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作者：Banker, Rajiv D.; Ding, Hui; Huang, Rong; Li, Xiaorong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Shanghai Jiao Tong University; Fudan University
摘要：Neuropsychological studies propose that listeners unconsciously assess speakers' trustworthiness via their facial expressions. Building on this theory, we investigate how investors respond to CEOs' dynamic hemifacial asymmetry of expressions (HFAsy) shown in CNBC's video interviews about corporate earnings. Consistent with the neuropsychological prediction that facial asymmetry induces distrust, we document that (1) the stock market reacts negatively to the CEO's HFAsy shown in the interview v...
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作者：Kim, Kirak; Nguyen, Trang
作者单位：Texas A&M University System; Texas A&M University Central Texas; University of Bristol
摘要：We study debt-contracting implications of uncertainty surrounding U.S. gubernatorial elections. In election years, loan contracts are more likely to include performance pricing provisions, whereas loan spreads are mostly unaffected. Additionally, we find, only among those loans without performance-pricing provisions, a marginal increase in loan spreads in election years and a significant increase in loan-spread amendments postelection. The results suggest that under transitory uncertainty, per...
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作者：Gao, Yu; Tavoni, Massimo
作者单位：Peking University; Polytechnic University of Milan; Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC)
摘要：It is well documented that people have misperceptions about energy costs. However, there is mixed empirical evidence about the effectiveness of information provision and its persistence over time. Understanding the interplay between information regarding the private and social benefits of low-carbon technologies and identifying mechanisms through which information treatments affect people's long-term behaviors can help reconcile the mixed findings in the literature. In this paper, we measured ...
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作者：Larrain, Borja; Roosenboom, Peter; Sertsios, Giorgo; Urzua, Francisco
作者单位：Pontificia Universidad Catolica de Chile; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Wisconsin System; University of Wisconsin Milwaukee; City St Georges, University of London
摘要：We study the relationship between ownership concentration and firm value using hand-collected data on the stakes of owner-managers before and after initial public offerings (IPOs). We instrument for the reduction in stake using market returns shortly before IPOs. Short-run market returns are plausible instruments because owners engage in market timing by selling more when prior returns are high, but high short-run returns are unlikely to directly affect firm value years after the IPO. As predi...
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作者：Cohen, Lauren H.; Gurun, Umit G.
作者单位：Harvard University; National Bureau of Economic Research; University of Texas System; University of Texas Dallas
摘要：We document evidence that firms systematically increase specialized, locally targeted advertising following the firm being taken to trial in that given location, precisely following initiation of the suit. In particular, we use legal actions brought against publicly traded firms over the 20-year sample period that progress to trial between 1995 and 2014. In terms of magnitude, the increase is sizable: targeted local advertising increases by 23% (t = 4.37) following the suit. They focus their a...
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作者：Bertsimas, Dimitris; Pauphilet, Jean
作者单位：Massachusetts Institute of Technology (MIT); University of London; London Business School
摘要：An ideal that supports quality and delivery of care is to have hospital operations that are coordinated and optimized across all services in real time. As a step toward this goal, we propose a multistage adaptive robust optimization approach combined with machine learning techniques. Informed by data and predictions, our framework unifies the bed assignment process across the entire hospital and accounts for present and future inpatient flows, discharges, and bed requests from the emergency de...
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作者：Cai, Xiangshang; De Cesari, Amedeo; Gao, Ning; Peng, Ni
作者单位：University of Liverpool; University of Manchester; Alliance Manchester Business School; University of London; Queen Mary University London
摘要：Acquisition announcements coincide with upward value revisions for the target firms' technology peers, which are not due to economic relations based on product market, supply chain, or geographical location. Such a phenomenon is robust across subsample periods, not specific to merger or technology waves, and not related to product-market structure and the unique innovation features of certain technology-intensive industries. Firms experience more dramatic value revisions when they have deeper ...
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作者：Chen, Zhanhui; Lu, Yang; Zhang, Jinggong; Zhu, Wenjun
作者单位：Hong Kong University of Science & Technology; Concordia University - Canada; Nanyang Technological University
摘要：Weather risk affects the economy, agricultural production in particular. Index insurance is a promising tool to hedge against weather risk, but current piecewise-linear index insurance contracts face large basis risk and low demand. We propose embedding a neural network-based optimization scheme into an expected utility maximization problem to design the index insurance contract. Neural networks capture a highly nonlinear relationship between the high-dimensional weather variables and producti...
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作者：Kasberger, Bernhard; Schlag, Karl H.
作者单位：Heinrich Heine University Dusseldorf; University of Vienna
摘要：We propose how to bid in first-price auctions when a bidder knows the own value but not how others will bid. To do this, we introduce a methodology to show how to make choices in strategic settings without assuming common knowledge or equilibrium behavior. Accordingly, we first eliminate environments that are believed not to occur and then find a robust rule that performs well in the remaining environments. We test our bids using data from laboratory experiments and the field and find that our...
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作者：Li, Xi; Wang, Xin (Shane); Nault, Barrie R.
作者单位：University of Hong Kong; Virginia Polytechnic Institute & State University; University of Calgary
摘要：We consider the role of personalized pricing (PP) on product differentiation when PP is costly to implement. Using a stylized yet commonly used formulation, we find that when firms decide on positioning before deciding on PP implementation, PP implementation cost affects not only the amount of differentiation firms choose in their positioning, firm profits, consumer surplus, and social welfare, but also whether firms implement PP. When PP implementation cost is low, firms cannot help but to im...
