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作者：Andrei, Daniel; Hasler, Michael
作者单位：McGill University; University of Texas System; University of Texas Dallas
摘要：We investigate the dynamic problem of how much attention an investor should pay to news in order to learn about stock-return predictability and maximize expected lifetime utility. We show that the optimal amount of attention is U-shaped in the return predictor, increasing with both uncertainty and the magnitude of the predictive coefficient and decreasing with stock-return volatility. The optimal risky asset position exhibits a negative hedging demand that is hump shaped in the return predicto...
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作者：Rusmevichientong, Paat; Sumida, Mika; Topaloglu, Huseyin
作者单位：University of Southern California
摘要：We consider dynamic assortment problems with reusable products, in which each arriving customer chooses a product within an offered assortment, uses the product for a random duration of time, and returns the product back to the firm to be used by other customers. The goal is to find a policy for deciding on the assortment to offer to each customer so that the total expected revenue over a finite selling horizon is maximized. The dynamic-programming formulation of this problem requires a high-d...
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作者：Gutierrez, Elizabeth; Lourie, Ben; Nekrasov, Alexander; Shevlin, Terry
作者单位：Universidad de Chile; University of California System; University of California Irvine; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Human capital is a key factor in value creation in the modern corporation. Yet the disclosure of investment in human capital is scant. We propose that a company's online job postings are disclosures made outside of the investor-relations channel that contain forward-looking information that could be informative to investors about future growth. We find that changes in the number of job postings are positively associated with changes in future performance and that this relation is stronger when...
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作者：Tambe, Prasanna; Ye, Xuan; Cappelli, Peter
作者单位：University of Pennsylvania; Boston College
摘要：We test the hypothesis that information technology (IT) workers accept a compensating differential to work with emerging IT systems and that employers that invest in these systems can, in turn, capture greater value from the wages they pay. We show that much of the utility IT workers derive from these systems is from skills acquired on the job. This is principally true for younger workers at employers where skill development is encouraged, and the effects are stronger in thicker markets where ...
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作者：Bumpensanti, Pornpawee; Wang, He
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：We consider a canonical quantity-based network revenue management problem where a firm accepts or rejects incoming customer requests irrevocably in order to maximize expected revenue given limited resources. Because of the curse of dimensionality, the exact solution to this problem by dynamic programming is intractable when the number of resources is large. We study a family of re-solving heuristics that periodically re-optimize an approximation to the original problem known as the determinist...
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作者：Minson, Julia A.; Chen, Frances S.; Tinsley, Catherine H.
作者单位：Harvard University; University of British Columbia; Georgetown University
摘要：We develop an 18-item self-report measure of receptiveness to opposing views. Studies 1a and 1b present the four-factor scale and report measures of internal, convergent, and discriminant validity. In study 2, more receptive individuals chose to consume proportionally more information from U.S. senators representing the opposing party than from their own party. In study 3, more receptive individuals reported less mind wandering when viewing a speech with which they disagreed, relative to one w...
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作者：Subramanian, Ajay; Yang, Baozhong
作者单位：University System of Georgia; Georgia State University
摘要：We analyze the design and impact of bank regulation using a dynamic structural framework. The optimal regulatory policy combines a target capital requirement, the mitigation of underinvestment, an intervention capital requirement to control inefficient risk taking, and recapitalization of distressed banks. The optimal target and intervention capital requirements from our structural estimation are consistent with the substantially higher capital requirements proposed in Basel III and together a...
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作者：Baena, Daniel; Castro, Jordi; Frangioni, Antonio
作者单位：Universitat Politecnica de Catalunya; University of Pisa
摘要：The cell-suppression problem (CSP) is a very large mixed-integer linear problem arising in statistical disclosure control. However, CSP has the typical structure that allows application of the Benders decomposition, which is known to suffer from oscillation and slow convergence, compounded with the fact that the master problem is combinatorial. To overcome this drawback, we present a stabilized Benders decomposition whose master is restricted to a neighborhood of successful candidates by local...
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作者：Chu, Yongqiang
作者单位：University of North Carolina; University of North Carolina Charlotte; University of North Carolina; University of North Carolina Charlotte
摘要：This paper studies how the ease of repossessing collateral in bankruptcy affects corporate leasing policy. Using plausibly exogenous variation of the ability to repossess assets generated by state antirecharacterization laws, I find that the antirecharacterization laws, which make collateral repossession easier for secured lending, reduces corporate leasing. Consistent with the argument that only financially constrained firms value additional debt capacity because of the increased ability to r...
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作者：Bott, Kristina M.; Cappelen, Alexander W.; Sorensen, Erik O.; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH)
摘要：We report from a large-scale randomized field experiment conducted on a unique sample of more than 15,000 taxpayers in Norway who were likely to have misreported their foreign income. By randomly manipulating a letter from the tax authorities, we cleanly identify that moral suasion and the perceived detection probability play a crucial role in shaping taxpayer behavior. The moral letter mainly works on the intensive margin, while the detection letter has a strong effect on the extensive margin...
