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作者：Hu, Ming; Milner, Joseph; Wu, Jiahua
作者单位：University of Toronto; Imperial College London
摘要：We consider a monopolistic firm selling two substitutable products to a stream of sequential arrivals whose purchase decisions can be influenced by earlier purchases. Before demand realizes, the firm faces a newsvendor problem for the two products with economies of scale in production for each. When consumers are responsive to others' decisions, social influence amplifies demand uncertainty, leading to a lower profit for the firm. We propose three solutions for the firm to better cope with or ...
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作者：Bapna, Ravi; Ramaprasad, Jui; Shmueli, Galit; Umyarov, Akhmed
作者单位：University of Minnesota System; University of Minnesota Twin Cities; McGill University; National Tsing Hua University
摘要：The growing popularity of online dating websites is altering one of the most fundamental human activities: finding a date or a marriage partner. Online dating platforms offer new capabilities, such as extensive search, big data-based mate recommendations, and varying levels of anonymity, whose parallels do not exist in the physical world. Yet little is known about the causal effects of these new features. In this study we examine the impact of a particular anonymity feature, which is unique to...
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作者：Cen, Ling; Dasgupta, Sudipto; Sen, Rik
作者单位：University of Toronto; University Toronto Scarborough; University of Toronto; Lancaster University; Hong Kong University of Science & Technology
摘要：A lthough a sizable literature suggests that firms benefit from vulnerability to takeovers because it reduces agency problems, the threat of takeovers can also impose ex ante costs on firms by adversely affecting relationships with important stakeholders, such as major customers. We find that when firms have corporate customers as important stakeholders, an exogenous reduction in the threat of takeovers increases their ability to attract new customers and strengthens their relationships with e...
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作者：Ghent, Andra; Valkanov, Rossen
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of California System; University of California San Diego
摘要：We assemble a unique data set of commercial mortgages with information on loan characteristics at origination and subsequent performance. The most significant difference between securitized and balance sheet loans is the size of the loan. The loans in the highest loan size decile have a 43% chance of securitization, whereas the ones in the lowest decile have only a 1% chance. This result is consistent with diversification being a key motivation for securitization. We also find that loans that ...
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作者：Lobel, Ilan; Patel, Jigar; Vulcano, Gustavo; Zhang, Jiawei
作者单位：New York University; Montclair State University; New York University; NYU Shanghai
摘要：A technology firm launches newer generations of a given product over time. At any moment, the firm decides whether to release a new version of the product that captures the current technology level at the expense of a fixed launch cost. Consumers are forward-looking and purchase newer models only when it maximizes their own future discounted surpluses. We start by assuming that consumers have a common valuation for the product and consider two product launch settings. In the first setting, the...
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作者：Mu, Liying; Dawande, Milind; Geng, Xianjun; Mookerjee, Vijay
作者单位：University of Delaware; University of Texas System; University of Texas Dallas
摘要：We examine operational and incentive issues that conspire to reduce the quality of milk-via deliberate adulteration by milk farmers-acquired by competing collection intermediaries in developing countries. Broadly speaking, three main forces in the milk supply chain lead to the low quality of milk: high testing costs, harmful competition among stations, and free-riding among farmers. The goal of this study is to provide recommendations that address the quality problem with minimal testing. Inte...
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作者：Tucker, Anita L.
作者单位：Brandeis University
摘要：Operational failures persist, in part because employees work around them without engaging in actions to prevent recurrence. To break this cycle, we investigate the impact of work design factors on responses to operational failures. We use hospital nurses as subjects in a laboratory experiment, where, unknown to them, two medication administration supplies are missing. We observe their real-time responses to the two failures and whether they contribute an improvement idea. We randomly assign ha...
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作者：Ai, Hengjie; Kiku, Dana
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We propose to measure growth opportunities by firms' exposure to idiosyncratic volatility news. Theoretically, we show that the value of a growth option increases in idiosyncratic volatility but its response to volatility of aggregate shocks can be either positive or negative depending on option moneyness. Empirically, we show that price sensitivity to variation in idiosyncratic volatility carries significant information about firms' future investment and growth even after controlling for conv...
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作者：Hwang, Minha; Park, Sungho
作者单位：McGill University; Arizona State University; Arizona State University-Tempe
摘要：This paper presents an empirical study of the impact of Walmart supercenter conversion on consumer shopping behavior. By using a difference-in-difference estimator, we find that Walmart gains 41% in weekly revenue from the conversion. Decomposing the revenue gains into components attributable to store visits and per-visit expenditures, we find that the majority of these gains were due to larger expenditures, with a much smaller impact from store visits. By contrast, among competing retailers, ...
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作者：Albring, Susan; Banyi, Monica; Dhaliwal, Dan; Pereira, Raynolde
作者单位：Syracuse University; University of Virginia; University of Arizona; Korea University; University of Missouri System; University of Missouri Columbia
摘要：Extant theory claims a firm's information environment impacts the choice between debt and equity financing. However, empirical evidence supporting this contention is limited. We evaluate this relation within the context of Regulation Fair Disclosure (Reg FD), which prohibited the use of selective disclosure. We find that firms with high proprietary costs of public disclosure are more likely to resort to debt financing following the passage of Reg FD. This relation is not sensitive to whether a...
