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作者：Ramdas, Kamalini; Saleh, Khaled; Stern, Steven; Liu, Haiyan
作者单位：University of London; London Business School; Detroit Medical Center; State University of New York (SUNY) System; Stony Brook University; State University System of Florida; University of South Florida
摘要：We use a unique, hand-collected data set to examine learning and forgetting in hip replacement surgery as a function of a surgeon's experience with specific surgical device versions and the time between their repeat uses. We also develop a generalizable method to correct for the left censoring of device-version-specific experience variables that is a common problem in highly granular experience data, using maximum simulated likelihood estimation with simulation over unobservables conditional o...
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作者：Athey, Susan; Calvano, Emilio; Gans, Joshua S.
作者单位：Stanford University; University of Bologna; University of Toronto; National Bureau of Economic Research
摘要：We develop a model of advertising markets in an environment where consumers may switch (or multi-home) across publishers. Consumer switching generates inefficiency in the process of matching advertisers to consumers, because advertisers may not reach some consumers and may impress others too many times. We find that when advertisers are heterogeneous in their valuations for reaching consumers, the switching-induced inefficiency leads lower-value advertisers to advertise on a limited set of pub...
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作者：Ban, Gah-Yi; El Karoui, Noureddine; Lim, Andrew E. B.
作者单位：University of London; London Business School; University of California System; University of California Berkeley; National University of Singapore; National University of Singapore
摘要：The portfolio optimization model has limited impact in practice because of estimation issues when applied to real data. To address this, we adapt two machine learning methods, regularization and cross-validation, for portfolio optimization. First, we introduce performance-based regularization (PBR), where the idea is to constrain the sample variances of the estimated portfolio risk and return, which steers the solution toward one associated with less estimation error in the performance. We con...
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作者：Cui, Tony Haitao; Zhang, Yinghao
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University System of Ohio; University of Cincinnati
摘要：We examine a supply chain with a single supplier and multiple retailers to predict retailers' actual ordering behaviors. If retailer orders exceed supplier capacity, a proportional rationing rule applies to capacity allocation among retailers. We propose a behavior model based on cognitive hierarchy theory, in which retailers with different levels of strategic-reasoning capabilities form heterogeneous beliefs about other players' capabilities when choosing their orders. This behavioral model y...
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作者：Mostafa, Romel; Klepper, Steven
作者单位：Western University (University of Western Ontario); Carnegie Mellon University
摘要：We explore how the establishment of an industry pioneer through foreign seeding of industry knowledge can subsequently catalyze the growth of a developing country's industry by involuntarily propagating the knowledge to subsequent entrants. As industry knowledge has tacit elements, we focus on mechanisms that enable experienced workers from the pioneer to seed the knowledge to new entrants. We examine the relationship between entrants' characteristics and the mechanisms exploited to access the...
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作者：Chen, Hui; Jorgensen, Bjorn N.
作者单位：University of Zurich; University of London; London School Economics & Political Science
摘要：We analyze the effect of accounting bias on the competition and market structure of an industry. In our model, firms' interim accounting reports on investment projects may contain bias introduced by the mandatory accounting system. We find that this bias strictly decreases firms' profits when investors do not have an abandonment option, but different results emerge when we allow the investors to divest in the interim. Specifically, a conservative accounting regime may increase the likelihood o...
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作者：Fazli, Amir; Shulman, Jeffrey D.
作者单位：University of Washington; University of Washington Seattle
摘要：In recent years, several firms have decided to withdraw from profitable markets, believing the move will be beneficial for their overall business. For instance, CVS dropped tobacco products from its shelves in 2014, while Aldi dropped confectionery from its checkout lines in 2016. Findings from consumers' evaluation of such moves suggest there exists a negative market spillover from selling in a market, such that a firm's participation in one market reduces consumers' willingness to pay for th...
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作者：Green, Brett; Zwiebel, Jeffrey
作者单位：University of California System; University of California Berkeley; Stanford University
摘要：We test for a hot hand (i.e., short-term predictability in performance) in Major League Baseball using panel data. We find strong evidence for its existence in all 10 statistical categories we consider. The magnitudes are significant; being hot corresponds to between one-half and one standard deviation in the distribution of player abilities. Our results are in notable contrast to the majority of the hot-hand literature, which has generally found either no hot hand or a very weak hot hand in s...
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作者：Iverson, Benjamin
作者单位：Brigham Young University; Northwestern University
摘要：Bankruptcy costs depend not only on the laws that govern financial distress but also on the ability of the court to rehabilitate distressed firms. This paper tests whether Chapter 11 restructuring outcomes are affected by time constraints in busy bankruptcy courts. Using the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act as an exogenous shock to caseloads, I find that commercial banks report lower charge-offs on business lending when court caseloads decline, suggesting ...
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作者：Sismeiro, Catarina; Mahmood, Ammara
作者单位：Imperial College London; Wilfrid Laurier University
摘要：Using hourly traffic and readership data from a major news website, and taking advantage of a global Facebook outage, we study the relationship between social networks and online news consumption. More specifically, we test if online social networks compete with content providers or instead play a complementary role by promoting and attracting traffic to external websites. During the outage, consistent with a promotional effect, we observe a significant decrease in traffic and unique visitors ...
