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作者：Boulding, William; Guha, Abhijit; Staelin, Richard
作者单位：Duke University; University of South Carolina System; University of South Carolina Columbia
摘要：A robust finding in the escalation literature, termed as the preference effect, is that involvement in the period 1 initial project assessment decision increases the tendency for decision makers to stick with a losing course of action during the period 2 project reassessment decision. The proposed solution is to bring in a new decision maker in period 2. Across multiple studies, we show that providing period 1 information in real options format increases the tendency for decision makers to vie...
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作者：Lee, Yun Shin; Siemsen, Enno
作者单位：Korea Advanced Institute of Science & Technology (KAIST); University of Wisconsin System; University of Wisconsin Madison
摘要：We conduct three behavioral laboratory experiments to compare newsvendor order decisions placed directly to order decisions submitted in a decomposed way by soliciting point forecasts, uncertainty estimates, and service-level decisions. Decomposing order decisions in such a way often follows from organizational structure and can lead to performance improvements compared with ordering directly. However, we also demonstrate that if the critical ratio is below 50%, or if the underlying demand unc...
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作者：Koester, Allison; Shevlin, Terry; Wangerin, Daniel
作者单位：Georgetown University; University of California System; University of California Irvine; Michigan State University; Michigan State University's Broad College of Business
摘要：Most prior studies model tax avoidance as a function of firm-level characteristics and do not consider how individual executive characteristics affect tax avoidance. This paper investigates whether executives with superior ability to efficiently manage corporate resources engage in greater tax avoidance. Our results show that moving from the lower to upper quartile of managerial ability is associated with a 3.15% (2.50%) reduction in a firm's one-year (five-year) cash effective tax rate. We ex...
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作者：Ackermann, Fabian; Pohl, Walt; Schmedders, Karl
作者单位：University of Zurich; Swiss Finance Institute (SFI)
摘要：DeMiguel et al. [DeMiguel V, Garlappi L, Uppal R (2009) Optimal versus naive diversification: How inefficient is the 1/N portfolio strategy? Rev. Financial Stud. 22(5): 1915-1953] showed that in the stock market, it is difficult for an optimized portfolio constructed using mean-variance analysis to outperform a simple, equally weighted portfolio because of estimation error. In this paper, we demonstrate that portfolio optimization can be made to work in currency markets. The key difference bet...
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作者：Addoum, Jawad M.; Korniotis, George; Kumar, Alok
作者单位：Cornell University; University of Miami
摘要：Using multiple U.S. and European data sources, we show that observed physical attributes are related to participation in financial markets. Specifically, we find that individuals who are relatively tall and of normal weight are more likely to hold stocks in their financial portfolios. We consider several potential mechanisms that could drive the relation between physical attributes and portfolio decisions. We find that teenage social experiences as well as genetic and prenatal endowments that ...
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作者：Hilscher, Jens; Wilson, Mungo
作者单位：University of California System; University of California Davis; University of Oxford; University of Oxford
摘要：This paper investigates the information in corporate credit ratings. If ratings are to be informative indicators of credit risk, they must reflect what a risk-averse investor cares about: both raw default probability and systematic risk. We find that ratings are relatively inaccurate measures of raw default probability-they are dominated as predictors of failure by a simple model based on publicly available financial information. However, ratings do contain relevant information since they are ...
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作者：Jiang, Juncai; Kumar, Nanda; Ratchford, Brian T.
作者单位：Virginia Polytechnic Institute & State University; University of Texas System; University of Texas Dallas
摘要：Price-matching guarantees (PMGs) are offered in a wide array of product categories in retail markets. PMGs offer consumers the assurance that, should they find a lower price elsewhere within a specified period after purchase the retailer will match that price and refund the price difference. The goal of this study is to explain the following stylized facts: (1) many retailers that operate both online and offline implement PMG offline but not online; (2) the practices of PMG vary considerably a...
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作者：Li, Zhuoxin; Agarwal, Ashish
作者单位：Boston College; University of Texas System; University of Texas Austin
摘要：Social media platform owners often choose to provide tighter integration with their own complementary applications (i.e., first-party applications) as compared to that with other complementary third-party applications. We study the impact of such integration on consumer demand for first-party applications and competing third-party applications by exploring Facebook's integration of Instagram, an application in its photo-sharing application ecosystem. We find that consumers obtain additional va...
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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...
