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作者：Hwang, Minha; Thomadsen, Raphael
作者单位：McGill University; Washington University (WUSTL)
摘要：Purchase shares of major national brands in consumer packaged-goods industries vary substantially across stores, both between geographic markets and across stores within markets. We measure the relationship between the variation in national-brand purchase shares and five store-specific marketing mix factors: prices, assortment shares, features, displays, and promotion intensity. We do this by first demonstrating the extent to which purchase shares of the top two national brands across six diff...
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作者：Ammann, Manuel; Horsch, Philipp; Oesch, David
作者单位：University of St Gallen; University of Zurich
摘要：This paper investigates the effect of superstar chief executive officers (CEOs) on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for competitors who have not received an award themselves, who are geographically close to an award winner, and who are not entrenched. We observe an increase in risk taking, operatin...
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作者：Heinle, Mirko S.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：This paper studies the propensity of firms to commit to disclose information that is subsequently biased, in the presence of other firms also issuing potentially biased information. An important aspect of such an analysis is the fact that firms can choose whether to disclose or withhold information. We show that allowing the number of disclosed reports to be endogenous introduces a countervailing force to some of the empirical predictions from the prior literature. For example, we find that as...
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作者：Calvo, Eduard; Martinez-de-Albeniz, Victor
作者单位：University of Navarra; IESE Business School
摘要：Multiple sourcing with quick response has been recognized as a useful tool to manage demand risk for short-life-cycle goods. However, general wisdom has traditionally ignored the effect of these practices on supplier incentives. In this paper we find that, when suppliers make pricing decisions, dual sourcing does not always lead to higher supply chain efficiency or buyer profits as compared to single sourcing. This loss takes place when suppliers commit to prices up front, before any possible ...
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作者：Lin, Leming
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper tests how collateral value affects a firm's choice between bank debt and public debt by considering the exogenous variation in the market value of a firm's real-estate assets caused by fluctuations in local real-estate prices. Using local land supply elasticities as an instrument for local real-estate prices, I estimate that a one-standard-deviation increase in collateral value causes bank debt as a fraction of total debt to increase by six percentage points.
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作者：Waguespack, David M.; Salomon, Robert
作者单位：University System of Maryland; University of Maryland College Park; New York University
摘要：In some competitions, performance evaluation includes a substantial subjective component. We argue that the inherent uncertainty and ambiguity in subjective evaluation can lead to favorable ex post treatment for reputationally privileged competitors. Post consumption, judges may infer quality that is not directly observed and/or make conservative choices to assuage accountability concerns. We examine these issues in the context of the Olympic Games, comparing country-level performance outcomes...
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作者：Wen, Wen; Ceccagnoli, Marco; Forman, Chris
作者单位：University of Texas System; University of Texas Austin; University System of Georgia; Georgia Institute of Technology
摘要：We examine whether a firm's intellectual property (IP) strategy in support of the open source software (OSS) community stimulates new OSS product entry by start-up software firms. In particular, we analyze the impact of strategic decisions taken by IBM around the mid-2000s, such as its announcement that it will not assert its patents against the OSS community and its creation of a patent commons. These decisions formed a coherent IP strategy in support of OSS. We find that IBM's actions stimul...
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作者：Bajgrowicz, Pierre; Scaillet, Olivier; Treccani, Adrien
作者单位：University of Geneva; University of Geneva
摘要：Applying tests for jumps to financial data sets can lead to an important number of spurious detections. Bursts of volatility are often incorrectly identified as jumps when the sampling is too sparse. At a higher frequency, methods robust to microstructure noise are required. We argue that whatever the jump detection test and the sampling frequency, a large number of spurious detections remain because of multiple testing issues. We propose a formal treatment based on an explicit thresholding on...
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作者：Adjerid, Idris; Acquisti, Alessandro; Telang, Rahul; Padman, Rema; Adler-Milstein, Julia
作者单位：University of Notre Dame; Carnegie Mellon University; University of Michigan System; University of Michigan
摘要：Health information exchanges (HIEs) are healthcare information technology efforts designed to foster coordination of patient care across the fragmented U.S. healthcare system. Their purpose is to improve efficiency and quality of care through enhanced sharing of patient data. Across the United States, numerous states have enacted laws that provide various forms of incentives for HIEs and address growing privacy concerns associated with the sharing of patient data. We investigate the impact on ...
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作者：Sias, Richard; Turtle, H. J.; Zykaj, Blerina
作者单位：University of Arizona; Colorado State University System; Colorado State University Fort Collins; University System of Ohio; University of Toledo
摘要：Recent models and the popular press suggest that large groups of hedge funds follow similar strategies resulting in crowded equity positions that destabilize markets. Inconsistent with this assertion, we find that hedge fund equity portfolios are remarkably independent. Moreover, when hedge funds do buy and sell the same stocks, their demand shocks are, on average, positively related to subsequent raw and risk-adjusted returns. Even in periods of extreme market stress, we find no evidence that...
