-
作者：Bernhardt, Dan; Liu, Tingjun; Marquez, Robert
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Hong Kong; Renmin University of China; University of California System; University of California Davis
摘要：We integrate heterogeneity and uncertainty in investor valuations into a model of takeovers. Investors have dispersed valuations, holding shares in firms they value more highly, and a successful offer must win approval from the median target shareholder. We derive the consequences for an acquiring firm's takeover offer-its size and cash/equity structure-and implications for takeover premia, firm returns, share price dynamics, the probability that a takeover succeeds, and shareholder welfare. W...
-
作者：Johnson, Travis L.; So, Eric C.
作者单位：University of Texas System; University of Texas Austin; Massachusetts Institute of Technology (MIT)
摘要：We develop and implement a new measure of information asymmetry among traders. Our measure is based on the intuition that informed traders are more likely than uninformed traders to generate abnormal volume in options or stock markets. We formalize this intuition theoretically and compute the resulting multimarket information asymmetry measure (MIA) for firm-days as a function of unsigned volume totals and without estimating a structural model. Empirically, MIA has many desirable properties: i...
-
作者：Agnew, Julie R.; Bateman, Hazel; Eckert, Christine; Iskhakov, Fedor; Louviere, Jordan; Thorp, Susan
作者单位：William & Mary; University of New South Wales Sydney; University of Technology Sydney; Australian National University; University of New South Wales Sydney; University of South Australia; University of Sydney
摘要：We explore how individuals assess the quality of financial advice they receive and how they form judgments about advisers. Using an incentivized discrete choice experiment, we show that first impressions matter: consumers more often follow advisers who dispense good advice before bad. We demonstrate how clients' opinions of adviser quality can be manipulated by using an easily replicated confirmation strategy that depends on the quality of the advice and the difficulty and order of the advice ...
-
作者：Schneider, Mark; Day, Robert
作者单位：Chapman University System; Chapman University; University of Connecticut
摘要：Experimental tests of expected-utility theory (EU) have accumulated empirical observations in which the predictions of EU are systematically violated. The cumulative prospect theory (CPT) explains violations such as the Allais paradoxes and fourfold pattern of risk attitudes as resulting from nonlinear probability transformations. Here we show that the classical paradoxes for decisions under risk can be explained with preferences that are linear in probabilities for any choice set and that max...
-
作者：Chao, Xiuli; Gong, Xiting; Shi, Cong; Yang, Chaolin; Zhang, Huanan; Zhou, Sean X.
作者单位：University of Michigan System; University of Michigan; Chinese University of Hong Kong; Chinese University of Hong Kong; Shanghai University of Finance & Economics; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Managing perishable inventory systems with positive lead times and finite ordering capacities is important but notoriously difficult in both theory and computation. The optimal control policy is extremely complicated, and no effective heuristic policy has been proposed in the literature. In this paper, we develop an easy-to-compute approximation algorithm for this class of problems and prove that it admits a theoretical worst-case performance guarantee under independent and many commonly used ...
-
作者：Minson, Julia A.; Mueller, Jennifer S.; Larrick, Richard P.
作者单位：Harvard University; University of San Diego; Duke University
摘要：We evaluate the effect of discussion on the accuracy of collaborative judgments. In contrast to prior research, we show that discussion can either aid or impede accuracy relative to the averaging of collaborators' independent judgments, as a systematic function of task type and interaction process. For estimation tasks with a wide range of potential estimates, discussion aided accuracy by helping participants prevent and eliminate egregious errors. For estimation tasks with a naturally bounded...
-
作者：Otto, Clemens A.; Volpin, Paolo F.
作者单位：Hautes Etudes Commerciales (HEC) Paris; City St Georges, University of London
摘要：We examine how mark-to-market accounting affects the investment decisions of managers with reputation concerns. Reporting the current market value of a firm's assets can help mitigate agency problems because it provides outsiders (e.g., shareholders) with new information against which the management's decisions can be evaluated. However, the fact that the assets' market value is informative can also have a negative side effect: managers may shy away from investments that indicate conflicting p...
-
作者：Chakraborty, Indraneel I.; Ewens, Michael
作者单位：University of Miami; California Institute of Technology
摘要：This paper examines whether agency conflicts during venture capital (VC) fundraising impact investment behavior. Using novel investment-level decisions of VCs in the process of raising new funds, we find that venture capitalists take actions hidden from their investors-i.e., limited partners (LPs)-that delay revealing negative information about VC fund performance until after a new fund is raised. After fundraising is complete, write-offs double and reinvestments in relatively worse-off entrep...
-
作者：Liu, Nan; Finkelstein, Stacey R.; Kruk, Margaret E.; Rosenthal, David
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY); Harvard University; Harvard T.H. Chan School of Public Health; Columbia University
摘要：This paper examines patient preferences and choice behavior in scheduling medical appointments. We conduct four discrete choice experiments on two distinct populations and identify several operational attributes (e.g., delay to care and choice of doctor) that affect patient choice. We observe an interesting gender effect with respect to how patients trade off speed (delay to care) and quality (doctor of choice), and demonstrate that risk attitudes mediate the impact of gender on the perception...
-
作者：Mueller-Trede, Johannes; Choshen-Hillel, Shoham; Barneron, Meir; Yaniv, Ilan
作者单位：University of California System; University of California San Diego; Hebrew University of Jerusalem; Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：Decision makers can often improve the accuracy of their judgments on factual matters by consulting crowds of others for their respective opinions. In this article, we investigate whether decision makers could similarly draw on crowds to improve the accuracy of their judgments about their own tastes and hedonic experiences. We present a theoretical model that states that accuracy gains from consulting a crowd's judgments of taste depend on the interplay among taste discrimination, crowd diversi...
