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作者：Sunar, Nur; Birge, John R.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Chicago
摘要：We consider a day-ahead electricity market that consists of multiple competing renewable firms (e.g., wind generators) and conventional firms (e.g., coal-fired power plants) in a discrete-time setting. The market is run in every period, and all firms submit their price-contingent production schedules in every day-ahead market. Following the clearance of a day-ahead market, in the next period, each (renewable) firm chooses its production quantity (after observing its available supply). If a fir...
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作者：Chiong, Khai Xiang; Shum, Matthew
作者单位：University of Texas System; University of Texas Dallas; California Institute of Technology
摘要：We introduce random projection, an important dimension-reduction tool from machine learning, for the estimation of aggregate discrete-choice models with high-dimensional choice sets. Initially, high-dimensional data are projected into a lower-dimensional Euclidean space using random projections. Subsequently, estimation proceeds using cyclical monotonicity moment inequalities implied by the multinomial choice model; the estimation procedure is semiparametric and does not require explicit distr...
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作者：Bolton, Gary E.; Kusterer, David J.; Mans, Johannes
作者单位：University of Texas System; University of Texas Dallas; University of Cologne
摘要：The reputation information provided by market feedback systems tends to be compressed in the sense that reliable and unreliable sellers have similar feedback scores. The experiment presented here features a market in which what a buyer receives is a noisy signal of what was actually sent. We focus on the influence the noise has on endogenously given feedback. The attributional uncertainty creates room for leniency in feedback giving. We find that buyer leniency reduces the informativeness of t...
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作者：Gonzalez, Tanja Artiga; Schmid, Markus; Yermack, David
作者单位：Vrije Universiteit Amsterdam; University of St Gallen; New York University; European Corporate Governance Institute; National Bureau of Economic Research
摘要：We study the effects of cartel participation on top corporate managers. Although a strong public interest exists in regulating price fixing, we find little evidence that either corporate governance or the legal system holds managers of cartel firms accountable. Instead, managers of cartel firms enjoy greater job security, receive higher cash bonuses, and more aggressively take profits from appreciated stock option awards. Legal sanctions against individual managers are infrequent, with enforce...
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作者：Cao, Charles; Gustafson, Matthew; Velthuis, Raisa
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Villanova University
摘要：This paper investigates the extent to which index membership affects small firm financing. Using a regression discontinuity specification around the lower cutoff of the Russell 2000 small-cap index, we find that index membership causes small firms to transition away from bank financing in favor of seasoned equity offerings. These effects are concentrated in the year following Russell 2000 additions and do not reverse immediately upon deletions. Liquidity, the elasticity of demand for equity, a...
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作者：Chabi-Yo, Fousseni; Colacito, Riccardo
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We propose a new entropy-based correlation measure (coentropy) to evaluate the performance of international asset pricing models. Coentropy captures the codependence of two random variables beyond normality. We document that the coentropy of international stochastic discount factors (SDFs) can be decomposed into a series of entropy-based correlations of permanent and transitory components of the SDFs. We employ the cross section of G-10 countries to obtain model-free estimates of all the compo...
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作者：Cohen, Maxime C.; Keller, Philipp W.; Mirrokni, Vahab; Zadimoghaddam, Morteza
作者单位：New York University; Facebook Inc; Alphabet Inc.; Google Incorporated
摘要：This paper considers a traditional problem of resource allocation: scheduling jobs on machines. One such recent application is cloud computing; jobs arrive in an online fashion with capacity requirements and need to be immediately scheduled on physical machines in data centers. It is often observed that the requested capacities are not fully utilized, hence offering an opportunity to employ an overcommitment policy, that is, selling resources beyond capacity. Setting the right overcommitment l...
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作者：Samek, Anya
作者单位：University of Southern California; University of Southern California
摘要：The gender difference in competitiveness has been cited as an important factor driving the gender gap in labor market outcomes. Using a field experiment with more than 35,000 university students, I explore the impact of compensation scheme on willingness to apply for a job. I find that competitive compensation schemes that depend on relative performance disproportionately deter women from applying. I do not find the same deterrence effect under a compensation scheme in which students face unce...
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作者：Hoberg, Gerard; Moon, S. Katie
作者单位：University of Southern California; University of Colorado System; University of Colorado Boulder
摘要：We use 10-K filings to construct novel text-based measures of the extent to which U.S. firms are exposed to three offshore activities: the sale of output, purchase of input, and ownership of producing assets. Our main result is that selling output abroad is associated with higher stock returns, especially when output is sold to more central nations in the real trade network. In contrast, offshore input serves as a hedge. Our findings are consistent with the conclusion that aggregate quantity s...
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作者：Huang, Ximin (Natalie); Atasu, Atalay; Toktay, L. Beril
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University System of Georgia; Georgia Institute of Technology
摘要：We analyze product design implications of extended producer responsibility (EPR)-based take-back legislation on durable goods. In particular, we observe that durable product design incentives under EPR may involve an inherent trade-off that has not been explored to date: Durable goods producers can respond to EPR by making their products more recyclable or more durable, where the former decreases the unit recycling cost and the latter reduces the volume the producer has to recycle. When these ...
