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作者：Melkonyan, Tigran; Zeitoun, Hossam; Chater, Nick
作者单位：University of Warwick
摘要：How do firms manage to collude without communicating? Why do we find more collusion in price competition than in quantity competition? Why is collusion so hard to detect? We examine strategic behavior in competitive interactions by developing and applying the concept of virtual bargaining. When decision makers virtually bargain, they mentally simulate, and choose among, agreements that they could reach if they were able to explicitly negotiate with each other. Virtual bargainers focus on agree...
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作者：Bouvard, Matthieu; Levy, Raphael
作者单位：McGill University; Hautes Etudes Commerciales (HEC) Paris
摘要：In a market where sellers solicit certification to overcome asymmetric information, we show that the profit of a monopolistic certifier can be hump-shaped in its reputation for accuracy: a higher accuracy attracts high-quality sellers but sometimes repels low-quality sellers. As a consequence, reputational concerns may induce the certifier to reduce information quality, thus depressing welfare. The entry of a second certifier impacts reputational incentives: when sellers only solicit one certi...
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作者：Bali, Turan G.; Bodnaruk, Andriy; Scherbina, Anna; Tang, Yi
作者单位：Georgetown University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of California System; University of California Davis; Brandeis University; Fordham University
摘要：We document that stocks that experience sudden increases in idiosyncratic volatility underperform otherwise similar stocks in the future, and we propose that this phenomenon can be explained by the Miller conjecture [Miller E (1977) Risk, uncertainty, and divergence of opinion. J. Finance 32(4): 1151-1168]. We show that volatility shocks can be traced to unusual firm-level news flow, which temporarily increases the level of investor disagreement about the firm value. At the same time, volatili...
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作者：Li, Jun
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper proposes a unified risk-based explanation for momentum profits and the value premium in a neoclassical investment-based model. Winner firms have higher short-term productivity and hence more negative exposures to the price of investment goods than loser firms as a result of greater investment plans. Value firms have lower long-term productivity and higher operating leverage and hence higher sensitivities to neutral productivity shocks than growth firms. The model reproduces the coex...
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作者：Cai, Xiqian; Gong, Jie; Lu, Yi; Zhong, Songfa
作者单位：Xiamen University; National University of Singapore; Tsinghua University; National University of Singapore
摘要：This paper investigates the effect of work interruption on workers' subsequent productivity. We employ a data set of individual productivity and machine conditions, in which each worker faces the chance, on a daily basis, that her machine will break down randomly. Our analysis finds that compared to a workday with smooth production, experiencing a machine breakdown is associated with a 3.3 percentage point decline in the worker's productivity the following day. We discuss possible explanations...
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作者：Col, Burcin; Durnev, Art; Molchanov, Alexander
作者单位：Pace University; University of Iowa; Massey University
摘要：We argue in this paper that firms with foreign operations misallocate capital and underperform when they face political instability abroad. We develop and test a dynamic model of firm capital allocation under foreign political instability. The model shows that as a political regime becomes less stable, independent of whether the regime becomes less business-friendly or more business-friendly, firms invest suboptimally (i.e., they either overinvest or underinvest), and their marginal q's diverg...
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作者：Cookson, J. Anthony
作者单位：University of Colorado System; University of Colorado Boulder
摘要：Using new data on entry plans into the American casino industry, I find that incumbent firms invest in physical capacity when threatened with a nearby entry plan, and these strategic investments deter eventual entry. Consistent with an entry-deterrence motive, incumbents respond to the threat of entry when entry is uncertain, but not when entry is assured. The average capacity expansion of 2,300 square feet is associated with a 6.8-percentage-point greater likelihood that the entry plan fails....
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作者：Exley, Christine
作者单位：Harvard University
摘要：Do monetary incentives encourage volunteering? Or, do they introduce concerns about appearing greedy and crowd out the motivation to volunteer? Since the importance of such image concerns is normally unobserved, the answer is theoretically unclear, and corresponding empirical evidence is mixed. To help counter this ambiguity, this paper proposes that the importance of image concerns-such as the desire to appear prosocial and not to appear greedy-relates to individuals' volunteer reputations. E...
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作者：Choe, Chongwoo; King, Stephen; Matsushima, Noriaki
作者单位：Monash University; University of Osaka
摘要：We present a model of dynamic competition between two firms where firms gather customer information through first-period purchase. This creates asymmetric information in the second period whereby a firm knows more about its own past customers than its competitor does. We examine how the ability to offer personalized prices based on customer information affects prices and profit over the two periods. When product differentiation is exogenously fixed, asymmetric information leads to two asymmetr...
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作者：Sterling, Adina D.; Fernandez, Roberto M.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：Although women pursue managerial credentials at nearly the same rate as men, gender disparities in wages exist because of the shortfall in wages women sustain relative to men at the onset of their careers. This article develops a tryout approach to test for the presence of demand-side contributions to initial wage inequality while also developing and testing theory on why it may be lessened through internships. Using detailed data on graduates from an elite management program from 2009-2010, o...
