-
作者：Joslin, Scott; Le, Anh
作者单位：University of Southern California; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Within the affine framework, many have observed a tension between matching conditional first and second moments in dynamic term structure models (DTSMs). Although the existence of this tension is generally accepted, less understood is the mechanism that underlies it. We show that no arbitrage along with the rich information in the cross section of yields has strong implications for both the dynamics of volatility and the forecasts of yields. We show that this link implied by the absence of arb...
-
作者：Dong, Jing; Ibrahim, Rouba
作者单位：Columbia University; University of London; University College London
摘要：The shortest-remaining-processing-time (SRPT) scheduling policy has been extensively studied, for more than 50 years, in single-server queues with infinitely patient jobs. Yet, much less is known about its performance in multiserver queues. In this paper, we present the first theoretical analysis of SRPT in multiserver queues with abandonment. In particular, we consider the M/GI/s + GI queue and demonstrate that, in the many-sever overloaded regime, performance in the SRPT queue is equivalent,...
-
作者：Yu, Qiuping; Allon, Gad; Bassamboo, Achal
作者单位：University System of Georgia; Georgia Institute of Technology; University of Pennsylvania; Northwestern University
摘要：We explore whether customers are loss averse in time and how delay information may impact such reference-dependent behavior using observational and field experiment data from two call centers of an Israeli bank. We consider settings with no announcements and announcements of different accuracy levels. We face two key challenges: (1) we do not observe the reference points customers use in our data, as any other field studies, and (2) it is difficult to separate the reference-dependent behavior ...
-
作者：Chatterjee, Prabirendra; Zhou, Bo
作者单位：Cardiff University; University System of Maryland; University of Maryland College Park
摘要：Sponsored content advertising, also known as native advertising, is a new ad format in which a brand's content takes the same form and qualities of the publisher's original content. Although many advertisers have largely embraced this new advertising format, consumers seem to react negatively toward sponsored content ads. In this paper, we present an analytical model that studies the strategic role of sponsored content advertising in a two-sided media market. We identify conditions under which...
-
作者：Sandvik, Jason; Saouma, Richard; Seegert, Nathan; Stanton, Christopher
作者单位：Tulane University; Michigan State University; Michigan State University's Broad College of Business; Utah System of Higher Education; University of Utah; Harvard University
摘要：What are the long-term consequences of compensation changes? Using data from an inbound sales call center, we study employee responses to a compensation change that ultimately reduced take-home pay by 7% for the average affected worker. The change caused a significant increase in the turnover rate of the firm's most productive employees, but the response was relatively muted for less productive workers. On-the-job performance changes were minimal among workers who remained at the firm. We quan...
-
作者：Xu, Yuqian; Armony, Mor; Ghose, Anindya
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; New York University
摘要：Social media platforms for healthcare services are changing how patients choose physicians. The digitization of healthcare reviews has been providing additional information to patients when choosing their physicians. On the other hand, the growing online information introduces more uncertainty among providers regarding the expected future demand and how different service features can affect patient decisions. In this paper, we derive various service-quality proxies from online reviews and show...
-
作者：Nguyen, Hai; Nguyen, Thanh; Teytelboym, Alexander
作者单位：Purdue University System; Purdue University; Purdue University System; Purdue University; University of Oxford; University of Oxford
摘要：We develop a model of many-to-one matching markets in which agents with multiunit demand aim to maximize a cardinal linear objective subject to multidimensional knapsack constraints. The choice functions of agents with multiunit demand are therefore not substitutable. As a result, pairwise stable matchings may not exist and even when they do, may be highly inefficient. We provide an algorithm that finds a group-stable matching that approximately satisfies all the multidimensional knapsack cons...
-
作者：Reinholtz, Nicholas; Fernbach, Philip M.; de Langhe, Bart
作者单位：University of Colorado System; University of Colorado Boulder; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：Diversification-investing in imperfectly correlated assets-reduces volatility without sacrificing expected returns. Although the expected return of a diversified portfolio is the weighted average return of its constituent parts, the variance of the portfolio is less than the weighted average variance of its constituent parts. Our results suggest that very few people have correct statistical intuitions about the effects of diversification. The average person in our data sees no benefit of diver...
-
作者：Chiu, Peng-Chia; Lourie, Ben; Nekrasov, Alexander; Teoh, Siew Hong
作者单位：The Chinese University of Hong Kong, Shenzhen; University of California System; University of California Irvine; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We study how institutional investor attention to a firm affects the timeliness of analysts' forecasts for that firm. We measure abnormal institutional attention (MA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely forecasts when AIA is high on the earnings announcement day. Analyst responsiveness to AIA is stronger when analysts have more resources and experience and weaker when the AIA of other covered firms is high. Ana...
-
作者：Beer, Ruth; Rios, Ignacio; Saban, Daniela
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Texas System; University of Texas Dallas; Stanford University
摘要：Motivated by recent initiatives to increase transparency in procurement, we study the effects of disclosing information about previous purchases in a setting where an organization delegates its purchasing decisions to its employees. When employees can use their own discretion, which may be influenced by personal preferences, to select a supplier, the incentives of the employees and the organization may be misaligned. Disclosing information about previous purchasing decisions made by other empl...
