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作者：Finke, Michael S.; Howe, John S.; Huston, Sandra J.
作者单位：Texas Tech University System; Texas Tech University; University of Missouri System; University of Missouri Columbia
摘要：Households age 60 and older bear increasing responsibility for managing retirement portfolios, and they hold the majority of financial assets in the United States. Cognitive aging studies find evidence of a decline in fluid and crystallized intelligence in old age that may impact the ability to manage money effectively. Using a large sample of older respondents, we test whether knowledge of basic concepts essential to effective financial choice declines after age 60. We find a consistent linea...
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作者：Brown, Martin; Serra-Garcia, Marta
作者单位：University of St Gallen; University of California System; University of California San Diego
摘要：Implicit contracts can mitigate moral hazard in labor, credit, and product markets. The enforcement mechanism underlying an implicit contract is the threat of exclusion: the agent fears that he will lose future income if the principal breaks off the relationship. This threat may be very weak in environments where an agent can appropriate income-generating resources provided by the principal. For example, in credit markets with weak creditor protection, borrowers may be able to appropriate borr...
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作者：Lim, Yun Fong; Wang, Chen
作者单位：Singapore Management University
摘要：We propose a target-oriented robust optimization approach to solve a multiproduct, multiperiod inventory management problem subject to ordering capacity constraints. We assume the demand for each product in each period is characterized by an uncertainty set that depends only on a reference value and the bounds of the demand. Our goal is to find an ordering policy that maximizes the sizes of all the uncertainty sets such that all demand realizations from the sets will result in a total cost low...
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作者：Sangiorgi, Francesco; Spatt, Chester
作者单位：Stockholm School of Economics; Carnegie Mellon University; National Bureau of Economic Research
摘要：We develop a rational expectations model in which an issuer purchases credit ratings sequentially, deciding which to disclose to investors. Opacity about contacts between the issuer and rating agencies induces potential asymmetric information about which ratings the issuer obtained. While the equilibrium forces disclosure of ratings when the market knows these have been generated, endogenous uncertainty about whether there are undisclosed ratings can arise and lead to selective disclosure and ...
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作者：Ata, Baris; Skaro, Anton; Tayur, Sridhar
作者单位：University of Chicago; Northwestern University; Feinberg School of Medicine; Carnegie Mellon University
摘要：There are over 90,000 patients in the United States waiting for a kidney transplant. Under the current allocation policy, the vast majority of deceased organs are allocated locally. This causes significant disparities in waiting times and access to transplant across different geographical areas. To ameliorate this inequity, we propose an operational solution that offers affordable jet services (OrganJet) to patients on the transplant waiting list, allowing them to list in multiple different, a...
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作者：Capponi, Agostino; Frei, Christoph
作者单位：Columbia University; University of Alberta
摘要：We introduce an equity-credit portfolio framework taking into account the structural interaction of market and credit risk, along with their systemic dependencies. We derive an explicit expression for the optimal investment strategy in stocks and credit default swaps (CDSs). We exploit its representation structure and analyze the mechanisms driving the optimal investment decisions. The transmission of market risk premia is the key mechanism through which systemic influences affect the optimal ...
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作者：Fracassi, Cesare
作者单位：University of Texas System; University of Texas Austin
摘要：This paper shows that managers are influenced by their social peers when making corporate policy decisions. Using biographical information about executives and directors of U.S. public companies, we define social ties from current and past employment, education, and other activities. We find that more connections two companies share with each other, more similar their capital investments are. To address endogeneity concerns, we find that companies invest less similarly when an individual conne...
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作者：Leung, Alvin Chung Man; Agarwal, Ashish; Konana, Prabhudev; Kumar, Alok
作者单位：City University of Hong Kong; University of Texas System; University of Texas Austin; University of Miami
摘要：There is an increasing attention in information systems to be able to predict outcomes using search frequency on popular portals. This growing literature focuses on revealing demand patterns of individual assets (e.g., products, stocks, services). However, users typically search many different assets together (e.g., correlated searches) and leave a digital footprint, which can help provide insights on the behaviors of a group of assets. Furthermore, such group behavior can be used to predict o...
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作者：Biggerstaff, Lee; Cicero, David C.; Puckett, Andy
作者单位：University System of Ohio; Miami University; University of Alabama System; University of Alabama Tuscaloosa; Auburn University System; Auburn University; University of Tennessee System; University of Tennessee Knoxville
摘要：Using golf play as a measure of leisure, we provide direct evidence that some CEOs shirk their responsibilities to the detriment of firm shareholders. CEOs with lower equity-based incentives play more golf and those that golf the most are associated with firms that have lower operating performance and firm values. Numerous tests accounting for the possible endogenous nature of these relations support a conclusion that CEO shirking causes lower firm performance. New CEOs and those at firms with...
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作者：Agrawal, Vishal V.; Bellos, Ioannis
作者单位：Georgetown University; George Mason University
摘要：It has been argued that servicizing business models, under which a firm sells the use of a product rather than the product itself, are environmentally beneficial. The main arguments are as follow. First, under servicizing the firm charges customers based on the product usage. Second, the quantity of products required to meet customer needs may be smaller because the firm may be able to pool customer needs. Third, the firm may have an incentive to offer products with higher efficiency. Motivate...
