-
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...
-
作者：Sriram, S.; Chintagunta, Pradeep K.; Manchanda, Puneet
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：We investigate the roles of the level and variability in quality in driving customer retention for a new service. We present model-free evidence that whereas high average quality helps in retaining customers, high variability leads to higher termination rates. Apart from these main effects, we use model-free evidence to document the presence of (a) an interaction effect between average service quality and its variability on termination rates, (b) customer learning about service quality over ti...
-
作者：Gray, John V.; Siemsen, Enno; Vasudeva, Gurneeta
作者单位：University System of Ohio; Ohio State University; University of Minnesota System; University of Minnesota Twin Cities
摘要：This study investigates the conformance quality benefits of colocating manufacturing with research and development (R&D) activities. Findings from a panel data set of U.S.-based pharmaceutical plants over a 13-year period reveal that colocation of manufacturing and R&D relates to better conformance quality, on average, across the entire sample. We find that these benefits of colocation persist throughout the time period we study (1994-2007), which is surprising, given the rapid development of ...
-
作者：Cui, Ruomeng; Allon, Gad; Bassamboo, Achal; Van Mieghem, Jan A.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Northwestern University
摘要：We provide an empirical and theoretical assessment of the value of information sharing in a two-stage supply chain. The value of downstream sales information to the upstream firm stems from improving upstream order fulfillment forecast accuracy. Such an improvement can lead to lower safety stock and better service. Based on the data collected from a consumer packaged goods company, we empirically show that, if the company includes the downstream sales data to forecast orders, the improvement i...
-
作者：Karagozoglu, Emin; Riedl, Arno
作者单位：Ihsan Dogramaci Bilkent University; Maastricht University; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Tilburg University
摘要：We experimentally explore the effect of performance information and production uncertainties on (i) subjective entitlements derived from the production process and (ii) bargaining over the jointly produced surplus. We hypothesize that performance information and details of the production process affect entitlements, which in turn influence bargaining behavior. We find that, without performance information, subjective entitlements are mostly mutually consistent, and bargaining mainly ends with ...
-
作者：Arnott, Robert D.; Hsu, Jason C.; Liu, Jun; Markowitz, Harry
作者单位：Research Affiliates LLC; University of California System; University of California Los Angeles; University of California System; University of California San Diego; Shanghai Jiao Tong University
摘要：If the price of a stock differs from its intrinsic value by a random noise, then value stocks are more likely to have negative noise; they are thus more likely undervalued and have higher expected return than justified by risk. The same intuition applies to small capitalization stocks. We formally verify and explore this intuition by using a standard noise-in-price model. This intuition is different from the Jensen's inequality effect studied by Blume and Stambaugh [Blume ME, Stambaugh RF (198...
-
作者：Voleti, Sudhir; Kopalle, Praveen K.; Ghosh, Pulak
作者单位：Indian School of Business (ISB); Dartmouth College; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：We develop and implement a Bayesian semiparametric model of demand under interproduct competition that enables us to assess the respective contributions of brand-SKU (stock keeping unit) hierarchy and interproduct similarity to explaining and predicting demand. To incorporate brand-SKU hierarchy effects, we use Bayesian hierarchical clustering inherent in a nested Dirichlet process to simultaneously partition brands, and SKUs conditional on brands, into groups of similarity clusters. We examin...
-
作者：Bartling, Bjoern; Brandes, Leif; Schunk, Daniel
作者单位：University of Zurich; University of Warwick; Johannes Gutenberg University of Mainz
摘要：We show that professional soccer players and their coaches exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that players breach the rules of the game, measured by the referee's assignment of cards, significantly more often if their teams are behind the expected match outcome, measured by preplay betting odds of large professional bookmakers. We further show that coaches implement si...
-
作者：Gamble, Keith Jacks; Boyle, Patricia A.; Yu, Lei; Bennett, David A.
作者单位：DePaul University; Rush University
摘要：This study examines how cognitive changes associated with aging impact the financial decision-making capability of older Americans. We find that a decrease in cognition is associated with a decrease in financial literacy. Decreases in episodic memory and visuospatial ability are associated with a decrease in numeracy, and a decrease in semantic memory is associated with a decrease in financial knowledge. A decrease in cognition also predicts a drop in self-confidence in general, but importantl...
-
作者：Townsend, Richard R.
作者单位：Dartmouth College
摘要：This paper investigates how venture-backed companies are affected when others sharing the same investor suffer a negative shock. In theory, companies may be helped or hurt in this scenario. To examine the topic empirically, I estimate the impact of the collapse of the technology bubble on non-information-technology (non-IT) companies that were held alongside IInternet companies in venture portfolios. Using a difference-indifferences framework, I find that the end of the bubble was associated w...
