3期

最新文章

• Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits AI翻译
  作者：Kempf, Elisabeth; Spalt, Oliver
  作者单位：University of Chicago; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of Mannheim; European Corporate Governance Institute
  摘要：This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate governance system, can constitute an obstacle to valuable corporate innovation. We first establish that valuable innovation output makes firms particularly vulnerable to costly low-quality class action litigation. Exploiting judge turnover in federal courts, we then show that changes in class action litigation risk affect the value and number of patents fil...
• Robust Pricing and Production with Information Partitioning and Adaptation AI翻译
  作者：Perakis, Georgia; Sim, Melvyn; Tang, Qinshen; Xiong, Peng
  作者单位：Massachusetts Institute of Technology (MIT); National University of Singapore; Nanyang Technological University
  摘要：We introduce a new distributionally robust optimization model to address a two-period, multiitem joint pricing and production problem, which can be implemented in a data-driven setting using historical demand and side information pertinent to the prediction of demands. Starting from an additive demand model, we introduce a new partitioned-moment-based ambiguity set to characterize its residuals, which also determines how the second-period demand would evolve from the first-period information i...
• On the Benefit of Privatization in a Mixed Duopoly Service System AI翻译
  作者：Zhou, Wenhui; Huang, Weixiang; Hsu, Vernon N.; Guoc, Pengfei
  作者单位：South China University of Technology; Chinese University of Hong Kong; City University of Hong Kong
  摘要：We consider a mixed duopoly service system with two service providers (SPs): one private and the other public. The public SP's objective is welfare maximization, whereas the private SP is profit driven. Customers are heterogeneous in terms of their quality tastes and choose from three options, namely, joining the private queue, joining the public queue, and balking (or taking an outside option). We first consider the scenario where the private SP provides a premium service and the public SP pr...
• The Effect of Cash Flow Presentation Method on Investors' Forecast of Future Cash Flows AI翻译
  作者：Pornupatham, Sompong; Tan, Hun-Tong; Vichitsarawong, Thanyaluk; Yoo, G-Song
  作者单位：Chulalongkorn University; Nanyang Technological University; Korea University
  摘要：The decision usefulness of the direct versus indirect presentation method of a cash flow statement has been a long-standing issue in both practice and accounting research. By capitalizing on comparative advantages of experimental methods, we provide insights into how investors process the information contained in different presentation methods tomake cash flow forecasts, especially in the context of various types of non-recurring items. We predict and find that, when nonrecurring accrued expen...
• Optimal Capacity Rationing Policy for a Container Leasing System with Multiple Kinds of Customers and Substitutable Containers AI翻译
  作者：Yang, Xufeng; Zhang, Juliang; Wen, Jiao; Yan, Hong
  作者单位：Beijing Jiaotong University; Zhejiang Shuren University
  摘要：In this paper, we consider a container leasing firm that has elementary and premium containers, which are downward substitutable and for use by elementary contract customers (ECCs), premium contract customers (PCCs), as well as walk-in customers (WICs). ECCs can be satisfied by elementary containers or premium ones at discounted prices while PCCs only accept premium containers. WICs can be satisfied by any type of container at different prices. The objective is to maximise the expected total r...
• Comment on Modeling Purchasing Behavior with Sudden 'Death': A Flexible Customer Lifetime Model AI翻译
  作者：Adler, Jost
  作者单位：University of Duisburg Essen
  摘要：In their 2012 paper, Bemmaor and Glady introduced the gamma/Gompertz/negative binomial distribution model for customer base analysis. Their model uses exponentially distributed interpurchase times and a Gompertz distributed customer lifetime, where the latter distribution is nonmemoryless. This comment corrects an error in their expression for the conditional expected number of individual future purchases E(x(i)*) in a forecasting interval of length T*. Contrary to their approach, the correct ...
• Explaining the Failure of the Unconditional CAPM with the Conditional CAPM AI翻译
  作者：Hasler, Michael; Martineau, Charles
  作者单位：University of Texas System; University of Texas Dallas; University of Toronto; University of Toronto; University Toronto Scarborough
  摘要：When the cost of hedging is nil, the conditional capital asset pricing model (CAPM) holds. We empirically test the conditional CAPM by regressing asset returns onto the product of their conditional betas and market returns. Estimated intercepts are not statistically different from zero, implying that the conditional CAPM successfully explains the conditional level of asset returns. Yet, unconditional betas do not explain the cross section of average asset returns; the unconditional CAPMfails. ...
• Manufacturing and Regulatory Barriers to Generic Drug Competition: A Structural Model Approach AI翻译
  作者：Wang, Yixin (Iris); Li, Jun; Anupindib, Ravi
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Michigan System; University of Michigan
  摘要：Understanding the drivers of market concentration in the generic pharmaceutical industry is essential to guaranteeing the availability of low-cost generics. In this paper, we develop a structural model to capture the multiple determinants governing manufacturers' entry decisions; in particular, we focus on how manufacturing complexity and the regulatory environment for generics approval affect concentration in drug markets. We estimate the model using data collated from six disparate sources. ...
• Green Cloud? An Empirical Analysis of Cloud Computing and Energy Efficiency AI翻译
  作者：Park, Jiyong; Han, Kunsoo; Lee, Byungtae
  作者单位：University of North Carolina; University of North Carolina Greensboro; McGill University; Korea Advanced Institute of Science & Technology (KAIST)
  摘要：The rapid, widespread adoption of cloud computing over the last decade has sparked debates on its environmental impacts. Given that cloud computing alters the dynamics of energy consumption between service providers and users, a complete understanding of the environmental impacts of cloud computing requires an investigation of its impact on the user side, which can be weighed against its impact on the vendor side. Drawing on production theory and using a stochastic frontier analysis, this stud...
• Incentive-Compatible Forecasting Competitions AI翻译
  作者：Witkowski, Jens; Freeman, Rupert; Vaughan, Jennifer Wortman; Pennock, David M.; Krausee, Andreas
  作者单位：Frankfurt School Finance & Management; University of Virginia; Microsoft; Rutgers University System; Rutgers University New Brunswick; Swiss Federal Institutes of Technology Domain; ETH Zurich
  摘要：We initiate the study of incentive-compatible forecasting competitions in which multiple forecasters make predictions about one or more events and compete for a single prize. We have two objectives: (1) to incentivize forecasters to report truthfully and (2) to award the prize to the most accurate forecaster. Proper scoring rules incentivize truthful reporting if all forecasters are paid according to their scores. However, incentives become distorted if only the best-scoring forecaster wins a ...