First-Party Content Production in a Competitive Media Market
Streaming platforms are pouring money into original content, but whether it pays off depends on two things: how much their content already overlaps with competitors and how flexible their pricing is. When prices are fixed (e.g., standard subscription tiers), platforms are more likely to invest in originals—especially if competitors offer similar libraries—because originals help differentiate. But when platforms can easily adjust prices, heavy content overlap actually reduces the incentive to invest in originals, since pricing can be used instead to compete.
Evolution of Ride Services: From Ride- Hailing to Autonomous Vehicles
In recent years the ride service industry has been evolving rapidly, driven by disruptive technologies such as mobile apps, AI, and autonomous vehicles (AVs). While platform-based decentralized ride hailing companies have gained significant market share, vertically-integrated robotaxi services using emerging AVs are starting to enter the market. In this paper, we aim to provide insights about the evolution and the future of ride services studying these two competing business approaches.
Holding Horizon: A New Measure of Active Investment Management
This article introduces a new holding horizon measure of active management and examines its relation to future risk-adjusted fund performance (alpha). Our measure reveals a wide cross-sectional dispersion in mutual fund investment horizons, and shows that long-horizon funds exhibit positive future long-term alphas by holding stocks with superior long-term fundamentals. Further, stocks largely held by long-horizon funds outperform stocks largely held by short-horizon funds by more than 3%annually, adjusted for risk, over the following 5-year period.