-
作者：Adida, Elodie
作者单位：University of California System; University of California Riverside
摘要：The price of new brand-name prescription drugs has been rising fast in the United States. For example, the Amgen cholesterol drug Repatha had an initial list price of $14,523 per year. Patients, even with insurance coverage, must pay out of pocket a significant portion of this price. The treatment might not be successful, and this possibility reduces risk-sensitive patients' incentives to purchase the drug. The high price together with the chance of negative treatment outcomes may lead payers ...
-
作者：Cziraki, Peter; Mondria, Jordi; Wu, Thomas
作者单位：University of Toronto
摘要：This paper constructs a new measure of attention allocation by local investors relative to nonlocals using aggregate search volume from Google. We first present a conceptual framework in which local investors optimally choose to focus their attention on local stocks when they receive private news, leading to an asymmetric allocation of attention between local and nonlocal investors. Consistent with the main prediction of this framework, we find that firms attracting abnormally high asymmetric ...
-
作者：Chen, Ningyuan; Li, Anran; Talluri, Kalyan
作者单位：University of Toronto; University Toronto Mississauga; University of Toronto; University of London; London School Economics & Political Science; Imperial College London
摘要：Reviews for products and services written by previous consumers have become an influential input to the purchase decision of customers. Many service businesses monitor the reviews closely for feedback as well as detecting service flaws, and they have become part of the performance review for service managers with rewards tied to improvement in the aggregate rating. Many empirical papers have documented a bias in the aggregate ratings, arising because of customers' inherent self-selection in th...
-
作者：Cornwell, Christopher; Schmutte, Ian M.; Scur, Daniela
作者单位：University System of Georgia; University of Georgia; Cornell University
摘要：In an influential study, Bender et al. [Bender S, Bloom N, Card D, Van Reenen J, Wolter S (2018) Management practices, workforce selection, and productivity. J. Labor Econom. 36(S1):S371-S409] document consistent relationships between management practices, productivity, and workforce composition using administrative data from German firms matched to ratings of their practices from the World Management Survey. We replicate and extend their analysis using comparable data from Brazil. The main co...
-
作者：Guo, Liang
作者单位：Chinese University of Hong Kong
摘要：Renegotiations and last-minute contracting are prevalent in many vertical relationships. Information transmission between firms and buyers can be imperfect as well. In this paper we present a theory to explicate how early/delayed contracting over wholesale prices, and partial unraveling of private information, can sustain each other endogenously in a channel setting with bilateral monopoly. Should the wholesale price be predetermined, the downstream manufacturer would be compelled to fully dis...
-
作者：Zheng, Lingling; Yan, Xuemin (Sterling)
作者单位：Renmin University of China; Lehigh University
摘要：Affiliation with a financial conglomerate may provide hedge funds with superior information about the conglomerate's lending, investment banking, and brokerage clients; such affiliation can also lead to potential conflicts with the other units of the conglomerate and exacerbate the conflict between hedge fund companies and hedge fund investors. We find that affiliated funds significantly underperform unaffiliated funds. A difference-in-difference analysis confirms the negative relation between...
-
作者：Chung, Doug J.; Kim, Byungyeon; Park, Byoung G.
作者单位：Harvard University; State University of New York (SUNY) System; University at Albany, SUNY
摘要：This study provides a comprehensive model of an agent's behavior in response to multiple sales management instruments, including compensation, recruiting/ termination, and training. The model takes into account many of the key elements that constitute a realistic sales force setting: allocation of effort, forward-looking behavior, present bias, training effectiveness, and employee selection and attrition. By understanding how these elements jointly affect agents' behavior, the study provides g...
-
作者：Banulescu-Radu, Denisa; Hurlin, Christophe; Leymarie, Jeremy; Scaillet, Olivier
作者单位：Universite de Orleans; Universite Catholique de Lille; EDHEC Business School; University of Geneva; University of Geneva; Swiss Finance Institute (SFI)
摘要：This paper proposes an original approach for backtesting systemic risk measures. This backtesting approach makes it possible to assess the systemic risk measure forecasts used to identify the financial institutions that contribute the most to the overall risk in the financial system. Our procedure is based on simple tests similar to those generally used to backtest the standard market risk measures such as value-at-risk or expected shortfall. We introduce a concept of violation associated with...
-
作者：Glover, Jonathan; Kim, Eunhee
作者单位：Columbia University; City University of Hong Kong
摘要：We study optimal team design. In our model, a principal assigns either heterogeneous agents to a team (a diverse team) or homogenous agents to a team (a specialized team) to perform repeated team production. We assume that specialized teams exhibit a productive substitutability (e.g., interchangeable efforts with decreasing returns to total effort), whereas diverse teams exhibit a productive complementarity (e.g., crossfunctional teams). Diverse teams have an inherent advantage in fostering de...
-
作者：Keck, Steffen; Tang, Wenjie
作者单位：University of Vienna; National University of Singapore
摘要：We explore when group interactions will have a positive effect on the accuracy of quantitative judgments. The results from three laboratory experiments revealed that the value of group interactions, compared with a statistical aggregation of individual judgments, differed strongly between groups in which decisions were made based on consensus, compared with groups with a randomly assigned group leader, and that this effect was moderated by the level of systematic error among group members. In ...
