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作者：John, Kose; Li, Yuanzhi; Pang, Jiaren
作者单位：New York University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Tsinghua University
摘要：The effect of corporate governance may depend on a firm's financial slack. On one hand, financial slack may be spent by managers for their private benefits; a high level is likely associated with severe agency conflicts. Thus corporate governance matters more for high financial slack firms (i.e., the wasteful spending hypothesis). On the other hand, financial slack provides insurance against future uncertainties; a lowlevel may signal deviations from the best interests of shareholders. Then co...
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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...
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作者：Buell, Ryan W.; Kim, Tami; Tsay, Chia-Jung
作者单位：Harvard University; University of London; University College London
摘要：We investigate whether organizations can create value by introducing visual transparency between consumers and producers. Although operational transparency has been shown to improve consumer perceptions of service value, existing theory posits that increased contact between consumers and producers may diminish work performance. Two field and two laboratory experiments in food service settings suggest that transparency that (1) allows customers to observe operational processes (process transpar...
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作者：Stilger, Przemyslaw S.; Kostakis, Alexandros; Poon, Ser-Huang
作者单位：University of Manchester
摘要：This study documents a positive relationship between the option-implied riskneutral skewness (RNS) of individual stock returns' distribution and future realized stock returns during the period 1996-2012. A strategy that goes long the quintile portfolio with the highest RNS stocks and short the quintile portfolio with the lowest RNS stocks yields a Fama-French-Carhart alpha of 55 basis points per month (t-statistic of 2.47). The significant underperformance of the portfolio with the most negati...
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作者：Iancu, Dan A.; Trichakis, Nikolaos; Tsoukalas, Gerry
作者单位：Stanford University; Harvard University; University of Pennsylvania
摘要：We study the inefficiencies stemming from a firm's operating flexibility under debt. We find that flexibility in replenishing or liquidating inventory, by providing risk-shifting incentives, could lead to borrowing costs that erase more than one-third of the firm's value. In this context, we examine the effectiveness of practical and widely used covenants in restoring firm value by limiting such risk-shifting behavior. We find that simple financial covenants can fully restore value for a firm ...
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作者：Lohmann, Timo; Rebennack, Steffen
作者单位：Colorado School of Mines
摘要：We present a long-term power generation expansion planning model that features a long planning horizon, an hourly time resolution, multiperiod investment and retirement decisions, transmission constraints, start-up restrictions, and short-term demand response. Demand response is the capability of power load to react to short-term changes in electricity prices. It plays an increasingly important role in today's electricity markets but has not been taken into consideration in long-term power gen...
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作者：Chadi, Adrian; Jeworrek, Sabrina; Mertins, Vanessa
作者单位：Universitat Trier
摘要：This experiment tests for a causal relationship between the meaning of work and employees' motivation to perform well. The study builds on an existing employer-employee relationship, adding realism to the ongoing research of task meaning. Owing to an unexpected project cancelation, we are able to study how varying the information provided about the meaning of previously conducted work-without the use of deception, but still maintaining a high level of control-affects subsequent performance. We...
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作者：Ibrahim, Rouba; Armony, Mor; Bassamboo, Achal
作者单位：University of London; University College London; New York University; Northwestern University
摘要：Motivated by the recent interest in making delay announcements in large service systems, such as call centers, we investigate the accuracy of announcing the waiting time of the last customer to enter service (LES). In practice, customers typically respond to delay announcements by either balking or by becoming more or less impatient, and their response alters system performance. We study the accuracy of the LES announcement in single-class, multiserver Markovian queueing models with announceme...
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作者：Belavina, Elena; Girotra, Karan; Kabra, Ashish
作者单位：University of Chicago; INSEAD Business School
摘要：This paper compares the financial and environmental performance of two revenue models for the online retailing of groceries: the per-order model, where customers pay for each delivery, and the subscription model, where customers pay a set fee and receive free deliveries. We build a stylized model that incorporates (i) customers with ongoing uncertain grocery needs and who choose between shopping offline or online and (ii) an online retailer that makes deliveries through a proprietary distribut...
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作者：Heyes, Anthony; Martin, Steve
作者单位：University of Ottawa
摘要：In many settings firms rely on nongovernmental organizations (NGOs) to certify prosocial attributes embodied in their products. We provide a model of competition between NGOs in the provision of labeling services. Competition between a fixed number ofNGOs features a race to the top in labeling standards, but entry ofNGOs offering new labels pushes standards down. In a wide range of settings NGO entry and competition results in too many labels being adopted, with each label being too stringent....
