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作者：Flynn, Sean; Ghent, Andra
作者单位：Arizona State University; Arizona State University-Tempe; University of Wisconsin System; University of Wisconsin Madison
摘要：We analyze the entry of newcredit rating agencies into structured finance products. Our setting is unique as we study a period in which the incumbents' reputation was extremely poor and the benefit of more fee income from inflating ratings was low. We find entrants issue higher ratings than incumbents, particularly for interest-only tranches. Using measures of market share that are exogenous to incumbent ratings, we provide suggestive evidence that incumbent rating levels become more generous ...
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作者：Jiang, Baojun; Tian, Lin
作者单位：Washington University (WUSTL); Shanghai University of Finance & Economics
摘要：Recent technological advances in online and mobile communications have enabled collaborative consumption or product sharing among consumers on a massive scale. Collaborative consumption has emerged as a major trend as the global economic recession and social concerns about consumption sustainability lead consumers and society as a whole to explore more efficient use of resources and products. We develop an analytical framework to examine the strategic and economic impact of product sharing amo...
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作者：Srivastava, Sameer B.; Goldberg, Amir; Manian, V. Govind; Potts, Christopher
作者单位：University of California System; University of California Berkeley; Stanford University; Stanford University
摘要：How do people adapt to organizational culture, and what are the consequences for their outcomes in the organization? These fundamental questions about culture have previously been examined using self-report measures, which are subject to reporting bias, rely on coarse cultural categories defined by researchers, and provide only static snapshots of cultural fit. By contrast, we develop an interactional language use model that overcomes these limitations and opens new avenues for theoretical dev...
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作者：Cui, Ruomeng; Shin, Hyoduk
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of California System; University of California San Diego
摘要：This paper studies the strategy of sharing inventory information for a firm that sells two vertically differentiated products. The seller has private information on the aggregate inventory level and the inventory composition of two product variants. The seller credibly and discretionarily discloses inventory information to customers either fully or partially, i.e., disclosing the exact inventory of each product variant, the aggregate inventory level, or no information to customers. Customers f...
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作者：Keppo, Jussi; Korte, Josef
作者单位：National University of Singapore; Goethe University Frankfurt
摘要：We analyze the Volcker Rule's announcement effects on U.S. bank holding companies. In line with the rule and the banks' public compliance announcements, we find that those banks that are affected by the Volcker Rule already reduced their trading books relative to their total assets 2.34% more than other banks. However, the announcement of the rule did not reduce the banks' overall risk taking. To keep their risk targets, the affected banks raised the riskiness of their asset returns. We also f...
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作者：Wang, Zhongmin; Lee, Alvin; Polonsky, Michael
作者单位：Resources for the Future; Deakin University
摘要：Consumer boycotts are triggered by egregious events, but the literature has not distinguished the level of egregiousness from consumers' preferences or disutility associated with a given level of egregiousness, nor has the literature studied how these two components of egregiousness affect boycott intensity. We provide a model of market-level boycotts that distinguishes the two egregiousness components. Consistent with the predictions of our model, the market-level intensity of consumer boycot...
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作者：Koh, Ping-Sheng; Reeb, David M.; Zhao, Wanli
作者单位：ESSEC Business School; National University of Singapore; Southern Illinois University System; Southern Illinois University; Renmin University of China
摘要：We investigate whether managerial traits influence corporate decisions to provide mandatory financial disclosures. The results indicate that firms with confident chief executive officers (CEOs) are 24% more likely to report their research and development (R&D) expenditures relative to firms with cautious CEOs. Exploiting staggered, state-level regulatory shocks and changes in CEO type, we find substantial evidence that cautious CEO firms fail to report R&D expenditures. After a plausibly exoge...
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作者：Blevins, Jason R.; Khwaja, Ahmed; Yang, Nathan
作者单位：University System of Ohio; Ohio State University; University of Cambridge; McGill University
摘要：We develop and estimate a dynamic game of strategic firm expansion and contraction decisions to study the role of firm size in future profitability and market dominance. Modeling firm size is important because retail chain dynamics are more richly driven by expansion and contraction than de novo entry or permanent exit. Additionally, anticipated size spillovers may influence the strategies of forward-looking firms, making it difficult to analyze the effects of size without explicitly accountin...
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作者：Kocher, Martin G.; Schudy, Simeon; Spantig, Lisa
作者单位：University of Munich; University of Gothenburg
摘要：Unethical behavior such as dishonesty, cheating and corruption occurs frequently in organizations or groups. Recent experimental evidence suggests that there is a stronger inclination to behave immorally in groups than individually. We ask if this is the case, and if so, why. Using a parsimonious laboratory setup, we study how individual behavior changes when deciding as a group member. We observe a strong dishonesty shift. This shift is mainly driven by communication within groups and turns o...
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作者：Rossi, Federico
作者单位：Purdue University System; Purdue University
摘要：Despite criticisms regarding their effectiveness, reward programs today represent a prevalent and apparently successful form of marketing investment for several industries such as airlines, hotels, gas stations, and credit cards. To understand what might contribute to their success, this paper investigates the purchase behavior of consumers who participate in a reward program from the travel industry. We estimate a dynamic demand model of gasoline purchase, and compare the value that consumers...
