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作者：Arnold, Markus; Elsinger, Florian; Rankin, Frederick W.
作者单位：University of Bern; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Colorado State University System; Colorado State University Fort Collins
摘要：This study investigates how headquarters' involvement affects the efficiency of transfer price negotiations. Although prior research explores autonomous transfer price negotiations, evidence suggests that headquarters can become involved in these negotiations, particularly after they fail. Although the likely intention of headquarters' involvement is to overcome inefficiencies arising from decentralized managers' inability to agree on a transfer price, we suggest that such involvement can redu...
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作者：Berardi, Andrea; Markovich, Michael; Plazzi, Alberto; Tamoni, Andrea
作者单位：Universita Ca Foscari Venezia; Universita della Svizzera Italiana; Swiss Finance Institute (SFI); Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：We show that the difference between the natural rate of interest and the current level of monetary policy stance, which we label Convergence Gap (CG), contains information that is valuable for bond predictability. Adding CG in forecasting regressions of bond excess returns significantly raises the R-2, and restores countercyclical variation in bond risk premia that is otherwise missed by forward rates. Consistent with the argument that CG captures the effect of real imbalances on the path of r...
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作者：Ghili, Soheil; Klibanoff, Peter
作者单位：Yale University; Yale University; Northwestern University
摘要：Consider a canonical problem in choice under uncertainty: choosing from a convex feasible set consisting of all (Anscombe-Aumann) mixtures of two acts f and g, {alpha f + (1 - alpha)g : alpha is an element of [0, 1]}. We propose a preference condition, monotonicity in optimal mixtures, which says that surely improving the act f (in the sense of weak dominance) makes the optimal weight(s) on f weakly higher. We use a stylized model of a sales agent reacting to incentives to illustrate the tight...
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作者：Ham, Sung H.; Koch, Ingrid; Lim, Noah; Wu, Jiabin
作者单位：Michigan State University; National University of Singapore; National University of Singapore; University of Oregon
摘要：This paper experimentally examines a conflict of interest (COI) situation in which a third-party reviewer provides a product assessment for a firm but also potentially benefits economically from the assessed firm's rival. We present a behavioral economics model to examine how reviewer competition and reciprocal relationships between firms and reviewers affect decision outcomes, followed by an experiment to investigate the model predictions. The experimental results are consistent with the beha...
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作者：Satopaa, Ville A.; Salikhov, Marat; Tetlock, Philip E.; Mellers, Barbara
作者单位：INSEAD Business School; Yale University; University of Pennsylvania
摘要：A four-year series of subjective probability forecasting tournaments sponsored by the U.S. intelligence community revealed a host of replicable drivers of predictive accuracy, including experimental interventions such as training in probabilistic reasoning, anti-groupthink teaming, and tracking of talent. Drawing on these data, we propose a Bayesian BIN model (Bias, Information, Noise) for disentangling the underlying processes that enable forecasters and forecasting methods to improve-either ...
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作者：Bai, John (Jianqiu)
作者单位：Northeastern University
摘要：This paper studies how firms' internal organization shapes the impact of international trade. Using establishment-level data from the U.S. Census and a difference-in-difference specification, I find that, relative to standalone firms, conglomerates are more likely to restructure after trade liberalization episodes, focusing on their core competency and improving firm productivity and product market performance. Adjustments through the extensive margin account for the majority of the productivi...
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作者：Ahuja, Vishal; Alvarez, Carlos A.; Birge, John R.; Syverson, Chad
作者单位：Southern Methodist University; Texas Tech University System; Texas Tech University; University of Chicago
摘要：The U.S. Food and Drug Administration (FDA) regulates the approval and safe public use of pharmaceutical products in the United States. The FDA uses postmarket surveillance systems to monitor drugs already on the market; a drug found to be associated with an increased risk of adverse events (ADEs) is subject to a recall or a warning. A flawed postmarket decision-making process can have unintended consequences for patients, create uncertainty among providers and affect their prescribing practic...
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作者：Zhao, Feng; Zhou, Guofu; Zhu, Xiaoneng
作者单位：University of Texas System; University of Texas Dallas; Washington University (WUSTL); Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：We examine the macro-spanning hypothesis for bond returns in international markets. Based on a large panel of real-time macroeconomic variables that are not subject to revisions, we find that global macro factors have predictive power for bond returns unspanned by yield factors. Furthermore, we estimate macro-finance term structure models with the unspanned global macro factors and find that the global macro factors influence the market prices of level and slope risks and induce comovements in...
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作者：Mezzanotti, Filippo
作者单位：Northwestern University
摘要：I examine how patent enforcement affects corporate research and development (R&D), exploiting the legal changes induced by the Supreme Court decision eBay v. MercExchange. This ruling increased courts' flexibility in remedying patent cases and effectively lowered the potential costs of patent litigation for defendants. For identification, I compare innovative activity across firms differentially exposed to patent litigation before the ruling. Across several measures, I find that the decision l...
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作者：Thomas, Jacob; Zhang, Frank; Zhu, Wei
作者单位：Yale University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Both theory and evidence are mixed regarding the impact on prices of trading on dark venues partially exempt from National Market System requirements. Theory predicts that price discovery improves as dark venues siphon noisy uninformed trades, but increased adverse selection reduces liquidity. Empirical studies, which focus on intraday inefficiency, also find contradictory results. We extend that literature to investigate the impact of dark trading on a long-standing inefficiency based on unde...
