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作者：Li, Haitao; Li, Tao; Yu, Cindy
作者单位：University of Michigan System; University of Michigan; City University of Hong Kong; Iowa State University
摘要：We study the time-varying nature of U.S. monetary policies summarized by the Taylor rule based on a continuous-time regime-switching term structure model. In this model, the spot rate follows the Taylor rule and government bonds at different maturities are priced by no arbitrage. We allow the coefficients of the Taylor rule and the dynamics of inflation and output gap to be regime dependent and estimate the model using government bond yields. We find that the Fed is proactive in controlling in...
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作者：Holm, Hakan J.; Opper, Sonja; Nee, Victor
作者单位：Lund University; Cornell University
摘要：This study reports findings from the first large-scale experiment investigating whether entrepreneurs differ 1 from other people in their willingness to expose themselves to various forms of uncertainty. A stratified random sample of 700 chief executive officers from the Yangzi delta region in China is compared to 200 control group members. Our findings suggest that in economic decisions, entrepreneurs are more willing to accept strategic uncertainty related to multilateral competition and tru...
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作者：Bayus, Barry L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Several organizations have developed ongoing crowdsourcing communities that repeatedly collect ideas for new products and services from a large, dispersed crowd of nonexperts (consumers) over time. Despite its promises, little is known about the nature of an individual's ideation efforts in such an online community. Studying Dell's IdeaStorm community, serial ideators are found to be more likely than consumers with only one idea to generate an idea the organization finds valuable enough to imp...
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作者：Ren, Yufei; Croson, Rachel
作者单位：Union College; University of Texas System; University of Texas Arlington
摘要：Previous studies have shown that individuals make suboptimal decisions in a variety of supply chain and inventory settings. We hypothesize that one cause is that individuals are overconfident (in particular, overprecise) in their estimation of order variation. Previous work has shown theoretically that underestimating the variance of demand causes orders to deviate from optimal in predictable ways. We provide two experiments supporting this theoretical link. In the first, we elicit the precisi...
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作者：Rubineau, Brian; Fernandez, Roberto M.
作者单位：Cornell University; Massachusetts Institute of Technology (MIT)
摘要：The importance of networks in labor markets is well known, and their job-segregating effects in organizations is a given. Conventional wisdom attributes this segregation to the homophilous nature of contact networks, and leaves little role for organizational influences. Yet employee referrals are necessarily initiated within a firm by employee referrers subject to organizational policies. We build theory regarding the role of referrers in the segregating effects of network recruitment. Using m...
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作者：Wang, Xiaoqun; Tan, Ken Seng
作者单位：Tsinghua University; University of Waterloo; Central University of Finance & Economics
摘要：Quasi-Monte Carlo (QMC) methods are important numerical tools in the pricing and hedging of complex financial instruments. The effectiveness of QMC methods crucially depends on the discontinuity and the dimension of the problem. This paper shows how the two fundamental limitations can be overcome in some cases. We first study how path-generation methods (PGMs) affect the structure of the discontinuities and what the effect of discontinuities is on the accuracy of QMC methods. The insight is th...
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作者：Altinkilic, Oya; Balashov, Vadim S.; Hansen, Robert S.
作者单位：George Washington University; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Tulane University
摘要：Contrary to the common view that analysts are important information agents, intraday returns evidence shows that announcements of analysts' forecast revisions release little new information, on average. Further cross-sectional evidence from returns around the announcements confirms that revisions are virtually information free. Daily announcement returns used in the literature appear to overstate the analyst's role as information agent, because forecast announcements are often issued directly ...
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作者：Kocak, Ozgecan; Ozcan, Serden
作者单位：Sabanci University; Copenhagen Business School
摘要：Four distinct theoretical programs have examined market entry decisions of multiunit firms, advancing different explanations for the relationship between a firm's likelihood of entry into a geographical market and the number of rivals that are already present in the target market. Within the strategy literature, theory of strategic interactions explains that firms will want to establish a foothold in markets where their multimarket competitors are scarce, but avoid markets where there are many...
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作者：Singh, Jasjit; Marx, Matt
作者单位：INSEAD Business School; Massachusetts Institute of Technology (MIT)
摘要：Geographic localization of knowledge spillovers is a central tenet in multiple streams of research. However, prior work has typically examined this phenomenon considering only one geographic unit-country, state, or metropolitan area-at a time and has rarely accounted for spatial distance. We disentangle these multiple effects by using a regression framework employing choice-based sampling to estimate the likelihood of citation between random patents. We find both country and state borders to h...
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作者：Shi, Savannah Wei; Wedel, Michel; Pieters, F. G. M. (Rik)
作者单位：Santa Clara University; University System of Maryland; University of Maryland College Park; Tilburg University
摘要：We propose a model of eye-tracking data to understand information acquisition patterns on attribute-by-product matrices, which are common in online choice environments such as comparison websites. The objective is to investigate how consumers gather product and attribute information from moment to moment. We propose a hierarchical hidden Markov model that consists of three connected layers: a lower layer that describes the eye movements, a middle layer that identifies information acquisition p...
