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作者：Cai, Wei; Gallani, Susanna; Shin, Jee-Eun
作者单位：Columbia University; Harvard University; University of Toronto
摘要：We examine the incentive effects of subjectivity in allocating tournament-based rewards and punishments. We use data from a company where reward and punishment decisions are based on a combination of objective metrics and subjective performance assessments. Rankings based on the objective metrics and the ultimate payoff allocations are disclosed to all members of the organization. This information allows employees to observe whether and how managers subjectively override the objective rankings...
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作者：Stoumbos, Robert
作者单位：Columbia University
摘要：I demonstrate that, on average, information asymmetry grows between earnings announcements and falls right after each new earnings announcement. I estimate that percent effective spreads typically grow 3.1% over the course of the inter-announcement period. I demonstrate that this inter-announcement growth in information asymmetry occurs gradually throughout the entire inter-announcement period and not just right before each new earnings announcement. This inter-announcement growth has implicat...
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作者：Benhaim, Alon; Falk, Brett H.; Tsoukalas, Gerry
作者单位：University of Pennsylvania; University of Pennsylvania; Boston University; International Institute for Management Development (IMD)
摘要：In the high-stakes race for scalability, some blockchains have turned to committee-based consensus (CBC), whereby the chain's recordkeeping rights are entrusted to a committee of block producers elected via approval voting. Smaller committees boost speed and scalability but can compromise security when voters have limited information. In this environment, voting strategies are naturally nonlinear, and equilibria can become intractable. Despite this, we show that elections converge to optimalit...
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作者：Thomadsen, Raphael; Zeithammer, Robert; Yao, Song
作者单位：Washington University (WUSTL); University of California System; University of California Los Angeles
摘要：We examine the effect of a U.S. Supreme Court decision regarding abortion laws on Americans' preferences for political candidates. The decision was leaked in advance of the official announcement, and we track the evolution of political preferences from before to after the leak and, eventually, to after the formal announcement. The abortion issue was already very important to voters before the leak, but the Court's decision did not simply make it more important for everyone. We find that the de...
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作者：Yoganarasimhan, Hema; Barzegary, Ebrahim; Pani, Abhishek
作者单位：University of Washington; University of Washington Seattle
摘要：Free trial promotions are a commonly used customer acquisition strategy in the Software as a Service industry. We use data from a large-scale field experiment to study the effect of trial length on customer-level outcomes. We find that, on average, shorter trial lengths (surprisingly) maximize customer acquisition, retention, and profitability. Next, we examine the mechanism through which trial length affects conversions and rule out the demand cannibalization theory, find support for the cons...
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作者：Neely, Daniel G.; Saxton, Gregory D.; Wong, Paul A.
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; York University - Canada; University of California System; University of California Davis
摘要：We examine nonprofit organizations' involvement in the Paycheck Protection Program (PPP). The PPP provided participants with forgivable loans to pay employee salaries, increasing participants' financial flexibility during the pandemic. We examine the associations between nonprofits' prepandemic financial obligations (e.g., long-term debt and donor-restricted net assets) and PPP participation and participants' loan characteristics. First, we find nonprofit organizations participated at a lower ...
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作者：Ceyhan, Gokhan; Koksalan, Murat; Lokman, Banu
作者单位：Middle East Technical University; University of Michigan System; University of Michigan; University of Portsmouth
摘要：We consider a class of three-objective mixed-integer linear programs (MILPs) where at least one of the objective functions takes only discrete values. These problems commonly occur in MILPs where one or more of the three objective functions contain only integer decision variables. In such problems, the nondominated set consists of the union of nondominated edges and individual nondominated points. The nondominated edges can provide valuable insights on the trade-offs between the two continuous...
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作者：Avinadav, Tal; Shamir, Noam
作者单位：Bar Ilan University; Tel Aviv University
摘要：Partial vertical ownership describes a situation in which a firm holds financial shares in either its supplier (referred to as partial backward integration) or its customer (partial forward integration). We study the effect of such financial interconnectedness on two operational decisions: capacity investment and information exchange. In our model, a retailer, who has superior information about the future market demand, has passive financial holdings in the supplier. Although this passive fina...
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作者：Kolasinski, Adam; Li, Xu; Soliman, Mark; Xin, Qian
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Hong Kong; University of Southern California; Harbin Institute of Technology
摘要：The prior literature on analyst forecasts has focused almost exclusively on firms that just meet or beat the mean or median consensus analyst forecast, without much regard to alternative benchmarks within the forecast distribution. Anecdotal evidence suggests that there is institutional significance to the lowest (minimum) and highest (maximum) analyst earnings forecast. We rigorously explore whether these two new benchmarks actually have incremental significance and, if so, whether there are ...
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作者：Braggion, Fabio; Manconi, Alberto; Zhu, Haikun
作者单位：Tilburg University; Bocconi University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We study the relationship between new intermediaries and regulatory arbitrage, analyzing marketplace credit around a tightening of mortgage loan-to-value (LTV) caps in several cities in China in 2013. Using novel data covering over 20% of Chinese marketplace credit as well as the universe of loans and loan applications at a leading online lending platform, we provide evidence consistent with home buyers borrowing online to bypass the tighter LTV cap. Our findings point to new, lightly regulate...
