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作者：Chen, Jing; Demers, Elizabeth; Lev, Baruch
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Lausanne; New York University
摘要：This study provides novel evidence that expert economic agents' work-related activities are systematically influenced by the time of day. We use archival data derived from time-stamped quarterly earnings conference calls together with linguistic algorithms to measure and track the moods of executives and analysts at different times of the day. The evidence indicates that the tone of conference call discussions deteriorates markedly over the course of the trading day, with both analysts' and ex...
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作者：Ramachandran, Karthik; Tereyagoglu, Necati; Xia, Yusen
作者单位：University System of Georgia; Georgia Institute of Technology; University System of Georgia; Georgia State University
摘要：Firms in several industries, such as medicine, apparel, and publishing, must jointly determine the price and production quantity of their products well in advance of the selling season. Normative prescriptions to solve this problem have generally ignored behavioral aspects of decision making while behavioral research has paid limited attention to interdependent, multidimensional decisions. We experimentally examine subjects' performance when they jointly determine price and quantities. We find...
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作者：Doshi, Hitesh; Kumar, Praveen; Yerramilli, Vijay
作者单位：University of Houston System; University of Houston
摘要：We use forward-looking and exogenous measures of output price uncertainty to examine the effect of price uncertainty on firm-level capital investment, risk management, and debt issuance. The effects of uncertainty vary significantly by firm size. When faced with high price uncertainty, large firms increase their hedging intensity but do not lower capital investment or debt issuance. In contrast, small firms do not adjust their hedging intensity but significantly lower capital expenditure and d...
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作者：Lejeune, Miguel A.; Margot, Francois
作者单位：George Washington University; Carnegie Mellon University
摘要：We propose a new medical evacuation (MEDEVAC) model with endogenous uncertainty in the casualty delivery times. The goal is to provide timely evacuation and medical treatment to injured soldiers. The model enforces the Golden Hour evacuation doctrine, attempts to maximize the expected number of severely injured soldiers evacuated within one hour without delay, and represents the availability of air ambulances as an endogenous source of uncertainty. The MEDEVAC model is a mixed-integer nonlinea...
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作者：Keck, Steffen; Tang, Wenjie
作者单位：University of Vienna; National University of Singapore; National University of Singapore
摘要：We explore the joint effects of group decision making and group gender composition on the calibration of confidence judgments. Participants in two laboratory experiments, individually and in groups of three, stated confidence interval estimates for general-knowledge questions and for financial forecasts. Across both studies, our results reveal that groups with at least one female member are significantly better calibrated than all-male groups. This effect is mediated by the extent to which gro...
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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：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：Cheon, Yong-Ho; Lee, Kuan-Hui
作者单位：Incheon National University; Seoul National University (SNU)
摘要：We examine the role of cultural difference in the pricing of positive extreme returns (MAX) for 47,000 stocks from 42 countries from 1990 to 2012. We find that investors overpay for stocks with high MAX and that MAX-premium, the spread from long-short strategy based on low- and high-MAX stocks, is both statistically and economically significant worldwide. The negative relation between idiosyncratic volatility and expected returns, or idiosyncratic volatility puzzle, exists only for stocks with...
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作者：Leung, Ming D.
作者单位：University of California System; University of California Berkeley
摘要：We know a job applicant's social category affects an employer's likelihood of hiring the applicant, but we do not know whether, or how, employers update their beliefs regarding these social categories. I portray hiring as a cognitive decision and examine how prior negative and positive hiring experiences of employees from particular countries affect an employer's subsequent likelihood of hiring applicants from those countries. I hypothesize that employer reactions will reflect loss aversion-th...
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作者：Westermann, Ramona
作者单位：Copenhagen Business School
摘要：This paper investigates the joint effects of manager-shareholder agency conflicts and macroeconomic risk on corporate policies and firm value. I first derive the implications of a structural model of a firm with assets in place and an investment opportunity, run by a self-interested manager who captures part of the firm's net income as private benefits. The model implies that dynamic aggregate agency costs are driven by firms in the upper half of the distribution of private benefits. Managers ...
