a cross-platform difference-indifferences approach to estimate the impact of GAIRS. Our findings elucidate the positive effects of GAIRS on matching quality, manifested by increased consumer rating and decreased rating dispersion. This effect is driven by a decrease in unsatisfactory consumer experiences. Exploring potential mechanisms, we show that the positive effect of GAIRS on matching quality is more prominent in hotels with high uncertainty and when GAIRS is generated from a larger number of reviews, contains more content, or exhibits greater readability. We also present direct evidence supporting our mechanism by showing that the consumer reviews post-GAIRS display greater certainty and assertiveness in their content. Our further analyses rule out an alternative explanation for GAIRS's role being a form of top review, by showing evidence for the performance of solicited reviews, the absence of consumer imitation from GAIRS, and improvements in hotel performance. Finally, we employ transfer deep learning to further demonstrate that GAIRS can reduce uncertainty. Additionally, we find that improvements in experiential dimensions including rooms, value, noise level, and service drive the decline in unsatisfactory consumer experiences. This research highlights the potential of GAIRS, as a recent GAIempowered application in online platforms, in improving matching between online consumers and products, thereby contributing to the expanding discourse on the impacts of GAI in online markets
Essais de théorie économique appliquée
No full textThis thesis studies strategic interactions in different economic settings, from social choice and bargaining to labor markets. The first paper develops a novel bargaining mechanism, Price Accept and Choose (PA&C), which ensures efficient allocation while delivering fair compensation in line with the Shapley value. The second paper implements PA&C alongside its parent mechanism, Price and Choose (P&C), in the laboratory, providing the first experimental evidence of their performance relative to the standard alternating-offer procedure. The results show high efficiency but also systematic deviations from equilibrium predictions, explained through a novel model showing that subjects’ behavior is driven more by concerns about punishment for selfish proposals than by equity considerations. The third paper turns to firm-sponsored training, emphasizing a novel dimension for analyzing investments in workers’ skills: their timing. It shows how poaching risks distort firms’ incentives, delaying skill formation relative to the social optimum, and how labor market institutions - such as minimum wages, no-poaching agreements, and repayment clauses - shape the pace of human capital accumulation.Cette thèse étudie les interactions stratégiques dans différents contextes économiques, allant du choix social et de la négociation aux marchés du travail. Le premier chapitre développe un nouveau mécanisme de négociation, Price Accept and Choose (PA&C), qui garantit une allocation efficace tout en assurant une compensation équitable conforme à la valeur de Shapley. Le deuxième chapitre met en œuvre PA&C ainsi que son mécanisme parent, Price and Choose (P&C), en laboratoire, fournissant les premières preuves expérimentales de leurs performances par rapport à la procédure classique d’offres alternées. Les résultats montrent une forte efficacité mais aussi des écarts systématiques par rapport aux prédictionsd’équilibre, expliqués par un nouveau modèle montrant que le comportement des sujets est davantage motivé par la crainte d’une sanction pour des propositions ‘égoïstes’ que par des considérations d’équité. Le troisième chapitre se tourne vers la formation financée par l’entreprise, en mettant en avant une dimension nouvelle pour l’analyse des investissements dans les compétences des travailleurs : leur timing. Il montre comment les risques d’embauche concurrentielle faussent les incitations des entreprises, retardant la formation des compétences par rapport à l’optimum social, et comment les institutions du marché du travail - telles que le salaire minimum, les accords de non-débauchage et les clauses de remboursement de formation - influencent le rythme d’accumulation du capital humain