4期

最新文章

• Individual Reaction to Past Performance Sequences: Evidence from a Real Marketplace AI翻译
  作者：Andrikogiannopoulou, Angie; Papakonstantinou, Filippos
  作者单位：University of London; London School Economics & Political Science; Imperial College London
  摘要：We use novel data on individual activity in a sports betting market to study the effect of past performance sequences on individual behavior in a real market. The idiosyncratic nature of risk in this market and the revelation of assets' true terminal values enables us to disentangle whether behavior is caused by sentiment or by superior information about market mispricings and to cleanly test two prominent theories of momentum and reversals-the regime-shifting model of Barberis et al. [Barberi...
• Targeting Target Shareholders AI翻译
  作者：Bernhardt, Dan; Liu, Tingjun; Marquez, Robert
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Hong Kong; Renmin University of China; University of California System; University of California Davis
  摘要：We integrate heterogeneity and uncertainty in investor valuations into a model of takeovers. Investors have dispersed valuations, holding shares in firms they value more highly, and a successful offer must win approval from the median target shareholder. We derive the consequences for an acquiring firm's takeover offer-its size and cash/equity structure-and implications for takeover premia, firm returns, share price dynamics, the probability that a takeover succeeds, and shareholder welfare. W...
• The Wisdom of Crowds in Matters of Taste AI翻译
  作者：Mueller-Trede, Johannes; Choshen-Hillel, Shoham; Barneron, Meir; Yaniv, Ilan
  作者单位：University of California System; University of California San Diego; Hebrew University of Jerusalem; Hebrew University of Jerusalem; Hebrew University of Jerusalem
  摘要：Decision makers can often improve the accuracy of their judgments on factual matters by consulting crowds of others for their respective opinions. In this article, we investigate whether decision makers could similarly draw on crowds to improve the accuracy of their judgments about their own tastes and hedonic experiences. We present a theoretical model that states that accuracy gains from consulting a crowd's judgments of taste depend on the interplay among taste discrimination, crowd diversi...
• Unfair Pay and Health AI翻译
  作者：Falk, Armin; Kosse, Fabian; Menrath, Ingo; Verde, Pablo E.; Siegrist, Johannes
  作者单位：University of Bonn; University of Bonn; University of Lubeck; Heinrich Heine University Dusseldorf; Heinrich Heine University Dusseldorf
  摘要：This paper investigates physiological responses to perceptions of unfair pay. We use an integrated approach that exploits complementarities between controlled laboratory and representative panel data. In a simple principal-agent experiment, agents produce revenue by working on a tedious task. Principals decide how this revenue is allocated between themselves and their agents. Throughout the experiment we record agents' heart rate variability, which is an indicator of stress-related impaired ca...
• A Partial-Order-Based Model to Estimate Individual Preferences Using Panel Data AI翻译
  作者：Jagabathula, Srikanth; Vulcano, Gustavo
  作者单位：New York University; Universidad Torcuato Di Tella; Consejo Nacional de Investigaciones Cientificas y Tecnicas (CONICET)
  摘要：In retail operations, customer choices may be affected by stockout and promotion events. Given panel data with the transaction history of customers, and product availability and promotion data, our goal is to predict future individual purchases. We use a general nonparametric framework in which we represent customers by partial orders of preferences. In each store visit, each customer samples a full preference list of the products consistent with her partial order, forms a consideration set, a...
• Individual Differences in Correspondence Bias: Measurement, Consequences, and Correction of Biased Interpersonal Attributions AI翻译
  作者：Scopelliti, Irene; Min, H. Lauren; McCormick, Erin; Kassam, Karim S.; Morewedge, Carey K.
  作者单位：University of London; City St Georges, University of London; University of Colorado System; University of Colorado Boulder; Carnegie Mellon University; Boston University
  摘要：Across consequential attributions of attitudes, ability, emotions, and morality, people make correspondent inferences. People infer stable personality characteristics from others' behavior, even when that behavior is caused by situational factors. We examined the structure of correspondent inferences and report the development and validation of an instrument measuring individual differences in this correspondence bias (a Neglect of External Demands scale, or NED). The NED is internally consist...
• Resource Pooling and Allocation Policies to Deliver Differentiated Service AI翻译
  作者：Zhong, Yuanguang; Zheng, Zhichao; Chou, Mabel C.; Teo, Chung-Piaw
  作者单位：South China University of Technology; Singapore Management University; National University of Singapore
  摘要：Resource pooling strategies have been widely used in industry to match supply with demand. However, effective implementation of these strategies can be challenging. Firms need to integrate the heterogeneous service level requirements of different customers into the pooling model and allocate the resources (inventory or capacity) appropriately in the most effective manner. The traditional analysis of inventory pooling, for instance, considers the performance metric in a centralized system and d...
• Endogenous Matching in University-Industry Collaboration: Theory and Empirical Evidence from the United Kingdom AI翻译
  作者：Banal-Estanol, Albert; Macho-Stadler, Ines; Perez-Castrillo, David
  作者单位：Pompeu Fabra University; City St Georges, University of London; Autonomous University of Barcelona
  摘要：We use a two-sided matching framework to analyze collaboration between heterogeneous academics and firms. We consider both horizontal and vertical characteristics-those related to affinity (e.g., preferences for a type of scientific research) and those related to ability (e.g., capacity to produce high-quality scientific output). We build a unique data set based on the teams of academics and firms that proposed research projects to the UK's Engineering and Physical Sciences Research Council. O...
• Can Unspanned Stochastic Volatility Models Explain the Cross Section of Bond Volatilities? AI翻译
  作者：Joslin, Scott
  作者单位：University of Southern California
  摘要：In fixed income markets, volatility is unspanned if volatility risk cannot be hedged with bonds. We first show that all affine term structure models with state space R-+(M) x RN-M can be drift normalized and show when the standard variance normalization can be obtained. Using this normalization, we find conditions for a wide class of affine term structure models to exhibit unspanned stochastic volatility (USV). We show that the USV conditions restrict both the mean reversions of risk factors a...
• Testosterone and Tendency to Engage in Self-Employment AI翻译
  作者：Nicolaou, Nicos; Patel, Pankaj C.; Wolfe, Marcus T.
  作者单位：University of Warwick; University of Cyprus; Villanova University; University of Oklahoma System; University of Oklahoma - Norman
  摘要：Does testosterone increase the tendency to engage in self-employment? The results presented to date have been mixed. Using three different studies, we provide additional evidence on the relationship between testosterone and self-employment. Drawing on a cross section of 2,146 individuals (1,178 males and 968 females) from the National Health and Nutrition Examination Surveys' 2011-2012 sample, and controlling for endogeneity (with red blood cell count, percentage hematocrit, and zinc supplemen...