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作者：Selove, Matthew
作者单位：University of Southern California
摘要：This paper presents a dynamic investment game in which firms that are initially identical develop assets that are specialized to different market segments. The model assumes that there are increasing returns to investment in a segment, for example, as a result of word-of-mouth or learning curve effects. I derive three key results: (1) Under certain conditions there is a unique equilibrium in which firms that are only slightly different focus all of their investment in different segments, causi...
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作者：Aggarwal, Vikas A.; Hsu, David H.
作者单位：INSEAD Business School; University of Pennsylvania
摘要：We examine how initial public offerings (IPOs) and acquisitions affect entrepreneurial innovation as measured by patent counts and forward patent citations. We construct a firm-year panel data set of all venture capital-backed biotechnology firms founded between 1980 and 2000, tracked yearly through 2006. We address the possibility of unobserved self-selection into exit mode by using coarsened exact matching, and in two additional ways: (1) comparing firms that filed for an IPO (or announced a...
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作者：Liang, Chao; Cakanyildirim, Metin; Sethi, Suresh P.
作者单位：University of Texas System; University of Texas Dallas
摘要：Frequent product introductions emphasize the importance of product rollover strategies. With single rollover, when a new product is introduced, the old product is phased out from the market. With dual rollover, the old product remains in the market along with the new product. Anticipating the introduction of the new product and the potential markdown of the old product, strategic customers may delay their purchases. We study the interaction between product rollover strategies and strategic cus...
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作者：Brown, Alexander L.; Kim, Hwagyun
作者单位：Texas A&M University System; Texas A&M University College Station; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Recent financial studies often assume that agents have Epstein-Zin preferences-preferences that require agents to care about when uncertainty is resolved. Under this recursive-preference framework, the preference for uncertainty resolution is entirely determined by an agent's preferences for risk and intertemporal substitution. To test the implications of this model, this paper presents an experiment designed to elicit subject preferences on risk, time, intertemporal substitution, and uncertai...
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作者：Achtziger, Anja; Alos-Ferrer, Carlos
作者单位：Zeppelin University; University of Cologne
摘要：We present a simple model for decision making under uncertainty building on dual-process theories from psychology, and use it to illustrate a possible component of intuitive decision making of particular relevance for managerial settings. Decisions are the result of the interaction between two decision processes. The first one captures optimization based on Bayesian updating of beliefs. The second corresponds to a form of reinforcement learning capturing the tendency to rely on past performanc...
