-
作者：Chaudhuri, Ranadeb; Ivkovic, Zoran; Pollet, Joshua; Trzcinka, Charles
作者单位：Oakland University; Michigan State University; Michigan State University's Broad College of Business; University of Illinois System; University of Illinois Urbana-Champaign; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Performance of investment products managed by firms in which PhDs play a key role is superior to the performance of products managed by otherwise similar firms. This relation is not a result of endogenous matching between firms and PhDs. Performance is related to training (the field of study) because economics or finance PhDs outperform other PhDs. Performance is also related to talent because PhDs who published in top outlets outperform other PhDs. Field-specific training is not relevant amon...
-
作者：Gross, Daniel P.
作者单位：Harvard University
摘要：Collusion is widely condemned for its negative effects on consumer welfare and market efficiency. In this paper, I show that collusion may also in some cases facilitate the creation of unexpected new sources of value. I bring this possibility into focus through the lens of a historical episode from the 19th century, when colluding railroads in the U.S. South converted 13,000 miles of railroad track to standard gauge over the course of two days in 1886, integrating the South into the national t...
-
作者：Korpeoglu, C. Gizem; Korpeoglu, Ersin; Cho, Soo-Haeng
作者单位：Eindhoven University of Technology; University of London; University College London; Carnegie Mellon University
摘要：We study supply chains where multiple suppliers sell to multiple retailers through a wholesale market. In practice, we often observe that both suppliers and retailers tend to influence the wholesale market price that retailers pay to suppliers. However, existing models of supply chain competition do not capture retailers' influence on the wholesale price (i.e., buyer power) and show that the wholesale price and the order quantity per retailer do not change with the number of retailers. To over...
-
作者：Baek, Jiye; Shore, Jesse
作者单位：Korea University; Boston University
摘要：Promoting contribution of content is a key challenge for platforms that support the collective creation or transfer of knowledge. We use a field experiment on a massive open online course to study the role of forum size (number of people in a forum) in the contribution of content per person. We find that larger forums elicit more contributions per person. The number of questions and other help-seeking threads posted per person was unchanged by forum size, but replies and other more conversatio...
-
作者：Kronlund, Mathias
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper provides evidence of ratings shopping in the corporate bond market. By estimating systematic differences in agencies' biases about any given firm's bonds, I show that new bonds are more likely to be rated by agencies that are positively biased toward the firm-a pattern that is strongest among bonds that have only one rating. The paper also shows that issuers often delay less favorable ratings until after a bond is sold. Consistent with theoretical models of ratings shopping, these e...
-
作者：von Essen, Emma; Huysentruyt, Marieke; Miettinen, Topi
作者单位：Aarhus University; Stockholm University; Hautes Etudes Commerciales (HEC) Paris; Stockholm School of Economics; Hanken School of Economics
摘要：This paper analyzes a two-person, two-stage model of sequential exploration where both information and payoff externalities exist and tests the derived hypotheses in the laboratory. We theoretically show that, even when agents are self-interested and perfectly rational, the information externality induces an encouragement effect: a positive effect of first player exploration on the optimality of the second player exploring as well. When agents have other-regarding preferences and imperfectly o...
-
作者：Gupta, Vishal; Han, Brian Rongqing; Kim, Song-Hee; Paek, Hyung
作者单位：University of Southern California; Yale University; Yale New Haven Hospital
摘要：Frequently, policy makers seek to roll out an intervention previously proven effective in a research study, perhaps subject to resource constraints. However, because different subpopulations may respond differently to the same treatment, there is no a priori guarantee that the intervention will be as effective in the targeted population as it was in the study. How then should policy makers target individuals to maximize intervention effectiveness? We propose a novel robust optimization approac...
-
作者：Nageswaran, Leela; Cho, Soo-Haeng; Scheller-Wolf, Alan
作者单位：University of Washington; University of Washington Seattle; Carnegie Mellon University
摘要：We study the pricing and return policy decisions of an omnichannel retailer serving customers who differ in how they realize their uncertain valuation for a product-by inspecting in store before purchase or by purchasing online and possibly returning misfit products. Customers may return misfit products either to stores for a full refund or online as per the firm's return policy. We model prices to be identical across channels, allow crosschannel returns, and endogenize customers' purchase and...
