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作者：Morellec, Erwan; Valta, Philip; Zhdanov, Alexei
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; University of Geneva; University of Geneva; Panagora Asset Management
摘要：We build a model of investment and financing decisions to study the choice between bonds and bank loans in a firm's marginal financing decision and its effects on corporate investment. We show that firms with more growth options, with higher bargaining power in default, operating in more competitive product markets, or facing lower credit supply are more likely to issue bonds. We also demonstrate that, by changing the cost of financing, these characteristics affect the timing of investment. We...
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作者：Hendricks, Kevin B.; Hora, Manpreet; Singhal, Vinod R.
作者单位：Wilfrid Laurier University; University System of Georgia; Georgia Institute of Technology
摘要：This paper provides empirical evidence on the performance effects and choice of appointments of supply chain and operations management executives (SCOMEs). The analysis is based on a sample of 681 SCOME appointments that were publicly announced during the 2000-2011 period. We find that the stock market reaction is positive on the day of the announcement. Categorizing the SCOME appointments as new or old and insider or outsider, we find that the market reaction for newly created SCOME positions...
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作者：Janakiraman, Ganesh; Seshadri, Sridhar; Sheopuri, Anshul
作者单位：University of Texas System; University of Texas Dallas; Indian School of Business (ISB); International Business Machines (IBM); IBM USA
摘要：We study a model of a firm managing its inventory of a single product by sourcing supplies from two supply sources, a regular supplier who offers a lower unit cost and a longer lead time than a second, emergency, supplier. A practically implementable policy for such a firm is a tailored base-surge (TBS) policy [Allon G, Van Mieghem JA (2010) Global dual sourcing: Tailored base-surge allocation to near-and offshore production. Management Sci. 56(1):110-124] to manage its inventory. Under this p...
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作者：Post, Thierry; Fang, Yi; Kopa, Milos
作者单位：Koc University; Jilin University; Jilin University; Charles University Prague
摘要：We develop and implement linear formulations of convex stochastic dominance relations based on decreasing absolute risk aversion (DARA) for discrete and polyhedral choice sets. Our approach is based on a piecewise-exponential representation of utility and a local linear approximation to the exponentiation of log marginal utility. An empirical application to historical stock market data suggests that a passive stock market portfolio is DARA stochastic dominance inefficient relative to concentra...
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作者：Battauz, Anna; De Donno, Marzia; Sbuelz, Alessandro
作者单位：Bocconi University; Bocconi University; University of Parma; Catholic University of the Sacred Heart
摘要：We study the nonstandard optimal exercise policy associated with relevant capital investment options and with the prepayment option of widespread collateralized-borrowing contracts like the gold loan. Option exercise is optimally postponed not only when moneyness is insufficient, but also when it is excessive. We extend the classical optimal exercise properties for American options. Early exercise of an American call with a negative underlying payout rate can occur if the option is moderately ...
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作者：de Langhe, Bart; Puntoni, Stefano
作者单位：University of Colorado System; University of Colorado Boulder; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Prominent decision-making theories propose that individuals (should) evaluate alternatives by combining gains and losses in an additive way. Instead, we suggest that individuals seek to maximize the rate of exchange between positive and negative outcomes and thus combine gains and losses in a multiplicative way. Sensitivity to gain-loss ratio provides an alternative account for several existing findings and implies a number of novel predictions. It implies greater sensitivity to losses and ris...
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作者：Gutin, Eli; Kuhn, Daniel; Wiesemann, Wolfram
作者单位：Massachusetts Institute of Technology (MIT); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Imperial College London
摘要：In a stochastic interdiction game a proliferator aims to minimize the expected duration of a nuclear weapons development project, and an interdictor endeavors to maximize the project duration by delaying some of the project tasks. We formulate static and dynamic versions of the interdictor's decision problem where the interdiction plan is either precommitted or adapts to new information revealed over time, respectively. The static model gives rise to a stochastic program, whereas the dynamic m...
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作者：Berge, Lars Ivar Oppedal; Bjorvatn, Kjetil; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH)
摘要：Microenterprises constitute an important source of employment, and developing such enterprises is a key policy concern in most countries. But what is the most efficient tool for microenterprise development? We study this question in a developing country context (Tanzania), where microenterprises are the source of employment for more than half of the labor force, and we report from a field experiment that jointly investigated the importance of a human capital intervention (business training) an...
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作者：Viard, V. Brian; Economides, Nicholas
作者单位：New York University; University of California System; University of California Berkeley
摘要：A country's human capital and economic productivity increasingly depend on the Internet as a result of its expanding role in providing information and communications. This has prompted a search for ways to increase Internet adoption and narrow its disparity across countries-the global digital divide. Previous work has focused on demographic, economic, and infrastructure determinants of Internet access that are difficult to change in the short run. Internet content increases adoption and can be...
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作者：Scopelliti, Irene; Morewedge, Carey K.; McCormick, Erin; Min, H. Lauren; Lebrecht, Sophie; Kassam, Karim S.
作者单位：City St Georges, University of London; Boston University; Carnegie Mellon University; University of Colorado System; University of Colorado Boulder
摘要：People exhibit a bias blind spot: they are less likely to detect bias in themselves than in others. We report the development and validation of an instrument to measure individual differences in the propensity to exhibit the bias blind spot that is unidimensional, internally consistent, has high test-retest reliability, and is discriminated from measures of intelligence, decision-making ability, and personality traits related to self-esteem, self-enhancement, and self-presentation. The scale i...
