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作者：Gulen, Huseyin; Li, Dongmei; Peters, Ryan H.; Zekhnini, Morad
作者单位：Purdue University System; Purdue University; University of South Carolina System; University of South Carolina Columbia; Tulane University; Michigan State University; Michigan State University's Broad College of Business
摘要：The transition from a traditional manufacturing -based economy to a knowledge- and service -based economy over recent decades resulted in a considerable rise in intangible capital, most of which is not reported on companies' balance sheets. As a result, balance sheet -based valuation ratios, investment measures, and other firm characteristics that do not incorporate off -balance sheet (OBS) intangible capital suffer from significant measurement error problems. We incorporate a new measure of O...
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作者：Nadarajah, Selvaprabu; Cire, Andre A.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：High -dimensional weakly coupled Markov decision processes (WDPs) arise in dynamic decision making and reinforcement learning, decomposing into smaller Markov decision processes (MDPs) when linking constraints are relaxed. The Lagrangian relaxation of WDPs (LAG) exploits this property to compute policies and (optimistic) bounds efficiently; however, dualizing linking constraints averages away combinatorial information. We introduce feasibility network relaxations (FNRs), a new class of linear ...
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作者：Li, Zaile; Fan, Weiwei; Hong, L. Jeff
作者单位：Fudan University; Tongji University; Fudan University
摘要：Ranking and selection (R&S) aims to select the best alternative with the largest mean performance from a finite set of alternatives. Recently, considerable attention has turned toward the large-scale R&S problem which involves a large number of alternatives. Ideal largescale R&S procedures should be sample optimal; that is, the total sample size required to deliver an asymptotically nonzero probability of correct selection (PCS) grows at the minimal order (linear order) in the number of altern...
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作者：Buell, Ryan W.; Choi, Moonsoo
作者单位：Harvard University
摘要：Through a large-scale field experiment with 393,036 customers considering opening a credit card account with a nationwide retail bank, we investigate how providing transparency into an offering's tradeoffs affects subsequent rates of customer acquisition and long -run engagement. Although we find tradeoff transparency to have an insignificant effect on acquisition rates, customers who were shown each offering's tradeoffs selected different products than those who were not. Moreover, prospectiv...
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作者：Schwartz-Ziv, Miriam; Volkova, Ekaterina
作者单位：Hebrew University of Jerusalem; University of Melbourne
摘要：We find that, overall, blockholder diversity, i.e., the firm shareholder base including several different types of blocks, is detrimental to firm performance. We show that lagged disclosure, on exogenous predetermined dates, that reveals an increase in block diversity is followed by a negative market reaction. Firms held by heterogeneous blockholders consistently perform worse than firms held by homogeneous blockholders. Block diversity is particularly detrimental when uncertainty is high. Dis...
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作者：Fich, Eliezer M.; Starks, Laura T.; Tran, Anh L.
作者单位：Drexel University; University of Texas System; University of Texas Austin; City St Georges, University of London
摘要：Consistent with hypotheses underlying firm advertising, we find that targets with pretakeover advertising obtain higher premiums, whereas their acquirers earn lower announcement returns. These economically significant effects suggest that through advertising, targets increase their profile and negotiating power. Further, targets that advertise are more likely to initiate their takeovers, attract multiple bidders, receive enhanced bids, capture more merger rents, and even in failed acquisitions...
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作者：Babier, Aaron; Chan, Timothy C. Y.; Diamant, Adam; Mahmood, Rafid
作者单位：University of Toronto; York University - Canada; University of Ottawa
摘要：The topic of learning to solve optimization problems has received interest from both the operations research and machine learning communities. In this paper, we combine ideas from both fields to address the problem of learning to generate decisions to instances of optimization problems with potentially nonlinear or nonconvex constraints where the feasible set varies with contextual features. We propose a novel framework for training a generative model to produce provably optimal decisions by c...
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作者：Andersen, Kim Allan; Boomsma, Trine Krogh; Efkes, Britta; Forget, Nicolas
作者单位：Aarhus University; University of Copenhagen; University of Wuppertal; Johannes Kepler University Linz
摘要：This paper considers sensitivity analysis of the cost coefficients in multiobjective integer linear programming problems. We define the sensitivity region as the set of simultaneous changes to the coefficients for which the efficient set and its structure remain the same. In particular, we require that the component -wise relation between efficient solutions is preserved and that inefficient solutions remain inefficient, and we show that this is sufficient for the efficient set to be the same ...
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作者：Fang, Bingxu; Saiy, Sasan; Vyas, Dushyantkumar
作者单位：Singapore Management University; University of Waterloo; University of Toronto; University Toronto Mississauga; University of Toronto
摘要：Valuation plays a central role in determining Chapter 11 reorganization outcomes. However, obtaining accurate valuation estimates of reorganized firms is challenging because of limited firm -specific market -based information and the oft -conflicting incentives of claimholders. We examine the role of industry peer information in reducing misvaluations and its implications for unintended interclaimant wealth transfers and postreorganization performance. First, we find that the availability of r...
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作者：Qu, Hong; Williams, Jared; Zhao, Ran; Kwasnica, Anthony
作者单位：University System of Georgia; Kennesaw State University; State University System of Florida; University of South Florida; Peking University; State University System of Florida; Florida State University
摘要：We examine a beauty contest game with an option to analyze an additional disclosure. We analytically prove that in some scenarios, coordination incentives cause sophisticated players who can comprehend disclosures to choose not to analyze them to match unsophisticated players' actions, a phenomenon we call coordinated inattention. Laboratory experiments provide support for the coordinated inattention mechanism: Coordination incentives reduce sophisticated subjects' propensity to analyze disclo...
