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作者：Murry, Charles; Zhou, Yiyi
作者单位：Boston College; State University of New York (SUNY) System; Stony Brook University; State University of New York (SUNY) System; Stony Brook University
摘要：Retailers colocate with rivals to take advantage of economies of agglomeration even though colocation implies greater competition. Using data on all new car transactions registered in Ohio from 2007 to 2014, we estimate a structural model of consumer search for spatially differentiated products that explicitly captures the agglomeration and competition effects of retail colocation. Search frictions generate an average of $333 per car in dealer markups. Agglomeration implies that dealer closure...
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作者：Long, Xiaoyang; Nasiry, Javad; Wu, Yaozhong
作者单位：University of Wisconsin System; University of Wisconsin Madison; Hong Kong University of Science & Technology; National University of Singapore
摘要：In uncertain environments, project reviews provide an opportunity to make continue or abandon decisions and thereby maximize a project's expected payoff. We experimentally investigate continue/abandon decisions in a multistage project under two conditions: when the project is reviewed at every stage and when review opportunities are limited. Our results confirm findings in the literature that project abandonment tends to be delayed; yet, we also observe premature termination. Decisions are hig...
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作者：Spiller, Stephen A.; Reinholtz, Nicholas; Maglio, Sam J.
作者单位：University of California System; University of California Los Angeles; University of Colorado System; University of Colorado Boulder; University of Toronto; University of Toronto; University Toronto Scarborough
摘要：Time-series data-measurements of a quantity over time-can be presented as stocks (the quantity at each point in time) or flows (the change in quantity from one point in time to the next). In a series of six experiments, we find that the choice of presenting data as stocks or flows can have a consequential impact on judgments. The same data can lead to positive or negative assessments when presented as stocks versus flows and can engender optimistic or pessimistic forecasts for the future. For ...
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作者：Towner, Mitch
作者单位：University of Arizona
摘要：Using the healthcare industry as a novel laboratory, I study whether a firm's use of debt enhances its bargaining power during negotiations with nonfinancial stakeholders. I find that reimbursement rates negotiated between a hospital and insurers for two homogeneous procedures are higher when the hospital has more debt. This relation is stronger among hospitals with less bargaining power relative to insurers ex ante. The evidence is consistent with the idea that debt improves a firm's bargaini...
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作者：Belenzon, Sharon; Chatterji, Aaron K.; Daley, Brendan
作者单位：Duke University; National Bureau of Economic Research; University of Colorado System; University of Colorado Boulder; Johns Hopkins University
摘要：Prior work has established that the financing environment can impact firm strategy. We argue that this influence can shape the earliest strategic choices of a new venture by creating a potential trade-off between two objectives: rapid growth and reaping the benefits of a positive reputation (glory). We leverage a simple reputation-building strategic choice-naming the firm after the founder (eponymy)-that is associated with superior profitability. Next, we argue via a formal model that the avai...
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作者：Feng, Qi; Luo, Sirong; Shanthikumar, J. George
作者单位：Purdue University System; Purdue University; Shanghai University of Finance & Economics
摘要：Inventory-based pricing under lost sales is an important yet notoriously challenging problem in the operations management literature. The vast existing literature on this problem focuses on identifying optimality conditions for a simple management policy while restricting to special classes of demand functions and to the special case of single-period or long-term stationary settings. In view of the existing developments, it seems unlikely to find general, easy-to-verify conditions for a tracta...
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作者：Carroni, Elias; Pin, Paolo; Righi, Simone
作者单位：University of Bologna; Bocconi University; Bocconi University; Bocconi University; University of London; University College London; HUN-REN; HUN-REN Centre for Social Sciences; Hungarian Academy of Sciences
摘要：We study the optimal referral strategy of a seller and its relationship with the type of communication channels among consumers. The seller faces a partially uninformed population of consumers, interconnected through a directed social network. In the network, the seller offers rewards to informed consumers (influencers) conditional on inducing purchases by uninformed consumers (influenced). Rewards are needed to bear a communication cost and to induce word of mouth (WOM) either privately (cost...
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作者：Cain, Carol Anilowski; Kolev, Kahn S.; McVay, Sarah
作者单位：Winston-Salem State University; City University of New York (CUNY) System; Baruch College (CUNY); University of Washington; University of Washington Seattle
摘要：The frequency of special items has increased dramatically over time, offering a convenient conduit for the inappropriate classification of past, present, and future recurring expenses as nonrecurring. Identifying this misclassification is especially important in light of the pervasive use of non-generally accepted accounting principles earnings in recent periods because special items offer camouflage for excluded recurring expenses. Building on prior research, we propose a method for identifyi...
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作者：Da, Zhi; Huang, Xing
作者单位：University of Notre Dame; Washington University (WUSTL)
摘要：When will a large group provide an accurate answer to a question involving quantity estimation? We empirically examine this question on a crowd-based corporate earnings forecast platform (Estimize.com). By tracking user activities, we monitor the amount of public information a user views before making an earnings forecast. We find that the more public information users view, the less weight they put on their own private information. Although this improves the accuracy of individual forecasts, ...
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作者：Schuldenzucker, Steffen; Seuken, Sven; Battiston, Stefano
作者单位：University of Zurich; University of Zurich; Swiss Finance Institute (SFI)
摘要：We study financial networks and reveal a new kind of systemic risk arising from what we call default ambiguity-that is, a situation where it is impossible to decide which banks are in default. Specifically, we study the clearing problem: given a network of banks interconnected by financial contracts, determine which banks are in default and what percentage of their liabilities they can pay. Prior work has shown that when banks can only enter into debt contracts with each other, this problem al...
