-
作者：Dellar, Carolyn; Sandino, Tatiana
作者单位：University of Pennsylvania; Harvard University
摘要：Using retail chain data, we study the effects of a tournament incentive plan based primarily on objective performance, but incorporating managerial discretion in the selection of winners. In principle, such plans could motivate employees to perform both at a high level, based on objective criteria, and in accordance with company values, considered via managerial discretion. However, such plans could be counterproductive if enough participants (especially those who do not win) perceive that sub...
-
作者：Li, Jun; Netessine, Serguei
作者单位：University of Michigan System; University of Michigan; University of Pennsylvania
摘要：Market thickness is a key parameter that can make or break a platform's business model. Thicker markets can offer more opportunities for participants to meet and higher chances that a potential match exists. However, they can also be vulnerable to potential search frictions. In this paper, using data from an online peer-to-peer holiday property rental platform, we aim to identify and measure the causal impact of market thickness on matching rates. In particular, we exploit an exogenous shock t...
-
作者：Bakos, Yannis; Halaburda, Hanna
作者单位：New York University
摘要：A major result in the study of two-sided platforms is the strategic interdependence between the two sides of the same platform, leading to the implication that a platform can maximize its total profits by subsidizing one of its sides. We show that this result largely depends on assuming that at least one side of the market single-homes. As technology makes joining multiple platforms easier, we increasingly observe that participants on both sides of two-sided platforms multihome. The case of mu...
-
作者：Baucells, Manel; Zhao, Lin
作者单位：University of Virginia; Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS
摘要：Models in which current utility depends solely on current consumption (a.k.a. time-separable preferences) are widely acknowledged to be unrealistic, especially when attempting to describe preferences over consumption rates. Alternatively, one may stipulate that instant utility also depends on a state, for example, some stock of past consumption. Escaping the gravitational pull of time separability, however, is difficult because (1) the behavioral axioms that characterize the state and the inst...
-
作者：Labro, Eva; Stice-Lawrence, Lorien
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Southern California
摘要：This paper provides evidence on the determinants and economic outcomes of updates of accounting systems (AS) over a 24-year timespan in a large sample of U.S. hospitals. We provide evidence that hospitals update their AS in response to three types of pressures: economic pressures, such as increases in the quality of accounting information driven by vendor rollouts of improved AS; coercive pressures imposed by regulators mandating certain practices, such as internal control practices imposed by...
-
作者：Belavina, Elena; Marinesi, Simone; Tsoukalas, Gerry
作者单位：Cornell University; University of Pennsylvania
摘要：Lacking credible rule-enforcement mechanisms to punish misconduct, existing reward-based crowdfunding platforms can leave backers exposed to two risks: entrepreneurs may run away with backers' money (funds misappropriation), and product specifications may be misrepresented (performance opacity). We show that each of these risks can materially impact crowdfunding efficiency, and, when jointly present, they interact with each other in ways that can dampen or, more worryingly, amplify their indiv...
-
作者：Cohen, Lauren; Lou, Dong; Malloy, Christopher J.
作者单位：Harvard University; National Bureau of Economic Research; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that cast their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on more favorable analysts experience more negative future earnings surprises and more future earnings restatements. A long-short portfolio that exploits this differential firm behavior earns abnormal returns of up to 149 basis points ...
-
作者：DeValve, Levi; Pekec, Sasa; Wei, Yehua
作者单位：University of Chicago; Duke University
摘要：We study assemble-to-order (ATO) problems from the literature. ATO problems with general structure and integrality constraints are well known to be difficult to solve, and we provide new insight into these issues by establishing worst-case approximation guarantees through primal-dual analyses and linear programming (LP) rounding. First, we relax the one-period ATO problem using a natural newsvendor decomposition and use the dual solution for the relaxation to derive a lower bound on optimal co...
-
作者：Meng, Xiaojing; Tian, Jie Joyce
作者单位：New York University; University of Waterloo
摘要：We investigate how board expertise affects chief executive officer (CEO) incentives and firm value. The CEO engages in a sequence of tasks: first acquiring information to evaluate a potential project, then reporting his or her assessment of the project to the board, and finally implementing the project if it is adopted. We demonstrate that the CEO receives higher compensation when the board agrees with the CEO on the assessment of the project. Board expertise leads to (weakly) better investmen...
-
作者：Fuchs, Christoph; de Jong, Martijn G.; Schreier, Martin
作者单位：Technical University of Munich; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Vienna University of Economics & Business
摘要：Charity organizations differ in their practice of offering donors the option to earmark their contribution: allowing donors to select the project in which their money should be invested. This paper presents two studies that provide the first empirical evidence on the appeal of such earmarking. The empirical basis of Study 1 is a unique data set consisting of 7,383 potential donors from 25 countries who participated in a randomized survey experiment. First, we find that the willingness to donat...
