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作者：Li, Meng; Petruzzi, Nicholas C.; Zhang, Jun
作者单位：Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Fudan University
摘要：Overconfidence is one of the most consistent, powerful, and widespread cognitive biases affecting decision making in situations characterized by random outcomes. In this paper, we study the effects and implications of overconfidence in a competitive newsvendor setting. In this context, overconfidence is defined as a cognitive bias in which decision makers behave as though the outcome of an uncertain event is less risky than it really is. This bias unequivocally leads to a lower expected profit...
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作者：Sahni, Navdeep S.; Zou, Dan; Chintagunta, Pradeep K.
作者单位：Stanford University; University of Chicago
摘要：The prevalence and widespread usage of email has given businesses a direct and cost-effective way of providing consumers with targeted discount offers. While these discounts are expected to increase the demand for the promoted products, are they effective in increasing revenues? Do they have effects beyond acting as price reductions? We study these questions using individual-level data from 70 randomized experiments run by a large online ticket resale platform. We estimate the redemption rates...
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作者：Hellmann, Thomas; Wasserman, Noam
作者单位：University of Oxford; Harvard University; University of Southern California
摘要：We examine the trade-off between efficiency and equality within the context of entrepreneurial founding teams. Using a formal theory where founders may have preferences over relative outcomes, we derive predictions about the antecedents and consequences of dividing equity equally among all founders. Using proprietary survey data, we empirically test the predictions. Our central finding is that teams that split equity equally are less likely to raise funds from outside investors. The relationsh...
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作者：Capponi, Agostino; Frei, Christoph
作者单位：Columbia University; University of Alberta
摘要：We introduce an equity-credit portfolio framework taking into account the structural interaction of market and credit risk, along with their systemic dependencies. We derive an explicit expression for the optimal investment strategy in stocks and credit default swaps (CDSs). We exploit its representation structure and analyze the mechanisms driving the optimal investment decisions. The transmission of market risk premia is the key mechanism through which systemic influences affect the optimal ...
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作者：Fracassi, Cesare
作者单位：University of Texas System; University of Texas Austin
摘要：This paper shows that managers are influenced by their social peers when making corporate policy decisions. Using biographical information about executives and directors of U.S. public companies, we define social ties from current and past employment, education, and other activities. We find that more connections two companies share with each other, more similar their capital investments are. To address endogeneity concerns, we find that companies invest less similarly when an individual conne...
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作者：Leung, Alvin Chung Man; Agarwal, Ashish; Konana, Prabhudev; Kumar, Alok
作者单位：City University of Hong Kong; University of Texas System; University of Texas Austin; University of Miami
摘要：There is an increasing attention in information systems to be able to predict outcomes using search frequency on popular portals. This growing literature focuses on revealing demand patterns of individual assets (e.g., products, stocks, services). However, users typically search many different assets together (e.g., correlated searches) and leave a digital footprint, which can help provide insights on the behaviors of a group of assets. Furthermore, such group behavior can be used to predict o...
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作者：Ang, Erjie; Iancu, Dan A.; Swinney, Robert
作者单位：Facebook Inc; Stanford University; Duke University
摘要：We study sourcing in a supply chain with three levels: a manufacturer, tier 1 suppliers, and tier 2 suppliers prone to disruption from, e.g., natural disasters such as earthquakes or floods. The manufacturer may not directly dictate which tier 2 suppliers are used but may influence the sourcing decisions of tier 1 suppliers via contract parameters. The manufacturer's optimal strategy depends critically on the degree of overlap in the supply chain: if tier 1 suppliers share tier 2 suppliers, re...
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作者：Briceno-Arias, Luis; Correa, Jose R.; Perlroth, Andres
作者单位：Universidad Tecnica Federico Santa Maria; Universidad de Chile
摘要：An important economic problem is that of finding optimal pricing mechanisms to sell a single item when there are a random number of buyers who arrive over time. In this paper, we combine ideas from auction theory and recent work on pricing with strategic consumers to derive the optimal continuous time pricing scheme in this situation. Under the assumption that buyers are split among those who have a high valuation and those who have a low valuation for the item, we obtain the price path that m...
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作者：Gong, Binglin; Pan, Deng; Shi, Donghui
作者单位：East China Normal University; Fudan University; Xiamen University; Fudan University
摘要：This paper provides an analysis of the impact of new investors on the bubble surrounding the Baosteel call warrant, the first derivative traded in China after a nine-year suspension. We empirically show that new investors initiated the bubble at the opening call auction and were the key driving force to sustain the bubble until the maturity of the warrant.
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作者：Rhee, Ki-Eun; Thomadsen, Raphael
作者单位：Korea Advanced Institute of Science & Technology (KAIST); Washington University (WUSTL)
摘要：We study behavior-based pricing (BBP) in a vertically differentiated model. Vertical differentiation is innately asymmetric because all customers prefer the higher-quality product when prices are equal. This asymmetry causes BBP to have different properties than symmetric horizontally differentiated models. We highlight two dimensions that affect the analysis: the role of quality-adjusted cost differences between the firms and the role of consumer discounting relative to firm discounting. In t...
