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作者：Bhaskaran, Sreekumar R.; Krishnan, V.
作者单位：Southern Methodist University; University of California System; University of California San Diego
摘要：The growing sophistication of component technologies and the rising costs and uncertainties of developing and launching new products require firms to collaborate in the development of new products. However, the management of new product development that occurs jointly between firms presents a new set of challenges in sharing the costs and benefits of innovation. Although collaboration enables each firm to focus on what it does best, it also introduces new issues associated with the alignment o...
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作者：Chu, Leon Yang
作者单位：University of Southern California
摘要：We address the mechanism design problem for a market with multiple buyers and sellers. Each buyer demands some bundle(s) of various commodities, and each seller supplies multiple units of one commodity. To design truthful double-auction mechanisms, we propose a novel padding method that intentionally creates imbalances between the supply availability and demand requirement by introducing a phantom buyer with unlimited budget. To the best of our knowledge, this padding method leads to a class o...
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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：Zhao, Xinlei
作者单位：University System of Ohio; Kent State University; Kent State University Kent; Kent State University Salem; United States Department of the Treasury; Office of the Comptroller of the Currency
摘要：I examine whether technological innovation is a motivating factor in firms' acquisition decisions and how an acquisition (or an acquisition withdrawal) affects technological innovation in subsequent years. I find that firms engaging in acquisition activities are less innovative and have often experienced declines in technological innovation during the years prior to the bid. Among the bidders, the relatively more innovative ones are less likely to complete a deal. During the three years after ...
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作者：Koehler, Jonathan J.; Mercer, Molly
作者单位：Arizona State University; Arizona State University-Tempe; Arizona State University; Arizona State University-Tempe; Arizona State University; Arizona State University-Tempe
摘要：Mutual fund companies selectively advertise their better-performing funds. However, investors respond to advertised performance data as if those data were unselected (i.e., representative of the population). We identify the failure to discount selected or potentially selected data as selection neglect. We examine these phenomena in an archival study (Study 1) and two controlled experiments (Studies 2 and 3). Study 1 identifies selection bias in mutual fund advertising by showing that the media...
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作者：Zhang, Chu
作者单位：Hong Kong University of Science & Technology
摘要：This paper develops a test of the asymptotic arbitrage pricing theory (APT) via the maximum squared Sharpe ratio of the factors extracted from individual stocks using the Connor-Korajczyk method. The test treats the beta pricing relation as approximate without predetermining the systematic factors, unlike the existing tests that take the relationship as exact and systematic factors as given. This paper also examines the magnitude of pricing errors bounded partly by the maximum squared Sharpe r...
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作者：Karim, Samina
作者单位：Boston University
摘要：This paper empirically examines how business unit reorganization affects innovation, and explores how the learning process may mediate this relationship. Unit reorganization is the creation, deletion, or recombination of business units within a firm. Innovation is radical and involves product market entry by a firm into markets in which it was not previously active. I test competing hypotheses that predict either a U-shape or inverted U-shape relationship between reorganization and innovation ...
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作者：Koijen, Ralph S. J.; Rodriguez, Juan Carlos; Sbuelz, Alessandro
作者单位：University of Chicago; Tilburg University; Catholic University of the Sacred Heart
摘要：We study a dynamic asset allocation problem in which stock returns exhibit short-run momentum and long-run mean reversion. We develop a tractable continuous-time model that captures these two predictability features and derive the optimal investment strategy in closed form. The model predicts negative hedging demands for medium-term investors, and an allocation to stocks that is nonmonotonic in the investor's horizon. Momentum substantially increases the economic value of hedging time variatio...
