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作者：Bimpikis, Kostas; Ehsani, Shayan; Ilkilic, Rahmi
作者单位：Stanford University; Stanford University; Universidad de Chile
摘要：The paper considers a model of competition among firms that produce a homogeneous good in a networked environment. A bipartite graph determines which subset of markets a firm can supply to. Firms compete A la Cournot and decide how to allocate their production output to the markets they are directly connected to. We provide a characterization of the production quantities at the unique equilibrium of the resulting game for any given network. Our results identify a novel connection between the e...
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作者：Hong, Fuhai; Huang, Wei; Zhao, Xiaojian
作者单位：Lingnan University; Nanyang Technological University; Chinese University of Hong Kong; The Chinese University of Hong Kong, Shenzhen; Monash University
摘要：The sunk cost effect has been widely observed in individual decisions. Building on an intrapersonal self-management game, the paper theoretically shows that the sunk cost effect may stem from an attempt to overcome the underinvestment problem associated with a high degree of present bias or to resolve the multi-selves coordination problem when the degree of present bias is low. Especially for individuals with severe present bias, the current self may take a costly action (which is a sunk cost ...
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作者：Berman, Oded; Fazel-Zarandi, Mohammad M.; Krass, Dmitry
作者单位：University of Toronto; Yale University
摘要：This paper shows that operational flexibility interacting with informational uncertainty may lead to truthful information exchange in equilibrium even when the communication is nonbinding and unverifiable, i.e., cheap talk. We consider a model consisting of a manufacturer releasing a new product with uncertain release date and demand, and a retailer who must determine the allocation of limited capacity between a preexisting third-party product and the manufacturer's new product that may or may...
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作者：Schneider, Florian H.; Schonger, Martin
作者单位：University of Zurich; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：Most models of ambiguity aversion satisfy the Anscombe-Aumann monotonicity axiom. Monotonicity implies a weak form of separability of preferences across events that occur with unknown probability. We construct a test of weak separability by modifying the Allais paradox, adapting it to the Anscombe-Aumann framework. Three experimental studies are conducted. Study 1 finds frequent, systematic violations of weak separability in the lab. These findings replicate in study 2, where we employ a subje...
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作者：Xin, Mingdi; Choudhary, Vidyanand
作者单位：University of California System; University of California Irvine
摘要：How does competition impact firms' incentive to innovate by investing in information technology (IT)? Prior literature suggests opposite predictions on the direction in which competition drives IT investment. This paper analyzes a game theoretic model of duopoly competition and shows that an important feature of IT sheds new light on firms' investment decisions: IT implementation can fail. Without the possibility of implementation failure, the opportunity to invest in IT hurts firms' profits b...
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作者：Custodio, Claudia; Ferreira, Miguel A.; Matos, Pedro
作者单位：Imperial College London; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Universidade Nova de Lisboa; University of Virginia
摘要：We show that firms with chief executive officers (CEOs) who gain general managerial skills over their lifetime of work experience produce more patents. We address the potential endogenous CEO-firm matching bias using firm-CEO fixed effects and variation in the enforceability of noncompete agreements across states and over time during the CEO's career. Our findings suggest that generalist CEOs spur innovation because they acquire knowledge beyond the firm's current technological domain, and the...
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作者：Inderst, Roman; Vladimirov, Vladimir
作者单位：Goethe University Frankfurt; University of Amsterdam
摘要：We analyze how relationship finance, such as venture capital and relationship lending, affects growth firms' capital structure choices. We show that relationship investors that obtain a strong bargaining position because of their privileged information about the firm optimally cash in on their dominance by pushing it to finance follow-up investments with equity. The firm underinvests if its owner refuses to accept the associated dilution. However, this problem is mitigated if the firm's initia...
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作者：Maurer, Thomas A.; Thuy-Duong To; Ngoc-Khanh Tran
作者单位：University of Hong Kong; University of New South Wales Sydney; Washington University (WUSTL)
摘要：We use principal component analysis on 55 bilateral exchange rates of 11 developed currencies to identify two important global risk sources in foreign exchange (FX) markets. The risk sources are related to Carry and Dollar but are not spanned by these factors. We estimate the market prices associated with the two risk sources in the cross-section of FX market returns and construct FX market-implied country-specific stochastic discount factors (SDFs). The SDF volatilities are related to interes...
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作者：Sulaeman, Johan; Wei, Kelsey D.
作者单位：National University of Singapore; University of Texas System; University of Texas Dallas
摘要：Using the setting of extreme mutual fund flow-driven trading pressure, this paper examines sell-side analysts' role in stabilizing capital markets. We find that a select group of analysts persistently issue price-correcting recommendation changes for stocks experiencing mutual fund flow-driven mispricing. Such recommendation changes are accompanied by little change to their concurrent earnings forecasts and appear to be driven by the superior research skill of these mispricing-sensitive analys...
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作者：Cortazar, Gonzalo; Millard, Cristobal; Ortega, Hector; Schwartz, Eduardo S.
作者单位：Pontificia Universidad Catolica de Chile; Simon Fraser University; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Even though commodity-pricing models have been successful in fitting the term structure of futures prices and its dynamics, they do not generate accurate true distributions of spot prices. This paper develops a new approach to calibrate these models using not only observations of oil futures prices, but also analysts' forecasts of oil spot prices. We conclude that to obtain reasonable expected spot curves, analysts' forecasts should be used, either alone or jointly with futures data. The use o...
