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作者：Gao, Fei; Su, Xuanming
作者单位：University of Pennsylvania
摘要：Many retailers have recently started to offer customers the option to buy online and pick up in store (BOPS). We study the impact of the BOPS initiative on store operations. We build a stylized model where a retailer operates both online and offline channels. Customers strategically make channel choices. The BOPS option affects customer choice in two ways: by providing real-time information about inventory availability and by reducing the hassle cost of shopping. We obtain three findings. Firs...
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作者：Li, C. Wei; Tiwari, Ashish; Tong, Lin
作者单位：University of Iowa; Fordham University
摘要：We provide novel evidence on the role of ambiguity aversion in determining the response of mutual fund investors to fund performance. Our analysis is motivated by theoretical models of decision making by ambiguity-averse investors. A key implication of the models is that when investors face information signals of uncertain quality, they place a greater weight on the worst signal. We find strong empirical support for this prediction in the form of heightened sensitivity of investor fund flows t...
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作者：Zantedeschi, Daniel; Feit, Eleanor McDonnell; Bradlow, Eric T.
作者单位：University System of Ohio; Ohio State University; Drexel University; University of Pennsylvania
摘要：Advances in data collection have made it increasingly easy to collect information on advertising exposures. However, translating this seemingly rich data into measures of advertising response has proven difficult, largely because of concerns that advertisers target customers with a higher propensity to buy or increase advertising during periods of peak demand. We show how this problem can be addressed by studying a setting where a firm randomly held out customers from each campaign, creating a...
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作者：Anthonisz, Sean A.; Putnins, Alis J.
作者单位：University of Sydney; University of Technology Sydney
摘要：We develop a parsimonious liquidity-adjusted downside capital asset pricing model to investigate whether phenomena such as downward liquidity spirals and flights to liquidity impact expected asset returns. We find strong empirical support for the model. Downside liquidity risk (sensitivity of stock liquidity to negative market returns) has an economically meaningful return premium that is 10 times larger than its symmetric analogue. The expected liquidity level and downside market risk are als...
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作者：Folsom, David; Hribar, Paul; Mergenthaler, Richard D.; Peterson, Kyle
作者单位：University of Texas System; University of Texas El Paso; University of Iowa; University of Oregon
摘要：This study examines the relation between principles-based standards and earnings attributes. We create a firm-year-specific variable that measures the extent to which firms' financial reporting is affected by principles-based standards. We find that firms' earnings are more informative and persistent and have a larger positive association with future cash flows, on average, when firms' standards are more principles based. We also find evidence that managers use the added discretion provided by...
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作者：Bowen, Donald E., III; Fresard, Laurent; Taillard, Jerome P.
作者单位：University System of Maryland; University of Maryland College Park; Babson College
摘要：We study the diffusion of techniques designed to identify causal relationships in corporate finance research. We estimate that the diffusion started in the mid-1990s, lagged 20 years compared to economics, and is now used in the majority of corporate finance articles. Consistent with recent theories of technology diffusion, the adoption varies across researchers based on individuals' expected net benefits of adoption. Younger scholars, holders of PhDs in economics, and those working at top ins...
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作者：Colliard, Jean-Edouard
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：Many market participants invest resources to acquire information about liquidity rather than fundamentals. I show that agents using such information can reduce the magnitude of short-lived pricing errors by trading against liquidity shocks. However, the short-run stabilizing effect of this behavior also makes it more difficult to identify liquidity shocks, a signal-jamming effect that slows down price discovery in the long run. As more agents invest in nonfundamental information, market prices...
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作者：Li, Cuihong; Wan, Zhixi
作者单位：University of Connecticut; University of Oregon
摘要：Buyers have two levers to enhance their supply base performance: fostering supplier competition and inducing suppliers to improve. The competition-improvement relation between the two levers has important implications for supply base design. We study a buyer facing two potential suppliers that can exert cost-reduction efforts, examining the interplay of supplier competition and supplier cost improvement under various information structures (i.e., the supplier effort is observable or unobservab...
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作者：Shah, Rachna; Ball, George P.; Netessine, Serguei
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; INSEAD Business School
摘要：While there is overwhelming support for the negative consequences of product recalls, empirical evidence of operational drivers of recalls is almost nonexistent. In this study, we identify product variety (measured as the number of factory installed options), plant variety (measured as the number of models per assembly line in a plant), and capacity utilization as drivers of subsequent manufacturing-related recalls. We examine their individual and joint effects using a unique data set compiled...
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作者：Van den Steena, Eric
作者单位：Harvard University
摘要：What makes a decision strategic? When is strategy most important? This paper formally studies these questions, starting from a (functional) definition of strategy as the smallest set of choices to optimally guide (or force) other choices. The paper shows that this definition coincides with the equilibrium outcome of a strategy formulation game, in which such strategy endogenously creates a hierarchy among decisions. With respect to what makes a decision strategic and what makes strategy valuab...
