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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：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：Melkonyan, Tigran; Safra, Zvi
作者单位：University of Warwick
摘要：The paper examines the random preference model, which can explain inherent variability of preferences in managerial and individual decision making and provides axiomatizations for the utility components of two such models differentiated by the structure of core preferences: expected utility (EU) and betweenness-like preferences. We then examine the possibility of violations of weak stochastic transitivity for these models and for a model with core dual EU preferences. Such violations correspon...
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作者：Dellarocas, Chrysanthos; Sutanto, Juliana; Calin, Mihai; Palme, Elia
作者单位：Boston University; Lancaster University; Boston Consulting Group (BCG)
摘要：News aggregators have emerged as an important component of digital content ecosystems, attracting traffic by hosting curated collections of links to third-party content, but also inciting conflict with content producers. Aggregators provide titles and short summaries (snippets) of articles they link to. Content producers claim that their presence deprives them of traffic that would otherwise flow to their sites. In light of this controversy, we conduct a series of field experiments whose objec...
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作者：Parker, Chris; Ramdas, Kamalini; Savva, Nicos
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of London; London Business School
摘要：Access to information and communication technologies (ICTs) such as mobile phone networks is widely known to improve market efficiency. In this paper, we examine whether access to timely and accurate information provided through ICT applications has any additional impact. Using a detailed data set from Reuters Market Light (RML), a text message service in India that provides daily price information to market participants, we find that this information reduces the geographic price dispersion of...
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作者：Houston, Joel F.; Lin, Chen; Zhu, Zhongyan
作者单位：State University System of Florida; University of Florida; University of Hong Kong; Monash University
摘要：We examine how a firm's bankruptcy affects the bank financing costs of its key suppliers. We do so by using an extensive, hand-collected data set that captures the supply chain relationships of bankrupt firms over the time period 1990-2009. Looking at a sample of more than 2,000 loan contracts, we compare the average borrowing cost of suppliers in the two years prior to the bankruptcy of a key customer to the average cost in the two years following the announced bankruptcy. We find the average...
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作者：Brennan, Michael J.; Huh, Sahn-Wook; Subrahmanyam, Avanidhar
作者单位：University of California System; University of California Los Angeles; University of Manchester; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We decompose PIN, the probability of informed trading, into good-news (PIN_G) and bad-news (PIN_B) components, which we estimate at a quarterly frequency. We first assess the validity of PIN as a measure of informed trading by calculating its association with measures of the adverse-selection component of the cost of trading. We then provide new evidence that PIN_G and PIN_B capture informed trading around earnings announcements by showing that they predict positive and negative earnings surpr...
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作者：Kirchler, Michael; Huber, Juergen; Stefan, Matthias; Sutter, Matthias
作者单位：University of Innsbruck; University of Gothenburg; University of Cologne; University of Innsbruck
摘要：In an experiment with 739 subjects, we study whether and how different interventions might have an influence on the degree of moral behavior when subjects make decisions that can generate negative externalities on uninvolved parties. Particularly, subjects can either take money for themselves or donate it to UNICEF for measles vaccines. By considering two fairly different institutional regimes-one with individual decision making, one with a double-auction market-we expose the different interve...
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作者：Gilchrist, Duncan S.; Luca, Michael; Malhotra, Deepak
作者单位：Harvard University
摘要：Do higher wages elicit reciprocity and lead to increased productivity? In a field experiment with 266 employees, we find that paying higher wages, per se, does not have a discernible effect on productivity in a context with no future employment opportunities. However, structuring a portion of the wage as a clear and unexpected gift-by offering an unconditional raise after the employee has accepted the contract-leads to higher productivity for the duration of the job. Gifts are roughly as effic...
