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作者：Zhang, Zelin; Joseph, Kissan; Subramaniam, Ramanathan
作者单位：Renmin University of China; University of Kansas; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad
摘要：Probabilistic selling-the sale of synthetic products consisting of a lottery between two distinct goods-has been extensively analyzed in horizontal markets. In this research, we investigate probabilistic selling in quality-differentiated markets. This is an important new dimension of inquiry because of the widespread prevalence of quality-differentiated markets as well as significant differences in the preference structure across these markets. In fact, this latter consideration casts doubt as...
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作者：Brooks, Alison Wood; Gino, Francesca; Schweitzer, Maurice E.
作者单位：Harvard University; University of Pennsylvania
摘要：Although individuals can derive substantial benefits from exchanging information and ideas, many individuals are reluctant to seek advice from others. We find that people are reticent to seek advice for fear of appearing incompetent. This fear, however, is misplaced. We demonstrate that individuals perceive those who seek advice as more competent than those who do not. This effect is moderated by task difficulty, advisor egocentrism, and advisor expertise. Individuals perceive those who seek a...
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作者：Guo, Liang; Meng, Xiangyi
作者单位：Chinese University of Hong Kong; Central University of Finance & Economics
摘要：Advances in digital technologies have led to an increasing concern about piracy for providers of digital content (e.g., e-books, games, music, software, videos). Yet controversies exist over the influence of copyright protection on firm profitability. The objective of this paper is to provide an alternative rationale for the growing anti-protection trend and to investigate optimal copyright enforcement and quality provision in a monopoly setting. The proposed economic mechanism centers on the ...
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作者：Besbes, Omar; Zeevi, Assaf
作者单位：Columbia University
摘要：We consider a multiperiod single product pricing problem with an unknown demand curve. The seller's objective is to adjust prices in each period so as to maximize cumulative expected revenues over a given finite time horizon; in doing so, the seller needs to resolve the tension between learning the unknown demand curve and maximizing earned revenues. The main question that we investigate is the following: How large of a revenue loss is incurred if the seller uses a simple parametric model that...
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作者：Besbes, Omar; Lobel, Ilan
作者单位：Columbia University; New York University
摘要：We study a firm's optimal pricing policy under commitment. The firm's objective is to maximize its long-term average revenue given a steady arrival of strategic customers. In particular, customers arrive over time, are strategic in timing their purchases, and are heterogeneous along two dimensions: their valuation for the firm's product and their willingness to wait before purchasing or leaving. The customers' patience and valuation may be correlated in an arbitrary fashion. For this general f...
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作者：Kokkonen, Joni; Suominen, Matti
作者单位：Universidade Catolica Portuguesa; Aalto University
摘要：We measure misvaluation using the discounted residual income model. As shown in the literature, this measure of stocks' misvaluation significantly explains their future cross-sectional returns. We measure the market-level misvaluation (market inefficiency) by the misvaluation spread: the difference in the misvaluation of the most overvalued and undervalued shares. We show that the misvaluation spread is a strong predictor of a misvaluation-based long-short portfolio's returns, reinforcing the ...
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作者：Falato, Antonio; Li, Dan; Milbourn, Todd
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Washington University (WUSTL)
摘要：Market-based theories predict that differences in CEO skills lead to potentially large differences in pay, but it is challenging to quantify the CEO skill premium in pay. In a first step toward overcoming this empirical challenge, we code detailed biographical information for a large sample of CEOs for a panel of S&P 1500 firms between 1993 and 2005 to identify specific reputational, career, and educational credentials that are indicative of skills. Newly appointed CEOs earn up to a 5% or $280...
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作者：Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent
作者单位：National University of Singapore; University System of Ohio; Ohio State University; National Bureau of Economic Research; Federal National Mortgage Association (Fannie Mae)
摘要：Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged transactions, around critical leverage thresholds, and for transactions mediated through a broker. Mortgages with inflated valuations default more often. Lenders account for 60%-90% of the bias through pricing.
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作者：Leibbrandt, Andreas; List, John A.
作者单位：Monash University; University of Chicago
摘要：One explanation advanced for the persistent gender pay differences in labor markets is that women avoid salary negotiations. By using a natural field experiment that randomizes nearly 2,500 job seekers into jobs that vary important details of the labor contract, we are able to observe both the extent of salary negotiations and the nature of sorting. We find that when there is no explicit statement that wages are negotiable, men are more likely to negotiate for a higher wage, whereas women are ...
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作者：Roach, Michael; Sauermann, Henry
作者单位：Cornell University; University System of Georgia; Georgia Institute of Technology
摘要：Entrepreneurial ventures rely not only on founders but also on joiners-start-up employees who are attracted to entrepreneurship, but who do not want to be founders themselves. Drawing on both preference and contextual theories of entrepreneurship, we examine how individuals' interest in being a founder, a joiner, or neither forms prior to the first career transition. We find that although individuals with founder and joiner interests share similar preferences for entrepreneurial job attributes...
