-
作者：Levi, Maurice; Li, Kai; Zhang, Feng
作者单位：University of British Columbia
摘要：Young male CEOs appear to be combative: they are 4% more likely to be acquisitive and, having initiated an acquisition, they are over 20% more likely to withdraw an offer. Furthermore, a young target male CEO is 2% more likely to force a bidder to resort to a tender offer. We argue that this combative nature is a result of testosterone levels that are higher in young males. Testosterone, a hormone associated with male dominance seeking, has been shown to influence prospects for a cooperative o...
-
作者：Singh, Jasjit; Hansen, Morten T.; Podolny, Joel M.
作者单位：INSEAD Business School; University of California System; University of California Berkeley; INSEAD Business School; Apple Inc
摘要：We explore why some employees may be at a disadvantage in searching for information in organizations. The small-world argument in social network theory emphasizes that people are, on average, only a few connections away from the information they seek. However, we argue that such a network structure does not benefit everyone: some employees may have longer search paths in locating knowledge in an organization-their world may be large. We theorize that this disadvantage is the result of more tha...
-
作者：Eun, Cheol S.; Lai, Sandy; de Roon, Frans A.; Zhang, Zhe
作者单位：University System of Georgia; Georgia Institute of Technology; Singapore Management University; Tilburg University; Tilburg University
摘要：We propose a new investment strategy employing factor funds to systematically enhance the mean-variance efficiency of international diversification. Our approach is motivated by the increasing evidence that size (SMB), book-to-market (HML), and momentum (MOM) factors, along with the market factor, adequately describe international stock returns, and by the direct link between investors' portfolio choice problems and international asset pricing theories and tests. Using data from 10 developed c...
-
作者：Kim, Sang-Hyun; Cohen, Morris A.; Netessine, Serguei; Veeraraghavan, Senthil
作者单位：Yale University; University of Pennsylvania; INSEAD Business School
摘要：Firms that rely on functioning mission-critical equipment for their businesses cannot afford significant operational downtime due to system disruptions. To minimize the impact of disruptions, a proper incentive mechanism has to be in place so that the suppliers provide prompt restoration and recovery services to the customer. A widely adopted incentive mechanism is performance-based contracting (PBC), in which suppliers receive compensation based on realized system uptime. A key obstacle is th...
-
作者：Casadesus-Masanell, Ramon; Zhu, Feng
作者单位：Harvard University; University of Southern California
摘要：We analyze the optimal strategy of a high-quality incumbent that faces a low-quality ad-sponsored competitor. In addition to competing through adjustments of tactical variables such as price or the number of ads a product carries, we allow the incumbent to consider changes in its business model. We consider four alternative business models: a subscription-based model; an ad-sponsored model; a mixed model in which the incumbent offers a product that is both subscription based and ad sponsored; ...
-
作者：Taylor, Terry A.; Xiao, Wenqiang
作者单位：University of California System; University of California Berkeley; New York University
摘要：This paper considers a manufacturer selling to a newsvendor retailer that possesses superior demand-forecast information. We show that the manufacturer's expected profit is convex in the retailer's forecasting accuracy: The manufacturer benefits from selling to a better-forecasting retailer if and only if the retailer is already a good forecaster. If the retailer has poor forecasting capabilities, then the manufacturer is hurt as the retailer's forecasting capability improves. More generally, ...
-
作者：Toole, Andrew A.; Czarnitzki, Dirk
作者单位：Rutgers University System; Rutgers University New Brunswick; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); KU Leuven; KU Leuven
摘要：When academic researchers participate in commercialization using for-profit firms, there is a potentially costly trade-off-their time and effort are diverted away from academic knowledge production. This is a form of brain drain on the not-for-profit research sector that may reduce knowledge accumulation and adversely impact long-run economic growth. In this paper, we examine the economic significance of the brain drain phenomenon using scientist-level panel data. We identify life scientists w...
