-
作者：Allen, Eric J.; Dechow, Patricia M.; Pope, Devin G.; Wu, George
作者单位：University of Southern California; University of California System; University of California Berkeley; University of Chicago
摘要：Theories of reference-dependent preferences propose that individuals evaluate outcomes as gains or losses relative to a neutral reference point. We test for reference dependence in a large data set of marathon finishing times (n = 9; 789; 093). Models of reference-dependent preferences such as prospect theory predict bunching of finishing times at reference points. We provide visual and statistical evidence that round numbers (e.g., a four-hour marathon) serve as reference points in this envir...
-
作者：Gambardella, Alfonso; Raasch, Christina; von Hippel, Eric
作者单位：Bocconi University; Bocconi University; Technical University of Munich; Massachusetts Institute of Technology (MIT)
摘要：Innovation has traditionally been seen as the province of producers. However, theoretical and empirical research now shows that individual users-consumers-are also a major and increasingly important source of new product and service designs. In this paper, we build a microeconomic model of a market that incorporates demand-side innovation and competition. We explain the conditions under which firms find it beneficial to invest in supporting and harvesting users' innovations, and we show that s...
-
作者：Chen, Shi; Lee, Hau
作者单位：University of Washington; University of Washington Seattle; Stanford University
摘要：We consider a project supply chain where a manufacturer carries out a sequence of tasks, and each task requires certain key materials from a supplier. Since a fixed-price contract cannot attain channel coordination, we focus on time-based incentive contracts. Our proposed contract requires optimization of the material delivery schedule as well as the fraction and the timing of a delayed payment to each supplier. Under the contract, the manufacturer's profit is affected by the variance but not ...
-
作者：Franco, Francesca; Ittner, Christopher D.; Urcan, Oktay
作者单位：University of London; London Business School; University of Pennsylvania; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study investigates the determinants and trading performance of outside directors' equity deferrals, which represent the choice to convert part or all of their annual cash compensation into deferred company stock. Using a large sample of S&P 1500 firms that allowed directors to defer their cash fees into equity between 1999 and 2009, we find significant associations between equity deferral choices and specific features of the director compensation plans, proxies for directors' outside weal...
-
作者：Mazar, Nina; Shampanier, Kristina; Ariely, Dan
作者单位：University of Toronto; Analysis Group Inc.; Duke University
摘要：A number of retailers offer gambling-or lottery-type price promotions with a chance to receive one's entire purchase for free. Although these retailers seem to share the intuition that probabilistic free price promotions are attractive to consumers, it is unclear how they compare to traditional sure price promotions of equal expected monetary value. We compared these two risky and sure price promotions for planned purchases across six experiments in the field and in the laboratory. Together, w...
-
作者：Bhojraj, Sanjeev; Sengupta, Partha; Zhang, Suning
作者单位：Cornell University; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Iowa
摘要：In this study, we examine the role of restructuring charges in the existence and subsequent weakening of the widely documented accrual anomaly. We find that prior to 2003, the significant positive abnormal hedge returns experienced by accrual based strategies were influenced by a subset of firms with high restructuring charges. After 2003, with the introduction of the Statement of Financial Accounting Standards No. 146 changing the accounting for restructuring charges, restructuring firms no l...
-
作者：Gallino, Santiago; Moreno, Antonio; Stamatopoulos, Ioannis
作者单位：Dartmouth College; Northwestern University
摘要：We study the effects of the introduction of cross-channel functionalities on the overall sales dispersion of retailers and the implications of these effects for inventory management. To do that, we analyze data from a leading U.S. retailer who introduced a ship-to-store (STS) functionality that allows customers to ship products to their local store free of charge when those products are not available in their local store. Based on the fact that stores prioritize carrying products for which loc...
-
作者：Li, Meng; Petruzzi, Nicholas C.; Zhang, Jun
作者单位：Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Fudan University
摘要：Overconfidence is one of the most consistent, powerful, and widespread cognitive biases affecting decision making in situations characterized by random outcomes. In this paper, we study the effects and implications of overconfidence in a competitive newsvendor setting. In this context, overconfidence is defined as a cognitive bias in which decision makers behave as though the outcome of an uncertain event is less risky than it really is. This bias unequivocally leads to a lower expected profit...
-
作者：Bradley, Daniel; Kim, Incheol; Tian, Xuan
作者单位：State University System of Florida; University of South Florida; Fordham University; Indiana University System; Indiana University Bloomington; Tsinghua University
摘要：We examine the effect of unionization on firm innovation, using a regression discontinuity design that relies on locally exogenous variation generated by elections that pass or fail by a small margin of votes. Passing a union election results in an 8.7% (12.5%) decline in patent quantity (quality) three years after the election. A reduction in R&D expenditures, reduced productivity of inventors, and departures of innovative inventors appear to be plausible underlying mechanisms through which u...
-
作者：Du, Zaichao; Escanciano, Juan Carlos
作者单位：Southwestern University of Finance & Economics - China; Indiana University System; Indiana University Bloomington
摘要：The Basel Committee on Banking Supervision (BIS) has recently sanctioned expected shortfall (ES) as the market risk measure to be used for banking regulatory purposes, replacing the well-known value at risk (VaR). This change is motivated by the appealing theoretical properties of ES as a measure of risk and the poor properties of VaR. In particular, VaR fails to control for tail risk. In this transition, the major challenge faced by financial institutions is the unavailability of simple tools...
