2018

最新文章

• Efficient Ignorance: Information Heterogeneity in a Queue AI翻译
  作者：Hu, Ming; Li, Yang; Wang, Jianfu
  作者单位：University of Toronto; Chinese University of Hong Kong; Nanyang Technological University
  摘要：How would the growing prevalence of real-time delay information affect a service system? We consider a single-server queueing system where customers arrive according to a Poisson process and the service time follows an exponential distribution. There are two streams of customers, one informed about real-time delay and the other uninformed. The customers' uninformed behavior may be due to information ignorance or rational behavior in the presence of an information fee. We characterize the equil...
• Density Dependence of Entrepreneurial Dynamics: Competition, Opportunity Cost, or Minimum Efficient Scale? AI翻译
  作者：Aksaray, Gorkem; Thompson, Peter
  作者单位：Emory University; University System of Georgia; Georgia Institute of Technology
  摘要：This paper reports on a new examination of the well-established negative effect of localized density on survival in established industries. We attempt to discriminate between three competing, but not necessarily mutually exclusive, explanations: resource competition, variations in the opportunity costs of entrepreneurship, and geographic variations in minimum efficient scale (MES). We construct a model of firm growth and survival in which each of these potential causes of density dependence ha...
• Analysts' Reputational Concerns, Self-Censoring, and the International Dispersion Effect AI翻译
  作者：Hwang, Chuan-Yang; Li, Yuan
  作者单位：Nanyang Technological University; University of Cambridge; University of Cambridge
  摘要：Stocks with higher forecast dispersion earn lower future returns and have a greater upward bias in the mean reported earnings forecast in international markets. Both phenomena are stronger in countries with more transparent information environments, more developed stock markets, stronger investor protection, greater capital openness, and more intense usage of analysts' earnings forecasts. Using the 1997-1998 Asian financial crisis as a natural experiment, we find that both phenomena become wea...
• Individual Reaction to Past Performance Sequences: Evidence from a Real Marketplace AI翻译
  作者：Andrikogiannopoulou, Angie; Papakonstantinou, Filippos
  作者单位：University of London; London School Economics & Political Science; Imperial College London
  摘要：We use novel data on individual activity in a sports betting market to study the effect of past performance sequences on individual behavior in a real market. The idiosyncratic nature of risk in this market and the revelation of assets' true terminal values enables us to disentangle whether behavior is caused by sentiment or by superior information about market mispricings and to cleanly test two prominent theories of momentum and reversals-the regime-shifting model of Barberis et al. [Barberi...
• Patent Publication and the Market for Ideas AI翻译
  作者：Hegde, Deepak; Luo, Hong
  作者单位：New York University; Harvard University
  摘要：In this paper, we study the effect of invention disclosure through patent publication on the market for ideas. We do so by analyzing the effects of the American Inventor's Protection Act of 1999 (AIPA)-which required U.S. patent applications to be published 18 months after their filing date rather than at patent grant-on the timing of licensing deals in the biomedical industry. We find that post-AIPA U.S. patent applications are significantly more likely to be licensed before patent grant and ...
• Why Are Losses Less Persistent Than Profits? Curtailments vs. Conservatism AI翻译
  作者：Lawrence, Alastair; Sloan, Richard; Sun, Estelle
  作者单位：University of California System; University of California Berkeley; Boston University
  摘要：It is well documented that losses are less persistent than profits and that stock prices anticipate the lower persistence of losses. Yet the underlying explanation for these results is unclear. One explanation lies in the abandonment option, whereby firms with losses are more likely to curtail operations (e.g., Hayn [Hayn C (1995) The information content of losses. J. Accounting Econom. 20(2):125-153]). Another explanation involves timely loss recognition stemming from conservative accounting ...
• Multiattribute Loss Aversion and Reference Dependence: Evidence from the Performing Arts Industry AI翻译
  作者：Tereyagoglu, Necati; Fader, Peter S.; Veeraraghavan, Senthil
  作者单位：University System of Georgia; Georgia Institute of Technology; University of Pennsylvania
  摘要：We study the prevalence of multiattribute loss aversion and reference effects in a revenue management setting based on data of individual-level purchases over a series of concert performances. The reference dependence that drives consumer choice is not only based on the price but also on observed sales (as a fraction of the seating capacity) during their past visits. We find that consumers suffer from loss aversion on both prices and seats sold: consumers incur significant utility loss when pr...
• The Effects of Hedge Fund Interventions on Strategic Firm Behavior AI翻译
  作者：Khurana, Inder K.; Li, Yinghua; Wang, Wei
  作者单位：University of Missouri System; University of Missouri Columbia; Arizona State University; Arizona State University-Tempe; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
  摘要：We examine the impact of hedge fund interventions on target firms' strategic behavior, specifically their voluntary disclosure and earnings management strategies. We find a decrease in both the likelihood and the frequency of management earnings forecasts conveying bad news and an increase in the level of real earnings management following interventions by hedge fund activists. Additional evidence suggests that managers substitute between voluntary disclosure and earnings management strategies...
• Closing the Productivity Gap: Improving Worker Productivity Through Public Relative Performance Feedback and Validation of Best Practices AI翻译
  作者：Song, Hummy; Tucker, Anita L.; Murrell, Karen L.; Vinson, David R.
  作者单位：University of Pennsylvania; Boston University; Permanente Medical Groups; Kaiser Permanente
  摘要：Public relative performance feedback (RPF) on an individual worker's productivity metrics is used in various organizations with the hopes of improving worker productivity, but its effects are not well understood. We examine whether public RPF could be leveraged to facilitate adoption of best practices in an organization by enabling the validation of best practices shared by identifiable top performers. We use data from two emergency departments, both of which shared best practices for improvin...
• Collaboration and Multitasking in Networks: Prioritization and Achievable Capacity AI翻译
  作者：Gurvich, Itai; Van Mieghem, Jan A.
  作者单位：Northwestern University
  摘要：Motivated by the trend toward more collaboration in workflows, we study networks where some tasks require the simultaneous processing by multiple types of multitasking human or indivisible resources. The capacity of such networks is generally smaller than the bottleneck capacity. In Gurvich and Van Mieghem [Gurvich I, Van Mieghem JA (2015) Collaboration and multitasking in networks: Architectures, bottlenecks, and capacity. Manufacturing Service Oper. Management 17(1): 16-33], we proved that b...