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作者：Mukherjee, Anirban; Kadiyali, Vrinda
作者单位：Singapore Management University; Cornell University
摘要：We study the market for new (movie) DVDs in the United States. Our demand model captures seasonality, freshness (i.e., time between theatrical and DVD release), and state dependence. We also develop a structural model of dynamic competition in which studios balance waiting for high-demand weeks, against reduced freshness, and against competitive crowding. We find that studios emphasize DVD revenues from larger movies (by theatrical revenue) over DVD revenues from smaller movies. Studios also e...
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作者：Otto, Clemens A.; Volpin, Paolo F.
作者单位：Hautes Etudes Commerciales (HEC) Paris; City St Georges, University of London
摘要：We examine how mark-to-market accounting affects the investment decisions of managers with reputation concerns. Reporting the current market value of a firm's assets can help mitigate agency problems because it provides outsiders (e.g., shareholders) with new information against which the management's decisions can be evaluated. However, the fact that the assets' market value is informative can also have a negative side effect: managers may shy away from investments that indicate conflicting p...
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作者：Hoberg, Gerard; Phillips, Gordon
作者单位：University of Southern California; Dartmouth College; National Bureau of Economic Research
摘要：We analyze the words that firms use to describe their products so we can examine the determinants of which industries conglomerate firms operate within. Our central finding is that multiple-industry firms operate across industries with higher product language overlap. Multiple-industry firms also avoid industries with more distinct language boundaries and those with more specialized within-industry language. We also find evidence linking these results to specific synergies such as potential en...
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作者：Scheele, Lisa M.; Thonemann, Ulrich W.; Slikker, Marco
作者单位：University of Cologne; Eindhoven University of Technology
摘要：We consider a firm where the sales division (SALES) is responsible for demand forecasting and the operations division (OPERATIONS) is responsible for ordering. SALES has better information about the demand than OPERATIONS and sends a nonbinding demand forecast to OPERATIONS. To incentivize truthful information sharing, we include a forecast error penalty in the incentive system of SALES. Besides monetary payoffs, we also add behavioral factors to the utility function of SALES. We model the set...
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作者：Guo, Liang; Wu, Xiaole
作者单位：Chinese University of Hong Kong; Fudan University
摘要：Market competition may lead to mismatch between supply and demand. That is, overpricing may give rise to underselling, and underpricing may yield stockout. Capacity sharing is a common practice to align excessive capacity with excessive demand. Yet, the strategic interaction between competition and capacity sharing has not been adequately addressed. In this paper, we investigate optimal strategies and firm profitability of capacity sharing between competing firms under both ex ante and ex post...
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作者：Cai, Xiqian; Gong, Jie; Lu, Yi; Zhong, Songfa
作者单位：Xiamen University; National University of Singapore; Tsinghua University; National University of Singapore
摘要：This paper investigates the effect of work interruption on workers' subsequent productivity. We employ a data set of individual productivity and machine conditions, in which each worker faces the chance, on a daily basis, that her machine will break down randomly. Our analysis finds that compared to a workday with smooth production, experiencing a machine breakdown is associated with a 3.3 percentage point decline in the worker's productivity the following day. We discuss possible explanations...
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作者：Teodoridis, Florenta
作者单位：University of Southern California
摘要：Teamwork is an increasingly important aspect of knowledge production. In particular, factors influencing team formation relative to the composition of expertise are crucial for both organizational performance and for informing policy. In this paper, I draw attention to technology access as a highly influential factor impacting expertise in team formation. I examine the hack of Microsoft Kinect as an exogenous event that suddenly reduced motion-sensing technology costs. I show that great reduct...
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作者：Bhattacharya, Utpal; Kuo, Wei-Yu; Lin, Tse-Chun; Zhao, Jing
作者单位：Hong Kong University of Science & Technology; National Chengchi University; National Chengchi University; University of Hong Kong; Hong Kong Polytechnic University
摘要：Do superstitious traders lose money? We answer this question in the context of trading in the Taiwan Futures Exchange, where we exploit the Chinese superstition that the number 8 is lucky and the number 4 is unlucky. We find that individual investors, but not institutional investors, submit disproportionately more limit orders at 8 than at 4. This imbalance, defined as the superstition index for each investor, is positively correlated with trading losses. Superstitious investors lose money mai...
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作者：Manconi, Alberto; Massa, Massimo; Zhang, Lei
作者单位：Bocconi University; INSEAD Business School; Nanyang Technological University
摘要：We study the informational role of corporate hedging, comparing two hypotheses. Under the opacity hypothesis, corporate hedging makes earnings less informative, renders the firm opaque, and increases informed traders' profitability. Under the transparency hypothesis, hedging reduces uncertainty and erodes the informed traders' information advantage and profitability. Our tests support the transparency hypothesis. Hedging is associated with lower uncertainty (lower implied volatility and analys...
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作者：Gao, Fei; Su, Xuanming
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Pennsylvania
摘要：Many restaurants have recently implemented self-order technologies across both online and offline channels. Online technology, through websites and mobile apps, allows customers to order and pay before coming to the store; offline technology, such as self-service kiosks, allows store customers to place orders without interacting with a human employee. In this paper, we develop a stylized theoretical model to study the impact of self-order technologies on customer demand, employment levels, and...
