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作者：Bernard, Darren; Ge, Weili; Matsumoto, Dawn; Toynbee, Sara
作者单位：University of Washington; University of Washington Seattle; University of Texas System; University of Texas Austin
摘要：We present evidence that although individuals with accounting expertise bring key skills to the financial reporting responsibilities of the chief financial officer (CFO) position, they tend to lack educational and career experiences relevant to nonaccounting responsibilities (e.g., operations and strategy). Assuming boards' perceptions of CFO accounting expertise are correct on average, we provide evidence of tradeoffs of CFO accounting expertise by examining how differences in CFO backgrounds...
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作者：Chen, Yingshan; Dai, Min; Goncalves-Pinto, Luis; Xu, Jing; Yan, Cheng
作者单位：South China University of Technology; National University of Singapore; National University of Singapore; University of New South Wales Sydney; Chinese University of Hong Kong; Renmin University of China; University of Essex
摘要：We examine the problem of an investor who trades in a market with unobservable regime shifts. The investor learns from past prices and is subject to transaction costs. Our model generates significantly larger liquidity premia compared with a benchmark model with observable market shifts. The larger premia are driven primarily by suboptimal risk exposure, as turnover is lower under incomplete information. In contrast, the benchmark model produces (mechanically) high turnover and heavy trading c...
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作者：Henderson, Rebecca
作者单位：Harvard University
摘要：Understanding the process of innovation has been a central concern of management researchers, but despite this progress, there remains much that we do not understand. Deepening our knowledge is critically important given the enormous environmental and social challenges we face as a society. Pursing incremental innovation will continue to be hugely important, but this paper argues that building a richer understanding of architectural or systemic innovation will also be crucial. This paper sugge...
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作者：Taneri, Niyazi; Crama, Pascale
作者单位：National University of Singapore; Singapore Management University
摘要：Research and development (R&D) collaborations between an innovator and her partner are often undertaken when neither party can bring the product to market individually, which precludes value creation without a joint effort. Yet, the uncertain nature of R&D complicates the monitoring of effort, and the resulting moral hazard reduces a collaboration's value. Either party can avoid this outcome by acquiring the capability that is missing and then taking sole ownership of the project. That approac...
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作者：Kawaguchi, Kohei; Uetake, Kosuke; Watanabe, Yasutora
作者单位：Hong Kong University of Science & Technology; Yale University; University of Tokyo
摘要：We study how to design product recommendations when consumers' attention and utility are influenced by time pressure-a prominent example of the context effect-and menu characteristics, such as the number of recommended products in the assortment. Using unique data on consumer purchases from vending machines on train platforms in Tokyo, we develop and estimate a structural consideration set model in which time pressure and recommendations can influence attention and utility. We find that time p...
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作者：Bazley, William J.; Cronqvist, Henrik; Mormann, Milica
作者单位：University of Kansas; University of Miami; Southern Methodist University
摘要：The visual communication of financial information is commonplace and involves numerous facets, including the use of color. At the same time, perception of color influences behavior. Through eight experiments, we show that using red color to represent financial data impacts individuals' risk preferences, expectations of future stock returns, and trading decisions. The effects are not present in colorblind individuals and are muted in China, where red represents prosperity. Other colors, includi...
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作者：Ammann, Manuel; Schaub, Nic
作者单位：University of St Gallen; WHU - Otto Beisheim School of Management
摘要：Many people share investment ideas online. This study investigates whether individual investors trade on investment-related internet postings. We use unique data from a social trading platform that allow us to observe the shared portfolios of traders, their posted comments, and the replicating transactions of followers. We find robust evidence that followers increasingly replicate shared portfolios of traders after the posting of comments. However, postings do not help followers identify portf...
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作者：Lobel, Ilan
作者单位：New York University
摘要：Revenue management has evolved over the years from its origins in the airline industry into a much broader discipline that analyzes algorithmic methods for demand and marketplace management, but many outside of the discipline are not aware of this transformation. The field's transition tracks the widespread adoption of algorithmic decision-making techniques by businesses in a wide variety of industries over the last decade. We study this evolution in the field's breadth of research, with a par...
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作者：Becerril-Arreola, Rafael; Bucklin, Randolph E.; Thomadsen, Raphael
作者单位：University of South Carolina System; University of South Carolina Columbia; University of California System; University of California Los Angeles; Washington University (WUSTL)
摘要：The authors study the effect of changes in the United States income distribution on assortment size in the mainstream grocery channel. Census demographics for 1,711 counties are matched to local assortment data from Nielsen in 944 grocery product categories from 2007 to 2013. The authors show that holding other demographics constant, assortment size increases with higher average income but decreases with greater income dispersion. This pattern holds for several specifications of assortments at...
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作者：Dixon, Jay; Hong, Bryan; Wu, Lynn
作者单位：Statistics Canada; University of Missouri System; University of Missouri Kansas City; New York University; University of Pennsylvania
摘要：As a new general-purpose technology, robots have the potential to radically transform employment and organizations. In contrast to prior studies that predict dramatic employment declines, we find that investments in robotics are associated with increases in total firm employment but decreases in the total number of managers. Similarly, we find that robots are associated with an increase in the span of control for supervisors remaining within the organization. We also provide evidence that robo...
