working papers
projects I'm currently working on
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Coordinated Innovation--The Role of Product Development Disclosures
This study explores the role of disclosures in facilitating coordinated innovation between supply chain partners. We argue that disclosures related to product development, referred to as "product disclosures", serve as a commitment device that mitigates the first-mover risk in coordination efforts, thereby facilitating coordinated innovation. We capture product disclosures from product-related press releases and measure coordinated innovation based on congruence in patent class vectors. Consistent with our hypothesis, we find a significantly positive association between product disclosures and coordinated innovation along the supply chain. This positive relation is more pronounced when coordination uncertainty is higher and information asymmetry is greater between supply chain partners. Our results are robust to two different instrumental variables approaches. We also find that coordinated innovation along the supply chain increases following a plausibly exogenous shock that enhances transparency in product development.
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Corporate Responses to Generative AI--Early Evidence from Conference Calls
We provide early evidence of generative artificial intelligence (GAI)’s potential impact on corporations through managerial discussions of GAI in conference calls after the release of ChatGPT in November 2022. Following the release, managerial discussions of GAI in conference calls increase substantially, and the increase is more pronounced for firms with greater innovation intensity, cybersecurity threats, product differentiation, labor exposure to AI, and customer operations, suggesting that these firms are more likely to be affected by GAI. Managers tend to believe that GAI is more beneficial to firms with greater innovation intensity and cybersecurity threats but is more detrimental to firms with greater product differentiation. While they hold mixed views on GAI’s impact on firms with greater labor exposure to AI and customer operations, their views are more likely to be positive than negative. Managers of firms with greater innovation intensity, cybersecurity threats and customer operations (product differentiation) increase initiative-related (non-initiative-related) discussions more. While managers of firms with greater labor exposure to AI increase discussions of both types more, they are more likely to increase initiative-related discussions. Overall, our study sheds light on the heterogeneous corporate perceptions of GAI’s impacts and responses.