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作者：Avramov, Doron; Cheng, Si; Hameed, Allaudeen
作者单位：Reichman University; Hebrew University of Jerusalem; Chinese University of Hong Kong; National University of Singapore
摘要：We propose a new measure of fund investment skill, active fund overpricing (AFO), encapsulating the fund's active share of investments, the direction of fund active bets with regard to mispriced stocks, and the dispersion of mispriced stocks in the fund's investment opportunity set. We find that fund activeness is not sufficient for outperformance: high (low) AFO funds taking active bets on the wrong (right) side of stock mispricing achieve inferior (superior) fund performance. However, high A...
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作者：Diwas Singh, K. C.
作者单位：Emory University
摘要：This paper studies heuristic thinking and cognitive bias using a natural experiment from the field. The setting for the study is a set of acute care hospitals, where we examine the care process and discharge decisions for individual patients. Determining a patient's suitability for discharge is cognitively taxing, calling for the decision maker to draw on up-to-date clinical expertise and detailed information. We postulate that bounded rationality in decision making can lead the care provider ...
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作者：Hollstein, Fabian; Prokopczuk, Marcel; Simen, Chardin Wese
作者单位：Leibniz University Hannover; University of Reading
摘要：When using high-frequency data, the conditional capital asset pricing model (CAPM) can explain asset-pricing anomalies. Using conditional betas based on daily data, the model works reasonably well for a recent sample period. However, it fails to explain the size anomaly as well as three out of six of the anomaly component excess returns. Using high-frequency betas, the conditional CAPM is able to explain the size, value, and momentum anomalies. We further show that high-frequency betas provide...
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作者：Kraekel, Matthias; Schoettner, Anja
作者单位：University of Bonn; Humboldt University of Berlin
摘要：We investigate a situation where a firm employing a sales agent faces moral hazard with respect to prospecting effort and the threat of collusion between agent and customer. We show that the firm should offer more pricing authority to the agent the more severe the moral hazard problem, although doing so further expands the agent's discretion. Nevertheless, restricting the agent's pricing authority such that he cannot sell to low-valuation customers is typically optimal to prevent collusion. We...
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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...
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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...
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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...
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作者：Levy, Haim
作者单位：Hebrew University of Jerusalem
摘要：In theorem 1 given in my paper, Aging Population, Retirement, and Risk Taking [Levy H (2016a) Aging population, retirement, and risk taking. Management Sci. 62(5):1415-1430.], there is indeed a technical error. Yet, adding one condition to the theorem (which can be added in two alternate ways) is sufficient to ensure the dominance of stocks over bonds in the very long run. For the commonly employed preferences, the empirical evidence conforms with the claim given in my original theorem 1, asse...
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作者：Chang, Edward H.; Kirgios, Erika L.; Rai, Aneesh; Milkman, Katherine L.
作者单位：University of Pennsylvania
摘要：We highlight a feature of personnel selection decisions that can influence the gender diversity of groups and teams. Specifically, we show that people are less likely to choose candidates whose gender would increase group diversity when making personnel selections in isolation (i.e., when they are responsible for selecting a single group member) than when making collections of choices (i.e., when they are responsible for selecting multiple group members). We call this the isolated choice effec...
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作者：Kumar, Vineet; Sun, Yacheng
作者单位：Yale University; Tsinghua University
摘要：We examine how operational or technological transformation impacts consumer value, as well as the effectiveness of a firm's pricing strategies. We develop a model of multidimensional screening featuring forward-looking consumers who make short-run consumption and long-run purchase decisions. Using a detailed panel of consumer data from a rental-by-mail firm, we estimate consumer utility for current consumption, obtaining heterogeneous preferences for bunching and smoothing consumption. Using c...
