3期

最新文章

• Diversity and Performance AI翻译
  作者：Li, Feng; Nagar, Venky
  作者单位：University of Michigan System; University of Michigan
  摘要：This study measures the performance of U.S. firms initiating same-sex domestic partnership benefit (SSDPB) policies. The results show that holding these firms upon their SSDPB initiation in a calendar portfolio earns a four-factor annualized excess return (alpha) of approximately 10% over the 1995-2008 sample period, beating 95% of all professional mutual funds in the United States. This finding is robust to several tests of reverse causality. SSDPB adopters also show significant improvement i...
• The Effect of CRM Outsourcing on Shareholder Value: A Contingency Perspective AI翻译
  作者：Kalaignanam, Kartik; Kushwaha, Tarun; Steenkamp, Jan-Benedict E. M.; Tuli, Kapil R.
  作者单位：University of South Carolina System; University of South Carolina Columbia; University of North Carolina; University of North Carolina Chapel Hill; Singapore Management University
  摘要：One central business activity that companies increasingly outsource is the information systems (IS) function. Previous research has shown that outsourcing of back-office IS generally has a positive effect on shareholder value of the outsourcing firm. Much less is known about the performance implications of outsourcing of another important IS function, namely, front-office customer relationship management (CRM) systems, where the vendor uses its own personnel and software to perform several CRM...
• Dynamic Capacity Allocation to Customers Who Remember Past Service AI翻译
  作者：Adelman, Daniel; Mersereau, Adam J.
  作者单位：University of Chicago; University of North Carolina; University of North Carolina Chapel Hill
  摘要：We study the problem faced by a supplier deciding how to dynamically allocate limited capacity among a portfolio of customers who remember the fill rates provided to them in the past. A customer's order quantity is positively correlated with past fill rates. Customers differ from one another in their contribution margins, their sensitivities to the past, and in their demand volatilities. By analyzing and comparing policies that ignore goodwill with ones that account for it, we investigate when...
• Biased Judgment in Censored Environments AI翻译
  作者：Feiler, Daniel C.; Tong, Jordan D.; Larrick, Richard P.
  作者单位：Dartmouth College; University of Wisconsin System; University of Wisconsin Madison; Duke University
  摘要：Some environments constrain the information that managers and decision makers can observe. We examine judgment in censored environments where a constraint, the censorship point, systematically distorts the observed sample. Random instances beyond the censorship point are observed at the censorship point, whereas uncensored instances are observed at their true value. Many important managerial decisions occur in censored environments, such as inventory, risk taking, and employee evaluation decis...
• Dynamic Experiments for Estimating Preferences: An Adaptive Method of Eliciting Time and Risk Parameters AI翻译
  作者：Toubia, Olivier; Johnson, Eric; Evgeniou, Theodoros; Delquie, Philippe
  作者单位：Columbia University; INSEAD Business School; George Washington University
  摘要：We present a method that dynamically designs elicitation questions for estimating risk and time preference parameters. Typically these parameters are elicited by presenting decision makers with a series of static choices between alternatives, gambles, or delayed payments. The proposed method dynamically (i.e., adaptively) designs such choices to optimize the information provided by each choice, while leveraging the distribution of the parameters across decision makers (heterogeneity) and captu...
• Market Crashes, Correlated Illiquidity, and Portfolio Choice AI翻译
  作者：Liu, Hong; Loewenstein, Mark
  作者单位：Washington University (WUSTL); University System of Maryland; University of Maryland College Park
  摘要：The recent financial crisis highlights the importance of market crashes and the subsequent market illiquidity for optimal portfolio selection. We propose a tractable and flexible portfolio choice model where market crashes can trigger switching into another regime with a different investment opportunity set. We characterize the optimal trading strategy in terms of coupled integro-differential equations and develop a quite general iterative numerical solution procedure. We conduct an extensive ...
• Price Discovery in the U.S. Treasury Market: Automation vs. Intermediation AI翻译
  作者：Man, Kasing; Wang, Junbo; Wu, Chunchi
  作者单位：Western Illinois University; City University of Hong Kong; State University of New York (SUNY) System; University at Buffalo, SUNY
  摘要：This paper examines the contribution to price discovery by electronic and voice-based trading systems in the U.S. Treasury market. Evidence shows that the electronic trading system has more price discovery and that trading automation increases the speed of incorporating information into prices. However, human trading generates significant price discovery, though its volume is low. The relative contribution of a trading system to price discovery depends on liquidity, volatility, volume, trade s...
• Revenue Sharing and Information Leakage in a Supply Chain AI翻译
  作者：Kong, Guangwen; Rajagopalan, Sampath; Zhang, Hao
  作者单位：University of Southern California; University of British Columbia
  摘要：This work explores the potential of revenue-sharing contracts to facilitate information sharing in a supply chain and mitigate the negative effects of information leakage. We consider a supplier who offers a revenue-sharing contract to two competing retailers, one of whom has private information about uncertain market potential and orders first. This order information may be leaked to the uninformed retailer by the supplier to realize higher profits. We show that the incentives of the supplier...