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作者：Dong, Lingxiu; Tomlin, Brian
作者单位：Washington University (WUSTL); Dartmouth College
摘要：s Disruptive events that halt production can have severe business consequences if not appropriately managed. Business interruption (BI) insurance offers firms a financial mechanism for managing their exposure to disruption risk. Firms can also avail of operational measures to manage the risk. In this paper, we explore the relationship between BI insurance and operational measures. We model a manufacturing firm that can purchase BI insurance, invest in inventory, and avail of emergency sourcing...
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作者：Glasserman, Paul; Nouri, Behzad
作者单位：Columbia University; Columbia University
摘要：Contingent capital in the form of debt that converts to equity when a bank faces financial distress has been proposed as a mechanism to enhance financial stability and avoid costly government rescues. Specific proposals vary in their choice of conversion trigger and conversion mechanism. We analyze the case of contingent capital with a capital-ratio trigger and partial and ongoing conversion. The capital ratio we use is based on accounting or book values to approximate the regulatory ratios th...
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作者：Lai, Guoming; Xiao, Wenqiang; Yang, Jun
作者单位：University of Texas System; University of Texas Austin; New York University; Huazhong University of Science & Technology
摘要：Based on a supply chain framework, we study the stocking decision of a downstream buyer who receives private demand information and has the incentive to influence her capital market valuation. We first characterize a market equilibrium under a general, single buyback contract. We show that the buyer's stocking decision can be distorted in equilibrium. Such a downstream stocking distortion hurts the buyer firm's own performance, and it also influences the performances of the supplier and the su...
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作者：Chen, Yefen; Su, Xuanming; Zhao, Xiaobo
作者单位：Tsinghua University; University of Pennsylvania
摘要：We consider a supply chain with a single supplier and two retailers. The retailers choose their orders strategically, and if their orders exceed the supplier's capacity, quantities are allocated proportionally to the orders. We experimentally study the capacity allocation game using subjects motivated by financial incentives. We find that the Nash equilibrium, which assumes that players are perfectly rational, substantially exaggerates retailers' tendency to strategically order more than they ...
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作者：Chen, Long; Da, Zhi; Priestley, Richard
作者单位：Washington University (WUSTL); University of Notre Dame; BI Norwegian Business School
摘要：The relative predictability of returns and dividends is a central issue because it forms the paradigm to interpret asset price variation. A little studied question is how dividend smoothing, as a choice of corporate policy, affects predictability. We show that even if dividends are supposed to be predictable without smoothing, dividend smoothing can bury this predictability. Because aggregate dividends are dramatically more smoothed in the postwar period than before, the lack of dividend growt...
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作者：Holderness, Clifford G.; Pontiff, Jeffrey
作者单位：Boston College
摘要：Using a comprehensive database of American prisoners of war during World War IT, we find that survival from captivity generally declines as the hierarchy of a prisoner's group becomes steeper or more closely matches the military's established hierarchy. There is no evidence that survival is enhanced by being held in more hierarchical groups. One interpretation of these findings that is consistent with survivors' accounts is that the military's hierarchy was too inflexible to adapt from the bat...
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作者：Allon, Gad; Bassamboo, Achal; Cil, Eren B.
作者单位：Northwestern University; University of Oregon
摘要：Recently, large-scale, Web-based service marketplaces, where many small service providers compete among themselves in catering to customers with diverse needs, have emerged. Customers who frequent these marketplaces seek quick resolutions and thus are usually willing to trade prices with waiting times. The main goal of this paper is to discuss the role of the moderating firm in facilitating information gathering, operational efficiency, and communication among agents in service marketplaces. S...
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作者：Litov, Lubomir P.; Moreton, Patrick; Zenger, Todd R.
作者单位：University of Arizona; Duke University; Washington University (WUSTL)
摘要：In this paper, we argue that managers confront a paradox in selecting strategy. On one hand, capital markets systematically discount uniqueness in the strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's future value. These greater costs in strategy evaluation discourage the collection and analysis of information regarding the firm, and result in a valuation discount. On the other hand, uniqueness in strategy is a nec...
