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• Fire Sales and House Prices: Evidence from Estate Sales Due to Sudden Death AI翻译
  作者：Andersen, Steffen; Nielsen, Kasper Meisner
  作者单位：Copenhagen Business School; Hong Kong University of Science & Technology
  摘要：This study investigates when forced sales of real estate turn into fire sales by using a natural experiment that allows us to separate supply and demand effects: Forced sales result from sudden death of house owners and are thus unrelated to current market conditions. We find that forced sales result in fire sale discounts. Discounts increase when the sale is urgent, market conditions are poor, and the seller is financially constrained. Overall, our study identifies when forced sales lead to f...
• Determinants and Trading Performance of Equity Deferrals by Corporate Outside Directors AI翻译
  作者：Franco, Francesca; Ittner, Christopher D.; Urcan, Oktay
  作者单位：University of London; London Business School; University of Pennsylvania; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：This study investigates the determinants and trading performance of outside directors' equity deferrals, which represent the choice to convert part or all of their annual cash compensation into deferred company stock. Using a large sample of S&P 1500 firms that allowed directors to defer their cash fees into equity between 1999 and 2009, we find significant associations between equity deferral choices and specific features of the director compensation plans, proxies for directors' outside weal...
• When Retailing and Las Vegas Meet: Probabilistic Free Price Promotions AI翻译
  作者：Mazar, Nina; Shampanier, Kristina; Ariely, Dan
  作者单位：University of Toronto; Analysis Group Inc.; Duke University
  摘要：A number of retailers offer gambling-or lottery-type price promotions with a chance to receive one's entire purchase for free. Although these retailers seem to share the intuition that probabilistic free price promotions are attractive to consumers, it is unclear how they compare to traditional sure price promotions of equal expected monetary value. We compared these two risky and sure price promotions for planned purchases across six experiments in the field and in the laboratory. Together, w...
• The Effect of Board Directors from Countries with Different Genetic Diversity Levels on Corporate Performance AI翻译
  作者：Delis, Manthos D.; Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios
  作者单位：University of Surrey; University of Crete; Fordham University; Bank of Finland; Technical University of Crete
  摘要：We link genetic diversity in the country of origin of the firms' board members with corporate performance via board members' nationality. We hypothesize that our approach captures deep-rooted differences in cultural, institutional, social, psychological, physiological, and other traits that cannot be captured by other recently measured indices of diversity. Using a panel of firms listed in the North American and UK stock markets, we find that adding board directors from countries with differen...
• Pricing Variation Within Dual-Distribution Chains: The Different Implications of Externalities and Signaling for High- and Low-Quality Brands AI翻译
  作者：Kalnins, Arturs
  作者单位：Cornell University
  摘要：Within many of the multioutlet branded chains that dominate the retail and services landscape, the organizational form(e.g., company management, franchising) used to manage an outlet varies from site to site, as do the prices charged at those sites. I propose that organizational form and prices may be systematically related as a result of brand externalities. In particular, I develop logic that the relevant form of externality should differ for upper quality tier brands and lower tier brands. ...
• Old Age and the Decline in Financial Literacy AI翻译
  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...
• Product Policy in Markets with Word-of-Mouth Communication AI翻译
  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...
• On the Effectiveness of Uniform Subsidies in Increasing Market Consumption AI翻译
  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...
• The Determinants and Impact of Executive-Firm Matches AI翻译
  作者：Pan, Yihui
  作者单位：Utah System of Higher Education; University of Utah
  摘要：I estimate a model of executive-firm matching, in which both components of the executive labor market outcome-the assignment of managers to firms and the cross-sectional distribution of executive pay-are endogenously determined. Results in this paper reveal the importance of match specificity in productivity, driven by complementarities between firm and manager attributes. Therefore, one reason that larger, more diversified, research-intensive firms pay their executives more is because they ar...
• The Role of Sales Agents in Information Disclosure: Evidence from a Field Experiment AI翻译
  作者：Allcott, Hunt; Sweeney, Richard L.
  作者单位：New York University; Boston College
  摘要：With a large nationwide retailer, we run a natural field experiment to measure the effects of energy use information disclosure, customer rebates, and sales agent incentives on demand for energy-efficient durable goods. Although a combination of large rebates plus sales incentives substantially increases market share, information and sales incentives alone each have zero statistical effect and explain at most a small fraction of the low baseline market share. Sales agents strategically comply ...