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作者：Forman, Chris; van Zeebroeck, Nicolas
作者单位：University System of Georgia; Georgia Institute of Technology; Solvay SA; Universite Libre de Bruxelles
摘要：How did the diffusion of the Internet influence research collaborations within firms? We examine the relationship between business use of basic Internet technology and the size and geographic composition of industrial research teams between 1992 and 1998. We find robust empirical evidence that basic Internet adoption is associated with an increased likelihood of collaborative patents from geographically dispersed teams. On the contrary, we find no evidence of such a link between Internet adopt...
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作者：Lee, Hsiao-Hui; Pinker, Edieal J.; Shumsky, Robert A.
作者单位：University of Hong Kong; University of Rochester; Dartmouth College
摘要：This paper studies outsourcing decisions for a two-level service process in which the first level serves as a 1 gatekeeper for a second level of experts. The objective of the system operator (the client) is to minimize the sum of staffing costs, customer waiting costs, and mistreatment costs due to unsuccessful attempts by a gatekeeper to solve the customer's problem. The client may outsource all or part of the process to a vendor, and first-best contracts exist when the client outsources only...
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作者：Kocher, Martin G.; Lenz, Marc V.; Sutter, Matthias
作者单位：University of Munich; University of Gothenburg; University of Innsbruck
摘要：Dynamic competitive settings may create psychological pressure when feedback about the performance of competitors is provided before the end of the competition. Such psychological pressure could produce a first-mover advantage, despite a priori equal winning probabilities. Using data from a randomized natural experiment-penalty shootouts in soccer-we reexamine evidence by Apesteguia and Palacios-Huerta [Apesteguia J, Palacios-Huerta 1 (2010) Psychological pressure in competitive environments: ...
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作者：Celen, Bogachan; Hyndman, Kyle
作者单位：Columbia University; Maastricht University
摘要：This paper provides a test of a theory of social learning through endogenous information acquisition. A group of subjects face a decision problem under uncertainty. Subjects are endowed with private information about the fundamentals of the problem and make decisions sequentially. The key feature of the experiment is that subjects can observe the decisions of predecessors by forming links at a cost. The model predicts that the average welfare is enhanced in the presence of a small cost. Our ex...
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作者：Olivares, Marcelo; Weintraub, Gabriel Y.; Epstein, Rafael; Yung, Daniel
作者单位：Columbia University; Universidad de Chile
摘要：In this paper we conduct an empirical investigation of a large-scale combinatorial auction (CA)-the Chilean auction for school meals in which the government procures half a billion dollars worth of meal services every year. Our empirical study is motivated by two fundamental aspects in the design of CAs: (1) which packages should bidders be allowed to bid on and (2) diversifying the supplier base to promote competition. We use bidding data to uncover important aspects of the firms' cost struct...
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作者：Knaup, Martin; Wagner, Wolf
作者单位：Tilburg University; Tilburg University
摘要：We propose a new method for measuring the quality of banks' credit portfolios. This method makes use of information embedded in bank share prices by exploiting differences in their sensitivity to credit default swap spreads of borrowers of varying quality. The method allows us to derive a credit risk indicator (CRI). This indicator represents the perceived share of high-risk exposures in a bank's portfolio and can be used as a risk weight for computing regulatory capital requirements. We estim...
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作者：McWilliams, Bruce
作者单位：Instituto Tecnologico Autonomo de Mexico
摘要：Existing literature, based on signaling theory, suggests that money-back guarantees (MBGs) will be utilized by high-quality firms, where high quality is defined as a low likelihood of product return. However, in today's world, MBGs are ubiquitous among major retailers, even when the likelihood of product return varies greatly between them. To understand this phenomenon, we explore a competitive environment between high- and low-quality retailers where consumers are fully informed and risk neut...
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作者：Shenoy, Jaideep
作者单位：Tulane University
摘要：We investigate the efficiency, foreclosure, and collusion rationales for vertical integration in a large sample of vertically related takeovers. The efficiency rationale, as discussed under the transaction cost economics and property rights theories, posits that vertical integration mitigates contractual inefficiencies between suppliers and customers (termed as holdup) and provides incentives to undertake relationship-specific investments. In contrast, the foreclosure and collusion rationales ...
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作者：O'Doherty, Michael S.
作者单位：University of Missouri System; University of Missouri Columbia
摘要：Several recent articles find that stocks with high probabilities of bankruptcy or default earn anomalously low returns and negative unconditional capital asset pricing model (CAPM) alphas in the post-1980 period. I show that the conditional CAPM resolves the performance difference between high- and low-distress stocks. In particular, financially distressed stocks have relatively low exposure to market risk during bad economic times. I help to explain these findings through a theoretical model ...
