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• Corporate Governance and Costs of Equity: Theory and Evidence AI翻译
  作者：Li, Di; Li, X. N.
  作者单位：University System of Georgia; Georgia State University
  摘要：We propose and test an alternative explanation for the existence of the positive governance-return relation in the 1990s and its disappearance in the 2000s: The governance-return relation is positive under good states of the economy and negative under bad states. Corporate governance mitigates investment distortions so that firms with strong governance have more valuable investment options during booms and more valuable divestiture options during busts than the ones with weak governance. Becau...
• Superstition and Financial Decision Making AI翻译
  作者：Hirshleifer, David; Jian, Ming; Zhang, Huai
  作者单位：University of California System; University of California Irvine; Nanyang Technological University
  摘要：In Chinese culture, certain digits are lucky and others unlucky. We test how such numerological superstition affects financial decision in the China initial public offering (IPO) market. We find that the frequency of lucky numerical stock listing codes exceeds what would be expected by chance. Also consistent with superstition effects, newly listed firms with lucky listing codes experience inferior post-IPO abnormal returns. Further tests suggest that our conclusions are not driven by endogene...
• Asymptotic Optimality of Tailored Base-Surge Policies in Dual-Sourcing Inventory Systems AI翻译
  作者：Xin, Linwei; Goldberg, David A.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University System of Georgia; Georgia Institute of Technology
  摘要：Dual-sourcing inventory systems, in which one supplier is faster (i.e., express) and more costly, while the other is slower (i.e., regular) and cheaper, arise naturally in many real-world supply chains. These systems are notoriously difficult to optimize because of the complex structure of the optimal solution and the curse of dimensionality, having resisted solution for over 40 years. Recently, so-called tailored base-surge (TBS) policies have been proposed as a heuristic for the dual-sourcin...
• Assessing Fair Lending Risks Using Race/Ethnicity Proxies AI翻译
  作者：Zhang, Yan
  作者单位：United States Department of the Treasury; Office of the Comptroller of the Currency
  摘要：Fair lending analysis of nonmortgage credit products often involves proxying for race/ethnicity since such information is not required to be reported. Using mortgage data, this paper evaluates a series of proxy approaches (geo, surname, geo-surname, and Bayesian Improved Surname Geocoding (BISG)) as compared with the race/ethnicity reported under the Home Mortgage Disclosure Act (HMDA). The BISG proxy predicts the reported race/ethnicity the best as judged by prediction bias, correlation coeff...
• Humans Are Not Machines: The Behavioral Impact of Queueing Design on Service Time AI翻译
  作者：Shunko, Masha; Niederhoff, Julie; Rosokha, Yaroslav
  作者单位：University of Washington; University of Washington Seattle; Syracuse University; Purdue University System; Purdue University
  摘要：Using behavioral experiments, we study the impact of queue design on worker productivity in service systems that involve human servers. Specifically, we consider two queue design features: queue structure, which can be either parallel queues (multiple queues with a dedicated server per queue) or a single queue (a pooled queue served by multiple servers), and queue-length visibility, which can provide either full or blocked visibility. We find that (1) the single-queue structure slows down the ...
• Intellectual Property Strategy and the Long Tail: Evidence from the Recorded Music Industry AI翻译
  作者：Zhang, Laurina
  作者单位：Western University (University of Western Ontario)
  摘要：Digitization has impacted firm profitability in many media industries by lowering the cost of copying and sharing creative works. I examine the impact of digital rights management (DRM), a prevalent strategy used by firms in media industries to address piracy concerns, on music sales. I exploit a natural experiment, where different labels remove DRM from their entire catalogue of music at different times, to examine whether relaxing an album's sharing restrictions increases sales. Using a larg...
• Market Exit Through Divestment-The Effect of Accounting Bias on Competition AI翻译
  作者：Chen, Hui; Jorgensen, Bjorn N.
  作者单位：University of Zurich; University of London; London School Economics & Political Science
  摘要：We analyze the effect of accounting bias on the competition and market structure of an industry. In our model, firms' interim accounting reports on investment projects may contain bias introduced by the mandatory accounting system. We find that this bias strictly decreases firms' profits when investors do not have an abandonment option, but different results emerge when we allow the investors to divest in the interim. Specifically, a conservative accounting regime may increase the likelihood o...
• An Empirical Analysis of Self-Enforcement Mechanisms: Evidence from Hotel Franchising AI翻译
  作者：Kosova, Renata; Sertsios, Giorgo
  作者单位：Imperial College London; Universidad de los Andes - Chile
  摘要：The relational contracts literature suggests that a principal can improve contract self-enforceability by specifying initial requirements that increase the agent's ex post rents. Initial requirements specified in hotel franchise agreements-size and quality tier of the hotel-offer a unique empirical setting to test this. Using proprietary data on 5,547 new franchised hotels and their revenues, we find that hotels far away from their franchisor's headquarters are larger, more likely to belong to...