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作者：Abernethy, Margaret A.; Hung, Chung-Yu; van Lent, Laurence
作者单位：University of Melbourne; Frankfurt School Finance & Management
摘要：We examine the association between managers' expertise and their discretionary bonus decisions in a hospital setting. We hypothesize that high-expertise managers make decisions that encourage cooperation among their subordinates. However, low-expertise managers cannot do so because their lower levels of knowledge, experience, and domain expertise prevent them from having sufficient personal influence to persuade other professionals to cooperate. We find that high-expertise managers make two ty...
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作者：Fraisse, Henri; Le, Mathias; Thesmar, David
作者单位：European Central Bank; Bank of France; European Central Bank; Bank of France; Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR)
摘要：We measure the impact of bank capital requirements on corporate borrowing, investment, and employment using loan-level data. The Basel II regulatory framework makes capital requirements vary across both banks and firms, which allows us to control for time-varying firm-level risk and bank-level credit supply shocks. We find that a 1 percentage point increase in capital requirements reduces lending by 2.3%-4.5%. Firms can attenuate this reduction by substituting borrowing across banks, but only ...
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作者：Li, Jun; Netessine, Serguei
作者单位：University of Michigan System; University of Michigan; University of Pennsylvania
摘要：Market thickness is a key parameter that can make or break a platform's business model. Thicker markets can offer more opportunities for participants to meet and higher chances that a potential match exists. However, they can also be vulnerable to potential search frictions. In this paper, using data from an online peer-to-peer holiday property rental platform, we aim to identify and measure the causal impact of market thickness on matching rates. In particular, we exploit an exogenous shock t...
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作者：Cui, Shiliang; Wang, Zhongbin; Yang, Luyi
作者单位：Georgetown University; Nankai University; Johns Hopkins University
摘要：This paper studies an emerging business model of line-sitting in which customers seeking service can hire others (line-sitters) to wait in line on behalf of them. We develop a queueing-game-theoretic model that captures the interaction among customers, the line-sitting firm, and the service provider to examine the impact of line-sitting on the service provider's revenue and customer welfare. We also contrast line-sitting with the well-known priority purchasing scheme, as both allow customers t...
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作者：Levi, Retsef; Singhvi, Somya; Zheng, Yanchong
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Economically motivated adulteration (EMA) is a serious threat to public health. In this paper, we develop a modeling framework to examine farms' strategic adulteration behavior and the resulting EMA risk in farming supply chains. We study both preemptive EMA, in which farms engage in adulteration to decrease the likelihood of producing low-quality output, and reactive EMA, in which adulteration is done to increase the perceived quality of the output. We fully characterize the farms' equilibriu...
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作者：Kocyigit, Cagil; Iyengar, Garud; Kuhn, Daniel; Wiesemann, Wolfram
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Columbia University; Imperial College London
摘要：We study a mechanism design problem in which an indivisible good is auctioned to multiple bidders for each of whom it has a private value that is unknown to the seller and the other bidders. The agents perceive the ensemble of all bidder values as a random vector governed by an ambiguous probability distribution, which belongs to a commonly known ambiguity set. The seller aims to design a revenue-maximizing mechanism that is not only immunized against the ambiguity of the bidder values, but al...
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作者：Fan, Weiwei; Hong, L. Jeff; Zhang, Xiaowei
作者单位：Tongji University; Tongji University; Fudan University; Fudan University; City University of Hong Kong
摘要：Specifying a proper input distribution is often a challenging task in simulation modeling. In practice, there may be multiple plausible distributions that can fit the input data reasonably well, especially when the data volume is not large. In this paper, we consider the problem of selecting the best from a finite set of simulated alternatives, in the presence of such input uncertainty. We model such uncertainty by an ambiguity set consisting of a finite number of plausible input distributions...
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作者：Aiken, Adam L.; Ellis, Jesse A.; Kang, Minjeong
作者单位：Elon University; North Carolina State University; Heriot Watt University
摘要：We examine the role of political ideology in portfolio formation by studying a unique set of investors whose ideology can be precisely captured by a well-defined, continuous measure and whose personal asset allocation decisions are mandatorily disclosed, namely, the members of the U.S. Congress. As such, we overcome important methodological issues facing previous work in this area. We find that politicians with similar beliefs hold similar portfolios and that more liberal members engage in mor...
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作者：Cantrell, Brett W.; Dickinson, Victoria
作者单位：University of Mississippi
摘要：The economics and management literature provides theoretical support for both leader and laggard firms to earn higher future operating returns. However, prior empirical research lacks a generalizable proxy to capture leader versus laggard behavior, thus limiting prior findings to specific contexts. This study utilizes a combination of firm-specific and industry life cycle identification to categorize leaders and laggards and validates the designation against constructs established in prior lit...
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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...
