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作者：Van Wesep, Edward D.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：Policy makers and managers often turn to experts when in need of information, but we should expect experts to be systematically biased. This is because the decision to research a question implies a belief that research will be fruitful. If priors about the impact of one's work are correct on average, then those who choose to research a question are optimistic about the quality of their work. The bias varies predictably with attributes of the question being studied. This fact has implications f...
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作者：Briscoe, Forrest; Rogan, Michelle
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; INSEAD Business School
摘要：The mobility of individual managers has long presented a problem for firms in knowledge-intensive industries. Shifting to more complex work often reduces the importance of a single individual's knowledge for the firm's exchange relationships because complex work requires inputs from a broader set of the firm's members. Although complex work decreases the likelihood that a single individual can shift the exchange relationship to another firm, we propose that it increases the vulnerability of th...
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作者：Kan, Raymond; Robotti, Cesare
作者单位：University of Toronto; Imperial College London
摘要：Under the assumption of multivariate normality of asset returns, this paper presents a geometric interpretation and the finite-sample distributions of the sample Hansen-Jagannathan bounds on the variance of admissible stochastic discount factors, with and without the nonnegativity constraint on the stochastic discount factors. In addition, since the sample Hansen-Jagannathan bounds can be very volatile, we propose a simple method to construct confidence intervals for the population Hansen-Jaga...
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作者：Burtch, Gordon; Ghose, Anindya; Wattal, Sunil
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作者：Kysucky, Vlado; Norden, Lars
作者单位：Shenzhen University; Getulio Vargas Foundation
摘要：Relationship lending may create benefits for borrowers by reducing information asymmetries. However, empirical evidence is mixed. We conduct a meta-analysis to summarize and explain the heterogeneity in the results in the literature using hand-collected information from 101 studies in the United States, Europe, Asia, and Latin America from 1970 to 2010. We find that strong relationships are generally beneficial for borrowers, but lending outcomes differ across the relationships' dimensions. Lo...
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作者：Chen, Qi (George); Jasin, Stefanus; Duenyas, Izak
作者单位：University of Michigan System; University of Michigan
摘要：We study a standard dynamic pricing problem where the seller (a monopolist) possesses a finite amount of inventories and attempts to sell the products during a finite selling season. Despite the potential benefits of dynamic pricing, many sellers still adopt a static pricing policy because of (1) the complexity of frequent reoptimizations, (2) the negative perception of excessive price adjustments, and (3) the lack of flexibility caused by existing business constraints. In this paper, we devel...
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作者：Peysakhovich, Alexander; Karmarkar, Uma R.
作者单位：Harvard University; Harvard University
摘要：Most daily decisions involve uncertainty about outcome probabilities arising from incomplete knowledge, i.e., ambiguity. We explore how the addition of partial information affects these types of choices using theoretical and empirical methods. Our experiments in both gain and loss domains demonstrate that when such information supports a favorable outcome, it strongly increases valuation of an ambiguous financial prospect. However, when information supports an unfavorable outcome, it has signi...
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作者：Kokkodis, Marios; Ipeirotis, Panagiotis G.
作者单位：New York University
摘要：Online workplaces such as oDesk, Amazon Mechanical Turk, and TaskRabbit have been growing in importance over the last few years. In such markets, employers post tasks on which remote contractors work and deliver the product of their work online. As in most online marketplaces, reputation mechanisms play a very important role in facilitating transactions, since they instill trust and are often predictive of the employer's future satisfaction. However, labor markets are usually highly heterogene...
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作者：Theodossiou, Panayiotis; Savva, Christos S.
作者单位：Cyprus University of Technology
摘要：The relationship between risk and return has been one of the most important and extensively investigated issues in the financial economics literature. The theoretical results predict a positive relation between the two. Nevertheless, the empirical findings so far have been contradictory. Evidence presented in this paper shows that these contradictions are the result of negative skewness in the distribution of portfolio excess return and the fact that the estimation of intertemporal asset prici...
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作者：Bauer, Daniel; Zanjani, George
作者单位：University System of Georgia; Georgia State University
摘要：Financial institutions use risk measures to calculate the marginal capital cost when expanding the exposure to a certain risk within their portfolio. We reverse this approach by calculating the marginal cost based on economic fundamentals for a profit-maximizing firm and then by identifying the risk measure delivering the correct marginal cost. The resulting measure depends on context. Whereas familiar measures can be recovered in some circumstances, other circumstances yield unfamiliar forms....
