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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：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...
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作者：Li, Shujing; Qiu, Jiaping
作者单位：McMaster University
摘要：By distancing themselves from others in risk factor loadings, mutual funds yield distinct returns and become better-performing funds in different market situations. This enables mutual funds to obtain stochastic market power and charge higher fees than they could otherwise. This strategy fundamentally differs from the conventional market segmentation strategy that targets investors with heterogeneous preferences. We present a model to study this novel form of financial product differentiation ...
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作者：Servaes, Henri; Tamayo, Ane
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of London; London School Economics & Political Science
摘要：This paper studies how industry peers respond when another firm in the industry is the subject of a hostile takeover attempt. The industry peers cut their capital spending, free cash flows, and cash holdings, and increase their leverage and payouts to shareholders. They also adopt more takeover defenses. The stock price reaction upon announcement of the takeover is positive and larger for peer firms with higher capital spending and higher free cash flows. Before the takeover attempt, the peer ...
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作者：Cho, Soo-Haeng
作者单位：Carnegie Mellon University
摘要：The well-known economic theory predicts that consumer price will fall after a horizontal merger when the amount of marginal cost reduction from operating synergies exceeds the premerger markup of a merging firm. However, when a horizontal merger occurs in a multitier decentralized supply chain where a finite number of firms compete at each tier, we show that this result holds only when a merger occurs at the tier that acts as the leader in the supply chain. In this supply chain, a horizontal m...
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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：Baldiga, Katherine
作者单位：University System of Ohio; Ohio State University
摘要：We present the results of an experiment that explores whether women are less willing than men to guess on multiple-choice tests. Our test consists of practice questions from SAT II history tests; we vary whether a penalty is imposed for a wrong answer and the salience of the evaluative nature of the task. We find that when no penalty is assessed for a wrong answer, all test takers answer every question. But, when there is a penalty for wrong answers, women answer significantly fewer questions ...
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作者：Singleton, Kenneth J.
作者单位：Stanford University
摘要：This paper explores the impact of investor flows and financial market conditions on returns in crude oil futures markets. I argue that informational frictions and the associated speculative activity may induce prices to drift away from fundamental values, and may result in price booms and busts. Particular attention is given to the interplay between imperfect information about real economic activity, including supply, demand, and inventory accumulation, and speculative activity in oil markets....
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作者：Belo, Rodrigo; Ferreira, Pedro; Telang, Rahul
作者单位：Carnegie Mellon University; Carnegie Mellon University
摘要：This paper examines the effects of providing broadband to schools on students' performance. We use a rich panel of data on broadband use and students' grades from all middle schools in Portugal. Employing a first-differences specification to control for school-specific unobserved effects and instrumenting the quality of broadband to account for unobserved time-varying effects, we show that high levels of broadband use in schools were detrimental for grades on the ninth-grade national exams in ...
