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作者：Lee, Junghee; Lee, Hyun Seok (Huck); Shin, Hyoduk; Krishnan, Vish
作者单位：Tulane University; Korea University; University of California System; University of California San Diego
摘要：The ongoing shortage of pharmaceutical drugs critically threatens public health. With increasing industry consolidation, operational disruptions at a firm can lead to a nationwide shortage of life-saving drugs. In 2012, the U.S. Food and Drug Administration mandated all manufacturers to report any manufacturing interruption that can potentially cause shortages. The goal of the mandate was to mitigate drug shortages by enhancing operational transparency in the pharmaceutical industry. Subsequen...
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作者：Lin, Chen; Schmid, Thomas; Weisbach, Michael S.
作者单位：University of Hong Kong; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：Product price risk is a potentially important factor for firms' liquidity management. A natural place to evaluate the impact of this risk on liquidity management is the electricity industry, because producing firms face substantial price volatility in wholesale markets. Empirically, higher volatility of electricity prices leads to an increase in cash holdings, and this effect is robust to instrumenting for price risk using weather volatility. Cash increases more with price risk in firms using ...
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作者：Budanova, Sofya; Cianciaruso, Davide; Marinovic, Ivan
作者单位：HSE University (National Research University Higher School of Economics); Hautes Etudes Commerciales (HEC) Paris; Stanford University
摘要：We study the consequences of misreporting in settings where ambiguity-averse investors face uncertainty about two aspects of the firm: its productivity and the weakness of its reporting system. We show that the joint presence of these two sources of uncertainty distorts the firm's investment choices in opposing ways, leading to overinvestment by large firms (to signal productivity) and underinvestment by small firms (to signal that the reporting system is not weak). Our analysis suggests that ...
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作者：Arifoglu, Kenan; Ren, Hang; Tezcan, Tolga
作者单位：University of London; University College London; George Mason University; University of London; London Business School
摘要：The Hospital Readmissions Reduction Program (HRRP) reduces Medicare payments to hospitals with higher than expected readmission rates where the expected readmission rate for each hospital is determined based on the readmission levels at other hospitals. Although similar relative performance-based schemes are shown to lead to socially optimal outcomes in other settings (e.g., cost-cutting efforts), HRRP differs from these schemes in three respects: (i) deviation from the targets is adjusted usi...
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作者：Bar-Gill, Sagit; Inbar, Yael; Reichman, Shachar
作者单位：Tel Aviv University; Massachusetts Institute of Technology (MIT); Carnegie Mellon University
摘要：The digitization of news markets has created a key role for online referring channels. This research combines field and laboratory experiments and analysis of largescale clickstream data to study the effects of social versus nonsocial referral sources on news consumption in a referred news website visit. We theorize that referrer-specific browsing modes and referrer-induced news consumption thresholds interact to impact news consumption in referred visits to an online newspaper and that news s...
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作者：Cohen, Maxime C.; Kalas, Jeremy J.; Perakis, Georgia
作者单位：McGill University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Promotions are a critical decision for supermarket managers, who must decide the price promotions for a large number of items. Retailers often use promotions to boost the sales of the different items by leveraging the cross-item effects. We formulate the promotion optimization problem for multiple items as a nonlinear integer program. Our formulation includes several business rules as constraints. Our demand models can be estimated from data and capture the postpromotion dip effect and cross-i...
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作者：Kim, Jaehyeon; Kim, Yongtae; Zhou, Jian
作者单位：Ajou University; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST); University of Hawaii System; University of Hawaii Manoa
摘要：Linguistics research shows that languages differ as to how they differentiate future from present events. Economics research finds that when the grammatical structure of a language disassociates the future from the present, speakers of the language also disassociate the future from the present in their behaviors. This study examines how linguistically induced time perception relates to cross-country variation in investment efficiency. We find that underinvestment is less prevalent in countries...
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作者：Marshall, Guillermo; Parra, Alvaro
作者单位：University of British Columbia
摘要：Price announcements-similar to the ones made by tech firms at media events-are effective in deterring innovation. By announcing (and setting) a high price, a firm increases its rivals' short-run profits, reducing the rival firms' incentives to innovate by magnifying their Arrow's replacement effect. We show that the equilibrium prices are greater and research and development (R&D) investments lower relative to when price announcements cannot be used strategically. We call this the R&D deterren...
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作者：Debo, Laurens; Li, Cuihong
作者单位：Dartmouth College; University of Connecticut
摘要：For discretionary services, longer service duration implies higher service quality. We study the optimal design and pricing of discretionary service lines, a range of services that are vertically differentiated through their duration (quality), offered to a market with customers who are heterogeneous in terms of their sensitivity to service duration. In a resource-constrained environment with stochastic arrival of demand, longer service duration also implies longer wait, which all customers di...
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作者：Wang, Yixin (Iris); Li, Jun; Wu, Di (Andrew); Anupindi, Ravi
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Michigan System; University of Michigan
摘要：Using a multitier mapping of supply-chain relationships constructed from granular global, firm-to-firm supplier-customer linkages data, we quantify the degree of financial risk propagation from the supply network beyond firms' direct supply-chain connections and isolate structural network properties serving as significant moderators of risk propagation. We first document a baseline fact: a significant proportion of tier-2 suppliers are shared by tier-1 suppliers. We then construct two simple m...
