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作者：Yu, Qiuping; Allon, Gad; Bassamboo, Achal; Iravani, Seyed
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Pennsylvania; Northwestern University; Northwestern University
摘要：We study how to use delay announcements to manage customer expectations while allowing a firm to prioritize among customers with different sensitivities to time and value. We examine this problem by developing a framework that characterizes the strategic interaction between the firm and heterogeneous customers. When the firm has information about the state of the system, yet lacks information on customer types, delay announcements play a dual role: they inform customers about the state of the ...
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作者：Aretz, Kevin; Florackis, Chris; Kostakis, Alexandros
作者单位：University of Manchester; University of Liverpool
摘要：This study constructs a novel data set of bankruptcy filings for a large sample of non-U.S. firms in 14 developed markets and sheds new light on the cross-sectional relation between default risk and stock returns. Using the reduced-form approach of Campbell et al. (2008) to estimate default probabilities, we offer conclusive evidence supporting the existence of a significant positive default risk premium in international markets. This finding is robust to different portfolio weighting schemes,...
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作者：Longstaff, Francis A.
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We model illiquidity as a restriction on the stopping rules investors can follow in selling assets, and apply this framework to the valuation of thinly traded investments. We find that discounts for illiquidity can be surprisingly large, approaching 30%-50% in some cases. Immediacy plays a unique role and is valued much more than ongoing liquidity. We show that investors in illiquid enterprises have strong incentives to increase dividends and other cash payouts, thereby introducing potential a...
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作者：Batsaikhan, Mongoljin; Tumennasan, Norovsambuu
作者单位：Qatar Foundation (QF); Georgetown University in Qatar; Dalhousie University; Aarhus University
摘要：We study the effects of price matching in a setting in which each firm selects both its price and output, simultaneously. We show that the availability of a price-matching option leads to the Cournot outcome in this setting. Our experimental study confirms this result in the laboratory. Our finding is a stark contrast to the one obtained in the standard price competition that the most likely market price in the presence of a price-matching option is the monopolistic price. In addition, we show...
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作者：Yang, S. Alex; Birge, John R.
作者单位：University of London; London Business School; University of Chicago
摘要：As an integrated part of a supply contract, trade credit has intrinsic connections with supply chain coordination and inventory management. Using a model that explicitly captures the interaction of firms' operations decisions, financial constraints, and multiple financing channels (bank loans and trade credit), this paper attempts to better understand the risk-sharing role of trade credit-that is, how trade credit enhances supply chain efficiency by allowing the retailer to partially share the...
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作者：Beck, Thorsten; Ioannidou, Vasso V.; Schaefer, Larissa
作者单位：University of London; City St Georges, University of London; Lancaster University; Centre for Economic Policy Research - UK; Frankfurt School Finance & Management
摘要：Can distance-related information asymmetries in credit markets be overcome with contract design and credit scoring models? To answer this question, we explore differences in foreign and domestic banks' credit contract terms and pricing models. Using a sample of firms that borrow from both domestic and foreign banks in the same month, we show that foreign banks are more likely to demand collateral and grant shorter maturity loans than domestic banks. Foreign banks also base their pricing on int...
