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作者：Milgrom, Eva M. Meyersson; Milgrom, Paul; Singh, Ravi
作者单位：Stanford University; Stanford University; Stanford University
摘要：A common pattern of control in firms is for management to retain a broad set of rights, whereas the remaining stakeholders' contracts provide them with targeted veto rights over specific classes of decisions. We explain this pattern of control sharing as an efficient organizational response that balances the need to encourage management to account for stakeholders' interests against the need to prevent self-interested stakeholders from blocking valuable proposals. Enforceable obligations of go...
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作者：Hai Long Duong; Chu, Junhong; Yao, Dai
作者单位：National University of Singapore; Hong Kong Polytechnic University
摘要：We study how daily labor supply responds to unanticipated earnings shocks among Singapore's taxi drivers using a novel identification strategy that uses idiosyncratic variation in booking cancellations and passenger no-shows (CNS) that drivers repeatedly receive. Our results provide new and more compelling evidence in support of the income-targeting model of labor supply. Not only are the average responses on the extensive margin consistent with the income-targeting model, but the responses on...
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作者：Jia, Xue; Menon, Rahul
作者单位：University of Melbourne; Purdue University System; Purdue University
摘要：This paper examines how a manager uses voluntary disclosure to influence corporate control by a short-term shareholder. Because a short-term shareholder intervenes excessively, the manager's disclosure strategy is determined by the trade-off between excessive and insufficient intervention. In equilibrium, when shareholder short-termism is not too high, the manager discloses both good and bad news and withholds intermediate news. Alternatively, when shareholder short-termism is high, the manage...
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作者：Fan, Xiaoshuai; Chen, Kanglin; Chen, Ying-Ju
作者单位：Southern University of Science & Technology; Hong Kong University of Science & Technology
摘要：Recent years have seen considerable debate about the practicability of a global quantity/price commitment to control carbon emissions and tackle environmental issues. In this paper, we study the impact of the cap-and-trade policy (quantity commitment) and the carbon tax policy (price commitment) on a firm's technology investment and production decisions. The main feature captured in our model is that there exist correlated uncertainties between the sales market (demand uncertainty) and the per...
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作者：Simchi-Levi, David
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
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作者：Morvinski, Coby; Saccardo, Silvia; Amir, On
作者单位：Ben-Gurion University of the Negev; Carnegie Mellon University; University of California System; University of California San Diego
摘要：Morals constrain self-serving behavior. Yet, self-regulation failures in the face of monetary temptation are common at the workplace. To limit such failures, organizations can design environments that limit the temptation to behave self-servingly, nudging workers to uphold their morals. In a series of experiments where participants may be tempted to take excessive pay after exerting effort, we study whether a simple intervention-asking individuals to state the wage they believe should be paid ...
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作者：Bertsimas, Dimitris; Shtern, Shimrit; Sturt, Bradley
作者单位：Massachusetts Institute of Technology (MIT); Technion Israel Institute of Technology; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We propose a new data-driven approach for addressing multistage stochastic linear optimization problems with unknown distributions. The approach consists of solving a robust optimization problem that is constructed from sample paths of the underlying stochastic process. We provide asymptotic bounds on the gap between the optimal costs of the robust optimization problem and the underlying stochastic problem as more sample paths are obtained, and we characterize cases in which this gap is equal ...
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作者：Chen, Jian; Yao, Jiaquan; Zhang, Qunzi; Zhu, Xiaoneng
作者单位：Xiamen University; Jinan University; Shandong University; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：This article examines the cross-country asset pricing implications of disaster risk concerns. We construct a new disaster risk index, relying on six news-implied rare disaster proxies of Manela and Moreira (2017), and show that this index is a powerful predictor for stock returns and other asset returns in international markets both in and out of sample. By further disentangling a global common component from our rare disaster index, we find evidence supporting theories that emphasize globally...
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作者：Ha, Albert Y.; Shang, Weixin; Wang, Yunjie
作者单位：Hong Kong University of Science & Technology; Lingnan University; Renmin University of China
摘要：We develop a game-theoretic model to study the incentive for competing manufacturers to share supplier audit information. Based on the audit information, each manufacturer decides whether to source from a common supplier who has uncertain responsibility violation risk or to switch to a backup supplier who has no responsibility violation risk but charges a higher price. When supplier responsibility violation occurs, some consumers boycott the manufacturers involved. Audit information allows a m...
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作者：Chen, Xin; He, Wei; Tao, Libin; Yu, Jianfeng
作者单位：Shenzhen University; Audencia; Guangming Laboratory; Southwestern University of Finance & Economics - China; University of International Business & Economics; Tsinghua University
摘要：Recent studies have proposed a large set of powerful anomaly-based factors in the stock market. This study examines the role of investor inattention in the corresponding anomalies underlying these factors and other underreaction-related anomalies. Using media coverage as a proxy for investor attention, we show that the anomalies underlying many recently proposed prominent factors are much more pronounced among firms with low media coverage in portfolio-formation periods. In addition, we find m...
