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作者：Davis, Andrew M.; Katok, Elena; Kwasnica, Anthony M.
作者单位：Cornell University; University of Texas System; University of Texas Dallas; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：When bidders incur a cost to learn their valuations, bidder entry can impact auction performance. Two common selling mechanisms in this environment are an English auction and a sequential bidding process. Theoretically, sellers should prefer the auction, because it generates higher expected revenues, whereas bidders should prefer the sequential mechanism, because it generates higher expected bidder profits. We compare the two mechanisms in a controlled laboratory environment, varying the entry...
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作者：Nagarajan, Mahesh; Shechter, Steven
作者单位：University of British Columbia
摘要：The newsvendor problem is a fundamental decision problem in operations management. Various independent experimental studies in laboratory settings have shown similar deviations from the theoretical optimal order quantity. We clarify that Prospect Theory, a prevalent framework for decision making under uncertainty, cannot explain the consistent empirical findings.
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作者：Tehranian, Hassan; Zhao, Mengxing; Zhu, Julie L.
作者单位：Boston College; University of Alberta; Boston University; Shanghai Jiao Tong University
摘要：After the completion of a merger and acquisition (M&A) transaction, the target firm is delisted, but some analysts who covered it retain coverage of the merged firm. We hypothesize that this decision is based on two factors: the analyst's ability to cover the merged firm and his or her assessment of the M&A deal. Consistent with these hypotheses, we find that the remaining target analysts provide more accurate earnings forecasts and more optimistic stock recommendations and growth forecasts fo...
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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：Franke, Nikolaus; Poetz, Marion K.; Schreier, Martin
作者单位：Copenhagen Business School
摘要：Who provides better inputs to new product ideation tasks, problem solvers with expertise in the area for which new products are to be developed or problem solvers from analogous markets that are distant but share an analogous problem or need? Conventional wisdom appears to suggest that target market expertise is indispensable, which is why most managers searching for new ideas tend to stay within their own market context even when they do search outside their firms' boundaries. However, in a u...
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作者：Yang, Botao; Ching, Andrew T.
作者单位：University of Southern California; University of Toronto
摘要：We develop a structural consumer life-cycle model to investigate consumers' adoption and usage decisions of ATM cards. If consumers are forward-looking with a known discount factor, our framework can control for the heterogeneous life span faced by consumers of different ages, and hence measure adoption costs more accurately. Moreover, our framework can recover the monetary value of total adoption costs. To estimate our model, we use an Italian panel data set, which contains information on con...
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作者：Stidsen, Thomas; Andersen, Kim Allan; Dammann, Bernd
作者单位：Technical University of Denmark; Aarhus University; Technical University of Denmark
摘要：Most real-world optimization problems are multiobjective by nature, involving noncomparable objectives. Many of these problems can be formulated in terms of a set of linear objective functions that should be simultaneously optimized over a class of linear constraints. Often there is the complicating factor that some of the variables are required to be integral. The resulting class of problems is named multiobjective mixed integer programming (MOMIP) problems. Solving these kinds of optimizatio...
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作者：Harford, Jarrad; Kolasinski, Adam
作者单位：University of Washington; University of Washington Seattle; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We test whether the well-documented high returns of private equity sponsors result from wealth transfers from other financial claimants and counterparties and from a focus on short-term profits at the expense of long-term value. Debt investors who finance buyouts, as well as buyers of private equity portfolio companies, represent the two potential sources of wealth transfers. However, we find that, on average, public companies benefit when they buy financial sponsors' portfolio companies, expe...
