-
作者：Frydman, Cary; Nave, Gideon
作者单位：University of Southern California; University of Pennsylvania
摘要：Acritical component of both economic and perceptual decision making under uncertainty is the belief-formation process. However, most research has studied belief formation in economic and perceptual decision making in isolation. One reason for this separate treatment may be the assumption that there are distinct psychological mechanisms that underlie belief formation in economic and perceptual decisions. An alternative theory is that there exists a common mechanism that governs belief formation...
-
作者：Marinovica, Ivan
作者单位：Stanford University
摘要：This paper studies the efficiency and distributive effects of three prominent accounting methods in auction settings when bidders' incentives are linked to accounting income. The purchase price method (PP) requires the acquirer to book the acquisition at historical cost, thereby underestimating the asset value by the amount of the acquirer's surplus in the transaction. The exit value method (EV) is downward biased and forces the acquirer to book an accounting loss on the date of acquisition. E...
-
作者：Bernstein, Fernando; Martinez-de-Albeniz, Victor
作者单位：Duke University; University of Navarra; IESE Business School
摘要：Dynamic product rotation is perceived as a useful lever to increase sales. The effect over individual customers is, however, unclear: more choice in the future may induce them to postpone a purchase if the current offer is not sufficiently appealing, hoping to buy a better product in the future; moreover, visiting a store to learn about a new product may be costly, thereby diminishing the value of product updates. We analyze a model of strategic customer behavior in the face of a rotating prod...
-
作者：Fong, Nathan M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：It has become common practice for retailers to personalize direct marketing efforts based on customer transaction histories as a tactic to increase sales. Targeted email offers featuring products in the same category as a customer's previous purchases generate higher purchase rates. However, a targeted offer emphasizing familiar products could result in curtailed search for unadvertised products, as a closely matched offer weakens a customer's incentives to search beyond the targeted items. In...
-
作者：Chun, So Yeon; Kleywegt, Anton J.; Shapiro, Alexander
作者单位：Georgetown University; University System of Georgia; Georgia Institute of Technology
摘要：Many carriers, such as airlines and ocean carriers, collaborate through the formation of alliances. The rules of alliances are important for both the stability of the alliance and the profitability of the alliance members. In this paper, we address the design of resource exchange alliances, a type of alliance agreement widely used in practice, especially in the ocean cargo industry. Resource exchange alliances often increase competition among alliance members since the members can sell substit...
-
作者：Cao, Charles; Farnsworth, Grant; Liang, Bing; Lo, Andrew W.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Texas Christian University; University of Massachusetts System; University of Massachusetts Amherst; Massachusetts Institute of Technology (MIT)
摘要：We use a new hedge fund data set from a separate account platform to examine (1) how much of hedge fund return smoothing is due to main fund-specific factors, such as managerial reporting discretion and (2) the costs of removing hedge fund share restrictions. These accounts trade pari passu with matching hedge funds but feature third-party reporting and permissive share restrictions. We use these properties to estimate that 33% of reported smoothing is due to managerial reporting methods. The ...
-
作者：Anderson, Shannon W.; Dekker, Henri C.; Van den Abbeele, Alexandra
作者单位：University of California System; University of California Davis; Vrije Universiteit Amsterdam; KU Leuven
摘要：Transaction cost economics predicts that investments in management control will enable risky interfirm transactions. Risk is rarely eliminated, because firms trade off costs of management control and expected costs of control loss (together, the cost of control). The resultant solution typically comprises a mix of control investments with residual performance and residual relational risks. Transaction cost economics also predicts that the control-residual risk trade-off will vary with the cost...
-
作者：Berger, Allen N.; El Ghoul, Sadok; Guedhami, Omrane; Roman, Raluca A.
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Pennsylvania; University of Alberta; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：This paper documents a positive relation between internationalization and bank risk. This is consistent with the empirical dominance of the market risk hypothesis, whereby internationalization increases banks' risk due to market-specific factors in foreign markets, over the diversification hypothesis, whereby internationalization allows banks to reduce risk through diversification of their operations. The results continue to hold following a variety of robustness tests, including those for end...
-
作者：Falk, Armin; Zimmermann, Florian
作者单位：University of Bonn; University of Zurich
摘要：This paper studies the role of consistency as a signaling device. We propose a two-period model that highlights the informativeness of consistency as a signal of skills and allows for the analysis of consequences for behavior. In a simple principal-agent experiment, we test the basic intuition of the model. We show that consistency is indeed associated with skills. Consequently, consistency is valued by others, inducing people to act consistently.
-
作者：Rajamani, Anjana; van der Poel, Marieke; de Jong, Abe; Ongena, Steven
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Groningen; University of Zurich; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK
摘要：We examine the impact of the international diversification of banks on the value of their advice in 1,705 cross-border merger and acquisition (M&A) transactions. We find that bidders engaging internationally diversified advisors face lower announcement returns. An increase of one standard deviation in advisor diversification is associated with an announcement return lower by 92 basis points for a bidder acquiring a listed target. The lower bidder returns are attributable to the lower synergies...
