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作者：Barinov, Alexander
作者单位：University System of Georgia; University of Georgia
摘要：I show that turnover is unrelated to several alternative measures of liquidity risk and in most cases negatively, not positively, related to liquidity. Consequently, neither liquidity nor liquidity risk explains why higher turnover predicts lower future returns. I find that the aggregate volatility risk factor explains why higher turnover predicts lower future returns. This paper shows that the negative relation between turnover and future returns is stronger for firms with option-like equity,...
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作者：Qian, Yi
作者单位：University of British Columbia; National Bureau of Economic Research
摘要：A key concern about counterfeits and weak intellectual property protection is that they may hamper innovation by displacing legitimate sales. This paper combines a natural policy experiment with randomized lab experiments to estimate the heterogeneous impacts of counterfeiting on the sales and consumer purchase intent related to branded products of various quality levels. I collect new product-line-level panel data (1993-2004) on Chinese shoe companies. I identify heterogeneous effects of coun...
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作者：Huang, Yan; Singh, Param Vir; Srinivasan, Kannan
作者单位：University of Michigan System; University of Michigan; Carnegie Mellon University
摘要：We propose a dynamic structural model that illuminates the economic mechanisms shaping individual behavior and outcomes on crowdsourced ideation platforms. We estimate the model using a rich data set obtained from IdeaStorm.com, a crowdsourced ideation initiative affiliated with Dell. We find that, on IdeaStorm.com, individuals tend to significantly underestimate the costs to the firm for implementing their ideas but overestimate the potential of their ideas in the initial stages of the crowds...
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作者：Chan, Tat Y.; Li, Jia; Pierce, Lamar
作者单位：Washington University (WUSTL); Purdue University System; Purdue University
摘要：This paper examines how compensation systems impact peer effects and competition in collocated sales teams. We use department store sales data to show that compensation systems influence worker incentives to help and compete with peers within the same firm, which in turn changes the capability of the firm to compete with rivals. Compensation also affects how salespeople impact peers at collocated competing firms, thereby impacting market competition. Moreover, compensation influences how sales...
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作者：Lacetera, Nicola; Macis, Mario; Slonim, Robert
作者单位：University of Toronto; University of Toronto; University Toronto Mississauga; Johns Hopkins University; University of Sydney
摘要：We conducted a field experiment with the American Red Cross (ARC) to study the effects of economic incentives on volunteer activities. The experiment was designed to assess local and short-term effects as well as spatial and temporal substitution, heterogeneity, and spillovers. Subjects offered $5, $10, and $15 gift cards to give blood were more likely to donate and more so for the higher reward values. The incentives also led to spatial displacement and a short-term shift in the timing of don...
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作者：Da, Zhi; Liu, Qianqiu; Schaumburg, Ernst
作者单位：University of Notre Dame; University of Hawaii System; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Stock returns unexplained by fundamentals, such as cash flow news, are more likely to reverse in the short run than those linked to fundamental news. Making novel use of analyst forecast revisions to measure cash flow news, a simple enhanced reversal strategy generates a risk-adjusted return four times the size of the standard reversal strategy. Importantly, isolating the component of past returns not driven by fundamentals provides a cleaner setting for testing existing theories of short-term...
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作者：Nakagawa, Yuji; James, Ross J. W.; Rego, Cesar; Edirisinghe, Chanaka
作者单位：Kansai University; University of Canterbury; University of Mississippi; University of Tennessee System; University of Tennessee Knoxville
摘要：This paper develops a new way to help solve difficult linear and nonlinear discrete-optimization decision models more efficiently by introducing a problem-difficulty metric that uses the concept of entropy from information theory. Our entropy metric is employed to devise rules for problem partitioning within an implicit enumeration method, where branching is accomplished based on the subproblem complexity. The only requirement for applying our metric is the availability of (upper) bounds on br...
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作者：Duan, Jin-Chuan; Zhang, Weiqi
作者单位：National University of Singapore; National University of Singapore; University of Munster
摘要：A method for computing forward-looking market risk premium is developed in this paper. We first derive a theoretical expression that links forward-looking risk premium to investors' risk aversion and forward-looking volatility, skewness, and kurtosis of cumulative return. In addition, investors' risk aversion is theoretically linked to volatility spread, defined as the gap between the risk- neutral volatility deduced from option data and the physical return volatility exhibited by return data....
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作者：Subramanian, Upender; Raju, Jagmohan S.; Zhang, Z. John
作者单位：University of Texas System; University of Texas Dallas; University of Pennsylvania
摘要：Many firms today manage their existing customers differentially based on profit potential, providing fewer incentives to less profitable customers and firing unprofitable customers. Although researchers and industry experts advocate this practice, results have been mixed. We examine this practice explicitly accounting for competition and find that some conventional prescriptions may not always hold. We analyze a setting where customers differ in their cost to serve. We find that when a firm ca...
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作者：Brown, Nerissa C.; Wei, Kelsey D.; Wermers, Russ
作者单位：University System of Georgia; Georgia State University; University of Texas System; University of Texas Dallas; University System of Maryland; University of Maryland College Park
摘要：This paper documents that mutual funds herd (trade together) into stocks with consensus sell-side analyst upgrades, and herd out of stocks with consensus downgrades. This influence of analyst recommendation changes on fund herding is stronger for downgrades, and among managers with greater career concerns. These findings indicate that career-concerned managers are incentivized to follow analyst information, and that managers have a greater tendency to herd on negative stock information, given ...
