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作者：Cen, Ling; Wei, K. C. John; Yang, Liyan
作者单位：University of Toronto; University Toronto Scarborough; Hong Kong Polytechnic University; University of Toronto; Peking University
摘要：We explore analysts' earnings forecast data to improve on one popular disagreement measure-the analyst forecast dispersion measure-proposed by Diether et al. [Diether KB, Malloy CJ, Scherbina A (2002) Differences of opinion and the cross section of stock returns. J. Finance 57: 2113-2141]. Our analysis suggests that changes in the standard deviations of forecasted earnings can work as a complementary disagreement measure that is comparable across stocks and immune from other return-predictive ...
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作者：Lambrecht, Anja; Misra, Kanishka
作者单位：University of London; London Business School; University of Michigan System; University of Michigan
摘要：Many online content providers aim to compensate for a loss in advertising revenues by charging consumers for access to content. However, such a choice is not straightforward because subscription fees typically deter customers, and a resulting decline in viewership further reduces advertising revenues. This research examines whether firms that offer both free and paid content can benefit from adjusting the amount of content offered for free. We find that firms should offer more free-and not pai...
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作者：Lang, Matthias
作者单位：Free University of Berlin; Max Planck Society; Leibniz Association; Ifo Institut
摘要：Different models of uncertainty aversion imply strikingly different economic behavior. The key to understanding these differences lies in the dichotomy between first-order and second-order ambiguity aversion, which I define here. My definition and its characterization are independent of specific representations of decisions under uncertainty. I showthat with second-order ambiguity aversion, a positive exposure to ambiguity is optimal if and only if there is a subjective belief such that the ac...
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作者：Campello, Fernanda; Ingolfsson, Armann; Shumsky, Robert A.
作者单位：University of Alberta; Dartmouth College
摘要：Many service systems use case managers, servers who are assigned multiple customers and have frequent, repeated interactions with each customer until the customer's service is completed. Examples may be found in healthcare (emergency department physicians), contact centers (agents handling multiple online chats simultaneously) and social welfare agencies (social workers with multiple clients). We propose a stochastic model of a baseline case-manager system, formulate models that provide perfor...
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作者：Fos, Vyacheslav
作者单位：Boston College
摘要：Using a manually collected data set of all proxy contests from 1994 through 2012, I show that proxy contests play an important role in hostile corporate governance. Target shareholders benefit from proxy contests: the average abnormal returns reach 6.5% around proxy contest announcements. Proxy contests that address firms' business strategies and undervaluation are most beneficial for shareholders. By contrast, proxy contests that aim at changing capital structure and governance do not lead to...
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作者：Serpa, Juan Camilo; Krishnan, Harish
作者单位：McGill University; University of British Columbia
摘要：The use of business insurance has been traditionally studied in a single-firmsetting, but in reality preventing operational accidents involves the (unobservable) efforts of multiple firms. We show that, in a multifirm setting, insurance can be used strategically as a commitment mechanism to prevent excessive free riding by other firms. In the presence of wealth imbalances, contracts alone leave wealth-constrained firms with inefficiently low incentives to exert effort (because of limited liabi...
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作者：Godes, David
作者单位：University System of Maryland; University of Maryland College Park
摘要：We investigate the equilibrium relationship between product quality and word-of-mouth (WOM) communication. Specifically, we ask whether firms should optimally produce better products when consumers are more likely to exchange information. The critical moderating factor in our model is the nature of the communication and what its primary impact is. We first look at WOM that expands awareness of a product. We show that quality may either increase or decrease as WOM expands. The answer depends, i...
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作者：Levi, Retsef; Perakis, Georgia; Romero, Gonzalo
作者单位：Massachusetts Institute of Technology (MIT); University of Toronto
摘要：We study the problem faced by a central planner trying to increase the consumption of a good, such as new malaria drugs in Africa. The central planner allocates subsidies to its producers, subject to a budget constraint and endogenous market response. The policy most commonly implemented in practical applications of this problem is uniform, in the sense that it allocates the same per-unit subsidy to every firm, primarily because of its simplicity and perceived fairness. Surprisingly, we identi...
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作者：Fay, Scott; Zeithammer, Robert
作者单位：Syracuse University; University of California System; University of California Los Angeles
摘要：In a name-your-own-price (NYOP) auction, consumers bid for a product or service. If a bid exceeds the concealed threshold price, the consumer receives the product at her bid price. This paper examines how to optimize the interactions between the NYOP retailer and service providers, while, at the same time, managing the bid acceptance rates in order to induce the desired consumer bidding behavior. Channel profit is impacted by how the retailer decides whether or not a given consumer bid will be...
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作者：Kutzner, Florian L.; Read, Daniel; Stewart, Neil; Brown, Gordon
作者单位：Ruprecht Karls University Heidelberg; University of Warwick; University of Warwick
摘要：Many decision makers seek to optimize choices between uncertain options such as strategies, employees, or products. When performance targets must be met, attending to observed past performance is not enough to optimize choices-option uncertainty must also be considered. For example, for stretch targets that exceed observed performance, more uncertain options are often better bets. A significant determinant of option uncertainty is sample size: for a given option, the smaller the sample of info...
