-
作者：Ferreira, Miguel A.; Massa, Massimo; Matos, Pedro
作者单位：Universidade Nova de Lisboa; INSEAD Business School; University of Virginia
摘要：We investigate whether mutual funds whose investors and stocks are decoupled (i.e., investor location does not coincide with that of the stock holdings) benefit from a natural hedge as they have fewer outflows during market downturns and fewer inflows during upturns. Using a sample of equity mutual funds from 26 countries, we find that funds with higher investor-stock decoupling exhibit higher performance, and this is more pronounced during the 2007-2008 financial crisis. We also find that dec...
-
作者：Burtch, Gordon; Hong, Yili; Bapna, Ravi; Griskevicius, Vladas
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe; University of Minnesota System; University of Minnesota Twin Cities
摘要：In hopes of motivating consumers to provide larger volumes of useful reviews, many retailers offer financial incentives. Here, we explore an alternative approach, social norms. We inform individuals about the volume of reviews authored by peers. We test the effectiveness of using financial incentives, social norms, and a combination of both strategies in motivating consumers. In two randomized experiments, one in the field conducted in partnership with a large online clothing retailer based in...
-
作者：Chellappa, Ramnath K.; Mehra, Amit
作者单位：Emory University; University of Texas System; University of Texas Dallas
摘要：In this paper, we extend the understanding of versioning strategy of an information goods monopolist and provide new insights on when versioning is optimal. To do so, we derive the optimal product line or versions of an information good and the corresponding prices. By relaxing common assumptions on consumers' usage costs, versioning costs and capital research and development costs, we provide new insights as well as reconcile extant findings on versioning. For a good with no-free-disposal (NF...
-
作者：Kagan, Evgeny; Leider, Stephen; Lovejoy, William S.
作者单位：University of Michigan System; University of Michigan
摘要：Bringing a new product to market involves both a creative ideation stage and an execution stage. When time-to-market constraints are binding, important questions are how to divide limited time between the two stages and who should make this decision. We introduce a laboratory experiment that closely resembles this setting: it features a product development task with an open design space, a downstream cost increase, and two development stages. We show that performance is significantly worse whe...
-
作者：Gershkov, Alex; Moldovanu, Benny; Strack, Philipp
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Surrey; University of Bonn; University of California System; University of California Berkeley
摘要：We show that appropriate dynamic pricing strategies can be used to draw benefits from the presence of consumers who strategically time their purchase even if the arrival process is not known. In our model, a seller sells a stock of objects to a stream of randomly arriving long-lived agents. Agents are privately informed about their values, and about their arrival time to the market. The seller needs to learn about future demand from past arrivals. We characterize the revenue-maximizing direct ...
-
作者：Fox, Edward; Norman, Laura; Semple, John
作者单位：Southern Methodist University
摘要：We develop a framework to model the shopping and consumption decisions of forward-looking consumers. Assuming that the consumer's future utility for each product alternative can be characterized by a standard random utility model, we use dynamic programming to determine the optimal consumption policy and the maximum expected value of consuming any n substitutable products selected while shopping (an n-pack). We propose two models. In the first (canonical) model, we assume that an alternative i...
-
作者：Kleinbaum, Adam M.
作者单位：Dartmouth College
摘要：Whereas most research on network evolution has focused on the role of interaction opportunities in the formation of new ties, this paper addresses tie decay choices. When the opportunity structure gets reorganized, social actors make choices about which ties to retain and which to allow to decay, informed by their past experience of the tie. I argue that, conditional on changes in opportunity, people (especially those with Machiavellian personalities) choose to retain ties to valuable contacts...
-
作者：Ungemach, Christoph; Camilleri, Adrian R.; Johnson, Eric J.; Larrick, Richard P.; Weber, Elke U.
作者单位：Technical University of Munich; Royal Melbourne Institute of Technology (RMIT); Columbia University; Duke University; Princeton University
摘要：Every attribute can be expressed in multiple ways. For example, car fuel economy can be expressed as fuel efficiency (miles per gallon), fuel cost in dollars, or tons of greenhouse gases emitted. Each expression, or translation, highlights a different aspect of the same attribute. We describe a new mechanism whereby translated attributes can serve as decision signposts because they (1) activate otherwise dormant objectives, such as proenvironmental values and goals, and (2) direct the person t...
-
作者：Kou, Steven; Peng, Xianhua; Zhong, Haowen
作者单位：National University of Singapore; National University of Singapore; Hong Kong University of Science & Technology; Columbia University
摘要：We propose a spatial capital asset pricing model and a spatial arbitrage pricing theory (S-APT) that extend the classical asset pricing models by incorporating spatial interaction. We then apply the S- APT to study the comovements of eurozone stock indices (by extending the Fama-French factor model to regional stock indices) and the futures contracts on S&P/Case-Shiller Home Price Indices; in both cases, spatial interaction is significant and plays an important role in explaining cross-section...
-
作者：Regnier, Eva
作者单位：United States Department of Defense; United States Navy; Naval Postgraduate School
摘要：Many probability forecasts are revised as new information becomes available, generating a time series of forecasts for a single event. Although methods for evaluating probability forecasts have been extensively studied, they apply to a single forecast per event. This paper is the first to evaluate probability forecasts that are made-and therefore revised-at many lead times for a single event. I postulate a norm for multi-period probability-forecasting systems and derive properties that should ...
