-
作者：Fabbri, Marco; Barbieri, Paolo Nicola; Bigoni, Maria
作者单位：University of Amsterdam; University of Gothenburg; University of Bologna
摘要：In a field experiment, we studied the performance of an incentive scheme that combines a lottery-based reward for compliance with probabilistic sanctions for noncompliance. For one month, bus passengers who purchased a ticket on board a subset of buses operating in a medium-sized Italian city participated in a lottery awarding a (sic)500 prize. The remaining buses-otherwise identical-were used as controls. We observed the amount of tickets sold on treated and control buses over three months, b...
-
作者：Cooper, Ilan; Maio, Paulo
作者单位：BI Norwegian Business School; Hanken School of Economics
摘要：We show that recent prominent equity factor models are to a large degree compatible with the Intertemporal CAPM (ICAPM) framework. Factors associated with alternative profitability measures forecast the equity premium in a way that is consistent with the ICAPM. Several factors based on firms' asset growth predict a significant decline in stock market volatility, thus being consistent with their positive prices of risk. The investment-based factors are also strong predictors of an improvement i...
-
作者：Heath, Davidson
作者单位：Utah System of Higher Education; University of Utah
摘要：This paper documents new evidence against perfect risk spanning in crude oil futures, and develops an affine futures pricing model that allows for unspanned macroeconomic factors. Compared to previous estimates, the oil spot premium is more volatile and strongly procyclical, which suggests that previous models miss the majority of variation in oil risk premiums. The estimates reveal a dynamic two-way relationship between oil futures and economic activity: productivity shocks are associated wit...
-
作者：Bray, Robert L.; Serpa, Juan Camilo; Colak, Ahmet
作者单位：Northwestern University; McGill University; Clemson University
摘要：We estimate the effect of supply chain proximity on product quality. Merging four automotive data sets, we create a supply chain sample that reports the failure rate of 27,807 auto components, the location of 529 upstream component factories, and the location of 275 downstream assembly plants. We find that defect rates are higher when upstream and downstream factories are farther apart. Specifically, we estimate that increasing the distance between an upstream component factory and a downstrea...
-
作者：Chun, So Yeon; Ovchinnikov, Anton
作者单位：Georgetown University; Queens University - Canada; INSEAD Business School
摘要：We study the interaction between the design of a premium-status loyalty program, revenue management, and strategic consumer behavior. Specifically, we consider a contemporaneous change where firms across several industries switch their loyalty programs from quantity-based toward spending-based designs. This change has been met with fierce opposition from the media and consumers. Building on the microfoundations of strategic, forward-looking, and status-seeking consumer behavior, we endogenize ...
-
作者：Leland, Jonathan W.; Schneider, Mark; Wilcox, Nathaniel T.
作者单位：National Science Foundation (NSF); University of Alabama System; University of Alabama Tuscaloosa; Chapman University System; Chapman University
摘要：Behavior differs between transparent and nontransparent presentations of decisions, but transparent presentation has not been precisely defined. We formally define transparent frames for risk and time, establish their uniqueness, provide algorithms for constructing them, and compare them with standard presentation formats. A logic emerges for predicting systematic shifts in choice under risk and over time, and how violations of rational choice theory will depend on frames. An experiment verifi...
-
作者：Li, Si; Zhan, Xintong
作者单位：Wilfrid Laurier University; Chinese University of Hong Kong
摘要：This paper examines the effect of product market threats on firms' stock crash risk. Competitive pressure from the product market aggravates managers' incentive to withhold negative information. When negative information is accumulated to a tipping point, the accumulated information comes out all at once and leads to an abrupt and large decline in stock price. Using a measure of product market threats, our regressions find that firms facing more threats are more prone to stock crashes. This re...
-
作者：Liu, Nan; van de Ven, Peter M.; Zhang, Bo
作者单位：Boston College
摘要：Motivated by the increasing use of online appointment booking platforms, we study how to offer appointment slots to customers to maximize the total number of slots booked. We develop two models, nonsequential offering and sequential offering, to capture different types of interactions between customers and the scheduling system. In these two models, the scheduler offers either a single set of appointment slots for the arriving customer to choose from or multiple sets in sequence, respectively....
-
作者：Mak, Vincent; Seale, Darryl A.; Rapoport, Amnon; Gisches, Eyran J.
作者单位：University of Cambridge; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; University of Arizona
摘要：We propose a committee extension of the individual sequential search model called the secretary problem, where collective decisions on when to stop the search are reached via a prespecified voting rule. We offer a game-theoretic analysis of our model and then report two experiments on three-person committees with either uncorrelated or perfectly correlated preferences under three different voting rules followed by a third experiment on single decision makers. Relative to equilibrium prediction...
-
作者：Liu, Hong; Wang, Yajun
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We study the impact of short-sale constraints on market prices and liquidity in imperfectly competitive markets in which market makers have market power. In contrast to the existing literature, we show that because competition is imperfect, short-sale constraints decrease bid prices, increase ask prices, and drive up bid-ask spread volatility, with or without information asymmetry. If market makers are risk neutral, then short-sale constraints do not affect ask prices or ask depths. In additio...
