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作者：Shapiro, Bradley T.
作者单位：University of Chicago
摘要：The relationship between pharmaceutical detailing and prescriptions for non-FDA-approved (off-label) use has been the subject of regulatory scrutiny, with more than $12 billion in regulatory settlements for off-label promotion since 2004. Using the case of AstraZeneca's antipsychotic drug, Seroquel, I study the extent to which off-label prescriptions are caused by detailing. Using a physician panel that connects detailing exposure to medical charts, I exploit within-physician variation to iden...
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作者：Schweizer, Nikolaus; Szech, Nora
作者单位：Tilburg University; Helmholtz Association; Karlsruhe Institute of Technology; Leibniz Association; Ifo Institut
摘要：Information about the future may be instrumentally useful yet scary. For example, many patients shy away from precise genetic tests about their dispositions for severe diseases. They are afraid that a bad test result could render them desperate as a result of anticipatory feelings. We show that partially revealing tests are typically optimal when anticipatory utility interacts with an instrumental need for information. The same result emerges when patients rely on probability weighting. Optima...
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作者：Alam, Zinat S.; Chen, Mark A.; Ciccotello, Conrad S.; Ryan, Harley E., Jr.
作者单位：State University System of Florida; University of Central Florida; University System of Georgia; Georgia State University; University of Denver
摘要：We examine how the director independence mandates of the Sarbanes-Oxley Act (SOX) and related reforms affected board geography and the quality of financial reporting. Using 1998-2006 data on the residential addresses of individual directors, we document that the geographic proximity to headquarters of audit committees and other monitoring committees declined upon implementation of the mandates. The decrease in proximity was especially large for those firms that were both SOX noncompliant and s...
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作者：Ball, Ryan T.; Ghysels, Eric
作者单位：University of Michigan System; University of Michigan; Center for Economic & Policy Research (CEPR); University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina; University of North Carolina Chapel Hill
摘要：Prior studies attribute analysts' forecast superiority over time-series forecasting models to their access to a large set of firm, industry, and macroeconomic information (an information advantage), which they use to update their forecasts on a daily, weekly or monthly basis (a timing advantage). This study leverages recently developed mixed data sampling (MIDAS) regression methods to synthesize a broad spectrum of high frequency data to construct forecasts of firm-level earnings. We compare t...
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作者：Amaldoss, Wilfred; He, Chuan
作者单位：Duke University; University of Colorado System; University of Colorado Boulder
摘要：Products such as Nike running shoes, Gillette razors, and Gatorade sports drink serve as the standard against which consumers evaluate other members of the category. Empirical evidence suggests that consumers care about not only the consumption utility derived from a product, but also the gain-loss utility in comparison to the reference product of the category. This paper examines how reference-dependent utility affects price competition in a horizontally differentiated market where consumers'...
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作者：Nadler, Amos; Jiao, Peiran; Johnson, Cameron J.; Alexander, Veronika; Zak, Paul J.
作者单位：Western University (University of Western Ontario); University of Oxford; Claremont Colleges; Claremont Graduate University; Claremont Colleges; Claremont Graduate University; Loma Linda University
摘要：Growing evidence shows that biological factors affect individual financial decisions that could be reflected in financial markets. Testosterone, a chemical messenger especially influential in male physiology, has been shown to affect economic decision making and is taken as a performance enhancer among some financial professionals. This is the first experimental study to test how testosterone causally affects trading and prices. We exogenously elevated testosterone in male traders and tested t...
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作者：Meng, Juanjuan; Weng, Xi
作者单位：Peking University
摘要：There has been recent debate about whether prospect theory can explain the disposition effect. Using both theory and simulation, this paper shows that prospect theory often predicts the disposition effect when lagged expected final wealth is the reference point under the principle of preferred personal equilibrium, regardless of whether the reference point is updated or not. When initial wealth is the reference point, however, there is often no disposition effect. Models that use a reference p...
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作者：Ben Rhouma, Tarek; Zaccour, Georges
作者单位：Universite de Montreal; Universite de Montreal; HEC Montreal
摘要：In this paper, we propose a diffusion model for a subscription service. The evolution over time of the number of subscribers is governed by a differential equation combining two processes-namely, a customer acquisition process and a customer attrition process. Assuming profit-maximization behavior of the firm, we use dynamic programming to optimize the customer equity and determine optimal customer relationship marketing expenditures. We implement an augmented Kalman filter with continuous sta...
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作者：Ferreira, Miguel A.; Massa, Massimo; Matos, Pedro
作者单位：Universidade Nova de Lisboa; INSEAD Business School; University of Virginia
摘要：We investigate whether mutual funds whose investors and stocks are decoupled (i.e., investor location does not coincide with that of the stock holdings) benefit from a natural hedge as they have fewer outflows during market downturns and fewer inflows during upturns. Using a sample of equity mutual funds from 26 countries, we find that funds with higher investor-stock decoupling exhibit higher performance, and this is more pronounced during the 2007-2008 financial crisis. We also find that dec...
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作者：Balasubramanian, Natarajan; Lee, Jeongsik; Sivadasan, Jagadeesh
作者单位：Syracuse University; Drexel University; University of Michigan System; University of Michigan
摘要：Deadlines are often used to manage the time of valuable human capital. In this multimethod paper, we propose a theoretical framework grounded in a formal model that encapsulates the key drivers and consequences of deadline-related time pressures on workflows, task sorting, and work quality. We use large-scale data on patent filings, along with insights from primary data collection, to test our hypotheses. In line with our predictions, we find clustering of patent filings around month-ends, wit...
