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作者：Bollinger, Bryan K.; Hartmann, Wesley R.
作者单位：New York University; Stanford University
摘要：Essential resources, like electricity and water, can experience rapidly changing demand or supply while the other side of the market is unchanged. Short-run price variation could efficiently allocate resources at these critical times but only if consumers exhibit short-run demand elasticity. The question for firms in these markets has always been how to enable this response. Randomized control trials are increasingly used to test dynamic pricing and technologies that can assist in response by ...
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作者：Baillon, Aurelien; Bleichrodt, Han; Spinu, Vitalie
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Australian National University
摘要：Although reference dependence plays a central role in explaining behavior, little is known about the way that reference points are selected. This paper identifies empirically which reference point people use in decision under risk. We assume a comprehensive reference-dependent model that nests the main reference-dependent theories, including prospect theory, and that allows for isolating the reference point rule from other behavioral parameters. Our experiment involved high stakes with payoffs...
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作者：Lou, Yun; Otto, Clemens A.
作者单位：Singapore Management University; Singapore Management University
摘要：Coordination failure among owners of heterogeneous debt types increases distress costs. Covenants reduce expected distress costs by lowering the probability of liquidity shortages, increasing liquidation values, and incentivizing creditor monitoring. We predict and find that new debt contracts include more covenants when borrowers' existing debt structures are more heterogeneous. Our findings suggest that covenants are not only used to address creditor-shareholder conflicts but also to reduce ...
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作者：An, Li; Wang, Huijun; Wang, Jian; Yu, Jianfeng
作者单位：Tsinghua University; University of Melbourne; University of Delaware; Chinese University of Hong Kong
摘要：Previous empirical studies find that lottery-like stocks significantly underperform their non-lottery-like counterparts. Using five different measures of the lottery features in the literature, we document that the anomalies associated with these measures are state dependent: the evidence supporting these anomalies is strong and robust among stocks where investors have lost money, whereas among stocks where investors have gained profits, the evidence is either weak or even reversed. Several po...
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作者：Ye, Maoliang; Zheng, Jie; Nikolov, Plamen; Asher, Sam
作者单位：Southern University of Science & Technology; Xiamen University; Tsinghua University; State University of New York (SUNY) System; Binghamton University, SUNY; Johns Hopkins University
摘要：This study investigates a potential mechanism to promote coordination. With theoretical guidance using a belief-based learning model, we conduct a multiperiod, binary-choice, and weakest-link laboratory coordination experiment to study the effect of gradualism-increasing the required levels (stakes) of contributions slowly over time rather than requiring a high level of contribution immediately-on group coordination performance. We randomly assign subjects to three treatments: starting and con...
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作者：Leippold, Markus; Vasiljevic, Nikola
作者单位：University of Zurich
摘要：In this paper, we theoretically and empirically study the intrahorizon value at risk (iVaR) in a general jump-diffusion setting. We propose a new class of models of asset returns, the displaced mixed exponential model, which can arbitrarily closely approximate finite and infinite activity Levy processes. We then derive analytical results for the iVaR and disentangle, in a theoretically consistent way, the jump and diffusion contributions to the intrahorizon risk. We estimate historical and opt...
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作者：Agarwal, Sumit; Pan, Jessica; Qian, Wenlan
作者单位：National University of Singapore; National University of Singapore
摘要：This paper exploits an administrative regulation in Singapore that allows individuals to withdraw between 10% and 30% of their pension savings at age 55. We find a large and highly significant increase in individuals' bank account balances within the first month of turning 55, which declines by about a third by the end of 12 months. Consumers use the increase in disposable income to pay down credit card debt. Liquidity constrained individuals are significantly more likely to increase their spe...
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作者：Cornelius, Philipp B.; Gokpinar, Bilal
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of London; University College London
摘要：Entrepreneurs increasingly use reward-based crowdfunding to finance innovation projects through a large number of customer investments. The existing academic literature has predominantly studied factors that drive crowd investments and whether crowdfunding predicts market success. However, we argue that the involvement of customers goes beyond the provision of capital. As investors, customers enter into a principal-agent relationship with entrepreneurs. Thus, entrepreneurs are often faced with...
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作者：Mandelbaum, Avishai; Momcilovic, Petar; Trichakis, Nikolaos; Kadish, Sarah; Leib, Ryan; Bunnell, Craig A.
作者单位：Technion Israel Institute of Technology; Texas A&M University System; Texas A&M University College Station; Massachusetts Institute of Technology (MIT); Harvard University; Harvard University Medical Affiliates; Dana-Farber Cancer Institute
摘要：Service systems are often stochastic and preplanned by appointments, yet implementations of their appointment systems are prevalently deterministic. At the planning stage of healthcare services, for example, customer punctuality and service durations are often assumed equal their means-and this gap, between planned and reality, motivated our research. Specifically, we consider appointment scheduling and sequencing under a time-varying number of servers, in a data-rich environment where service...
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作者：Bereskin, Frederick; Campbell, Terry, II; Kedia, Simi
作者单位：University of Missouri System; University of Missouri Columbia; University of Delaware; Rutgers University System; Rutgers University New Brunswick
摘要：We examine the response of prosocial employees and boards of directors to corporate misconduct. We develop several proxies for the presence of prosocial employees and directors based on the density of social networks and social capital in the county of the firms' headquarters and companies' relevant corporate social responsibility ratings. We document that proxies for prosocial employees and directors are associated with an increase in whistle blowing and forced chief executive officer turnove...
