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作者：Antoniou, Constantinos; Doukas, John A.; Subrahmanyam, Avanidhar
作者单位：University of Warwick; Old Dominion University; University of Cambridge; Nanjing University; University of California System; University of California Los Angeles
摘要：The security market line accords with the capital asset pricing model by taking on an upward slope in pessimistic sentiment periods, but is downward sloping during optimistic periods. We hypothesize that this finding obtains because periods of optimism attract equity investment by unsophisticated, overconfident, traders in risky opportunities (high beta stocks), whereas such traders stay along the sidelines during pessimistic periods. Thus, high beta stocks become overpriced in optimistic peri...
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作者：Alcacer, Juan; Delgado, Mercedes
作者单位：Harvard University; Harvard University
摘要：We explore the impact of geographically bounded, intrafirm linkages (internal agglomerations) and geographically bounded, interfirm linkages (external agglomerations) on firms' location strategies. Using data from the Census Bureau's Longitudinal Business Database, we analyze the locations of new establishments of biopharmaceutical firms in the United States from 1993 to 2005. We consider all activities in the value chain and allow location choices to vary by research and development, manufact...
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作者：Dey, Aiyesha; Nikolaev, Valeri; Wang, Xue
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; University System of Ohio; Ohio State University
摘要：We examine the governance role of debt in the context of U.S.-based dual class ownership structures. We hypothesize that the use of debt alleviates the conflict between shareholder classes by balancing the power of controlling insiders. We document that dual class firms have higher leverage and a greater propensity to issue private debt; they also more frequently use cash sweeps and performance-based covenants. Dual class firms with greater agency conflicts and a greater need to access the cap...
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作者：Soysal, Gonca; Krishnamurthi, Lakshman
作者单位：University of Texas System; University of Texas Dallas; Northwestern University
摘要：We investigate how adoption of a retailer's factory outlet channel impacts customers' spending in the retailer's traditional retail store channel. In recent years, many retailers have added exclusively sourced factory outlet stores into their channel mix to achieve market expansion and customer segmentation. However, the impact of adoption of this lower-quality, lower-price alternative channel on spending at the retailer's higher-quality, higher-price retail store channel is not clear. Custome...
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作者：Afeche, Philipp; Pavlin, J. Michael
作者单位：University of Toronto; Wilfrid Laurier University
摘要：How should a firm design a price/lead-time menu and scheduling policy to maximize revenues from heterogeneous time-sensitive customers with private information about their preferences? We consider a queueing system with multiple customer types that differ in their valuations for instant delivery and their delay costs. The distinctive feature of our model is that the ranking of customer preferences depends on lead times: patient customers are willing to pay more than impatient customers for lon...
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作者：Rujeerapaiboon, Napat; Kuhn, Daniel; Wiesemann, Wolfram
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Imperial College London
摘要：The growth-optimal portfolio is designed to have maximum expected log return over the next rebalancing period. Thus, it can be computed with relative ease by solving a static optimization problem. The growth-optimal portfolio has sparked fascination among finance professionals and researchers because it can be shown to outperform any other portfolio with probability 1 in the long run. In the short run, however, it is notoriously volatile. Moreover, its computation requires precise knowledge of...
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作者：Simeth, Markus; Cincera, Michele
作者单位：Universidad Carlos III de Madrid; KU Leuven; Universite Libre de Bruxelles; Solvay SA
摘要：Many firms actively disclose research findings in scientific peer-reviewed journals. The literature highlights several potential benefits of such scientific boundary-spanning activities, including privileged access to academic information networks. However, scientific disclosure may lead to unintended knowledge spillovers. It remains unclear whether active engagement in science leads to higher returns. This paper investigates the impact of scientific activities on the firm's market value, usin...
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作者：Cohen, Maxime C.; Lobel, Ruben; Perakis, Georgia
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：This paper studies government subsidies for green technology adoption while considering the manufacturing industry's response. Government subsidies offered directly to consumers impact the supplier's production and pricing decisions. Our analysis expands the current understanding of the price-setting newsvendor model, incorporating the external influence from the government, who is now an additional player in the system. We quantify how demand uncertainty impacts the various players (governmen...
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作者：Das Gupta, Aparupa; Karmarkar, Uday S.; Roels, Guillaume
作者单位：Cisco Systems Inc; Cisco USA; University of California System; University of California Los Angeles
摘要：For many consumer-intensive (i.e., business-to-consumer) services, delivering memorable customer experiences is a source of competitive advantage. Yet there are few guidelines available for designing service encounters with a focus on customer satisfaction. In this paper, we show how experiential services should be sequenced and timed to maximize the satisfaction of customers who are subject to memory decay and acclimation. We find that memory decay favors positioning the highest service level...
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作者：Fu, Richard; Subramanian, Ajay; Venkateswaran, Anand
作者单位：University of Alabama System; University of Alabama Birmingham; University System of Georgia; Georgia State University; Northeastern University
摘要：We develop a model to show how agency conflicts, free-rider effects, and monitoring costs interact to affect optimal team size and workers' incentive contracts. Team size increases with project risk, decreases with profitability, and decreases with monitoring costs as a proportion of output. Our predictions are consistent with empirical evidence that firm-specific risk has increased over time, average corporate earnings have declined, and firms' organizational structures have also flattened. T...
