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作者：Junkunc, Marc T.; Eckhardt, Jonathan T.
作者单位：University of Miami; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper utilizes an understudied but often utilized aspect of initial public offerings (IPOs), secondary shares, to examine whether the knowledge conditions of firms give rise to agency problems that limit the ability of founders and venture capitalists to sell equity at IPO. In an analysis of 2,190 IPOs spanning from 1992 through 2002, we find that private owners are less likely to be observed selling their equity at IPO in ventures that are highly dependent on technical specialized knowle...
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作者：Han, Bing; Hong, Dong; Warachka, Mitch
作者单位：University of Texas System; University of Texas Austin; Singapore Management University
摘要：We demonstrate that stock price momentum and earnings momentum can result from uncertainty surrounding the accuracy of cash flow forecasts. Our model has multiple information sources issuing cash flow forecasts for a stock. The investor combines these forecasts into an aggregate cash flow estimate that has minimal mean-squared forecast error. This aggregate estimate weights each cash flow forecast by the estimated accuracy of its issuer, which is obtained from their past forecast errors. Momen...
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作者：Chick, Stephen E.; Gans, Noah
作者单位：INSEAD Business School; University of Pennsylvania
摘要：Ranking and selection procedures are standard methods for selecting the best of a. finite number of simulated design alternatives based on a desired level of statistical evidence for correct selection. But the link between statistical significance and. financial significance is indirect, and there has been little or no research into it. This paper presents a new approach to the simulation selection problem, one that maximizes the expected net present value of decisions made when using stochast...
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作者：Waguespack, David M.; Fleming, Lee
作者单位：University System of Maryland; University of Maryland College Park; Harvard University
摘要：This paper contributes large-sample evidence to an emerging discussion on open innovation and firm strategy. We ask why a startup should participate in an open standards community. We propose four ways that participation might increase a startup's chances of a liquidity event: gaining endorsement of the startup's technology standard, openly developing the startup's technology within the community (but not necessarily gaining endorsement), simply attending physical meetings of the community, an...
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作者：Jose, Victor Richmond R.; Nau, Robert F.; Winkler, Robert L.
作者单位：Duke University
摘要：Scoring rules can provide incentives for truthful reporting of probabilities and evaluation measures for the probabilities after the events of interest are observed. Often the space of events is ordered and an evaluation relative to some baseline distribution is desired. Scoring rules typically studied in the literature and used in practice do not take account of any ordering of events, and they evaluate probabilities relative to a default baseline distribution. In this paper, we construct ric...
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作者：Arya, Anil; Demski, Joel; Glover, Jonathan; Liang, Pierre
作者单位：University System of Ohio; Ohio State University; State University System of Florida; University of Florida; Carnegie Mellon University
摘要：A criticism of mechanism design theory is that the optimal mechanism designed for one environment can produce drastically different actions, outcomes, and payoffs in a second, even slightly different, environment. In this sense, the theoretically optimal mechanisms usually studied are not robust. To study robust mechanisms while maintaining an expected utility maximization approach, we study a multiagent model in which the mechanism must be designed before the environment is as well understood...
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作者：Brown, David B.; Sim, Melvyn
作者单位：Duke University; National University of Singapore; Nanyang Technological University; National University of Singapore
摘要：In this work we introduce a class of measures for evaluating the quality of financial positions based on their ability to achieve desired financial goals. In the spirit of Simon (Simon, H. A. 1959. Theories of decision-making in economics and behavioral science. Amer. Econom. Rev. 49(3) 253-283), we call these measures satisficing measures and show that they are dual to classes of risk measures. This approach has the advantage that aspiration levels, either competing benchmarks or fixed target...
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作者：Gamba, Andrea; Fusari, Nicola
作者单位：George Washington University; University of Verona; Universita della Svizzera Italiana; University of Geneva
摘要：We provide a general valuation approach for capital budgeting decisions involving the modularization in the design of a system. Within the framework developed by Baldwin and Clark (Baldwin, C. Y., K. B. Clark. 2000. Design Rules: The Power of Modularity. MIT Press, Cambridge, MA), we implement a valuation approach using a numerical procedure based on the least-squares Monte Carlo method proposed by Longstaff and Schwartz (Longstaff, F. A., E. S. Schwartz. 2001. Valuing American options by simu...
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作者：Ding, Min; Park, Young-Hoon; Bradlow, Eric T.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Cornell University; University of Pennsylvania
摘要：We propose a new alternative preference measurement method, barter conjoint, to contrast with traditional choice-based conjoint (CBC) approaches. Barter conjoint collects a substantially larger amount of data compared to CBC and allows for information diffusion among respondents. We conducted two empirical studies that compare CBC (with and without incentive alignment) and barter conjoint. The studies employed a total of three product categories, each with two validation tasks (one follows imm...
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作者：Chen, Joseph Y.; Miller, Bruce L.
作者单位：University of California System; University of California Los Angeles
摘要：This paper employs numerical simulations to compare the relative performance of linear contracts with piecewise-linear-threshold contracts in the case where the agent chooses actions over time. These contracts are restricted to be functions of the ending value of aggregate output. We find strong evidence that only linear contracts need be considered in comparison with piecewise-linear-threshold contracts in the situation where cumulative output is only updated periodically and the agent's util...
