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(Mis)Measuring the Drivers of Ad Performance
No full textWe study the potential risks and benefits of using large-language model (LLM) annotations in video ad creative research. Using a custom-built, large-scale dataset of over 10,000 human-labeled video ads, we demonstrate that off-the-shelf multimodal LLMs perform poorly when encoding certain types of features. We then show, using ad quality ratings from a large (500+) consumer panel provided by iSpot.tv, that such misaligned measurement may lead to downstream effect estimates that are significant in the opposite direction to those inferred with human-labeled data. However, we demonstrate that such bias can be largely mitigated by fine-tuning a model using our large-scale human annotations. This fine-tuned model exceeds average pairwise human agreement on many features, realigns downstream estimates with those based on human annotations, and substantially improves the explanatory power of labeled content features for ad performance, allowing for the recovery of significant effects that are otherwise missed when using human-labeled data due to inter-annotator noise
Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund Relationships
No full textDuring the bond market liquidity crisis of March 2020, dealers connected with corporate bond trading hedge funds charged lower transaction costs on bonds subject to mutual fund fire sales. This effect was particularly strong in bonds with limited alternative buyers, such as insurance companies. Further, dealers with stronger hedge fund connections committed less capital to inventories. Despite selling equities and U.S. Treasuries, hedge funds purchased corporate bonds in March 2020, partly due to the widening CDS-bond basis. Our findings suggest that hedge fund connections help dealers overcome search frictions and increase their willingness to provide liquidity in a one-sided market
The Problem of Purpose in Corporate Law
Full text linkFor the last half century, shareholder primacy has reigned as the dominant definition of corporate purpose, as to both the purpose of individual companies and corporate law more generally. Recently, however, the Business Roundtable, the American Law Institute’s Restatement of the Law: Corporate Governance, and many business and legal academics have developed new answers to explain why we have corporations, and the ends to which their massive economic powers should be directed. This Essay endeavors to reframe the focus of the debate beyond purpose itself into the realm of actual governing power. In order to be meaningful, purpose needs governance. While an expansion of corporate purpose to consider the interests of corporate stakeholders would be a positive development, that change will not make a difference unless governance is also restructured to accommodate those stakeholders. We need to undertake the complicated but ultimately rewarding work of restructuring corporate governance if we want to replace shareholder wealth maximization as our orienting economic principle
Deconstructing a Theology of Scarcity. Case Study: Watermark Zoning Case Presented to the City of Dallas
Full text linkIn their book, Moral Leadership for a Divided Age, David P. Gushee and Colin Holtz discuss 14 historical leaders\u27 life stories and their leadership principles. In chapter four, the authors highlight the life of Harriet Tubman and identify the following leadership lesson, “Faith can drive both moral evil and moral greatness.” These authors go on to state that African slaves, white slaveholders, and the Northern and Southern Abolitionists each on some level claim to worship and adhere to the same sacred scriptures. From our current point of view, several hundred years removed, it seems impossible for enslaved Africans and white slave owners to find any agreement or any shared principles in the same scriptures. The authors address this point in the following statement, “It is easy for Christians to focus exclusively on abolitionists and the faith of enslaved people and easy for critics of Christianity to note racist Christians’ defenses of slavery. The question is not faith but what kind of faith, and to what end.
