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作者：Shi, Shuping; Yu, Jun
作者单位：Macquarie University; Singapore Management University; Singapore Management University
摘要：The log realized volatility (RV) is often modeled as an autoregressive fractionally integrated moving average model ARFIMA(1, d, 0). Two conflicting empirical results have been found in the literature. One stream shows that log RV has a long memory (i.e., the fractional parameter d > 0). The other stream suggests that the autoregressive coefficient alpha is near unity with antipersistent errors (i.e., d < 0). This paper explains how these conflicting empirical findings can coexist in the conte...
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作者：Dong, Lingxiu; Jiang, Puping Phil; Xu, Fasheng
作者单位：Washington University (WUSTL); Shanghai Jiao Tong University; Syracuse University
摘要：Improving traceability in food supply chains has been a big part of ongoing effort to reduce contamination risks and food waste. Recent technology advancement such as blockchain technology has propelled innovative retailers to promote food traceability system adoption in their supply chains. We develop a three-tier supply chain model with multiple upstream (tier 2) suppliers to investigate how traceability technology adoption affects incentives of supply chain members and whether and how its a...
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作者：Feng, Zhichao; Dawande, Milind; Janakiraman, Ganesh; Qib, Anyan
作者单位：Hong Kong Polytechnic University; University of Texas System; University of Texas Dallas
摘要：Operating under both supply-side and demand-side uncertainties, a mobile-promotion platform conducts advertising campaigns for individual advertisers. Campaigns arrive dynamically over time, which is divided into seasons; each campaign requires the platform to deliver a target number of mobile impressions from a desired set of locations over a desired time interval. The platform fulfills these campaigns by procuring impressions from publishers, who supply advertising space on apps via real-tim...
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作者：Guzman, Jorge; Li, Aishen
作者单位：Columbia University; Tsinghua University
摘要：We introduce a novel approach to measure the founding strategic differentiation of startups and its relationship to follow-on performance. We use natural language processing and historical websites to estimate the similarity between the founding website of an individual startup, the historical website of public firms at the startup's founding year, and the founding website of other startups founded in the same year. We propose that distance in the value proposition stated in these websites rep...
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作者：Manthei, Kathrin; Sliwka, Dirk; Vogelsang, Timo
作者单位：University of Cologne; Frankfurt School Finance & Management
摘要：We investigate the causal effect of performance pay and conversations about performance in 224 stores of a retail chain implementing a field experiment with a 2x2 factorial design. In the performance pay treatments, managers receive a bonus, which is a simple linear function of the profits achieved above a threshold value. In the performance review treatments, managers have to report their activities undertaken to increase profits in regular meetings. We find that whereas performance pay did n...
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作者：Loertscher, Simon; Marx, Leslie M.
作者单位：University of Melbourne; Duke University
摘要：We study a bilateral trade problem with multiunit demand and supply and one-dimensional private information. Each agent geometrically discounts additional units by a constant factor. We show that when goods are complements, the incentive problem measured as the ratio of second-best to first-best social surplus-becomes less severe as the degree of complementarity increases. In contrast, if goods are substitutes and each agent's distribution exhibits linear virtual types, then this ratio is a co...
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作者：Kempf, Elisabeth; Spalt, Oliver
作者单位：University of Chicago; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of Mannheim; European Corporate Governance Institute
摘要：This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate governance system, can constitute an obstacle to valuable corporate innovation. We first establish that valuable innovation output makes firms particularly vulnerable to costly low-quality class action litigation. Exploiting judge turnover in federal courts, we then show that changes in class action litigation risk affect the value and number of patents fil...
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作者：Herpfer, Christoph; Mjos, Aksel; Schmidt, Cornelius
作者单位：Emory University; Norwegian School of Economics (NHH)
摘要：We investigate the role of physical distance in corporate lending by exploiting infrastructure improvements as shocks to travel time. Lower travel time increases the likelihood of initiating a new banking relationship, consistent with an economic surplus from lower transaction costs. In existing lending relationships, banks capture part of this surplus by increasing interest rates, in particular, if banks have higher bargaining power. Reductions in travel time to competing banks have the oppos...
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作者：Bischof, Jannis; Brueggemann, Ulf; Daske, Holger
作者单位：University of Mannheim; Humboldt University of Berlin; University of Mannheim
摘要：Regulators frequently relax accounting rules during a financial crisis as a means of regulatory forbearance. The new accounting options provide banks with an opportunity for an accrual-based increase in their regulatory capital. The use of such an accounting option helps reduce the costs of government interventions such as bailouts and avoid the dilution of existing shareholders' ownership rights. We examine the introduction of the reclassification option for financial assets during the 2008 f...
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作者：Aral, Sinan; Dhillon, Paramveer S.
作者单位：Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：The strength of weak ties and brokerage theory both rely on the argument that weak bridging ties deliver novel information to create vision advantages for actors in brokerage positions. However, our conceptualization of novelty is itself fundamentally underdeveloped. We, therefore, develop a theory of how three distinct types of novelty-diversity, non-redundancy, and uniqueness-combine with network structure to create vision advantages in social networks. We test this theory using panel data o...
