-
作者：Huang, Rachel J.; Tzeng, Larry Y.; Zhao, Lin
作者单位：National Central University; National Taiwan University; National Chengchi University; National Taiwan University; Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS
摘要：We develop a continuum of stochastic dominance rules for expected utility maximizers. The new rules encompass the traditional integer-degree stochastic dominance; between adjacent integer degrees, they formulate the consensus of individuals whose absolute risk aversion at the corresponding integer degree has a negative lower bound. By extending the concept of uniform risk aversion previously proposed in the literature to high-order risk preferences, we interpret the fractionalized degree param...
-
作者：Tan, Tom Fangyun; Netessine, Serguei
作者单位：Southern Methodist University; University of Pennsylvania
摘要：Some industries, such as healthcare and financial services, have reported significant productivity gains from introduction of new technologies. However, other more traditional, labor-intensive industries are lagging behind. We use granular data to examine the impact of a customer-facing technology (a tabletop device that facilitates the table service process) on the check size and meal duration aspects of restaurant performance. The restaurant chain in our study implemented tabletop devices in...
-
作者：Cong, Lin William
作者单位：Cornell University
摘要：This paper endogenizes auction timing and initiation in auctions of real options. Because bidders have information rent, a seller faces a virtual strike price higher than the actual exercise cost. The seller inefficiently delays the auction to encourage bidder participation and uses the irreversible nature of time to gain partial control over option exercises. The seller's private benefit at option exercise may restore efficient auction timing, but option exercises are always inefficiently lat...
-
作者：Huang, Rachel J.; Tzeng, Larry Y.; Wang, Jr-Yan; Zhao, Lin
作者单位：National Central University; National Chengchi University; National Taiwan University; National Taiwan University; National Taiwan University; Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS
摘要：Levy [Levy H (2016) Aging population, retirement, and risk taking. Management Sci. 62(5):1415-1430.] proposes asymptotic first-degree stochastic dominance (AFSD) as a distribution-ranking criterion for all nonsatiable decision makers with infinite investment horizons. By assuming that the terminal wealth follows a log-normal distribution and that themarginal utility is bounded, he offers the necessary and sufficient distributional condition for AFSD. Given Levy's setting, we provide a countere...
-
作者：Ibanez, Maria R.; Toffel, Michael W.
作者单位：Northwestern University; Harvard University
摘要：Accuracy and consistency are critical for inspections to be an effective, fair, and useful tool for assessing risks, quality, and suppliers-and for making decisions based on those assessments. We examine how inspector schedules could introduce bias that erodes inspection quality by altering inspector stringency. Our analysis of thousands of food-safety inspections reveals that inspectors are affected by the inspection outcomes at their prior-inspected establishment (outcome effects), citing mo...
-
作者：Lueck, Sonja; Balsmeier, Benjamin; Seliger, Florian; Fleming, Lee
作者单位：University of Paderborn; University of Luxembourg; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of California System; University of California Berkeley
摘要：Much work on innovation strategy assumes or theorizes that competition in innovation elicits duplication of research and that disclosure decreases such duplication. We validate this empirically using the American Inventors Protection Act (AIPA), three complementary identification strategies, and a new measure of blocked future patent applications. We show that AIPA-intended to reduce duplication, through default disclosure of patent applications 18 months after filing-reduced duplication in th...
-
作者：Conti, Annamaria; Graham, Stuart J. H.
作者单位：University of Lausanne; University System of Georgia; Georgia Institute of Technology
摘要：This paper explores how prominent venture capitalists (VCs) affect chief executive officer (CEO) replacement in startups. Defining prominence using eigenvector centrality, we use matching methods and instrumental variables to show that startup CEO replacement occurs more often and faster when prominent VCs participate. We further explore these VCs' comparative advantage in managing CEO turnover, finding that the prominent VC effects increase as replacement costs rise, such as when incumbent CE...
-
作者：Abernethy, Margaret A.; Hung, Chung-Yu; van Lent, Laurence
作者单位：University of Melbourne; Frankfurt School Finance & Management
摘要：We examine the association between managers' expertise and their discretionary bonus decisions in a hospital setting. We hypothesize that high-expertise managers make decisions that encourage cooperation among their subordinates. However, low-expertise managers cannot do so because their lower levels of knowledge, experience, and domain expertise prevent them from having sufficient personal influence to persuade other professionals to cooperate. We find that high-expertise managers make two ty...
-
作者：Fraisse, Henri; Le, Mathias; Thesmar, David
作者单位：European Central Bank; Bank of France; European Central Bank; Bank of France; Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR)
摘要：We measure the impact of bank capital requirements on corporate borrowing, investment, and employment using loan-level data. The Basel II regulatory framework makes capital requirements vary across both banks and firms, which allows us to control for time-varying firm-level risk and bank-level credit supply shocks. We find that a 1 percentage point increase in capital requirements reduces lending by 2.3%-4.5%. Firms can attenuate this reduction by substituting borrowing across banks, but only ...
-
作者：Chen, Jialie; Rao, Vithala R.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Cornell University
摘要：Current regulations on e-cigarettes are minimal compared with cigarette regulations, despite their growing popularity globally. Advocates of e-cigarettes claim that they aid in ceasing smoking habits. However, leaving e-cigarettes unregulated has raised growing health concerns. Policymakers in several countries, including the United States and those in Europe, are considering and experimenting with policy interventions. To evaluate current policies and implement potential regulations on e-ciga...
