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作者：Ghose, Anindya; Yang, Sha
作者单位：New York University; Southwest Jiaotong University
摘要：The phenomenon of sponsored search advertising-where advertisers pay a fee to Internet search engines to be displayed alongside organic (nonsponsored) Web search results-is gaining ground as the largest source of revenues for search engines. Using a unique six-month panel data set of several hundred keywords collected from a large nationwide retailer that advertises on Google, we empirically model the relationship between different sponsored search metrics such as click-through rates, conversi...
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作者：DeMiguel, Victor; Garlappi, Lorenzo; Nogales, Francisco J.; Uppal, Raman
作者单位：University of London; London Business School; University of Texas System; University of Texas Austin; Universidad Carlos III de Madrid
摘要：We provide a general framework for finding portfolios that perform well out-of-sample in the presence of estimation error. This framework relies on solving the traditional minimum-variance problem but subject to the additional constraint that the norm of the portfolio-weight vector be smaller than a given threshold. We show that our framework nests as special cases the shrinkage approaches of Jagannathan and Ma (Jagannathan, R., T. Ma. 2003. Risk reduction in large portfolios: Why imposing the...
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作者：Pang, Guodong; Whitt, Ward
作者单位：Columbia University
摘要：Large-scale service systems, where many servers respond to high demand, are appealing because they can provide great economy of scale, producing a high quality of service with high efficiency. Customer waiting times can be short, with a majority of customers served immediately upon arrival, while server utilizations remain close to 100%. However, we show that this confluence of quality and efficiency is not achieved without risk, because there can be severe congestion if the system does not op...
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作者：Huddart, Steven; Lang, Mark; Yetman, Michelle H.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of North Carolina; University of North Carolina Chapel Hill; University of California System; University of California Davis
摘要：We provide large sample evidence that past price extremes influence investors' trading decisions. Volume is strikingly higher, in both economic and statistical terms, when the stock price crosses either the upper or lower limit of its past trading range. This increase in volume is more pronounced the longer the time since the stock price last achieved the price extreme, the smaller the firm, the higher the individual investor interest in the stock, and the greater the ambiguity regarding valua...
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作者：Baye, Michael R.; Morgan, John
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of California System; University of California Berkeley
摘要：We model an environment where e-retailers sell similar products and endogenously engage in both brand advertising (to create loyal customers) and price advertising (to attract shoppers). In contrast to models where loyalty is exogenous, endogenizing the creation of loyal customers by allowing firms to engage in brand advertising leads to a continuum of symmetric equilibria; however, there is a unique equilibrium in secure strategies, and the set of equilibria converges to this unique equilibri...
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作者：Seybert, Nicholas; Bloomfield, Robert
作者单位：University of Texas System; University of Texas Austin; Cornell University
摘要：Prior research provides only weak and controversial evidence that people overestimate the likelihood of desirable events (wishful thinking), but strong evidence that people bet more heavily on those events (wishful betting). Two experiments show that wishful betting contaminates beliefs in laboratory financial markets because wishful betters appear to possess more favorable information than they actually do. As a consequence, market interaction exacerbates rather than mitigates wishful thinkin...
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作者：Anand, Krishnan S.; Goyal, Manu
作者单位：University of Pennsylvania; University System of Maryland; University of Maryland College Park
摘要：The importance of material. flow management for a profit-maximizing. firm has been well articulated in the supply chain literature. We demonstrate in our analytical model that a. firm must also actively manage information. flows within the supply chain, which translates to controlling what it knows, as well as what its competitors and suppliers know. In our model of horizontal competition between an informed and an uninformed. firm with a common upstream supplier, material and information. flo...
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作者：Yang, Zhibin (Ben); Aydin, Goeker; Babich, Volodymyr; Beil, Damian R.
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：We study a manufacturer that faces a supplier privileged with private information about supply disruptions. We investigate how risk-management strategies of the manufacturer change and examine whether risk-management tools are more or less valuable in the presence of such asymmetric information. We model a supply chain with one manufacturer and one supplier, in which the supplier's reliability is either high or low and is the supplier's private information. On disruption, the supplier chooses ...
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作者：Franco, April M.; Sarkar, M. B.; Agarwal, Rajshree; Echambadi, Raj
作者单位：University of Toronto; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We extend the concept of first-mover advantage to the context of high-technology industries with multiple product generations, and propose that the notion of first-mover advantage needs to be viewed not only through a dynamic lens, but also in conjunction with technological capability. Our main finding is that first-mover advantages are best understood in tandem with the firm's technological capabilities; early entry is beneficial only for pioneers that are technically strong. However, pioneer...
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作者：Jarnebrant, Peter; Toubia, Olivier; Johnson, Eric
作者单位：European School of Management & Technology; Columbia University
摘要：The silver lining effect predicts that segregating a small gain from a larger loss results in greater psychological value than does integrating them into a smaller loss. Using a generic prospect theory value function, we formalize this effect and derive conditions under which it should occur. We show analytically that if the gain is smaller than a certain threshold, segregation is optimal. This threshold increases with the size of the loss and decreases with the degree of loss aversion of the ...
