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作者：Abhishek, Vibhanshu; Jerath, Kinshuk; Zhang, Z. John
作者单位：Carnegie Mellon University; Columbia University; University of Pennsylvania
摘要：In recent years, online retailers (also called e-tailers) have started allowing manufacturers direct access to their customers while charging a fee for providing this access, a format commonly referred to as agency selling. In this paper, we use a stylized theoretical model to answer a key question that e-tailers are facing: When should they use an agency selling format instead of using the more conventional reselling format? We find that agency selling is more efficient than reselling and lea...
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作者：Iyer, Ganesh; Katona, Zsolt
作者单位：University of California System; University of California Berkeley
摘要：We investigate the incentives for social communication in the new social media technologies. Three features of online social communication are represented in the model. First, new social media platforms allow for increased connectivity; i.e., they enable sending messages to many more receivers, for the same fixed cost, compared to traditional word of mouth. Second, users contribute content because they derive status-or image-based utility from being listened to by their peers. Third, we captur...
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作者：Agarwal, Sumit; Chen, Vincent Y. S.; Zhang, Weina
作者单位：National University of Singapore; National Chengchi University; National University of Singapore
摘要：We examine whether Standard & Poor's (S&P) credit rating action reports contain new default-related information beyond credit rating actions such as rating changes, credit watch, and outlooks. We find that the net linguistic tone (negative minus positive tone) in the reports is significantly and negatively related to abnormal returns and predicts future rating changes. We discover that the provision of tone does not seem to be inflated by the conventional proxies of conflict of interest faced ...
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作者：Liu, Qiang; Gupta, Sachin; Venkataraman, Sriram; Liu, Hongju
作者单位：Purdue University System; Purdue University; Cornell University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Connecticut
摘要：The practice of detailing in the marketing of prescription drugs is undergoing significant changes. For instance, in September 2013, the Physician Payment Sunshine Act went into full effect. The accompanying transparency requirements have prompted physician practices and hospitals to severely restrict pharmaceutical sales representatives' direct access to their physicians. Despite all the attention in the popular press, scant scholarly research has investigated how these restrictions on physic...
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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：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：Eliaz, Kfir; Ortoleva, Pietro
作者单位：Tel Aviv University; University of Michigan System; University of Michigan; Columbia University
摘要：The classical Ellsberg experiment presents individuals with a choice problem in which the probability of winning a prize is unknown (uncertain). In this paper, we study how individuals make choices between gambles in which the uncertainty is in different dimensions: the winning probability, the amount of the prize, the payment date, and the combinations thereof. Although the decision-theoretic models accommodate a rich variety of behaviors, we present experimental evidence that points at syste...
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作者：Kouvelis, Panos; Zhao, Wenhui
作者单位：Washington University (WUSTL); Shanghai Jiao Tong University
摘要：We study contract design and coordination of a supply chain with one supplier and one retailer, both of which are capital constrained and in need of short-term financing for their operations. Competitively priced bank loans are available, and the failure of loan repayment leads to bankruptcy, where default costs may include variable (proportional to the firm's sales) and fixed costs. Without default costs, it is known that simple contracts (e.g., revenue-sharing, buyback, and quantity discount...
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作者：Akkus, Oktay; Cookson, J. Anthony; Hortacsu, Ali
作者单位：University of Colorado System; University of Colorado Boulder; University of Chicago
摘要：We provide new estimates of merger value creation by exploiting revealed preferences of merging banks within a matching market framework. We find that merger value arises from cost efficiencies in overlapping markets, relaxing of regulation, and network effects exhibited by the acquirer-target matching. Beyond our findings, the revealed preference method has notable advantages that warrant its application beyond the bank merger market. Notably, we show that the method outperforms reduced form ...
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作者：Bernstein, Fernando; Li, Yang; Shang, Kevin
作者单位：Duke University; California State University System; California State University Sacramento
摘要：We study a joint inventory and pricing problem in a single-stage system with a positive lead time. We consider both additive and multiplicative demand forms. This problem is, in general, intractable due to its computational complexity. We develop a simple heuristic that resolves this issue. The heuristic involves a myopic pricing policy that generates each period's price as a function of the initial inventory level and a base-stock policy for inventory replenishment. In each period, the firm m...
