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作者：Huberts, Nick F. D.; Wen, Xingang; Dawid, Herbert; Huisman, Kuno J. M.; Kort, Peter M.
作者单位：University of Bielefeld; University of Bielefeld; Tilburg University; ASML Holding
摘要：This paper considers a firm's investment decision determining the timing and capacity level in a dynamic setting with demand uncertainty. Its investment is financed by borrowing from a lender that has market power, generating a capital market inefficiency. We show that the firm's investment is subject to double marginalization in the sense that the need for external financing results in a considerably smaller investment and thus, a reduction in welfare. In addition, we find that the presence o...
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作者：Liang, Yucheng
作者单位：Carnegie Mellon University
摘要：When an agent receives information from a source whose accuracy might be either high or low, standard theory dictates that she update as if the source has medium accuracy. In a laboratory experiment, subjects deviate from this benchmark by reacting less to uncertain sources, especially when the sources release good news. This pattern is validated using observational data on stock price reactions to analyst earnings forecasts, where analysts with no forecast records are classified as uncertain ...
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作者：Hillert, Alexander; Niessen-Ruenzi, Alexandra; Ruenzi, Stefan
作者单位：Goethe University Frankfurt; University of Mannheim
摘要：Fund companies regularly send shareholder letters to their investors. We use textual analysis to investigate whether these letters' writing style influences fund flows and whether it predicts performance and investment styles. Fund investors react to the tone and content of shareholder letters: a less negative tone leads to higher net flows. Thus, fund companies can use shareholder letters as a tactical instrument to influence flows. However, at the same time, a dishonest communication that is...
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作者：Wang, Mengxin; Zhang, Heng; Rusmevichientong, Paat; Shen, Max
作者单位：University of Texas System; University of Texas Dallas; Arizona State University; Arizona State University-Tempe; University of Southern California; University of Hong Kong; University of Hong Kong
摘要：Revenue management decisions often involve both offline and online decisions. Offline decisions are made first and establish the broad and long-term operational context in which online decisions are frequently and repeatedly made, often in real time. We consider a joint optimization of offline and online decisions. Specifically, we examine a setting in which the offline decision concerns the selection of product-design characteristics (e.g., price, capacity, return eligibility, and other chara...
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作者：Soda, Giuseppe; Zaheer, Aks; Park, Michael; McEvily, Bill; Subramani, Mani
作者单位：Bocconi University; University of Minnesota System; University of Minnesota Twin Cities; INSEAD Business School; University of Toronto
摘要：The predominant focus of the organizational literature on trust has been on direct interactions between actors. Whereas this emphasis has solidified our understanding of the dyadic foundations of trust, we know relatively little about the mechanisms of trust creation in network contexts. In this paper, we introduce the network mechanism of prismatic trust to explain why some actors are more trusted than others. Specifically, we posit that networks act as prisms that generate signals of trustwo...
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作者：Ahn, Dohyun; Shin, Dongwook; Zeevi, Assaf
作者单位：Chinese University of Hong Kong; Columbia University
摘要：We consider a class of sequential learning problems where a decision maker must learn the unknown statistical characteristics of a finite set of alternatives (or systems) using sequential sampling to ultimately select a subset of good alternatives. A salient feature of our problem is that system performance is governed by a set of features. The decision maker postulates the dependence on these features to be linear, but this model may not precisely represent the true underlying system structur...
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作者：Cao, Sean Shun; Cong, Lin William; Yang, Baozhong
作者单位：University System of Maryland; University of Maryland College Park; Cornell University; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：To understand the disruption and implications of distributed ledger technologies for financial reporting and auditing, we analyze firm misreporting, auditor monitoring and competition, and regulatory policy in a unified model. A federated blockchain for financial reporting and auditing can improve verification efficiency not only for transactions in private databases but also for cross-chain verifications through privacypreserving computation protocols. Despite the potential benefit of blockch...
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作者：Hu, Maggie (Rong); Tsang, Desmond; Wan, Wayne Xinwei
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Chinese University of Hong Kong; Monash University
摘要：Using a comprehensive database of corporate relocation events in the United States from 1994 to 2017, we investigate the impact of headquarters relocation on the local economy by examining its spillover effects on the housing market. We find that headquarters relocation into a district at zip code level leads to 10% higher housing price growth. We also document a temporal spillover effect whereby housing prices increase one year before the relocation and rise further until two years afterward ...
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作者：Hurwitz, Abigail; Sade, Orly
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：We investigate the consequences of holding multiple accounts for payout decisions at retirement. Using proprietary data of retirees' annuitization decisions, we find that small accounts are more likely to be cashed out. We use occupation information as a proxy for wealth to disentangle income from the multiple-accounts effect. We show that individuals with high expected wages are more likely to annuitize overall but less likely to annuitize their small accounts (comparing to individuals with l...
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作者：Qi, Lian; Song, Haotian; Xiao, Wenqiang
作者单位：Rutgers University System; Rutgers University New Brunswick; Zhejiang University; New York University
摘要：We study the dynamic incentive interactions between a platform and a third-party seller over two stages, where the seller exerts product-value-enhancement effort in the first stage in anticipation of the platform's potential entry in the second stage. Upon entry, the platform can exert effort to boost the value of the product sold by the platform, with positive spillovers to the value of the product sold by the platform. We show the existence of both the protective and the receptive regimes, c...
