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作者：Dong, Lingxiu; Kouvelis, Panos; Wu, Xiaole
作者单位：Washington University (WUSTL); Fudan University
摘要：Refining is indispensable to almost every natural-resource-based commodity industry. It involves a series of complex processes that transform inputs with a wide range of quality characteristics into refined finished products sold to end markets. In this paper, we take the perspective of a profit-maximizing refiner that considers upgrading its existing simple refinery to include intermediate-conversion flexibility, i.e., the capability of converting heavy intermediate components to light ones. ...
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作者：Rudi, Nils; Drake, David
作者单位：INSEAD Business School; Harvard University
摘要：In an experimental newsvendor setting, we investigate three phenomena: level behavior-the decision maker's average ordering tendency; adjustment behavior-the tendency to adjust period-to-period order quantities; and observation bias-the tendency to let the degree of demand feedback influence order quantities. We find that, in three of four conditions, the portion of mismatch cost that results from adjustment behavior exceeds the portion of mismatch cost caused by level behavior. Observation bi...
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作者：Elkamhi, Redouane; Pungaliya, Raunaq S.; Vijh, Anand M.
作者单位：University of Toronto; Sungkyunkwan University (SKKU); University of Iowa
摘要：This paper proposes a new methodology to infer investors' expectations about the speed of leverage adjustment implicit in the prices of credit instruments. On average, the credit markets imply a fairly rapid annual speed of adjustment of 26% toward a firm's predicted leverage. The speed varies considerably across partitions formed by the differential implications of the pecking order, market timing, and trade-off theories of capital structure. This finding suggests that investors' expectations...
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作者：Roos, Jason M. T.; Shachar, Ron
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Reichman University
摘要：Movie producers and exhibitors make various decisions requiring an understanding of moviegoer's preferences at the local level. Two examples of such decisions are exhibitors' allocation of screens to movies and producers' allocation of advertising across different regions of the country. This study presents a predictive model of local demand for movies with two unique features. First, arguing that consumers' political tendencies have an unutilized predictive power for marketing models, we allo...
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作者：Amromin, Gene; Sharpe, Steven A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Data obtained from monthly Gallup/UBS surveys from 1998 to 2007 and from a special supplement to the Michigan Surveys of Consumer Attitudes and Behavior, run in 22 monthly surveys between 2000 and 2005, are used to analyze stock market beliefs and portfolio choices of household investors. We show that the key variables found to be positive predictors of actual stock returns in the asset-pricing literature are also highly correlated with investor's subjective expected returns, but with the oppo...
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作者：Guadalupe, Maria; Li, Hongyi; Wulf, Julie
作者单位：INSEAD Business School; Centre for Economic Policy Research - UK; University of New South Wales Sydney; Harvard University; National Bureau of Economic Research
摘要：Top management structures in large U.S. firms have changed significantly since the mid-1980s. The size of the executive team-the group of managers reporting directly to the CEO-doubled during this period. This growth was driven primarily by an increase in functional managers rather than general managers, a phenomenon we term functional centralization. Using panel data on senior management positions, we show that changes in the structure of the executive team are tightly linked to changes in fi...
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作者：Hosanagar, Kartik; Fleder, Daniel; Lee, Dokyun; Buja, Andreas
作者单位：University of Pennsylvania; University of Pennsylvania
摘要：Personalization is becoming ubiquitous on the World Wide Web. Such systems use statistical techniques to infer a customer's preferences and recommend content best suited to him (e.g., Customers who liked this also liked ...). A debate has emerged as to whether personalization has drawbacks. By making the Web hyperspecific to our interests, does it fragment Internet users, reducing shared experiences and narrowing media consumption? We study whether personalization is in fact fragmenting the on...
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作者：Cohen-Vernik, Dinah A.; Purohit, Devavrat
作者单位：Rice University; Duke University
摘要：When manufacturers do not have sufficient capacity to meet demand and cannot increase prices, they have to determine other methods to allocate goods among retailers. A common allocation mechanism is based on a retailer's sales history: a retailer that has ordered larger quantities in the past should get a greater allocation than a retailer that has historically ordered smaller quantities. This mechanism, known as a turn-and-earn allocation rule, is commonly used in many industries such as auto...
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作者：Xiang, Yi; Soberman, David
作者单位：China Europe International Business School; University of Toronto
摘要：The objective of this paper is to better understand the factors that competitive news providers consider to design or deliver news programmes. The focus is broadcast news where, in any programming time period, a viewer watches (or consumes) one programme. We assume that each viewer is interested in a limited set of topics and that her utility only comes from the most interesting news she observes. The key questions we address are as follows: (a) Should firms adopt designs that facilitate the d...
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作者：Caro, Felipe; Martinez-de-Albeniz, Victor; Rusmevichientong, Paat
作者单位：University of California System; University of California Los Angeles; University of Navarra; IESE Business School; University of Southern California
摘要：Motivated by retailers' frequent introduction of new items to refresh product lines and maintain their market shares, we present the assortment packing problem in which a firm must decide, in advance, the release date of each product in a given collection over a selling season. Our formulation models the trade-offs among profit margins, preference weights, and limited life cycles. A key aspect of the problem is that each product is short-lived in the sense that, once introduced, its attractive...
