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作者：Chellappa, Ramnath K.; Mukherjee, Rajiv
作者单位：Emory University; Southern Methodist University
摘要：The release of a new platform version is often preceded by prelaunch activities including a preannouncement of new features, improvements, and other innovations. The information contained within these preannouncements not only shape expectations of distinct but connected sides, for example, users and developers in a video game platform, but also informs a rival platform in a competitive market. Through a game-theoretic analysis of three different preannouncement strategies (formal, informal, a...
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作者：Chordia, Tarun; Kurov, Alexander; Muravyev, Dmitriy; Subrahmanyam, Avanidhar
作者单位：Emory University; West Virginia University; Michigan State University; Nanjing University; University of California System; University of California Los Angeles
摘要：Do order flows in index derivatives play an informational role? Weekly index put order flow on the International Securities Exchange positively and robustly predicts weekly S&P 500 index returns. This result obtains mainly for net put buying and is stronger in high VIX periods and in periods following macroeconomic announcements. We explore rationales for our findings, which include investor sentiment, the notion that market makers trade on information in options markets, and option-based risk...
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作者：Lenkey, Stephen L.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Using a rational expectations equilibrium framework, I evaluate the effects of a short-sale prohibition in an economy with asymmetrically informed investors who are identical except for their information sets. Relative to an economy in which short selling is permitted, the financial market is less informationally efficient under a short-sale ban even when the ban is not binding. This alters the risk-sharing environment and leads to an increase in information acquisition. Additionally, a short-...
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作者：Allee, Kristian D.; Christensen, Theodore E.; Graden, Bryan S.; Merkley, Kenneth J.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University System of Georgia; University of Georgia; Utah System of Higher Education; Southern Utah University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We investigate a firm's decision to initiate earnings guidance during its first year as a public company following its initial public offering (IPO), which we label early guidance. Using a sample of firms with IPOs between 2001 and 2010, we find that almost 60% provide early guidance and that only one-third of the firms that do not provide guidance during the first year subsequently decide to guide. Consistent with the importance of liquidity incentives following the IPO, we find that firms ar...
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作者：Buell, Ryan W.; Campbell, Dennis; Frei, Frances X.
作者单位：Harvard University
摘要：This paper investigates the impact of customer compatibility-the degree of fit between customers' needs and the capabilities of the operations serving them-on customer experiences and firm performance. We use variance decomposition analysis to quantify the relative importance of customer, employee, process, location, and market-level effects on customer satisfaction. In our models, which explain roughly a quarter of the aggregate variance, differences among customers account for 96%-97% of the...
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作者：Zhang, Gaoqing
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper studies the effect of competition on opacity in the financial system. In my model, two financial institutions competing for investors simultaneously make a public disclosure decision when both are exposed to rollover risk. I find that in the face of rollover risk, competition between financial institutions has a nonmonotonic effect on their disclosure decisions. More intense competition can reduce disclosure and make the financial system more opaque, especially when investors? priva...
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作者：Berger, Loic; Eeckhoudt, Louis
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Lille; IESEG School of Management; Universite de Lille; IESEG School of Management
摘要：Diversification is a basic economic principle that helps to hedge against uncertainty. It is, therefore, intuitive that both risk aversion and ambiguity aversion should positively affect the value of diversification. In this paper, we show that this intuition (1) is true for risk aversion but (2) is not necessarily true for ambiguity aversion. We derive sufficient conditions, showing that, contrary to the economic intuition, ambiguity and ambiguity aversion may actually reduce the diversificat...
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作者：Kondo, Jiro; Li, Danielle; Papanikolaou, Dimitris
作者单位：McGill University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northwestern University
摘要：We propose a macroeconomic model in which variation in the level of trust leads to higher innovation, investment, and productivity growth. The key feature in the model is a hold-up friction in the creation of new capital. Innovators generate ideas but are inefficient at implementing them into productive capital on their own. Firms can help innovators implement their ideas efficiently but cannot ex ante commit to compensating them appropriately. Rather, firms are disciplined only by the value o...
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作者：Bastani, Hamsa; Bayati, Mohsen; Khosravi, Khashayar
作者单位：University of Pennsylvania; Stanford University; Stanford University
摘要：The contextual bandit literature has traditionally focused on algorithms that address the exploration-exploitation tradeoff. In particular, greedy algorithms that exploit current estimates without any exploration may be suboptimal in general. However, exploration-free greedy algorithms are desirable in practical settings where exploration may be costly or unethical (e.g., clinical trials). Surprisingly, we find that a simple greedy algorithm can be rate optimal (achieves asymptotically optimal...
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作者：Hathaway, Brett A.; Emadi, Seyed M.; Deshpande, Vinayak
作者单位：Johns Hopkins University; University of North Carolina; University of North Carolina Chapel Hill
摘要：Although call centers have recently invested in callback technology, the effects of this innovation on call center performance are not clearly understood. In this paper, we take a data-driven approach to quantify the operational impact of offering callbacks under a variety of callback policies. To achieve this goal, we formulate a structural model of the caller decision-making process under a callback option and impute their underlying preferences from data. Our model estimates shed light on c...
