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作者：Wang, Teng
作者单位：Federal Reserve System - USA
摘要：Exploiting the heterogeneity in legal constraints on local bank employees' mobility, I show that access to local information influences banks' modes of expansion. As restrictions on interbank labor mobility are relaxed, banks entering a new market establish branches directly instead of acquiring incumbent branches, resulting in a shift of composition of entrants. The treatment effect is strengthened when information asymmetries between local banks and entrants are severe. Furthermore, I find a...
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作者：Augustin, Patrick; Brenner, Menachem; Subrahmanyam, Marti G.
作者单位：McGill University; New York University
摘要：We quantify the pervasiveness of informed trading activity in target companies' equity options before the announcements of 1,859 U.S. takeovers between 1996 and 2012. About 25% of all takeovers have positive abnormal volumes, which are greater for short-dated, out-of-the-money calls, consistent with bullish directional trading before the announcement. Over half of this abnormal activity is unlikely due to speculation, news and rumors, trading by corporate insiders, leakage in the stock market,...
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作者：Asadpour, Arash; Bateni, MohammadHossein; Bhawalkar, Kshipra; Mirrokni, Vahab
作者单位：New York University
摘要：A major challenge laced by marketers attempting to optimize their advertising campaigns is to deal with budget constraints. The problem is even harder in the face of multidimensional budget constraints, particularly in the presence of many decision variables involved and the interplay among the decision variables through such constraints. Concise bidding strategies help advertisers deal with this challenge by introducing fewer variables upon which to act. In this paper, we study the problem of...
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作者：Chen, Yiwei; Farias, Vivek F.; Trichakis, Nikolaos
作者单位：University System of Ohio; University of Cincinnati; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We consider a canonical revenue management (RM) problem wherein a monopolist seller posts prices for multiple products that are for sale over a fixed horizon so as to maximize expected revenues. Products are differentiated and subject to joint capacity constraints. Arriving customers are forward looking and strategize on the timing of their purchase, an empirically confirmed aspect of modern customer behavior. In the event that customers were myopic, foundational work has established that stat...
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作者：Ma, Linlin; Tang, Yuehua
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; State University System of Florida; University of Florida
摘要：This paper studies the effect of portfolio manager ownership (i.e., skin in the game) on mutual fund risk taking. Using holdings-based risk change measures that capture managers' ex ante risk choices, we find that portfolio manager ownership reduces both intrayear and across-year risk-taking activities. The relationship between ownership and risk reduction is particularly strong among managers with high agency issue-induced risk-taking incentives-for example, managers who face a more convex fl...
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作者：Karaenke, Paul; Bichler, Martin; Minner, Stefan
作者单位：Technical University of Munich; Technical University of Munich
摘要：The lack of coordination among carriers leads to substantial inefficiencies in logistics. Such coordination problems constitute fundamental problems in supply chain management for their computational and strategic complexity. We consider the problem of slot booking by independent carriers at several warehouses and investigate recent developments in the design of electronic market mechanisms promising to address both types of complexity. Relax-and-round mechanisms describe a class of approximat...
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作者：Manthei, Kathrin; Sliwka, Dirk
作者单位：IZA Institute Labor Economics; University of Cologne; Leibniz Association; Ifo Institut
摘要：We study the incentive effects of granting supervisors access to objective performance information when agents work on multiple tasks. We first analyze a formal model showing that incentives are lower powered when supervisors have no access to objective measures but assess performance subjectively by gathering information. This incentive loss is more pronounced when the span of control is larger and incentives are distorted toward more profitable tasks. We then investigate a field experiment c...
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作者：Brynjolfsson, Erik; Hui, Xiang; Liu, Meng
作者单位：Massachusetts Institute of Technology (MIT); Washington University (WUSTL)
摘要：Artificial intelligence (AI) is surpassing human performance in a growing number of domains. However, there is limited evidence of its economic effects. Using data from a digital platform, we study a key application of AI: machine translation. We find that the introduction of a new machine translation system has significantly increased international trade on this platform, increasing exports by 10.9%. Furthermore, heterogeneous treatment effects are consistent with a substantial reduction in t...
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作者：Stamatopoulos, Ioannis; Chehrazi, Naveed; Bassamboo, Achal
作者单位：University of Texas System; University of Texas Austin; Northwestern University
摘要：We argue that dynamic pricing motivated by the management of inventory holding and ordering costs leads to increased operational efficiencies that could benefit firms without hurting consumers. To demonstrate this point, we equip the traditional economic order quantity (EOQ) setting with a rich set of demand models and compare social outcomes under two alternatives, dynamic and static pricing. We show that dynamic pricing generates higher retailer profits, a lower average price per unit sold, ...
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作者：Cao, Jie; Liang, Hao; Zhan, Xintong
作者单位：Chinese University of Hong Kong; Singapore Management University
摘要：We investigate how firms react to their product-market peers' commitment to and adoption of corporate social responsibility (CSR) using a regression discontinuity design approach. Relying on the passage or failure of CSR proposals by a narrow margin of votes during shareholder meetings, we find the passage of a close-call CSR proposal and its implementation are followed by the adoption of similar CSR practices by peer firms. In addition, peers that have greater difficulty in catching up with t...
