-
作者：Dyer, Travis; Lang, Mark; Oh, Jun
作者单位：Brigham Young University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Purdue University System; Purdue University
摘要：We examine the effect of news media consolidation on local business coverage and its consequences for firms, investors, and capital markets. Using television transcripts, we find a substantial drop in coverage of local firms following the consolidation of local television stations associated with Sinclair acquisitions. Local information search, institutional portfolio local bias, and overall retail trading decrease for firms in treated geographic areas. Results are most pronounced for small fi...
-
作者：Fongoni, Marco; Schaefer, Daniel; Singleton, Carl
作者单位：Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Johannes Kepler University Linz; University of Stirling; IZA Institute Labor Economics
摘要：We investigate how the incompleteness of an employment contract-discretionary and noncontractible effort-can affect an employer's decision about cutting nominal wages. Using matched employer-employee payroll data from Great Britain linked to a survey of managers, we find support for the main predictions of a stylized theoretical framework of wage determination: nominal cuts are at most half as likely when managers believe that their employees have significant discretion over how they do their ...
-
作者：Aouad, Ali; Feldman, Jacob; Segev, Danny; Zhang, Dennis J.
作者单位：Massachusetts Institute of Technology (MIT); Washington University (WUSTL); Tel Aviv University; Tel Aviv University
摘要：We introduce the click-based MNL choice model, a framework for capturing customer purchasing decisions in e-commerce settings. Specifically, we augment the classical Multinomial Logit choice model by assuming that customers only consider the items they have clicked on before they proceed to compare their random utilities. In this context, we study the resulting assortment optimization problem, where the objective is to select a subset of products, made available for purchase, to maximize the e...
-
作者：Keskin, N. Bora; Li, Chenghuai; Song, Jing-Sheng
作者单位：Duke University
摘要：Motivated by blockchain applications in the fresh produce industry, we consider a newsvendor problem in which a retailer faces stochastic and freshness-dependent consumer demand. The retailer can adopt blockchain technology to have more transparent information on the freshness of supply. We quantify the value of blockchain-enabled freshness transparency by deriving closed-form expressions for the retailer's expected profit growth and food waste reduction brought by blockchain adoption. Using p...
-
作者：Cheng, Xin; Lyandres, Evgeny; Zhou, Kaiguo; Zhou, Tong
作者单位：Zhongnan University of Economics & Law; Tel Aviv University; Monash University; Capital University of Economics & Business; Southern University of Science & Technology
摘要：We examine the effects of adoption of labor-replacing automation technology on corporate financing. Empirically, using Chinese firm-level panel data on deployment of industrial robots as an example of such automation, we find that robot adoption increases leverage and reduces cost of debt. We hypothesize that the underlying reason is that being a substitute for labor, automation provides a hedge against fluctuations in labor costs. A model based on this hedging argument delivers additional tes...
-
作者：Tucker-Foltz, Jamie; Zeckhauser, Richard
作者单位：Harvard University; Harvard University
摘要：We study the classic divide-and-choose method for equitably allocating divisible goods between two players who are rational, self-interested Bayesian agents. The players have additive values for the goods. The prior distributions of those values are common knowledge. We consider both the cases of independent values and values that are correlated across players (as occurs when there is a common-value component). We describe the structure of optimal divisions in the divide-and-choose game and id...
-
作者：Hoang, Daniel; Gatzer, Sebastian; Ruckes, Martin
作者单位：University Hohenheim; Helmholtz Association; Karlsruhe Institute of Technology
摘要：We analyze a unique chief financial officer (CFO) survey data set to examine capital allocation in firms. Top management is aware of agency and information problems at the divisional level and organizes the budgeting process to counteract managerial opportunism, employing systems of interconnected measures, including layers of approval, divisional budgets, reporting requirements, and compensation schemes. When making funding decisions, top management relies heavily on top-level nonfinancial in...
-
作者：Liu, Tialu; Pei, Siqi; Zhang, Xiaoquan (Michael)
作者单位：Shanghai Jiao Tong University; Shanghai University of Finance & Economics; Chinese University of Hong Kong
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness inclusion of an advertisement in this article, neither constitutes nor implies a guaran...
-
作者：Park, Sanghyun; Gonzalez, Cleotilde; Puranam, Phanish
作者单位：National University of Singapore; Carnegie Mellon University; INSEAD Business School
摘要：Organizational learning often involves groups that learn from feedback on their decisions over time (also known as learning by doing or learning from experience). Although organizational learning is frequently assumed to resemble individual learning from experience, there is limited evidence to validate this assumption. Furthermore, groups in organizations often have centralized rather than decentralized decision making, but we know little about how they differ in learning from experience. Usi...
-
作者：Juelsrud, Ragnar E.; Wold, Ella Getz
作者单位：Norges Bank; BI Norwegian Business School
摘要：In this paper, we use a novel natural experiment and Norwegian tax data to quantify the causal impact of unemployment risk on individual savings. By comparing individuals who live in the same area but face different increases in risk, we show that a one-percentage-point increase in unemployment rates increases safe assets by 1.3%. Reassuringly, this effect is driven by low-tenured workers, who face the highest increase in risk. Savings in risky financial assets remain unaffected, implying a de...
