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作者：Meng, Juanjuan; Weng, Xi
作者单位：Peking University
摘要：There has been recent debate about whether prospect theory can explain the disposition effect. Using both theory and simulation, this paper shows that prospect theory often predicts the disposition effect when lagged expected final wealth is the reference point under the principle of preferred personal equilibrium, regardless of whether the reference point is updated or not. When initial wealth is the reference point, however, there is often no disposition effect. Models that use a reference p...
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作者：LaRiviere, Jacob; McMahon, Matthew; Neilson, William
作者单位：Microsoft; University of Arkansas System; University of Arkansas Little Rock; University of Arkansas Fayetteville; University of Tennessee System; University of Tennessee Knoxville
摘要：Two competing principal-agent models explain why firms pay dividends. The substitute model proposes that corporate insiders pay dividends to signal and build trust with outside shareholders who lack legal protection. The outcome model, in contrast, surmises that when shareholders have legal protection, they demand dividends from insiders to prevent them from expropriating corporate funds. Either way, dividends represent an agency cost paid to align the interests of shareholders and insiders. E...
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作者：Wu, Lynn; Jin, Fujie; Hitt, Lorin M.
作者单位：University of Pennsylvania; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：This study examines how characteristics of an interfirm labor-flow network affect firm productivity. Using employee job histories to trace labor movement between organizations, we construct labor-flow networks for both information technology (IT) and non-IT labor and analyze how a firm's network structure for the two types of labor affects its performance. We find that hiring IT workers from a structurally diverse network of firms can substantially improve firm productivity, but that the same ...
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作者：Enache, Luminita; Srivastava, Anup
作者单位：Dartmouth College
摘要：We propose a new method to estimate intangible investment outlays, other than expenditures on advertising and research and development, that are reported on a commingled basis with operating expenses in the selling, general, and administrative category of expenses. These outlays, aimed at improving organizational knowledge and capabilities, are the largest category of intangible investments and the fastest-growing category of operating investments. They affect future firm performance and risk....
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作者：Hutchison-Krupat, Jeremy
作者单位：University of Virginia
摘要：Senior leadership has two primary levers to influence a direct report: incentives and communication. Financial incentives are credible and precisely specified but offer limited flexibility. In contrast, communication is flexible but lacks precision, and must be deemed credible to affect a direct report's actions. We study a setting where senior leadership seeks to add a new initiative to their organization's portfolio. The initiative's potential to create value is not initially well understood...
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作者：Li, Zhihua; Mueller, Julia; Wakker, Peter P.; Wang, Tong, V
作者单位：University of Warwick; University of Munster; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Ellsberg and others suggested that decision under ambiguity is a rich empirical domain with many phenomena to be investigated beyond the Ellsberg urns. We provide a systematic empirical investigation of this richness by varying the uncertain events, the outcomes, and combinations of both. Although ambiguity aversion is prevailing, we also find systematic ambiguity seeking, confirming insensitivity. We find that ambiguity attitudes depend on the kind of uncertainty (the source) but not on the k...
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作者：Boyaci, Tamer; Akcay, Yalcin
作者单位：European School of Management & Technology; Koc University
摘要：We study the optimal pricing problem of a monopolistic firm facing customers with limited attention and capability to process information about the value (quality) of a single offered product. We model customer choice based on the theory of rational inattention in the economics literature, which enables us to capture not only the impact of true quality and price, but also the intricate effects of customer's prior beliefs and cost of information acquisition and processing. We formulate the firm...
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作者：Mehra, Amit; Kumar, Subodha; Raju, Jagmohan S.
作者单位：University of Texas System; University of Texas Dallas; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Pennsylvania
摘要：Customers often evaluate products at brick-and-mortar stores to identify their best-fit product but buy it for a lower price at a competing online retailer. This free-riding behavior by customers is referred to as showrooming, and we show that this is detrimental to the profits of the brick-and-mortar stores. We first analyze price matching as a short-term strategy to counter showrooming. Price matching allows customers to purchase a product from the store for less than the store's posted pric...
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作者：van Leeuwen, Boris; Noussair, Charles N.; Offerman, Theo; Suetens, Sigrid; van Veelen, Matthijs; van de Ven, Jeroen
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作者：Yan, Zhenzhen; Gao, Sarah Yini; Teo, Chung Piaw
作者单位：National University of Singapore; Singapore Management University; National University of Singapore; National University of Singapore
摘要：It is widely believed that a little flexibility added at the right place can reap significant benefits for operations. Unfortunately, despite the extensive literature on this topic, we are not aware of any general methodology that can be used to guide managers in designing sparse (i.e., slightly flexible) and yet efficient operations. We address this issue using a distributionally robust approach to model the performance of a stochastic system under different process structures. We use the dua...
