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作者：Chod, Jiri; Trichakis, Nikolaos; Tsoukalas, Gerry
作者单位：Boston College; Massachusetts Institute of Technology (MIT); University of Pennsylvania
摘要：When should a firm diversify its supply base? Most extant theories attribute supplier diversification to supplier risk. Herein, we develop a new theory that attributes supplier diversification to buyer risk. When suppliers are subject to the risk of buyer default, buyers may take costly action to signal creditworthiness so as to obtain more favorable terms. But once signaling costs are sunk, buyers sourcing from a single supplier become vulnerable to future holdup. Although ex ante supply base...
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作者：Savva, Nicos; Tezcan, Tolga; Yildiz, Ozlem
作者单位：University of London; London Business School; University of Virginia
摘要：Yardstick competition is a regulatory scheme for local monopolists (e.g., hospitals), where the monopolist's reimbursement is linked to performance relative to other equivalent monopolists. This regulatory scheme is known to provide cost-reduction incentives and serves as the theoretical underpinning behind the hospital prospective reimbursement system used throughout the developed world. This paper uses a game-theoretic queueing model to investigate how yardstick competition performs in servi...
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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...
