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作者：Shin, Dongwook; Vaccari, Stefano; Zeevi, Assaf
作者单位：Hong Kong University of Science & Technology; Columbia University
摘要：This paper investigates how the pricing policy of a revenue-maximizing monopolist is influenced by the social learning dynamics of customers who use online reviews to estimate the quality of the product. A salient feature of our problem is that the customers' willingness to pay, and hence the demand function, evolves over time in conjunction with the online reviews. The monopolist strives to maximize its total expected revenue over a finite horizon by adjusting prices in response to these dyna...
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作者：Bazhutov, Dmitry; Betzer, Andre; Brochet, Francois; Doumet, Markus; Limbach, Peter
作者单位：University of Wuppertal; Boston University; University of Bielefeld
摘要：Using annual survey-based investor relations (IR) data for a panel of European companies, we document that the supply and effectiveness of IR varies with country- and firm-level demand. Relative to their industry peers, firms from insider-oriented countries have larger IR staff, which predicts better IR rankings. Better IR is associated with greater visibility, information assimilation, and valuation, with visibility and assimilation being significantly greater for firms from insider-oriented ...
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作者：Cong, Lin William; Hui, Xiang; Tucker, Catherine; Zhou, Luofeng
作者单位：Cornell University; Washington University (WUSTL); Massachusetts Institute of Technology (MIT); New York University
摘要：Blockchain-based smart contracts can potentially replace certain traditional contracts through decentralized enforcement and reduced transaction costs. However, scalability is a key bottleneck hindering their broader application and adoption, often leading to concentrated or exclusive networks. To avoid falling short of the original promise of the technology, firms actively explore layer-2 methods for scaling. We provide some initial evidence on the economic implications of a layer-2 scaling s...
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作者：Sautner, Zacharias; van Lent, Laurence; Vilkov, Grigory; Zhang, Ruishen
作者单位：Shanghai University of Finance & Economics
摘要：We estimate the risk premium for firm-level climate change exposure among S&P 500 stocks and its time-series evolution between 2005 to 2020. Exposure reflects the attention paid by market participants in earnings calls to a firm's climate-related risks and opportunities. When extracted from realized returns, the unconditional risk premium is insignificant but exhibits a period with a positive risk premium before the financial crisis and a steady increase thereafter. Forward-looking expected re...
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作者：Bai, Yicheng; El Housni, Omar; Jin, Billy; Rusmevichientong, Paat; Topaloglu, Huseyin; Williamson, David P.
作者单位：Cornell University; University of Southern California
摘要：One of the most prevalent demand models in the revenue management literature is based on dividing the selling horizon into a number of time periods such that there is at most one customer arrival at each time period. This demand model is equivalent to using a discrete-time approximation to a Poisson process, but it has an important shortcoming. If the mean number of customer arrivals is large, then the coefficient of variation of the number of customer arrivals has to be small. In other words,...
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作者：He, Cheng; Ozturk, O. Cem; Gu, Chris; Chintagunta, Pradeep K.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of South Carolina System; University of South Carolina Columbia; University System of Georgia; Georgia Institute of Technology; University of Chicago
摘要：Governments worldwide have spent billions of dollars on monetary incentives for consumers to encourage the adoption of eco-friendly (green) products. However, there is little consensus on the effectiveness of delayed monetary incentives with complex structures, such as tax credits in increasing green product adoption and reducing carbon emissions. The literature is also limited on the mechanisms through which monetary incentives work in general. We address these issues by studying the impact o...
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作者：Banerjee, Suman; Huang, Shiyang; Nanda, Vikram; Xiao, Steven Chong
作者单位：Stevens Institute of Technology; University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：We show that managerial learning from stock prices can lead to feedback loop vulnerability: corrective actions based on perceived negative market signals reduce the sensitivity of asset payoffs to stock market information. Less sensitivity discourages liquidity provision and increases the price impact of liquidity shocks. Interestingly, overconfident managers who disregard stock price information may be less vulnerable to the adverse price impact of nonfundamental liquidity shocks. Our empiric...
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作者：Barth, Andreas; Mansouri, Sasan; Woebbeking, Fabian
作者单位：Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Martin Luther University Halle Wittenberg
摘要：Using a supervised machine learning framework on a large training set of questions and answers, we identify 1,364 trigrams that signal nonanswers in earnings call questions and answers (Q&A). We show that this glossary has economic relevance by applying it to contemporaneous stock market reactions after earnings calls. Our findings suggest that obstructing the flow of information leads to significantly lower cumulative abnormal stock returns and higher implied volatility. As both our method an...
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作者：Falk, Armin; Becker, Anke; Dohmen, Thomas; Huffman, David; Sundef, Uwe
作者单位：University of Bonn; Harvard University; Maastricht University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Munich
摘要：Incentivized choice experiments are a key approach tomeasuring preferences in economics but are also costly. Survey measures are a low-cost alternative but can suffer from additional forms of measurement error due to their hypothetical nature. This paper seeks to leverage the strengths of both approaches by proposing a new survey module on risk aversion, time discounting, trust, altruism, positive and negative reciprocity, in which survey items are selected based on ability to predict choices ...
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作者：Arslan, Hayri A.; Tereyagoglu, Necati; Yilmaz, Ovunc
作者单位：University of Texas System; University of Texas at San Antonio; University of South Carolina System; University of South Carolina Columbia; University of Colorado System; University of Colorado Boulder
摘要：Although variable pricing enables sports teams to respond to changing demand across games, reports point to somewhat limited implementation. In this paper, we study the implications of a switch to variable pricing on the primary and resale ticket markets using quasi-experimental data from the National Football League. Applying a difference-indifferences technique with propensity score weighting, we first show that the adoption of variable pricing increases primary market ticket sales by 1.59% ...
