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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：Burtch, Gordon; Ghose, Anindya; Wattal, Sunil
作者单位：University of Minnesota System; University of Minnesota Twin Cities; New York University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Online crowdfunding has received a great deal of attention as a promising avenue to fostering entrepreneurship and innovation. Because online settings bring increased visibility and traceability of transactions, many crowdfunding platforms provide mechanisms that enable a campaign contributor to conceal his or her identity or contribution amount from peers. We study the impact of these information (privacy) control mechanisms on crowdfunder behavior. Employing a randomized experiment at one of...
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作者：Bhattacharya, Shantanu; Gaba, Vibha; Hasija, Sameer
作者单位：INSEAD Business School
摘要：We analyze optimal contractual arrangements in a bilateral research and development (R&D) partnership between a risk-averse provider that conducts early-stage research followed by a regulatory verification stage and a risk-neutral client that performs late-stage development activities, including production, distribution, and marketing. The problem is formulated as a sequential investment game with the client as the principal, where the investments are observable but not verifiable. The model c...
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作者：Muslu, Volkan; Radhakrishnan, Suresh; Subramanyam, K. R.; Lim, Dongkuk
作者单位：University of Houston System; University of Houston; University of Texas System; University of Texas Dallas; University of Southern California; Indian School of Business (ISB); Idaho State University
摘要：We use computer-intensive techniques to study the informational properties of forward-looking disclosures in the management discussion and analysis (MD&A) sections of 10-K filings made with the Securities and Exchange Commission. We find that firms make more forward-looking MD&A disclosures when their stock prices have lower informational efficiency, i.e., when their stock prices poorly reflect future earnings information. The greater levels of forward-looking MD&A disclosures help improve yet...
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作者：Hariharan, Vijay Ganesh; Bezawada, Ram; Talukdar, Debabrata
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：Current branding literature investigates the spillover effects and extension effects due to the introduction of product extensions. However, no study so far has evaluated the aggregate market impact of these effects across different brand development strategies or accounted for the strategic decision to introduce the extension. It is important to examine the above given the significant investments and the high failure rates associated with the introduction of new product extensions. In this st...
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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...
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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：Cenesizoglu, Tolga
作者单位：Universite de Montreal; HEC Montreal
摘要：In good times, stock prices react negatively to good news and positively to bad news, whereas in bad times, they react positively to good news and negatively to bad news. To account for this stylized fact, we consider an asset pricing model where the dividend growth rate switches between different values depending on the underlying state of the economy. Investors never observe the true dividend growth rate, but learn about it through not only its realizations but also external signals such as ...
