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作者：Cui, Yao; Duenyas, Izak; Sahin, Oezge
作者单位：University of Michigan System; University of Michigan; Johns Hopkins University
摘要：We are interested in whether preventing resale of tickets benefits the capacity providers for sporting and entertainment events. Common wisdom suggests that ticket resale is harmful to event organizers' revenues, and event organizers have tried to prevent resale of tickets. For instance, Ticketmaster recently proposed paperless (nontransferrable) ticketing, which would severely limit the opportunity to resell tickets. We consider a model that allows resale from both consumers and speculators w...
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作者：Imrohoroglu, Ayse; Tuezel, Selale
作者单位：University of Southern California
摘要：This paper provides new evidence about the link between firm-level total factor productivity (TFP) and stock returns. We estimate firm-level TFP and show that it is strongly related to several firm characteristics such as size, the book-to-market ratio, investment, and hiring rate. Low productivity firms earn a significant premium over high productivity firms in the following year, and this premium is countercyclical. We show that a production-based asset pricing model calibrated to match the ...
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作者：Hossain, Tanjim; Li, King King
作者单位：University of Toronto; University of Toronto; Shanghai University of Finance & Economics; City University of Hong Kong
摘要：Recent studies, mostly from prosocial settings, suggest that monetary rewards may crowd out effort exertion by economic agents. We design a field experiment with data entry workers to investigate the extent of such crowding-out effects in a labor market. Using simple variations in the job description of a task, we induce a natural work setting under the work frame and emphasize social preference under the social frame. We find that crowding out of labor participation critically depends on fram...
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作者：den Boer, Arnoud V.; Zwart, Bert
作者单位：Eindhoven University of Technology; University of Amsterdam; Vrije Universiteit Amsterdam
摘要：Price experimentation is an important tool for firms to find the optimal selling price of their products. It should be conducted properly, since experimenting with selling prices can be costly. A firm, therefore, needs to find a pricing policy that optimally balances between learning the optimal price and gaining revenue. In this paper, we propose such a pricing policy, called controlled variance pricing (CVP). The key idea of the policy is to enhance the certainty equivalent pricing policy wi...
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作者：Li, Zhuoxin; Gilbert, Stephen M.; Lai, Guoming
作者单位：University of Texas System; University of Texas Austin
摘要：Prior literature has shown that, for a symmetric information setting, supplier encroachment into a reseller's market can mitigate double marginalization and benefit both the supplier and the reseller. This paper extends the investigation of supplier encroachment to the environment where the reseller might be better informed than the supplier. We find that the launch of the supplier's direct channel can result in costly signaling behavior on the part of the reseller, in which he reduces his ord...
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作者：Roussanov, Nikolai; Savor, Pavel
作者单位：University of Pennsylvania; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Marital status can both reflect and affect individual preferences. We explore the impact of marriage on corporate chief executive officers (CEOs) and find that firms run by single CEOs exhibit higher stock return volatility, pursue more aggressive investment policies, and do not respond to changes in idiosyncratic risk. These effects are weaker for older CEOs. Our findings continue to hold when we use variation in divorce laws across states to instrument for CEO marital status, which supports ...
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作者：Curtis, Asher; Fargher, Neil L.
作者单位：University of Washington; University of Washington Seattle; Australian National University
摘要：Critics of short selling argue that short sellers amplify price declines by targeting firms with falling prices in an unwarranted manner. Contrary to this viewpoint, we find that increases in short interest for firms following a price decline are associated with measures of overpricing based on financial statement analysis. Our results extend to short-selling activity following marketwide declines. We also find evidence consistent with the profitability of short selling following price decline...
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作者：Aral, Sinan; Walker, Dylan
作者单位：Massachusetts Institute of Technology (MIT); Boston University
摘要：We leverage the newly emerging business analytical capability to rapidly deploy and iterate large-scale, microlevel, in vivo randomized experiments to understand how social influence in networks impacts consumer demand. Understanding peer influence is critical to estimating product demand and diffusion, creating effective viral marketing, and designing network interventions to promote positive social change. But several statistical challenges make it difficult to econometrically identify peer ...
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作者：Aflaki, Sam; Popescu, Ioana
作者单位：Hautes Etudes Commerciales (HEC) Paris; INSEAD Business School
摘要：In a repeat business context, past experiences with a service provider affect customers' decisions to renew their contract. How should a strategic firm manage customized service over time to maximize the long-term value from each customer relationship? We propose a dynamic model that relies on behavioral theories and empirical evidence to capture the effect of past service experiences on service quality expectations, customer satisfaction, and retention. Although firms can benefit from managin...
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作者：Fisman, Raymond J.; Khurana, Rakesh; Rhodes-Kropf, Matthew; Yim, Soojin
作者单位：Columbia University; Harvard University; Emory University
摘要：We study how corporate governance affects firm value through the decision of whether to fire or retain the chief executive officer (CEO). We present a model in which weak governance-which prevents shareholders from controlling the board-protects inferior CEOs from dismissal, while at the same time insulates the board from pressures by biased or uninformed shareholders. Whether stronger governance improves retain/replace decisions depends on which of these effects dominates. We use our theoreti...
