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作者：Bertomeu, Jeremy; Cheynel, Edwige; Li, Edward Xuejun; Liang, Ying
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY); University System of Georgia; Georgia State University
摘要：Although researchers often view earnings management as being widespread, measuring the cost and level of earnings management is a nontrivial task. We derive a measure of earnings management cost and the associated equilibrium level of earnings management from the cross-sectional properties of earnings and prices. This approach enables us to separate economic shocks from reporting discretion by modeling the economic tradeoff faced by management. The tradeoff can be easily estimated from a close...
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作者：Siegel, Andrew F.; Wagner, Michael R.
作者单位：University of Washington; University of Washington Seattle; University of Washington; University of Washington Seattle
摘要：We consider the newsvendor model in which uncertain demand is assumed to follow a probabilistic distribution with known functional form but unknown parameters. These parameters are estimated, unbiasedly and consistently, from data. We show that the classic maximized expected profit expression exhibits a systematic expected estimation error. We provide an asymptotic adjustment so that the estimate of maximized expected profit is unbiased. We also study expected estimation error in the optimal o...
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作者：Hu, Zhenyu; Tang, Wenjie
作者单位：National University of Singapore; National University of Singapore; University of Vienna
摘要：This paper investigates the interplay between offer size and offer deadline in a Stackelberg game involving a proposer and a responder. The proposer acts first by making an offer to the responder with a deadline, and the responder, concurrently following a continuous-time finite-horizon search for alternative offers, has to respond to the proposer's offer by the deadline. Taking into account the responder's reaction, the proposer's optimal strategy can vary from an exploding offer-an offer tha...
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作者：Carmona, Rene; Wang, Peiqi
作者单位：Princeton University
摘要：We use the recently developed probabilistic analysis of mean field games with finitely many states in the weak formulation to set up a principal/agent contract theory model where the principal faces a large population of agents interacting in a mean field manner. We reduce the problem to the optimal control of dynamics of the McKean-Vlasov type, and we solve this problem explicitly for a class of models with concave rewards. The paper concludes with a numerical example demonstrating the power ...
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作者：Tian, Hui; Yim, Andrew; Newton, David P.
作者单位：Beijing Institute of Technology; Tsinghua University; City St Georges, University of London; University of Bath
摘要：We show that quantile regression is better than ordinary-least-squares (OLS) regression in forecasting profitability for a range of profitability measures following the conventional setup of the accounting literature, including the mean absolute forecast error (MAFE) evaluation criterion. Moreover, we perform both a simulated-data and an archival-data analysis to examine how the forecasting performance of quantile regression against OLS changes with the shape of the profitability distribution....
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作者：Narita, Yusuke
作者单位：Yale University; Yale University
摘要：Many centralized school admissions systems use lotteries to ration limited seats at oversubscribed schools. The resulting random assignment is used by empirical researchers to identify the effects of schools on outcomes like test scores. I first find that the two most popular empirical research designs may not successfully extract a random assignment of applicants to schools. When are the research designs able to overcome this problem? I show the following main results for a class of data-gene...
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作者：Agarwal, Sumit; Bubna, Amit; Lipscomb, Molly
作者单位：National University of Singapore; University of Virginia
摘要：We show that consumers spend 15% more per day in the first week following the receipt of a credit card statement than in the days just prior to the statement. This increase in spending includes both an increase in the likelihood that they use the credit card in the first weeks following their statement and an increase in transaction amount on days they use the credit card. In contrast to the effect on credit card spending, debit card spending is unaffected by credit card statement issuance, su...
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作者：Doshi, Hitesh; Jacobs, Kris; Liu, Rui
作者单位：University of Houston System; University of Houston; Duquesne University
摘要：The existing literature finds that information not captured by traditional term structure factors helps predict excess bond returns. When estimating no-arbitrage affine term structure models, aligning in-sample and out-of-sample objective functions results in term structure factors that capture information that remains hidden from existing approaches. Specifically, the estimates of the third term structure factor radically differ and are related to the fourth principal component, which helps f...
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作者：Dhingra, Vibhuti; Krishnan, Harish
作者单位：University of British Columbia
摘要：When a supplier fails to comply with social and environmental standards, the buyer's reputation suffers. Reputation costs can typically be very high for the buyer, whereas the supplier's liability is often limited. Conventional procurement strategies such as dual sourcing mitigate the buyer's operational risk, but they often do so at the expense of increasing its reputation risk and sourcing costs. In this paper, we propose a risk-sharing contract for managing the buyer's reputation concerns. ...
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作者：Elmachtoub, Adam N.; Hamilton, Michael L.
作者单位：Columbia University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We study the power of selling opaque products, that is, products where a feature (such as color) is hidden from the customer until after purchase. Opaque products, which are sold with a price discount, have emerged as a powerful vehicle to increase revenue for many online retailers and service providers that offer horizontally differentiated items. In the opaque selling models we consider, all of the items are sold at a single common price alongside opaque products that may correspond to vario...
