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作者：Tice, Frances M.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：I examine the effect of relative performance evaluation (RPE) on firm performance and risk-taking behavior. Agency theory suggests that, for firms that experience common shocks, RPE in executive compensation plans improves risk sharing and strengthens incentive alignment by providing more information about managerial effort than firm performance alone. In practice (i.e., in the presence of a finite number of peers), RPE effectiveness depends on the extent of firms' common risk exposure and the...
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作者：Dimmock, Stephen G.; Wang, Neng; Yang, Jinqiang
作者单位：National University of Singapore; Columbia University; National Bureau of Economic Research; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：We develop a dynamic portfolio choice model with illiquid alternative assets to analyze the endowment model, widely adopted by institutional investors, such as pension funds, university endowments, and sovereign wealth funds. In the model, the alternative asset has a lockup but can be liquidated at any time by paying a proportional cost. We model how investors can engage in liquidity diversification by investing in multiple illiquid alternative assets with staggered lockup expirations and show...
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作者：Hagiu, Andrei; Wright, Julian
作者单位：Boston University; National University of Singapore
摘要：A key issue for the design of online marketplaces is addressing leakage. Buyers may use the marketplace to discover a seller or to obtain certain conveniences, but the seller may then want to take transactions off the marketplace to avoid transaction fees. Assuming buyers are heterogenous in their switching cost or inconvenience cost of purchasing directly, we provide a model in which there is partial leakage in equilibrium. We use the model to analyze the trade-offs associated with different ...
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作者：Fisar, Milos; Greiner, Ben; Huber, Christoph; Katok, Elena; Ozkes, Ali I.
作者单位：Masaryk University; Vienna University of Economics & Business; University of New South Wales Sydney; University of Texas System; University of Texas Dallas; SKEMA Business School; Universite Cote d'Azur
摘要：With the help of more than 700 reviewers, we assess the reproducibility of nearly 500 articles published in the journal Management Science before and after the introduction of a new Data and Code Disclosure policy in 2019. When considering only articles for which data accessibility and hardware and software requirements were not an obstacle for reviewers, the results of more than 95% of articles under the new disclosure policy could be fully or largely computationally reproduced. However, for ...
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作者：Berger, Philip G.; Choi, Jung Ho; Tomar, Sorabh
作者单位：University of Chicago; Stanford University; Southern Methodist University
摘要：Motivated by the Financial Accounting Standards Board's project on the disaggregation of income statement expenses, we study a Korean rule change that allowed firms to withhold a previously mandated disaggregation of cost of sales (CoS). We find that after withholding, firms' profitability increases by 1.6 percentage points. Our industry-focused results suggest that withholding affects profitability by reducing the transfer of competitive information to peer firms. We then document a range of ...
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作者：Carnehl, Christoph; Stenzel, Andre; Schmidt, Peter
作者单位：Bocconi University; Bank of Canada
摘要：Maintaining good ratings increases the profits of sellers on online platforms. We analyze the role of strategic pricing for ratings management in a setting where a monopolist sells a good of unknown quality. Higher prices reduce the value for money, which on average worsens reviews. However, higher prices also induce only those consumers with a strong taste for the product to purchase, which on average improves reviews. Our model flexibly parametrizes the two effects. This parametrization can ...
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作者：Long, Daniel Zhuoyu; Qi, Jin; Zhang, Aiqi
作者单位：Chinese University of Hong Kong; Hong Kong University of Science & Technology; Wilfrid Laurier University
摘要：In this paper, we solve a class of two-stage distributionally robust optimization problems that have the property of supermodularity. We exploit the explicit worst case expectation of supermodular functions and derive the worst case distribution for the robust counterpart. This enables us to develop an efficient method to obtain an exact optimal solution to these two-stage problems. Further, we provide a necessary and sufficient condition for checking whether any given two-stage optimization p...
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作者：Grant, Stephanie M.; Hobson, Jessen L.; Sinha, Roshan K.
作者单位：University of Washington; University of Washington Seattle; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：As coined by the SEC, Digital Engagement Practices (DEPs) are visual cues and design features to engage investors on mobile trading platforms. With the rise of mobile stock trading, regulators and other capital market participants are concerned that these DEPs may cause retail investors to trade in ways they otherwise would not. Using an experiment, we examine the impact of two common DEPs in mobile trading platforms- color (i.e., the use of green or red to indicate performance) and allowing i...
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作者：Gudmundsson, Jens; Hougaard, Jens Leth; Ko, Chiu Yu
作者单位：University of Copenhagen; Chinese University of Hong Kong
摘要：When actions by one agent force another to deviate from their agreements with a third, victim turns into injurer in the chain's subsequent steps. Should the chain's initiator be responsible only for the direct harm they cause or also bear some of the indirect losses they trigger? Through an axiomatic approach, we characterize the class of fixed fraction rules, which strike a balance between incentives for accident prevention on the one hand and fairness in terms of how liabilities are assigned...
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作者：Bellet, Clement S.; De Neve, Jan-Emmanuel; Ward, George
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Oxford; Massachusetts Institute of Technology (MIT)
摘要：This paper provides evidence from a natural experiment on the relationship between positive affect and productivity. We link highly detailed administrative data on the behaviors and performance of all telesales workers at a large telecommunications company with survey reports of employee happiness that we collected on a weekly basis. We use variation in worker mood arising from visual exposure to weather-the interaction between call center architecture and outdoor weather conditions-to provide...
