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作者：Craig, Ashley C.; Garbarino, Ellen; Heger, Stephanie A.; Slonim, Robert
作者单位：Harvard University; University of Sydney; University of Sydney
摘要：We estimate and compare the effect of increased time costs on consumer satisfaction and behavior. We are able to move beyond the existing literature, which focuses on satisfaction and intention, and estimate the effect of waiting time on return behavior. Further, we do so in a prosocial context and our measure of cost is the length of time a blood donor spends waiting. We find that relying on satisfaction data masks important time cost sensitivities; namely, it is not how the donor feels about...
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作者：DeFond, Mark; Erkens, David H.; Zhang, Jieying
作者单位：University of Southern California; University of Texas System; University of Texas Dallas
摘要：A large auditing literature concludes that Big N auditors provide higher audit quality than non-Big N auditors. Recently, however, a high-profile study suggests that propensity score matching (PSM) on client characteristics eliminates the Big N effect [Lawrence A, Minutti-Meza M, Zhang P (2011) Can Big 4 versus non-Big 4 differences in audit-quality proxies be attributed to client characteristics? Accounting Rev. 86(1):259-286]. We conjecture that this finding may be affected by PSM's sensitiv...
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作者：Despotakis, Stylianos; Hafalir, Isa; Ravi, R.; Sayedi, Amin
作者单位：Carnegie Mellon University; University of Washington; University of Washington Seattle
摘要：We examine the effect of the presence of expert buyers on other buyers, the platform, and the sellers in online markets. We model buyer expertise as the ability to accurately predict the quality, or condition, of an item, modeled as its common value. We show that nonexperts may bid more aggressively, even above their expected valuation, to compensate for their lack of information. As a consequence, we obtain two interesting implications. First, auctions with a hard close may generate higher re...
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作者：Bhojraj, Sanjeev; Sengupta, Partha; Zhang, Suning
作者单位：Cornell University; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Iowa
摘要：In this study, we examine the role of restructuring charges in the existence and subsequent weakening of the widely documented accrual anomaly. We find that prior to 2003, the significant positive abnormal hedge returns experienced by accrual based strategies were influenced by a subset of firms with high restructuring charges. After 2003, with the introduction of the Statement of Financial Accounting Standards No. 146 changing the accounting for restructuring charges, restructuring firms no l...
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作者：Frake, Justin
作者单位：University System of Maryland; University of Maryland College Park
摘要：This paper investigates why audiences devalue organizations that behave inauthentically. One explanation is that inauthenticity leads to lower perceptions of product quality. This stems from the audience's doubt of an inauthentic actor's capability and commitment to produce high-quality goods. Another explanation is that audiences discount the symbolic value-or what the object represents-of products from inauthentic organizations. I empirically test each of these mechanisms in the craft beer i...
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作者：Bali, Turan G.; Engle, Robert F.; Tang, Yi
作者单位：Georgetown University; New York University; Fordham University
摘要：This paper presents evidence for a significantly positive link between the dynamic conditional beta and the cross section of daily stock returns. An investment strategy that takes a long position in stocks in the highest conditional beta decile and a short position in stocks in the lowest conditional beta decile produces average returns and alphas in the range of 0.60%-0.80% per month. We provide an investor attention-based explanation of this finding. We show that stocks with high conditional...
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作者：Khadjavi, Menusch
作者单位：University of Kiel; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：This paper investigates two channels of prosociality: indirect reciprocity and charitable giving. We conducted a natural field experiment in a hair salon in Hamburg, Germany, over the course of four months. In the baseline, we collected data on customers' tips-a scenario absent indirect reciprocity and donations. In two treatments we had the hairdresser collect donations to a charity. In one treatment the hairdresser pointed out the opportunity to donate. Our data indicate that the voluntary a...
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作者：Zacharias, Christos; Armony, Mor
作者单位：University of Miami; New York University
摘要：Patients nationwide experience difficulties in accessing medical care in a timely manner due to long backlogs of appointments. Medical practices aim to utilize their valuable resources efficiently, deliver timely access to care, and at the same time they strive to provide short waiting times for patients present at the medical facility. We address the joint problem of determining the panel size of a medical practice and the number of offered appointment slots per day, so that patients do not f...
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作者：Fu, Michael C.; Li, Bingqing; Li, Guozhen; Wu, Rongwen
作者单位：University System of Maryland; University of Maryland College Park; University System of Maryland; University of Maryland College Park; Nankai University; Capital One Financial Corporation
摘要：We obtain a closed-form solution for pricing European options under a general jump-diffusion model that can incorporate arbitrary discrete jump-size distributions, including nonparametric distributions such as an empirical distribution. The flexibility in the jump-size distribution allows the model to better capture leptokurtic features found in real-world data. The model uses a discrete-time framework and leads to a pricing formula that is provably convergent to the continuous-time price as t...
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作者：Tong, Jordan; Feiler, Daniel
作者单位：University of Wisconsin System; University of Wisconsin Madison; Dartmouth College
摘要：Most operations models assume individuals make decisions based on a perfect understanding of random variables or stochastic processes. In reality, however, individuals are subject to cognitive limitations and make systematic errors. We leverage established psychology on sample naivete to model individuals' forecasting errors and biases in a way that is portable to operations models. The model has one behavioral parameter and embeds perfect rationality as a special case. We use the model to mat...
