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作者：Lee, Seokwoo; Rivera, Alejandro
作者单位：University of Michigan System; University of Michigan; University of Texas System; University of Texas Dallas
摘要：We consider the optimal dynamic liquidity management of a financially constrained firm when its existing shareholders are risk neutral but ambiguity averse with respect to the firm's future cash flows. The shareholders' ambiguity aversion generates endogenous time-varying worst-case beliefs that overweight recent cash flow realizations, thereby providing a microeconomic foundation for extrapolation bias. Moreover, shareholders' ambiguity aversion has different implications on firms' liquidity ...
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作者：Chod, Jiri; Lyandres, Evgeny
作者单位：Boston College; Tel Aviv University
摘要：This paper develops a theory of financing of entrepreneurial ventures via crypto tokens, which is not limited to platform-based ventures. We compare token financing with traditional equity financing, focusing on agency problems and information asymmetry frictions associated with the two financing methods, as well as on risk sharing between entrepreneurs and investors. Token financing introduces an agency problem not present under equity financing (underproduction), while mitigating an agency p...
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作者：Kouvelis, Panos; Xu, Fasheng
作者单位：Washington University (WUSTL); Syracuse University
摘要：Factoring is a financial arrangement where the supplier sells accounts receivable to the factor against a premium and receives cash for immediate working capital needs. Reverse factoring takes advantage of the retailer's payment guarantee and the credit rating differential between a small supplier and a large retailer, enabling the supplier to receive financing at a more favorable rate. We develop a supply chain theory of (recourse/ non-recourse) factoring and reverse factoring showing when th...
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作者：Lu, Susan Feng; Serfes, Konstantinos; Wedig, Gerard; Wu, Bingxiao
作者单位：Purdue University System; Purdue University; Drexel University; University of Rochester; Rutgers University System; Rutgers University New Brunswick
摘要：Competition plays an ambiguous role in nursing home markets where public and private payers coexist. Using U.S. nursing home data with a wide range of market structures, we find a U-shaped relationship between competition and service quality when nursing homes serve a mix of public and private segments, and a monotonically increasing relationship when nursing homes mostly serve the public, price-regulated, segment. The outcomes can be explained by the interplay of two opposing effects of compe...
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作者：Luo, Hong; Macher, Jeffrey; Wahlen, Michael
作者单位：Harvard University; Georgetown University; Massachusetts Institute of Technology (MIT)
摘要：We study a novel, low-cost approach to aggregating judgment from a large number of industry experts on ideas that they encounter in their normal course of business. Our context is the movie industry, in which customer appeal is difficult to predict and investment costs are high. The Black List, an annual publication, ranks unproduced scripts based on anonymous nominations from film executives. This approach entails an inherent trade-off: Low participation costs enable high response rates, but ...
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作者：Yuan, Hao; Luo, Qi; Shi, Cong
作者单位：University of Michigan System; University of Michigan
摘要：We consider a periodic-review single-product inventory system with fixed cost under censored demand. Under full demand distributional information, it is well known that the celebrated (s, S) policy is optimal. In this paper, we assume the firm does not know the demand distribution a priori and makes adaptive inventory ordering decisions in each period based only on the past sales (a.k.a. censored demand). Our performance measure is regret, which is the cost difference between a feasible learni...
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作者：Hsee, Christopher K.; Zeng, Ying; Li, Xilin; Imas, Alex
作者单位：University of Chicago; University of Toronto
摘要：This research studies a resource pool-choice dilemma, in which a group of resource seekers independently choose between a larger pool containing more resources and a smaller pool containing fewer resources, knowing that the resources in each pool will be divided equally among its choosers, so that the more (fewer) people choose a certain pool, the fewer (more) resources each of them will get. This setting corresponds to many real world situations, ranging from students choosing majors as a fun...
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作者：Joia-Sanchez, Andres F.; Serpa, Juan Camilo
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; McGill University
摘要：Using data from 38,916 businesses in war-torn Colombia and from 5,138 attacks by the two rebel groups, FARC and ELN, we study how firms manage inventory during civilwar. We obtain exogenous variation in the conflict intensity via a differencein-differences model, which hinges on the peace process between Colombia's government and FARC. Relying on this identification strategy, we hypothesize and show that war causes two effects on firm-level inventories. First, it leads firms to replace physica...
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作者：Rahmani, Morvarid; Ramachandran, Karthik
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：In many contexts such as product design and development, advertising, and scouting for technical solutions, clients seek the expertise of external providers to generate innovative solutions for their business problems. Because innovation projects are beset with uncertainty, they often require multiple iterations of ideation and evaluation. Although some clients make a commitment to take the first feasible solution from the provider, other clients retain the flexibility to seek more solutions u...
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作者：Mishkin, Elizabeth
作者单位：Uber Technologies, Inc.
摘要：This project uses gender and sibling dynamics to explore the intergenerational transmission of entrepreneurship. I find that the transmission of self-employment from fathers to daughters is significantly reduced when there are sons in the family. I interpret this as evidence that the intergenerational transmission of entrepreneurship is driven, at least in part, by costly investments by parents, which can be crowded out by or redirected toward brothers. I investigate specific types of parental...
