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作者：Ederhof, Merle; Nagar, Venky; Rajan, Madhav
作者单位：Stanford University; Stanford University; University of Michigan System; University of Michigan; University of Chicago
摘要：This study uses a confidential Census sample of 151,900 U.S. manufacturing plant-years from 1974 to 2011 to investigate the impact of excluding the cost of unused capacity from key financial indicators, namely, product costs and gross margins. We estimate the magnitude of unused capacity cost as a percentage of sales to be about 4.8%, which for Compustat manufacturing firms in 2011 amounts to $142 billion (by comparison, the well-researched topic of research and development expenses totals to ...
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作者：Sun, Tianshu; Viswanathan, Siva; Zheleva, Elena
作者单位：University of Southern California; University System of Maryland; University of Maryland College Park; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We study whether and how a firm can enhance social contagion simply by varying the message shared by customers with their friends. We focus on two key com- ponents of information contained in the message-information about the sender's purchase status prior to referral and information about the existence of referral rewards-and their impacts on the recipient's purchase decision and further referral behavior. In collaboration with an online daily-deal platform, we design and conduct a large-scal...
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作者：Yang, S. Alex; Bakshi, Nitin; Chen, Christopher J.
作者单位：University of London; London Business School; University of Hong Kong; Utah System of Higher Education; University of Utah; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：Trade credit insurance (TCI) is a risk management tool commonly used by suppliers to guarantee against payment default by credit buyers. TCI contracts can be either cancelable (the insurer has the discretion to cancel this guarantee during the insured period) or noncancelable (the terms cannot be renegotiated within the insured period). This paper identifies two roles of TCI: the (cash flow) smoothing role (smoothing the supplier's cash flows) and the monitoring role (tracking the buyer's cont...
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作者：Baucells, Manel; Chen, Yan; Ockenfels, Axel; Rottenstreich, Yuval; Tsetlin, Ilia
作者单位：University of Virginia; University of Michigan System; University of Michigan; University of Cologne; University of California System; University of California San Diego; INSEAD Business School
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作者：Choi, Dong Beom; Choi, Hyun-Soo
作者单位：Seoul National University (SNU); Korea Advanced Institute of Science & Technology (KAIST)
摘要：We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the supply of retail deposits, banks attempt to substitute wholesale funding for deposit outflows to smooth their lending. Because of financial frictions, banks have varying degrees of access to wholesale funding. Therefore, large banks, or those with greater reliance on wholesale funding, increase their wholesale funding more. Consequently, monetary tightening increases both th...
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作者：Carbone, Enrica; Hey, John; Neugebauer, Tibor
作者单位：Universita della Campania Vanvitelli; University of York - UK; University of Luxembourg
摘要：The Lucas tree model [Lucas RE Jr (1978) Asset prices in an exchange economy. Econometrica 46(6):1429-1445.] lies at the heart of modern macrofinance. At its core, it provides an analysis of the equilibrium price of a long-lived asset in an exchange economy where consumption is the objective and the sole purpose of the asset is to smooth consumption through time. Experimental tests of the model use a particular instantiation of the Lucas model. Here we adopt a different instantiation to the fi...
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作者：Chintapalli, Prashant; Tang, Christopher S.
作者单位：Western University (University of Western Ontario); University of California System; University of California Los Angeles
摘要：In many developing countries, crop minimum support price (MSP) is a subsidy scheme to (i) improve farmer welfare by safeguarding farmers' incomes against vagaries in crop price and (ii) improve consumer surplus by ensuring sufficient crop production. Among different mechanisms to operationalize an MSP scheme, we focus on credit-based MSPs under which the government credits farmers should the prevailing market price be below the prespecified MSP. By accounting for the implementation cost of the...
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作者：Kamalahmadi, Masoud; Yu, Qiuping; Zhou, Yong-Pin
作者单位：University of Miami; University System of Georgia; Georgia Institute of Technology; University of Washington; University of Washington Seattle
摘要：Just-in-time scheduling has become ubiquitous in the service industries. Although effective in reducing staffing level, hence labor cost, the potential impact of just-in-time scheduling on workers' productivity and the firm's revenue is not well understood. Using a data set of 1,444,044 transactions from 25 stores of a full-service casual dining restaurant chain in the United States, we study how just-in-time scheduling impacts worker productivity. We consider two types of just-in-time schedul...
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作者：Cheng, J. Yo-Jud; Groysberg, Boris; Healy, Paul; Vijayaraghavan, Rajesh
作者单位：University of Virginia; Harvard University; University of British Columbia
摘要：We contribute to the growing literature on the effectiveness of corporate boards by examining the effect of two insights that have been largely unexplored in prior studies that use public data. First, since boards' responsibilities are wide-ranging, more holistic performance measures may better capture the full range of their duties than specific public actions and outcomes (e.g., disclosure of risk management processes, financial restatements, acquisition returns, CEO turnover). And second, b...
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作者：Kanoria, Yash; Saban, Daniela
作者单位：Columbia University; Stanford University
摘要：Two-sided matching platforms can control and optimize over many aspects of the search for partners. To understand how matching platforms should be designed, we introduce a dynamic two-sided search model with strategic agents who must bear a cost to discover their value for each potential partner and can do so nonsimultaneously. We characterize evolutionarily stable stationary equilibria and find that, in many settings, the platform can mitigate wasted search effort by imposing suitable restric...
