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作者：Cao, Xiaping; Lemmon, Michael; Pan, Xiaofei; Qian, Meijun; Tian, Gary
作者单位：Sun Yat Sen University; University of Wollongong; Australian National University; Macquarie University
摘要：Both theory and empirical evidence suggest that managers' career concerns can serve as an important source of implicit economic incentives. We examine how incentives for political promotion are related to compensation policy and firm performance in Chinese state-owned enterprises. We find that the likelihood that the CEO receives a political promotion is positively related to firm performance. We also find that CEOs with a higher likelihood of political promotion have lower pay levels and lowe...
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作者：Jacobsen, Ben; Marshall, Ben R.; Visaltanachoti, Nuttawat
作者单位：Tilburg University; Massey University
摘要：Price movements in industrial metals such as copper and aluminum predict stock returns. Increasing industrial metal prices are good news for equity markets in recessions and bad news in expansions. A one-standard-deviation increase in industrial metal returns predicts a price drop of one and a half percent in monthly stock market returns in expansions and an increase of around a half percent during recessions. The predictability is distinct to and compares favorably with that from more establi...
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作者：Kaniel, Ron; Tompaidis, Stathis; Zhou, Ti
作者单位：University of Rochester; Fudan University; Reichman University; Centre for Economic Policy Research - UK; University of Texas System; University of Texas Austin
摘要：We present a model with dynamic investment flows, where fund managers have the ability to generate excess returns, and study how forcing them to commit part or all of their personal wealth to the fund they manage affects fund risk taking. We contrast the behavior of a manager who may invest her personal wealth in a private account to a manager who is either forced to commit her wealth to the fund she manages or not allowed to hold risky assets held by the fund privately. We show that a fund ma...
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作者：Yang, Luyi; Debo, Laurens
作者单位：Johns Hopkins University; Dartmouth College
摘要：The referral priority program-an emerging business practice adopted by a growing number of technology companies that manage a waitlist of customers-enables existing customers on the waitlist to gain priority access if they successfully refer new customers to the waitlist. Unlike more commonly used referral reward programs, this novel mechanism does not offer monetary compensation to referring customers, but leverages customers' own disutility of delays to create referral incentives. Despite th...
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作者：Aggarwal, Ishani; Woolley, Anita Williams
作者单位：Getulio Vargas Foundation; Carnegie Mellon University
摘要：In spite of the recognized importance of team creativity for organizational success, the factors that influence it are not well understood. In this paper, we address an important gap in the literature on the impact of team diversity on team creativity. We show how team cognitive diversity both enhances and inhibits team cognition, or the manner in which information is organized and distributed within the team. We further demonstrate that team cognition is a key mechanism through which cognitiv...
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作者：Montes, Rodrigo; Sand-Zantman, Wilfried; Valletti, Tommaso
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Imperial College London; University of Rome Tor Vergata
摘要：We investigate the effects of price discrimination on prices, profits, and consumer surplus when (a) at least one competing firm can use consumers' private information to price discriminate yet (b) consumers can prevent such use by paying a privacy cost. Unlike a monopolist, competing duopolists do not always benefit from a higher privacy cost because each firm's profit decreases-and consumer surplus increases-with that cost. Under such competition, the optimal strategy for an owner of consume...
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作者：Simchi-Levi, David
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
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作者：Chen, Ningyuan; Gallego, Guillermo
作者单位：Hong Kong University of Science & Technology
摘要：Dynamic pricing is designed to increase the revenues or profits of firms by adjusting prices in response to changes in the marginal value of capacity. We examine the impact of dynamic pricing on social welfare and consumers' surplus. We present a dynamic pricing formulation designed to maximize welfare and show that the welfare-maximizing dynamic pricing policy has the same structural properties as the revenue-maximizing policy. For systems with scarce capacity, we show that the revenue-maximi...
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作者：Guan, Yuyan; Li, Congcong; Lu, Hai; Wong, M. H. Franco
作者单位：City University of Hong Kong; Duquesne University; University of Toronto; Peking University
摘要：The Global Settlement, along with related regulations in the early 2000s, prohibits the use of investment banking revenue to fund equity research and compensate equity analysts. We find that all-star analysts from investment banks are more likely to exit the profession or move to the buy side after the regulations. The departed star analysts' earnings revisions and stack recommendations are more informative than those of the remaining analysts who followed the same companies. To the extent tha...
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作者：Horton, John J.
作者单位：New York University
摘要：Employers in an online labor market often pursue workers with little capacity to take on more work. The pursuit of low-capacity workers is consequential, as these workers are more likely to reject employer inquires, causing a reduction in the probability that a job opening is ultimately filled. In an attempt to shift more employer attention to workers with greater capacity, the market-designing platform examined in this paper introduced a new signaling feature into the market. It was effective...
