Our results show that firms appearing
WSpecifically lower consumer surplus and welfare result from inflated retail prices over investment in providing benefits to buyers and excessive adoption of the intermediaries services. Competition among intermediaries intensifies these problems by increasing the magnitude of their effects and broadening the circumstances in which they arise.We show similar results arise when intermediaries provide matching benefits namely recommendations of sellers to buy from. We discuss applications to travel reservation systems payment card systems marketplaces rebate services search engine advertising and various types of brokers and agencies. Download working paperssrn abstract Search Chinese Overseas America Number Data Based Peer Firms Aggregating Investor Perceptions Through Internet Co Searches By Lee Charles M.C. Paul Ma and Charles C.Y. Wang ABSTRACT—Applying a co search algorithm to Internet traffic at the SEC s EDGAR website we develop a novel method for identifying economically related peer firms. in chronologically adjacent searches by the same individual Search Based Peers or SBPs are fundamentally similar on multiple dimensions. In direct tests SBPs dominate GICS industry peers in explaining cross sectional variations in base firms out of sample a stock returns b valuation multiples c growth rates d R D expenditures e leverage and f profitability ratios.
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We show that SBPs are not constrained by standard industry classification and are more dynamic pliable and concentrated. Our results highlight the potential of the collective wisdom of investors―extracted from co search patterns―in addressing long standing benchmarking problems in finance. Download working paperssrn abstract Stepping Stone Stopping Point or Slippery Slope Negotiating the Next Iran Deal By Sebenius James K. ABSTRACT—The November interim nuclear deal between Iran and the P the United States Russia China Britain France and Germany raises challenging questions.
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