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作者：Chan, Lester T.
作者单位：Xiamen University; Xiamen University
摘要：This paper studies network market problems in which firm(s)/platform(s) sets quality in addition to price. A well-established result in the network economics literature is that a profit-maximizing firm concerns only how quality is valued by the marginal consumer but not by inframarginal consumers, aka the Spence effect/distortion. For markets with strong network effects under which multiple market-tipping equilibria exist, I show that the validity of the previous result depends on the choice o...
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作者：Bronnenberg, Bart J.; Klein, Tobias J.; Xu, Yan
作者单位：Tilburg University; Centre for Economic Policy Research - UK; Tilburg University; Virginia Polytechnic Institute & State University
摘要：We study whether and how the availability of incremental time associated with retirement and unemployment affects the types of products households buy. For this, we develop a new theoretical model of the composition and size of the grocery shopping basket subject to money and time constraints. We construct a novel household panel data set that combines purchase records for grocery goods with information on labor market status and other demographics. We use the data to document that, in line wi...
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作者：Zhang, Chu
作者单位：Hong Kong University of Science & Technology
摘要：This paper extends the methodology of statistically extracting latent factors in settings with return-predictive firm characteristics as conditional covariances (betas) between returns and factors. The main feature is that the pricing errors (alphas) are specified to be orthogonal to the affine-transformed firm characteristics as the betas with one component of pricing errors lying outside the space spanned by the firm characteristics. The specification is shown to make substantial differences...
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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：Cahn, Christophe; Girotti, Mattia; Salvade, Federica
作者单位：European Central Bank; Bank of France
摘要：This paper studies whether credit ratings can alleviate the hold-up problem in the loan market. We exploit a refinement of the rating information produced by a certifier that rates private bank-dependent firms in France on a vast scale. The refinement causes some firms to receive a positive rating surprise that is not due to an improvement in firm fundamentals. We show that affected firms become less reliant on lenders that have greater ability to extract informational rents. These firms recei...
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作者：Baldauf, Christoph; Eng-Larsson, Fredrik; Isaksson, Olov
作者单位：Stockholm University
摘要：One advantage of online retail is that a large number of products can be displayed at low cost. However, online retailers must decide which of these products to carry in inventory (stock items) and which to order from suppliers when a customer places an order (nonstock items). In this paper, we empirically investigate how carrying a product in inventory affects its online sales. We use data from a European furniture and interior design retailer consisting of daily sales transactions and invent...
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作者：Fan, Tijun; Feng, Qi; Li, Yuanchen; Shanthikumar, J. George; Wu, Yifan
作者单位：East China University of Science & Technology; Purdue University System; Purdue University; Tongji University
摘要：Many governments subsidize the agricultural industry, trying to raise the market outputs either for domestic needs or for export. In many countries, particularly developing countries, the producers' market may be fragmented, involving a large number of farmers with variable productivity levels. The format of subsidies can have significantly different implications for farmers in different market segments. In this study, we examine four types of subsidies. A planting subsidy is paid to a farmer ...
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作者：Bongaerts, Dion; Schlingemann, Frederik
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; European Corporate Governance Institute
摘要：We investigate whether and through which channel credit rating downgrades induce corporate restructurings. For a comprehensive sample, we find a strong and robust link between rating actions and subsequent restructuring activity and hypothesize these could be disciplinary (ex post efficient) or meant to counter tighter financial constraints (ex post inefficient). Based on the self-reported restructuring types and the choice of assets sold, we find evidence for rating-induced asset sales aimed ...
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作者：Burkovskaya, Anastasia; Li, Jian
作者单位：University of Sydney; Iowa State University
摘要：Financial companies often use disclosure statements (DSs) to categorize uncertain contingencies into different sections (e.g., a health insurance plan includes sections such as hospital coverage and dental coverage). We model DSs as information partitions of the state space, which influence how a consumer perceives her choice problem and how she makes her demand decisions. We study a consumer with weakly separable preferences, which allows us to define event-risk attitude to the DS's categorie...
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作者：Shin, Dongwook; Zeevi, Assaf
作者单位：Hong Kong University of Science & Technology; Columbia University
摘要：This paper investigates the problem of information sharing between a retail platform and a manufacturer in a supply chain. We develop a stylized model salient to which is that the product's quality is a priori unknown to customers, who can infer it from customer-generated reviews. The platform, in turn, has access to private information concerning the relationship between quality and demand, and the manufacturer can choose to acquire said information to help determine the quality of its produc...
