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作者：Azmat, Ghazala; Bagues, Manuel; Cabrales, Antonio; Iriberri, Nagore
作者单位：Aalto University; University of London; University College London; Basque Foundation for Science; University of Basque Country
摘要：This paper studies the effect of providing feedback to college students on their position in the grade distribution by using a natural field experiment. This information was updated every six months during a three-year period. We find that greater grades transparency decreases educational performance, as measured by the number of examinations passed and grade point average (GPA). However, self-reported satisfaction, as measured by surveys conducted after feedback is provided but before student...
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作者：Fan, Yun; Thomas, Wayne B.; Yu, Xiaoou
作者单位：University of Texas System; University of Texas Arlington; University of Oklahoma System; University of Oklahoma - Norman; Xiamen University
摘要：This study examines whether firms with private loan contracts that contain debt covenants based on earnings before interest, taxes, depreciation, and amortization (EBITDA) are more likely to misclassify core expenses as special items (i.e., classification shift). Misclassifying core expenses as income-decreasing special items allows the firm to increase EBITDA and thereby potentially avoid debt covenant violations. Consistent with our expectation, firms misclassify core expenses as special ite...
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作者：Liu, Liqun; Neilson, William S.
作者单位：Texas A&M University System; Texas A&M University College Station; University of Tennessee System; University of Tennessee Knoxville
摘要：This paper extends the three main approaches to comparative risk aversion-the risk premium approach and the probability premium approach of Pratt (1964) [Risk aversion in the small and in the large. Econometrica 32(1-2):122-136] and the comparative statics approach of Jindapon and Neilson (2007) [Higher-order generalizations of Arrow-Pratt and Ross risk aversion: A comparative statics approach. J. Econom. Theory 136(1):719-728]-to study comparative nth-degree risk aversion. These extensions ca...
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作者：Marechal, Michel Andre; Thoeni, Christian
作者单位：University of Zurich; University of Lausanne
摘要：Gift-giving customs are ubiquitous in social, political, and business life. Legal regulation and industry guidelines for gifts are often based on the assumption that large gifts potentially influence behavior and create conflicts of interest, but small gifts do not. However, scientific evidence on the impact of small gifts on business relationships is scarce. We conducted a natural field experiment in collaboration with sales agents of a multinational consumer products company to study the inf...
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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：Kouvelis, Panos; Wu, Xiaole; Xiao, Yixuan
作者单位：Washington University (WUSTL); Fudan University; City University of Hong Kong
摘要：We study hedging cash-flow risks in a supply chain where firms invest internal funds to improve production efficiencies. We offer a decomposition framework to capture the cost-reduction and flexibility effect of hedging. It allows us to understand how a firm's hedging choice depends on its supply chain partner's decision, and how such interaction is affected by supply chain characteristics such as market size, cash-flow volatility, and correlation. When firms' cash flows are independent of eac...
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作者：Coffman, Lucas C.; Gotthard-Real, Alexander
作者单位：Harvard University; Pontificia Universidad Javeriana
摘要：Can an organization avoid blame for an unpopular action when an adviser advises it to do it? We present experimental evidence suggesting this is the case-advice to be selfish substantially decreases punishment of being selfish. Further, this result is true despite advisers' misaligned incentives, known to all: Through a relational contract incentive, advisers are motivated to tell the decision makers what they want to hear. Through incentivized elicitations, we find suggestive evidence that ad...
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作者：Yang, Luyi; Debo, Laurens G.; Gupta, Varun
作者单位：Johns Hopkins University; Dartmouth College; University of Chicago
摘要：Customers looking for service providers often face search frictions and have to trade off quality and availability. To understand customers' search behavior when they are confronted with a large collection of vertically differentiated, congested service providers, we build a model in which arriving customers conduct a costly sequential search to resolve uncertainty about service providers' quality and queue length and select one to join by optimal stopping rules. Customers search, in part, bec...
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作者：Song, Yicheng; Sahoo, Nachiketa; Ofek, Elie
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Boston University; Harvard University
摘要：Sometimes we desire change, a break from the same, or an opportunity to fulfill different aspects of our needs. Noting that consumers seek variety, several approaches have been developed to diversify items recommended by personalized recommender systems. However, current diversification strategies operate under a one-shot paradigm without considering the evolution of preferences resulting from recent consumption. Therefore, such methods often sacrifice accuracy. In the context of online media,...
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作者：King, Gregory J.; Chao, Xiuli; Duenyas, Izak
作者单位：Gap Inc.; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：The rising cost of prescription drugs is a concern in the United States. To manage drug costs, insurance companies induce patients to choose less-expensive medications by making them pay higher copayments for more-expensive drugs, especially when multiple drug options are available to treat a condition. However, drug manufacturers have responded by offering copay coupons-coupons intended to be used by those already with prescription drug coverage. Recent empirical work has shown that such coup...
