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作者：Jagabathula, Srikanth; Rusmevichientongb, Paat
作者单位：New York University; University of Southern California
摘要：The selection of products and prices offered by a firm significantly impacts its profits. Existing approaches do not provide flexible models that capture the joint effect of assortment and price. We propose a nonparametric framework in which each customer is represented by a particular price threshold and a particular preference list over the alternatives. The customers follow a two-stage choice process; they consider the set of products with prices less than the threshold and choose the most ...
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作者：Heyes, Anthony; Martin, Steve
作者单位：University of Ottawa
摘要：In many settings firms rely on nongovernmental organizations (NGOs) to certify prosocial attributes embodied in their products. We provide a model of competition between NGOs in the provision of labeling services. Competition between a fixed number ofNGOs features a race to the top in labeling standards, but entry ofNGOs offering new labels pushes standards down. In a wide range of settings NGO entry and competition results in too many labels being adopted, with each label being too stringent....
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作者：Bernstein, Shai; Lerner, Josh; Sorensen, Morten; Stromberg, Per
作者单位：Stanford University; Harvard University; National Bureau of Economic Research; Copenhagen Business School; Columbia University; Stockholm School of Economics; Centre for Economic Policy Research - UK
摘要：The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms of total production and employment and appear less exposed to aggregate shocks. Our robustness tests provide some evidence that is consistent with our effects being driven by our preferred channel.
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作者：Nanda, Ramana; Rhodes-Kropf, Matthew
作者单位：Harvard University
摘要：We provide a model of investment in new ventures that demonstrates why some places, times, and industries should be associated with a greater degree of experimentation by investors. Investors respond to financing risk, a forecast of limited future funding, by modifying their focus to finance less innovative firms. In equilibrium, financing risk disproportionately impacts innovative ventures with the greatest real option value by creating a trade-off between protecting the firm from financing r...
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作者：Belloni, Alexandre; Lopomo, Giuseppe; Wang, Shouqiang
作者单位：Duke University; University of Texas System; University of Texas Dallas
摘要：We study the effect of multilateral private information on the efficiency of markets where capacity-constrained upstream agents supply a resource to downstream entities facing uncertain end-demands. We analyze two models: a pooling system, in which a single downstream principal pools a resource from multiple upstream agents; and a distribution system, in which one upstream principal allocates a resource across multiple downstream agents. We show that the presence of multilateral private inform...
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作者：Eufinger, Christian; Gill, Andrej
作者单位：University of Navarra; IESE Business School; Goethe University Frankfurt
摘要：This paper proposes a new regulatory approach that implements capital requirements contingent on executive incentive schemes. We argue that excessive risk taking in the financial sector originates from the shareholder moral hazard created by government guarantees rather than from corporate governance failures within banks. The idea behind the proposed regulatory approach is thus that the more the compensation structure decouples the interests of bank managers from those of shareholders by curb...
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作者：Gallus, Jana
作者单位：University of California System; University of California Los Angeles
摘要：This natural field experiment tests the effects of purely symbolic awards on volunteer retention in a public goods context. The experiment is conducted at Wikipedia, which faces declining editor retention rates, particularly among newcomers. Randomization assures that award receipt is orthogonal to previous performance. The analysis reveals that awards have a sizeable effect on newcomer retention, which persists over the four quarters following the initial intervention. This is noteworthy for ...
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作者：Haliassos, Michael; Jansson, Thomas; Karabulut, Yigitcan
作者单位：Goethe University Frankfurt; Goethe University Frankfurt; Sveriges Riksbank; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：The recent influx of migrants and refugees into Europe and elsewhere raises questions as to whether migrant behavior reflects cultural predispositions and whether assimilation through exposure to host institutions can be expected. The paper focuses on financial behavior and uses high-quality administrative data on migrants and refugees to Sweden. It uncovers differences across cultural groups in how behavior relates to household characteristics, and shows that differences diminish with exposur...
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作者：Cvitanic, Jaksa; Possamai, Dylan; Touzi, Nizar
作者单位：California Institute of Technology; Universite PSL; Universite Paris-Dauphine; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We consider a contracting problem in which a principal hires an agent to manage a risky project. When the agent chooses volatility components of the output process and the principal observes the output continuously, the principal can compute the quadratic variation of the output, but not the individual components. This leads to moral hazard with respect to the risk choices of the agent. To find the optimal contract, we develop a novel approach to solving principal-agent problems: first, we ide...
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作者：Post, Thierry; Kopa, Milos
作者单位：Koc University; Charles University Prague
摘要：We develop an optimization method for constructing investment portfolios that dominate a given benchmark portfolio in terms of third-degree stochastic dominance. Our approach relies on the properties of the semivariance function, a refinement of an existing superconvex dominance condition, and quadratic constrained programming. We apply our method to historical stock market data using an industry momentum strategy. Our enhanced portfolio generates important performance improvements compared wi...
