-
作者：Allouah, Amine; Besbes, Omar
作者单位：Columbia University
摘要：Auctions are widely used in practice. Although auctions are also extensively studied in the literature, most of the developments rely on the significant common prior assumption. We study the design of optimal prior-independent selling mechanisms: buyers do not have any information about their competitors, and the seller does not know the distribution of values but only knows a general class to which it belongs. Anchored on the canonical model of buyers with independent and identically distribu...
-
作者：Cremers, Martijn; Pareek, Ankur; Sautner, Zacharias
作者单位：University of Notre Dame; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Frankfurt School Finance & Management
摘要：We document that an increase in short-horizon investors is associated with cuts to long-term investment and increased short-term earnings. This leads to temporary boosts in equity valuations that reverse over time. To estimate these effects, we use difference-in-differences regressions around firms' additions to the Russell 2000, comparing firms with large and small increases in short-term ownership. We proxy for the presence of short-term investors using ownership by transient institutions. O...
-
作者：Che, Limei; Hope, Ole-Kristian; Langli, John Christian
作者单位：University of South-Eastern Norway; University of Toronto; BI Norwegian Business School
摘要：This paper studies whether and how Big-4 firms provide higher-quality audits than non-Big-4 firms. Specifically, we first examine a Big-4 effect and then explore three sources of the Big-4 effect. To test the Big-4 effect, we use a unique data set of individual audit partners for a large sample of private companies and a novel research design exploiting the fact that auditees may follow the auditor who switches affiliation from a non-Big-4 firm to a Big-4 firm. Thus, we compare audit quality a...
-
作者：Pagell, Mark; Parkinson, Mary; Veltri, Anthony; Gray, John; Wiengarten, Frank; Louis, Michalis; Fynes, Brian
作者单位：University College Dublin; Oregon State University; University System of Ohio; Ohio State University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：This research addresses the fundamental question of whether providing a safe workplace improves or hinders organizational survival, because there are conflicting predictions on the relationship between worker safety and organizational performance. The results, based on a unique longitudinal database covering more than 100,000 organizations across 25 years in the U.S. state of Oregon, indicate that, in general, organizations that provide a safe workplace have significantly lower odds and length...
-
作者：den Boer, Arnoud, V; Keskin, N. Bora
作者单位：University of Amsterdam; University of Amsterdam; Duke University
摘要：We consider a dynamic pricing problem with an unknown and discontinuous demand function. There is a seller who dynamically sets the price of a product over a multiperiod time horizon. The expected demand for the product is a piecewise continuous and parametric function of the charged price, allowing for possibly multiple discontinuity points. The seller initially knows neither the locations of the discontinuity points nor the parameters of the demand function but can infer them by observing st...
-
作者：Xu, Zhen; Zhang, Hailun; Zhang, Jiheng; Zhang, Rachel Q.
作者单位：Fudan University; The Chinese University of Hong Kong, Shenzhen; Hong Kong University of Science & Technology
摘要：We study online demand fulfillment in a class of networks with limited flexibility and arbitrary numbers of resources and request types. We show analytically that such a network is both necessary and sufficient to guarantee a performance gap independent of the market size compared with networks with full flexibility, extending the previous literature from the long chains to more general sparse networks. Inspired by the performance bound, we develop simple inventory allocation rules and guideli...
-
作者：Moon, Alice; Nelson, Leif D.
作者单位：University of Pennsylvania; University of California System; University of California Berkeley
摘要：Do people have an irrational dislike for risk? People pay less for uncertain prospects than their worst possible outcomes, and researchers have proposed that this effect occurs because people strongly dislike risk. We challenge this proposition across seven studies. Though people seem to irrationally dislike risky prospects when preference is assessed with open-ended pricing measures, such as willingness-to-pay, people display rational responses toward risky prospects when preference is assess...
-
作者：Guzman, Jorge; Oh, Jean Joohyun; Sen, Ananya
作者单位：Columbia University; Carnegie Mellon University
摘要：Entrepreneurial motivation is important to the process of economic growth. However, evidence on the motivations of innovative entrepreneurs, and how those motivations differ across fundamental characteristics, remains scant. We conduct three interrelated field experiments with the Massachusetts Institute of Technology Inclusive Innovation Challenge to study how innovative entrepreneurs respond to messages of money and social impact and how this varies across gender and culture. We find consist...
-
作者：List, John A.; Van Soest, Daan; Stoop, Jan; Zhou, Haiwen
作者单位：University of Chicago; National Bureau of Economic Research; Tilburg University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Old Dominion University
摘要：We explore how individual equilibrium effort in tournaments varies with the number of contestants. The probability of winning a tournament depends on both effort and luck, and we show that the distribution of the luck component is critical in determining individual equilibrium effort. Our theory predicts that equilibrium effort is an increasing (decreasing) function of the number of contestants if there is considerable (little) mass on favorable draws. We test our theory using both laboratory ...
