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作者：Chen, Guoli; Crossland, Craig; Huang, Sterling
作者单位：INSEAD Business School; University of Notre Dame; Singapore Management University
摘要：Mortality salience-the awareness of the inevitability of death-is often traumatic. However, it can also be associated with a range of positive, self-transcendent cognitive responses, such as a greater desire to help others, contribute to society, and make a more meaningful contribution in one's life and career. In this study, we provide evidence of a link between chief executive officer (CEO) mortality salience-triggered by the death of a director at the same firm-and a subsequent increase in ...
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作者：Eisdorfer, Assaf; Misirli, Efdal Ulas
作者单位：University of Connecticut; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We partially explain the well-documented distress anomaly by studying the risk/return relation of distressed stocks across market states. We show that the anomaly does not hold in market downturns. The asset beta and financial leverage of distressed stocks rise significantly during bear markets, resulting in a dramatic increase in their equity beta. Hence, a long/short healthy-minus-distressed trading strategy leads to significant losses when the market rebounds. Managing this risk mitigates t...
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作者：Herweg, Fabian; Schmidt, Klaus M.
作者单位：University of Bayreuth; University of Munich
摘要：A buyer who wants to procure a complex good is often aware that there may be flaws in her initial design, but she does not know what they look like. Potential sellers who discover flaws have no incentive to reveal them early if the buyer uses a price-only auction. We derive an efficient mechanism that induces all sellers to report flaws early and that allocates the project to the seller with the lowest cost. We show that this can be implemented with a simple two-stage auction that does not req...
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作者：Hock, Stefan J.; Raithel, Sascha
作者单位：University of Connecticut; Free University of Berlin
摘要：Celebrity endorsers can cause negative publicity that can spill over to the endorsed brand. However, little is known about the economic effects of firm reactions to these events. This study fills this gap and estimates how announcements of firms' reactions (yes versus no), timing (slow versus fast), and type (maintain/suspend versus no reaction) affect daily abnormal stock returns (ARs) following negative publicity. Using 128 events of negative endorser publicity between 1988 and 2016 affectin...
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作者：Du, Ninghua; Li, Lingfang; Lu, Tian; Lu, Xianghua
作者单位：Shanghai University of Finance & Economics; Shanghai University of Finance & Economics; Fudan University; Carnegie Mellon University
摘要：We implement behavioral mechanisms in a natural field experiment to increase loan repayment rates on a peer-to-peer (P2P) lending website. The results show that text message reminders that convey lenders' positive expectations considerably increase the likelihood that borrowers will repay their loans, whereas reminders emphasizing the adverse consequences of failure to repay loans do not have enduring effects. Our experiment results in an increase in loan repayments in the sample period. In ad...
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作者：Berry, Randall; Honig, Michael; Nguyen, Thanh; Subramanian, Vijay; Vohra, Rakesh
作者单位：Northwestern University; Purdue University System; Purdue University; University of Michigan System; University of Michigan; University of Pennsylvania
摘要：We examine a model of Cournot competition with congestion motivated by recent policy to allow commercial sharing of wireless spectrum that is assigned to other users such as government agencies. A key feature of such spectrum is that it is intermittently available because of the incumbent user's activity. In our model, wireless service providers (SPs) compete for a common pool of customers using their own proprietary (exclusively licensed) bands of spectrum along with access to an additional i...
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作者：Boosey, Luke; Brookins, Philip; Ryvkin, Dmitry
作者单位：State University System of Florida; Florida State University; University of South Carolina System; University of South Carolina Columbia; Max Planck Society; Harvard University; Harvard University
摘要：We use a laboratory experiment to study the effects of disclosing the number of active participants in contests with endogenous entry. At the first stage, potential participants decide whether to enter competition, and at the second stage, entrants choose their investments. In a 2x2 design, we manipulate the size of the outside option, omega, and whether the number of entrants is disclosed between the stages. Theory predicts more entry for lower omega and the levels of entry and aggregate inve...
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作者：Moon, Alice; Nelson, Leif D.
作者单位：University of Pennsylvania; University of California System; University of California Berkeley
摘要：Do people have an irrational dislike for risk? People pay less for uncertain prospects than their worst possible outcomes, and researchers have proposed that this effect occurs because people strongly dislike risk. We challenge this proposition across seven studies. Though people seem to irrationally dislike risky prospects when preference is assessed with open-ended pricing measures, such as willingness-to-pay, people display rational responses toward risky prospects when preference is assess...
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作者：Christensen, Hans B.; Floyd, Eric; Maffett, Mark
作者单位：University of Chicago; University of California System; University of California San Diego
摘要：We examine the effect of charge-price-transparency regulation (PTR)-a common policy solution intended to curb rising healthcare costs-on hospitals' prices. We find that, although PTR does not affect payments or consumer search, it does cause hospitals to reduce charges by approximately 5%. The reputational costs of perceived overcharging appear to be one impetus for the reduction in charges, suggesting that certain stakeholders who are able to impose costs on hospitals are unaware that hospita...
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作者：Stein, Clifford; Van-Anh Truong; Wang, Xinshang
作者单位：Columbia University; Shanghai Jiao Tong University
摘要：We study a fundamental model of resource allocation in which a finite number of resources must be assigned in an online manner to a heterogeneous stream of customers. The customers arrive randomly over time according to known stochastic processes. Each customer requires a specific amount of capacity and has a specific preference for each of the resources with some resources being feasible for the customer and some not. The system must find a feasible assignment of each customer to a resource o...
