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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：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：Edmans, Alex; Mann, William
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of California System; University of California Los Angeles
摘要：Most research on firm financing studies debt versus equity issuance. We model an alternative source, non-core asset sales, and identify three new factors that contrast it with equity. First, unlike asset purchasers, equity investors own a claim to the firm's balance sheet (the balance sheet effect). This includes the cash raised, mitigating information asymmetry. Contrary to the intuition of Myers and Majluf [Myers SC, Majluf NS (1984) Corporate financing and investment decisions when firms ha...
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作者：Farias, Vivek F.; Li, Andrew A.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Product and content personalization is now ubiquitous in e-commerce. There are typically not enough available transactional data for this task. As such, companies today seek to use a variety of information on the interactions between a product and a customer to drive personalization decisions. We formalize this problem as one of recovering a large-scale matrix with side information in the form of additional matrices of conforming dimension. Viewing the matrix we seek to recover and the side in...
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作者：Grewal, Jody; Riedl, Edward J.; Serafeim, George
作者单位：Harvard University; Boston University
摘要：We examine the equity market reaction to events associated with the passage of a directive in the European Union (EU) mandating increased nonfinancial disclosure. These disclosures relate to firms' environmental, social, and governance (ESG) performance, and would be applicable to firms listed on EU exchanges or with significant operations in the EU. We predict and find (i) an average negative market reaction of -0.79% across all firms, (ii) a less negative market reaction for firms having hig...
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作者：Delage, Erick; Kuhn, Daniel; Wiesemann, Wolfram
作者单位：Universite de Montreal; HEC Montreal; Universite de Montreal; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Imperial College London
摘要：Stochastic programming and distributionally robust optimization seek deterministic decisions that optimize a risk measure, possibly in view of the most adverse distribution in an ambiguity set. We investigate under which circumstances such deterministic decisions are strictly outperformed by random decisions, which depend on a randomization device producing uniformly distributed samples that are independent of all uncertain factors affecting the decision problem. We find that, in the absence o...
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作者：Lount, Robert B.; Doyle, Sarah P.; Brion, Sebastien; Pettit, Nathan C.
作者单位：University System of Ohio; Ohio State University; University of Arizona; University of Navarra; IESE Business School; New York University
摘要：This research examines how an individual's place in the status hierarchy affects their willingness to expend effort on group tasks, why this occurs, and a contingency governing this relationship. Among firefighter teams (Study 1), MBA student workgroups (Study 2), and undergraduates in the laboratory (Study 3), we find that the relationship between status and effort, through performance expectations, is contingent on the perceived visibility of one's efforts (i.e., task visibility). When task ...
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作者：Inderst, Roman; Khalmetski, Kiryl; Ockenfels, Axel
作者单位：Goethe University Frankfurt; University of Cologne
摘要：We study strategic communication between a customer and an advisor who is privately informed about the most suitable choice for the customer but whose preferences are misaligned with the customer's preferences. The advisor sends a message to the customer who, in turn, can secure herself from bad advice by acquiring costly information on her own. In our experiments, we find that making the customer's information acquisition less costly leads to less prosocial behavior of the advisor. This can b...
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作者：Niessen-Ruenzi, Alexandra; Ruenzi, Stefan
作者单位：University of Mannheim
摘要：We document significantly lower inflows in female-managed funds than in male-managed funds. This result is obtained with field data and with data from a laboratory experiment. We find no gender differences in performance. Thus, rational statistical discrimination is unlikely to explain the fund flow effect. We conduct an implicit association test and find that subjects with stronger gender bias according to this test invest significantly less in female-managed funds. Our results suggest that g...
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作者：Aviv, Yossi; Wei, Mike Mingcheng; Zhang, Fuqiang
作者单位：Tel Aviv University; State University of New York (SUNY) System; University at Buffalo, SUNY; Washington University (WUSTL)
摘要：This paper studies the potential benefits of responsive pricing and demand learning to sellers of seasonal fashion goods. As typical in such markets, demand uncertainty is high at the beginning of a season, but there is a potential opportunity to learn about demand via early sales observations. Additionally, although the consumers have general preference for purchasing a fashion product earlier rather than later in the season, they may exhibit strategic behavior-contemplating the benefits of p...
