-
作者：Yu, Man; Ahn, Hyun-Soo; Kapuscinski, Roman
作者单位：Hong Kong University of Science & Technology; University of Michigan System; University of Michigan
摘要：We consider a seller who can sell her product over two periods, advance and spot. The seller has private information about the product quality, which is unknown to customers in advance and publicly revealed in spot. The question we consider is whether the seller has an incentive to signal quality in advance and, if so, how she can convey a credible signal of product quality. We characterize the seller's signaling strategy and find that rationing of capacity in the advance period is an effectiv...
-
作者：Ho, Teck-Hua
作者单位：University of California System; University of California Berkeley
-
作者：Pedram, Mahmood; Balachander, Subramanian
作者单位：American University in Dubai (AUD); Purdue University System; Purdue University
摘要：In this paper, we analyze the optimal introduction timing of a seller's products targeted at segments that differ in their willingness to pay for quality. Past studies suggest that an introduction sequence of a high-quality product followed by a lower-quality version of the product may mitigate the cannibalization effects of the low-quality product on profits from the high-quality product. We show that if customers who value quality more possess an outside option such as a substitute product, ...
-
作者：Firth, Michael; Wang, Kailong (Philip); Wong, Sonia M. L.
作者单位：Lingnan University; Michigan State University; Michigan State University's Broad College of Business
摘要：Using China's stock market as the testing venue, this study examines how corporate transparency helps explain the sensitivity of stock prices to general investor sentiment. We find that firms with low corporate transparency, measured by a battery of proxies including state ownership, the prevalence of related party transactions, accrual-based earnings management, audit opinions, and the quality of audit firms, are more affected by investor sentiment than are firms with high corporate transpare...
-
作者：Yang, Zhibin (Ben); Babich, Volodymyr
作者单位：University of Oregon; Georgetown University
摘要：We consider a supply chain with one buyer and two suppliers who are subject to disruptions and whose likelihoods of disruption are their private information. In such a setting, does the buyer benefit from engaging the services of a better-informed procurement service provider (PSP) compared to procuring directly from the suppliers? Intuition might suggest that hiring a PSP is always the right choice because the PSP's knowledge of the supply base improves supplier selection and management. On t...
-
作者：Budescu, David V.; Chen, Eva
作者单位：Fordham University; University of Pennsylvania
摘要：Statistical aggregation is often used to combine multiple opinions within a group. Such aggregates outperform individuals, including experts, in various prediction and estimation tasks. This result is attributed to the wisdom of crowds. We seek to improve the quality of such aggregates by eliminating poorly performing individuals from the crowd. We propose a new measure of contribution to assess the judges' performance relative to the group and use positive contributors to build a weighting mo...
-
作者：Goldmanis, Maris; Ray, Korok
作者单位：University of London; Royal Holloway University London; George Washington University
摘要：Compensation not only provides incentives to an existing manager but also affects the type of manager attracted to the firm. This paper examines the dual incentive and sorting effects of performance pay in a simple contracting model of endogenous participation. Unless the manager is highly risk averse, sorting dampens optimal pay-performance sensitivity (PPS) because PPS beyond a nominal amount transfers unnecessary (information) rent to the manager. This helps explain why empirical estimates ...
-
作者：van Ryzin, Garrett; Vulcano, Gustavo
作者单位：Columbia University; New York University
摘要：We propose an approach for estimating customer preferences for a set of substitutable products using only sales transactions and product availability data. The underlying demand framework combines a general, nonparametric discrete choice model with a Bernoulli process of arrivals over time. The choice model is defined by a discrete probability mass function (pmf) on a set of possible preference rankings of alternatives, and it is compatible with any random utility model. An arriving customer i...
-
作者：Becher, David A.; Cohn, Jonathan B.; Juergens, Jennifer L.
作者单位：Drexel University; University of Pennsylvania; University of Texas System; University of Texas Austin
摘要：This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion. We find the probability of completion increases (decreases) with the favorability of acquirer (target) recommendations. Results from instrumental variables tests support causality running from recommendations to merger outcomes. Additional tests suggest that these relations are driven by target shareholders reassessing the merger offer in response to movements in acquirer and t...
-
作者：Bakshi, Nitin; Kim, Sang-Hyun; Savva, Nicos
作者单位：University of London; London Business School; Yale University
摘要：Prior studies on performance-based contracting (PBC) for after-sales services have highlighted its advantages over traditional resource-based contracting (RBC), when products are established and their reliability is known to all parties. We develop a game theoretic model to investigate how these insights are affected when the vendor is privately informed about the reliability of a newly developed product. A novel feature of our model is the interaction between reliability signaling (private in...
