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作者：Behr, Patrick; Kisgen, Darren J.; Taillard, Jerome P.
作者单位：Boston College; Babson College
摘要：Securities and Exchange Commission (SEC) regulations in 1975 gave select rating agencies increased market power by increasing both barriers to entry and the reliance on ratings for regulations. We test whether these regulations led to ratings inflation. We find that defaults and negative financial changes are more likely for firms given the same rating if the rating was assigned after the SEC action. Furthermore, firms initially rated Baa in the post-regulation period are 19% more likely to be...
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作者：Kim, E. Han; Lu, Yao
作者单位：University of Michigan System; University of Michigan; Tsinghua University
摘要：The executive suite and the board are closely bound to each other through their fiduciary responsibility to the same shareholders. With chief executive officers' (CEOs) prominent role in both governing bodies, their independence from CEOs' self-serving behavior might be related to each other. We explore the interdependence using an external shock increasing board independence. The shock weakens executive suite independence by increasing CEO connectedness within executive suites through appoint...
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作者：Gil, Ricard; Ruzzier, Christian A.
作者单位：Johns Hopkins University; University of Navarra; IESE Business School; Universidad de San Andres Argentina
摘要：This paper empirically investigates whether changes in product market competition affect firm boundaries. Exploiting regulation-induced shocks to entry barriers and differences in regulation enforcement across cities to obtain exogenous variation in competition, we establish a negative causal effect of competition (through reduced entry barriers and a larger number of rival firms) on vertical integration in the setting of the Spanish local television industry between 1995 and 2002.
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作者：Morewedge, Carey K.; Tang, Simone; Larrick, Richard P.
作者单位：Boston University; Duke University
摘要：We examined whether people reduce the impact of negative outcomes through emotional hedging-betting against the occurrence of desired outcomes. We found substantial reluctance to bet against the success of preferred U.S. presidential candidates and Major League Baseball, National Football League, National Collegiate Athletic Association (NCAA) basketball, and NCAA hockey teams. This reluctance was not attributable to optimism or a general aversion to hedging. Reluctance to hedge desired outcom...
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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：Moon, Ken; Bimpikis, Kostas; Mendelson, Haim
作者单位：University of Pennsylvania; Stanford University
摘要：Online retail reduces the costs of obtaining information about a product's price and availability and of flexibly timing a purchase. Consequently, consumers can strategically time their purchases, weighing the costs of monitoring and the risk of inventory depletion against prospectively lower prices. At the same time, firms can observe and exploit their customers' monitoring behavior. Using a data set tracking customers of a North American specialty retail brand, we present empirical evidence ...
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作者：Piccolo, Salvatore; Tedeschi, Piero; Ursino, Giovanni
作者单位：University of Bergamo; Catholic University of the Sacred Heart
摘要：We study a simple game in which two sellers supply goods whose quality cannot be assessed by consumers even after consumption but can be verified with some probability by a public authority. Sellers may induce a prospective buyer into a bad purchase through comparative deceptive advertising. The central contribution of this paper is the characterization of a class of pooling equilibria in which low-quality sellers deceive a buyer who is Bayes-rational and makes a purchase decision on the basis...
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作者：Hu, Zhenyu; Nasiry, Javad
作者单位：National University of Singapore; Hong Kong University of Science & Technology
摘要：Behavioral pricing and revenue management aim to incorporate realistic consumer behavior into firms' pricing and inventory models. The key input to these models is market demand, which is often assumed to inherit the characteristics of consumer behavior-as when, for example, one assumes that a market consisting of loss-averse consumers is more responsive to losses than to gains. Yet market demand and consumer behavior need not be related, and so, we argue, that approach to modeling market dema...
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作者：Gallant, A. Ronald; Hong, Han; Khwaja, Ahmed
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Stanford University; University of Cambridge
摘要：This paper examines whether experience from entry in one market can potentially enhance profitability at a future market opportunity for a related product. We formulate and estimate a dynamic game of entry in which forward-looking firms make decisions not just based on present benefits of past entry but also anticipating potential future benefits of current entry. Dynamic spillovers of entry are incorporated through a firm-specific unobservable (to the researcher) cost that depends on past ent...
