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作者：Chod, Jiri; Trichakis, Nikolaos; Tsoukalas, Gerry; Aspegren, Henry; Weber, Mark
作者单位：Boston College; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of Pennsylvania; Alphabet Inc.; Google Incorporated; International Business Machines (IBM); IBM USA
摘要：We develop a theory that shows signaling a firm's fundamental quality (e.g., its operational capabilities) to lenders through inventory transactions to be more efficient-it leads to less costly operational distortions-than signaling through loan requests, and we characterize how the efficiency gains depend on firm operational characteristics, such as operating costs, market size, and inventory salvage value. Signaling through inventory being only tenable when inventory transactions are verifia...
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作者：Huang, Rachel J.; Tzeng, Larry Y.; Zhao, Lin
作者单位：National Central University; National Taiwan University; National Chengchi University; National Taiwan University; Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS
摘要：We develop a continuum of stochastic dominance rules for expected utility maximizers. The new rules encompass the traditional integer-degree stochastic dominance; between adjacent integer degrees, they formulate the consensus of individuals whose absolute risk aversion at the corresponding integer degree has a negative lower bound. By extending the concept of uniform risk aversion previously proposed in the literature to high-order risk preferences, we interpret the fractionalized degree param...
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作者：Tan, Tom Fangyun; Netessine, Serguei
作者单位：Southern Methodist University; University of Pennsylvania
摘要：Some industries, such as healthcare and financial services, have reported significant productivity gains from introduction of new technologies. However, other more traditional, labor-intensive industries are lagging behind. We use granular data to examine the impact of a customer-facing technology (a tabletop device that facilitates the table service process) on the check size and meal duration aspects of restaurant performance. The restaurant chain in our study implemented tabletop devices in...
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作者：Bhat, Nikhil; Farias, Vivek F.; Moallemi, Ciamac C.; Sinha, Deeksha
作者单位：Columbia University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We consider the problem of A-B testing when the impact of the treatment is marred by a large number of covariates. Randomization can be highly inefficient in such settings, and thus we consider the problem of optimally allocating test subjects to either treatment with a view to maximizing the precision of our estimate of the treatment effect. Our main contribution is a tractable algorithm for this problem in the online setting, where subjects arrive, and must be assigned, sequentially, with co...
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作者：Karolyi, G. Andrew; Kim, Dawoon; Liao, Rose
作者单位：Cornell University; Nanyang Technological University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：Using proprietary survey data of investor relations (IR) officers from 59 countries, we uncover new stylized facts on a wide variety of IR functions, such as the firm's interactions with brokers and investors, the formulation of its disclosure policies, and its global outreach efforts. We find that IR activities vary widely across firms, industries, and countries. They have become increasingly important, as reflected by the more frequent involvement of IR officers with senior executives on a d...
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作者：Fuchs, Christoph; de Jong, Martijn G.; Schreier, Martin
作者单位：Technical University of Munich; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Vienna University of Economics & Business
摘要：Charity organizations differ in their practice of offering donors the option to earmark their contribution: allowing donors to select the project in which their money should be invested. This paper presents two studies that provide the first empirical evidence on the appeal of such earmarking. The empirical basis of Study 1 is a unique data set consisting of 7,383 potential donors from 25 countries who participated in a randomized survey experiment. First, we find that the willingness to donat...
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作者：Gu, Zhaoyang; Tang, Song; Wu, Donghui
作者单位：Chinese University of Hong Kong; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics
摘要：In China's transitional economy, one of the major objectives of the government is to maintain social stability. We hypothesize that, through state ownership and appointment of executives, Chinese government officials can influence firms' labor employment decisions by limiting layoffs when firms' sales decline. Consistent with this hypothesis, we find that state-owned enterprises (SOEs) have stickier labor costs than non-SOEs, and the presence of politically connected managers makes labor costs...
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作者：Huang, Jiekun; Xu, Nianhang; Yu, Honghai
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Renmin University of China; Nanjing University
摘要：This paper examines the relation between air pollution and individual investors' trading behavior and performance. Using unique data on stock trades by 87,504 individuals from 34 cities in China, we find a negative relation between air pollution and trade performance. This result is obtained after controlling for investor-year fixed effects and date fixed effects, as well as local weather conditions. More strikingly, abnormal trade performance decreases monotonically with the levels indicating...
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作者：Kagan, Evgeny; Leider, Stephen; Lovejoy, William S.
作者单位：Johns Hopkins University; University of Michigan System; University of Michigan
摘要：Entrepreneurial teams assign equity positions in their start-ups using a term sheet that details equity splits and the conditions for being granted those splits. The design of equity split agreements has attracted considerable attention in the entrepreneurial community, with no convergence on a single preferred contract form. This paper experimentally examines the effectiveness of different contractual arrangements, focusing in particular on the effects of contract form and contracting timing ...
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作者：Wang, Jianfu; Hu, Ming
作者单位：Nanyang Technological University; University of Toronto
摘要：We study a service system that does not have the capability of monitoring and disclosing its real-time congestion level. However, the customers can observe and post their observations online, and future arrivals can take into account such user-generated information when deciding whether to go to the service facility. We perform pairwise comparisons of the shared, full, and no queue-length information structures in terms of social welfare. Perhaps surprisingly, we show that the shared queue-len...
