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作者：Lei, Yaoting; Li, Ya; Xu, Jing
作者单位：Nanchang University; Hong Kong Metropolitan University; Renmin University of China
摘要：In asset return predictability, realized returns and future expected returns tend to move in opposite directions. This generates a tension between tax- and market-timing incentives. In this study, a portfolio choice problem in the presence of both return predictability and capital gains tax is examined. We characterize various features of the optimal trading strategy, and demonstrate that the optimal strategy helps mitigate the tension between market- and tax-timing. The calibrated model sugge...
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作者：Yu, Jiayi Joey; Tang, Christopher S.; Shen, Zuo-Jun Max; Chen, Xiqun Michael
作者单位：Tsinghua University; University of California System; University of California Los Angeles; University of California System; University of California Berkeley; Zhejiang University
摘要：Regulating on-demand ride-hailing services (e.g., Uber and DiDi) requires a balance of multiple competing objectives: encouraging innovative business models (e.g., DiDi), sustaining traditional industries (e.g., taxi), creating new jobs, and reducing traffic congestion. This study is motivated by a regulatory policy implemented by the Chinese government in 2017 and a similar policy approved by the New York City Council in 2018 that regulate the maximum number of registered Uber/DiDi drivers. W...
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作者：Besbes, Omar; Weintraub, Gabriel
作者单位：Columbia University; Stanford University
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作者：Ching, Andrew T.; Lim, Hyunwoo
作者单位：Johns Hopkins University; York University - Canada
摘要：We propose a structural model of correlated learning with indirect inference to explain late-mover advantages. Our model focuses on a class of products with the following two features: (i) products that build on a common fundamental technology (e.g., computer processor, car, smartphone, etc.) and (ii) that consumers can observe some product attributes of a product (e.g., CPU clock speed, horsepower of a car engine, screen size of a smartphone, etc.), but when making their purchase decisions, c...
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作者：Fan, Weiwei; Hong, L. Jeff; Zhang, Xiaowei
作者单位：Tongji University; Tongji University; Fudan University; Fudan University; City University of Hong Kong
摘要：Specifying a proper input distribution is often a challenging task in simulation modeling. In practice, there may be multiple plausible distributions that can fit the input data reasonably well, especially when the data volume is not large. In this paper, we consider the problem of selecting the best from a finite set of simulated alternatives, in the presence of such input uncertainty. We model such uncertainty by an ambiguity set consisting of a finite number of plausible input distributions...
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作者：Chaudhuri, Ranadeb; Ivkovic, Zoran; Pollet, Joshua; Trzcinka, Charles
作者单位：Oakland University; Michigan State University; Michigan State University's Broad College of Business; University of Illinois System; University of Illinois Urbana-Champaign; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Performance of investment products managed by firms in which PhDs play a key role is superior to the performance of products managed by otherwise similar firms. This relation is not a result of endogenous matching between firms and PhDs. Performance is related to training (the field of study) because economics or finance PhDs outperform other PhDs. Performance is also related to talent because PhDs who published in top outlets outperform other PhDs. Field-specific training is not relevant amon...
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作者：Gross, Daniel P.
作者单位：Harvard University
摘要：Collusion is widely condemned for its negative effects on consumer welfare and market efficiency. In this paper, I show that collusion may also in some cases facilitate the creation of unexpected new sources of value. I bring this possibility into focus through the lens of a historical episode from the 19th century, when colluding railroads in the U.S. South converted 13,000 miles of railroad track to standard gauge over the course of two days in 1886, integrating the South into the national t...
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作者：Korpeoglu, C. Gizem; Korpeoglu, Ersin; Cho, Soo-Haeng
作者单位：Eindhoven University of Technology; University of London; University College London; Carnegie Mellon University
摘要：We study supply chains where multiple suppliers sell to multiple retailers through a wholesale market. In practice, we often observe that both suppliers and retailers tend to influence the wholesale market price that retailers pay to suppliers. However, existing models of supply chain competition do not capture retailers' influence on the wholesale price (i.e., buyer power) and show that the wholesale price and the order quantity per retailer do not change with the number of retailers. To over...
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作者：Che, Limei; Hope, Ole-Kristian; Langli, John Christian
作者单位：University of South-Eastern Norway; University of Toronto; BI Norwegian Business School
摘要：This paper studies whether and how Big-4 firms provide higher-quality audits than non-Big-4 firms. Specifically, we first examine a Big-4 effect and then explore three sources of the Big-4 effect. To test the Big-4 effect, we use a unique data set of individual audit partners for a large sample of private companies and a novel research design exploiting the fact that auditees may follow the auditor who switches affiliation from a non-Big-4 firm to a Big-4 firm. Thus, we compare audit quality a...
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作者：Pagell, Mark; Parkinson, Mary; Veltri, Anthony; Gray, John; Wiengarten, Frank; Louis, Michalis; Fynes, Brian
作者单位：University College Dublin; Oregon State University; University System of Ohio; Ohio State University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：This research addresses the fundamental question of whether providing a safe workplace improves or hinders organizational survival, because there are conflicting predictions on the relationship between worker safety and organizational performance. The results, based on a unique longitudinal database covering more than 100,000 organizations across 25 years in the U.S. state of Oregon, indicate that, in general, organizations that provide a safe workplace have significantly lower odds and length...
