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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...
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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...
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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：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：Wang, Chia-Li
作者单位：National Dong Hwa University
摘要：Suppose customers arrive at an observable queueing system for service with a utility function of reward and waiting cost. The self-(customer) decision is whether to queue or balk, and the social (system administrator) goal is to maximize the profit of the whole system. Whereas the self-optimal policy is relatively easy to obtain, the socially optimal policy, which is of more practical importance, often requires a tedious and ad hoc analysis as a result of external effects. We will introduce a ...
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作者：Attanasi, Giuseppe; Battigalli, Pierpaolo; Manzoni, Elena
作者单位：Centre National de la Recherche Scientifique (CNRS); Universites de Strasbourg Etablissements Associes; Universite de Strasbourg; Universites de Strasbourg Etablissements Associes; Universite de Strasbourg; Bocconi University; Bocconi University; University of Milano-Bicocca
摘要：In the theory of psychological games it is assumed that players' preferences on material consequences depend on endogenous beliefs. Most of the applications of this theoretical framework assume that the psychological utility functions representing such preferences are common knowledge. However, this is often unrealistic. In particular, it cannot be true in experimental games where players are subjects drawn at random from a population. Therefore, an incomplete-information methodology is needed...
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作者：Seenivasan, Satheesh; Sudhir, K.; Talukdar, Debabrata
作者单位：Monash University; Yale University; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：Do store brands aid store loyalty by enhancing store differentiation or merely draw price-sensitive customers with little or no store loyalty? This paper seeks to answer this question by empirically investigating the relationship between store brand loyalty and store loyalty. First, we find a robust, monotonic, positive relationship between store brand loyalty and store loyalty by using multiple loyalty metrics and data from multiple retailers and by controlling for alternative factors that ca...
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作者：Agarwal, Vikas; Lu, Yan; Ray, Sugata
作者单位：University System of Georgia; Georgia State University; University of Cologne; State University System of Florida; University of Central Florida; State University System of Florida; University of Florida
摘要：We examine the simultaneous management of hedge funds and funds of hedge funds. Hedge fund firms can choose to simultaneously offer a fund of hedge funds. Similarly, fund of hedge funds firms can simultaneously offer a hedge fund. We find that although superior past performance and larger size drive the decision to become simultaneous for hedge fund firms, past flows drive the decision for fund of hedge funds firms. The effects of simultaneity are also different. When hedge fund firms start fu...
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作者：Gurun, Umit G.; Johnston, Rick; Markov, Stanimir
作者单位：University of Texas System; University of Texas Dallas; City St Georges, University of London; Southern Methodist University
摘要：We explore sell-side debt analysts' contributions to the efficiency of securities markets. We document that debt returns lag equity returns less when debt research coverage exists, which is consistent with debt analysts facilitating the process by which available information is impounded in debt prices. The effect of debt research on the debt market's lag is incremental to, but comparable in magnitude to, hedge fund ownership's effect. No such effect exists for credit rating agencies. We also ...
