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作者：Khabazian, Aein; Peng, Jiming
作者单位：University of Houston System; University of Houston
摘要：Since the financial crisis in 2007-2008, the vulnerability of a financial system has become a major concern in financial engineering. In this paper, we analyze the vulnerability of a financial network based on the linear optimization model introduced by Eisenberg and Noe [Eisenberg L, Noe TH (2001) Systemic risk in financial systems. Management Sci. 47(2):236-249.], in which the right-hand side of the constraints is subject to market shock and only limited information regarding the liability m...
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作者：Basu, Amit; Bhaskaran, Sreekumar; Mukherjee, Rajiv
作者单位：Southern Methodist University
摘要：Compared to offline matching markets, online matching platforms improve search in the matching process but at the same time increase the problem of authenticating the features and credentials of prospective matches. This paper examines the interplay between these two processes in online matching, using game-theoretic models. We examine whether an online matching platform should target a broad market of match-seekers or an exclusive group of high-value match-seekers, and how the platform should...
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作者：Feldhaus, Christoph; Sobotta, Tassilo; Werner, Peter
作者单位：University of Cologne; Martin Luther University Halle Wittenberg; Maastricht University
摘要：We investigate behavioral reactions toward exogenous changes of implicit norm-relevant information in a natural field setting where customers are free to choose if and how much to pay for a service. Customers' voluntary payments are significantly affected by subtle information cues: cues that signal a high rather than a low payment norm increase payments by some 27%. Consistent with the conjecture that this effect is in large part driven by customers' uncertainty about the actual norm, respons...
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作者：Crama, Pascale; Sting, Fabian J.; Wu, Yaozhong
作者单位：Singapore Management University; University of Cologne; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; National University of Singapore
摘要：Companies struggle with timely project execution despite employing sophisticated management methods. Although help across projects is critical for time performance, it has not been explicitly incorporated into project management ( PM) systems. We model a PM system, based on an innovative real-life practice, that both incorporates and shapes project managers' helping behavior. A help process is at the core of this system, in which project managers may ask for and provide help while top manageme...
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作者：Inderst, Roman; Shaffer, Greg
作者单位：Goethe University Frankfurt; University of Rochester
摘要：The channel-coordination literature typically focuses on how a supplier can overcome channel inefficiencies stemming from misaligned pricing incentives. In contrast, we show that when an incumbent supplier faces competition from other suppliers to supply the downstream firms, it may want to create inefficiencies. Our analysis offers useful prescriptions for how incumbent suppliers should react to competitive threats by smaller competitors, how manufacturers should react to powerful retailers w...
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作者：Cao, Jie; Liang, Hao; Zhan, Xintong
作者单位：Chinese University of Hong Kong; Singapore Management University
摘要：We investigate how firms react to their product-market peers' commitment to and adoption of corporate social responsibility (CSR) using a regression discontinuity design approach. Relying on the passage or failure of CSR proposals by a narrow margin of votes during shareholder meetings, we find the passage of a close-call CSR proposal and its implementation are followed by the adoption of similar CSR practices by peer firms. In addition, peers that have greater difficulty in catching up with t...
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作者：Kvaloy, Ola; Olsen, Trond E.
作者单位：Universitetet i Stavanger; Norwegian School of Economics (NHH)
摘要：We analyze relational contracts between a principal and a set of risk-neutral agents whose outputs are correlated. When only the agents' aggregate output can be observed, a team incentive scheme is shown to be optimal, where each agent is paid a bonus for aggregate output above a threshold. We show that the efficiency of the team incentive scheme depends on the way in which the team members' outputs are correlated. The reason is that correlation affects the variance of total output and thus, t...
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作者：Chun, Albert Lee; Namvar, Ethan; Ye, Xiaoxia; Yu, Fan
作者单位：Rensselaer Polytechnic Institute; University of California System; University of California Berkeley; University of Liverpool; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：We develop an intensity-based model of municipal yields, making simultaneous use of the credit default swap premiums of the insurers and both insured and uninsured municipal bond transactions. We estimate the model individually for 61 municipal issuers by exploiting the dramatic decline in credit quality of the bond insurers from July 2007 to June 2008, and decompose the municipal yield spread based on the estimated parameters. The decomposition reveals a dominant role of the liquidity compone...
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作者：Albuquerque, Ana; Zhu, Julie Lei
作者单位：Boston University; Universidade Catolica Portuguesa; Fudan University
摘要：Prior studies conclude that an unintended consequence of firms complying with the Sarbanes-Oxley Act is lower levels of risk-taking activities, including investment. We first show that prior studies cannot isolate the effects of SOX from other contemporaneous events. We then use the implementation requirements of SOX404 to construct a natural experiment that isolates the effects of SOX404 for a sample of small firms. We do not find a reduction in investment and other risk-taking activities for...
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作者：Hellmann, Thomas; Thiele, Veikko
作者单位：University of Oxford; Queens University - Canada
摘要：Governments across the globe are eager to foster entrepreneurial ecosystems, yet there is no consensus on what policies to use. We develop a theory about the equilibrium consequences of two canonical types of entrepreneurship policies: policies that encourage entrepreneurs to found new ventures and policies that encourage investors to fund new ventures. We distinguish between a short-term impact on current market activity versus a long-term impact on future activity. Investing in entrepreneuri...
