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作者：Gu, Grace Y.
作者单位：University of Southern California
摘要：With the development of communication technology that makes online transactions easier, there is also an increased risk of disintermediation-sellers and buyers circumventing a platform to transact directly-in online two-sided marketplaces. Such disintermediation may lead to significant revenue loss for online platforms. However, it remains unclear how the characteristics of platforms affect their vulnerability to disintermediation. Using the blockade of Skype in mainland China as a natural exp...
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作者：Wijnsma, Sytske C.; Lauga, Dominique Olie; Toktay, L. Beril
作者单位：University of California System; University of California Berkeley; University of Cambridge; University System of Georgia; Georgia Institute of Technology
摘要：Illegal or unwanted waste disposal methods such as dumping and export are prevalent in practice. To minimize the environmental harm of these methods, policymakers have implemented laws and regulations designed to combat them. Even so, violations are rampant as a high degree of heterogeneity between firms and proprietary information render monitoring imperfect. Decentralized waste disposal chains, a common form of interbusiness organization in this sector, compound this problem as firms also ha...
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作者：Gupta, Shivam; Bansal, Saurabh; Dawande, Milind; Janakiraman, Ganesh
作者单位：University of Nebraska System; University of Nebraska Lincoln; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Texas System; University of Texas Dallas
摘要：To stay competitive, firms regularly invest in innovation by supporting internal capital projects (funded and executed in-house) that explore new products and operational improvements. Each year, in a highly competitive process, managers from different functional units of the firm submit proposals (that include estimated costs and benefits) for such projects. Managers, because of their domain knowledge and expertise, are naturally better informed about the costs and benefits of their respectiv...
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作者：Brown, David B.; Uru, Cagin
作者单位：Duke University
摘要：We study a variation of the classical Pandora's problem in which a decision maker (DM) sequentially explores alternatives from a given set and learns their values while trying to acquire the best alternative. The variations in the model we study are (i) alternatives randomly become unavailable during exploration and (ii) the DM's ability to acquire a remaining alternative is uncertain and depends on a chosen offer price. Such acquisition uncertainties arise in many applications, including hous...
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作者：Brockman, Paul; Subasi, Musa; Wang, Jeff; Zhang, Eliza
作者单位：Lehigh University; University System of Maryland; University of Maryland College Park; California State University System; San Diego State University; University of Washington; University of Washington Tacoma
摘要：Do credit rating agencies (CRAs) learn from the options market? We examine this question by exploring the relation between options trading activity and credit rating accuracy. We find that as options trading volume increases, credit ratings become more responsive to expected credit risk and exhibit greater ability to predict future defaults. We also find that CRAs rely more on the options market as a source of ratings-related information when firm default risk is higher, options trading is mor...
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作者：Eisdorfer, Assaf; Morellec, Erwan; Zhdanov, Alexei
作者单位：University of Connecticut; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; University of Geneva; Centre for Economic Policy Research - UK; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the effects of takeover feasibility on asset prices and returns in a unified framework. We show theoretically that takeover protections increase equity risk, stock returns, and bond yields by removing a valuable put option to sell the firm, notably for firms approaching distress. We investigate these claims empirically and find that distressed firms experience a significant decrease in value and increase in returns and market betas after the passage of antitakeover laws, in line with ...
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作者：Adida, Elodie
作者单位：University of California System; University of California Riverside
摘要：Many pharmaceutical drugs have multiple indications, for which they offer a varying degree of benefit for patients. Yet, in the current U.S. pricing system, the price of the drug is the same regardless of the indication for which it is prescribed. This uniform pricing policy can deter the payer from providing coverage for low-value indications, if the price is high relative to the potential benefit for patients, which can reduce patients' access to the drug. It can also deter the drug manufact...
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作者：Chen, Zhiqiang; Xu, Shengshuo; Zhou, Fangkezi; Li, Yongjun
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; Chinese Academy of Sciences; University of Science & Technology of China, CAS
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作者：Liao, Zhipeng; Liu, Yan; Xie, Zhenzhen
作者单位：University of California System; University of California Los Angeles; Tsinghua University
摘要：Errors -in -variables (EIV) biases plague asset pricing tests. We offer a new perspective on addressing the EIV issue: instead of viewing EIV biases as estimation errors that potentially contaminate next stage risk premium estimates, we consider them to be return innovations that follow a particular correlation structure. We factor this structure into our test design, yielding a new regression model that generates the most accurate risk premium estimates. We demonstrate the theoretical appeal ...
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作者：Benndorf, Volker; Mueller, Stephan; Rau, Holger A.
作者单位：Goethe University Frankfurt
摘要：This paper studies the impact of betrayal aversion on employees' effort provision in exchange for a bonus payment that is at the employers' expense and discretion. In our first study, using a laboratory experiment, we find that the performance of an employee with average betrayal aversion is lower by more than 15% relative to betrayalneutral employees. Inspired by the findings, we theoretically identify a tradeoff for the effort provision of betrayal-averse employees. That is, higher effort no...
