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作者：Kostami, Vasiliki
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：In manufacturing and service operations, flexibility is beneficial for matching supply with demand, but it comes at a cost. In modern digital workplaces, agents have different skills associated with corresponding and variable task preferences. Some are inclined to give up part of their payment to avoid unfavorable matches, and the platform manager, in turn, gains extra freedom in allocating tasks by possibly charging servers for favorable assignments. Innovative marketplaces facilitate task di...
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作者：Honda, Jun; Inderst, Roman; Ottaviani, Marco
作者单位：Goethe University Frankfurt; Bocconi University
摘要：We introduce a model of advice in which firms steer advisors through nonlinear incentive schemes. In addition to developing an isomorphism to pricing with mixed bundling, we obtain three main insights. First, firms optimally use nonlinear bonuses to economize on the rent paid to advisors. Second, equilibrium bonus payments induce advisors to make biased recommendations that are artificially contingent on each other, resulting in an inefficient allocation. Third, if advisor liability is stepped...
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作者：Xiang, Haotian
作者单位：Peking University
摘要：Financial covenants influence firm behavior by state-contingently allocating decision rights. I develop a quantitative model with long-term debt where shareholders cannot commit to not dilute existing lenders with new debt issuances. Lenders intervene on covenant violations but cannot commit either to any debt restructuring plan ex ante. Counterfactual experiments suggest that financial covenants significantly reduce default probability and increase firm value. However, the value creation is l...
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作者：Mitra, Indrajit; Seo, Taeuk; Xu, Yu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Michigan System; University of Michigan; University of Delaware
摘要：We establish an observational equivalence between unemployment fluctuations of the Diamond-Mortensen-Pissarides search economy augmented with time varying risk premia and an otherwise identical economy without risk premia but with a time varying value of leisure. This equivalence holds for general risk premia processes and allows us to view the effects of different models of risk premia as operating through a single channel- one that alters the value of leisure. We derive simple expressions fo...
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作者：Guo, Liang
作者单位：City University of Hong Kong
摘要：Recent years have seen a growth in customized products and services. As a prerequisite for customization, private information on individual customers' quality preferences needs to be uncovered. Sellers can listen to customers about their stated or self-reported preferences through direct communication (e.g., conversation, survey). Alternatively, customer preferences can be inferred from their behavior when they are given the rights to self-design the quality. In this research we endogenize the...
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作者：Cen, Xiao
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Using proprietary individual-level trading data around a natural experiment- the release of a smartphone trading app by a large investment advisor-this study investigates how smartphone trading technology affects retail investor behavior and mutual fund performance. App adoption by retail investors leads to an increase in investor attention and trading volume. App adopters' flows become more sensitive to short-term fund returns and market sentiment, resulting in higher aggregate flow volume am...
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作者：Ivanov, Ivan T.; Wang, James Z.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We exploit the quasi-random assignment of federal bank examiners to syndicated loans to study the effect of supervision on corporate lending. Following supervisory rating downgrades, banks decrease credit commitments and downgrade internal risk assessments. Borrowers face larger commitment reductions whenever banks have low ex ante screening and monitoring incentives or whenever examiners' assessments contain more information than banks' assessments, suggesting that examinations complement ban...
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作者：Kanoria, Yash; Qian, Pengyu
作者单位：Columbia University; Purdue University System; Purdue University
摘要：We study the problem of maximizing payoff generated over a period of time in a general class of closed queueing networks with a finite, fixed number of supply units that circulate in the system. Demand arrives stochastically, and serving a demand unit (customer) causes a supply unit to relocate from the origin to the destination of the customer. The key challenge is to manage the distribution of supply in the network. We consider general controls including customer entry control, pricing, and ...
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作者：Guzman, Jorge
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper studies how regional migration to tech clusters impacts the performance of startups within the United States. Startups that move to Silicon Valley experience a significant improvement in performance. This improvement is higher than migrations to other regions in the United States, many of which report null treatment effects. The startups that benefit the most from migration are those leaving low performing entrepreneurial ecosystems and moving to high performing ecosystems, consiste...
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作者：Chen, Boxiao; Wang, Yining; Zhou, Yuan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Texas System; University of Texas Dallas; Tsinghua University; Tsinghua University
摘要：We study the classic model of joint pricing and inventory control with lost sales over T consecutive review periods. The firm does not know the demand distribution a priori and needs to learn it from historical censored demand data. We develop nonparametric online learning algorithms that converge to the clairvoyant optimal policy at the fastest possible speed. The fundamental challenges rely on that neither zeroth-order nor first-order feedbacks are accessible to the firm and reward at any si...
