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作者：Chyz, James; Henry, Erin; Omer, Thomas; Wu, Biyu
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Arkansas System; University of Arkansas Fayetteville; University of Nebraska System; University of Nebraska Lincoln
摘要：An IPO is a significant event for an individual firm, and the literature examining initial public offering (IPO) firms is extensive. However, there is little evidence on the subsequent effect of a significant IPO on incumbent firms. We extend this literature by using firms' tax policies as a powerful setting to identify whether incumbent firms respond to a significant IPO in their industry. Specifically, we use a first difference analysis to examine whether incumbent firms herd their effective...
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作者：Schneemeier, Jan
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We explore a manager's incentives to disclose the precision of a signal about firm profitability. Voluntary disclosure of precision information encourages traders to acquire private information, increasing price informativeness and improving the firm's investment efficiency. We highlight a novel tradeoff: on the one hand, more precise public information crowds out traders' information acquisition by leveling the playing field. On the other hand, there can also be a crowding-in effect because h...
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作者：Choy, Siu Kai; Wei, Jason
作者单位：University of London; King's College London; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：This paper examines the attention effect in the options market. We show that option investors (especially retail investors) buy more calls and puts on both daily winner and loser stocks, and this buying pressure leads to an overvaluation, as shown in subsequent lower hedged returns. The overvaluation is due to a combination of differences of opinion, risk aversion, and margin requirements. The economic magnitude is large. For instance, a zero-financing portfolio involving options on loser stoc...
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作者：Dietzenbacher, Bas J.; Kondratev, Aleksei Y.
作者单位：Maastricht University; HSE University (National Research University Higher School of Economics)
摘要：Given the ranking of competitors, how should the prize endowment be allocated? This paper introduces and axiomatically studies the prize allocation problem. We focus on consistent prize allocation rules satisfying elementary solidarity and fairness principles. In particular, we derive several families of rules satisfying anonymity, order preservation, and endowment monotonicity, which all fall between the equal division rule and the winnertakes-all rule. Our results may help organizers to sele...
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作者：Gao, Long
作者单位：University of California System; University of California Riverside
摘要：We study a compensation problem for salespeople with learning potential. In our model, both the firm and sales agent are risk neutral and forward-looking; the agent can privately observe his skill, exert effort, and learn from experience; the firm can learn from the agent's choice and revise sales targets over time. The problem entails a dynamic tradeoff between exploiting learning, screening information, and maximizing efficiency. We find the optimal compensation plan differs substantially fr...
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作者：Buser, Thomas; Yuan, Huaiping
作者单位：University of Amsterdam; Tinbergen Institute
摘要：Fear of public speaking is very common, but we know little about its implications for individuals and organizations. We establish public speaking aversion as an economically relevant preference using three steps. First, we use laboratory and classroom experiments to show that preferences for speaking in public vary strongly across individuals with many participants willing to give up significant amounts of money to avoid giving a short presentation in front of an audience. Second, we introduce...
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作者：Evangelidis, Ioannis; Levav, Jonathan; Simonson, Itamar
作者单位：Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Stanford University
摘要：In this research we reexamine and update prior research on the association between decision conflict and choice deferral. Decision conflict has featured prominently in psychology literature, going back to the seminal work of Lewin (1933), Miller (1944), and Janis and Mann (1977). Building on this earlier work and the assumption of conflict as an inhibitor of choice, Tversky and Shafir (1992; see also Dhar 1997) argued that the tendency to defer a decision can increase when decision makers expe...
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作者：Ferrer, Rosa; Perrone, Helena
作者单位：Pompeu Fabra University; Barcelona School of Economics; University of Mannheim
摘要：This paper exploits a major food safety crisis to estimate a full demand model for the unsafe product and its substitutes, recovering consumers' preference parameters for different product characteristics. Counterfactual exercises quantify the relevance of different mechanisms driving consumers' responses, such as changes in safety perceptions, idiosyncratic taste, product characteristics, and price. We find that consumers' reactions are limited by their preferences for the product's observabl...
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作者：Eliaz, Kfir; Spiegler, Ran
作者单位：Tel Aviv University; Utah System of Higher Education; University of Utah; University of London; University College London
摘要：In order to thrive, organizations need to build and maintain an ability to meet unexpected external challenges. Yet many organizations are sluggish: their capabilities can only undergo incremental changes over time. What are the stochastic processes governing routinely occurring challenges that best prepare a sluggish organization for unexpected challenges? We address this question with a stylized principal-agent model. The agent represents a sluggish organization that can only change its capa...
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作者：Zhang, Mengxia; Luo, Lan
作者单位：Western University (University of Western Ontario); University of Southern California
摘要：Despite the substantial economic impact of the restaurant industry, large-scale empirical research on restaurant survival has been sparse. We investigate whether consumer-posted photos can serve as a leading indicator of restaurant survival above and beyond reviews, firm characteristics, competitive landscape, and macroconditions. We employ machine learning techniques to extract features from 755,758 photos and 1,121,069 reviews posted on Yelp between 2004 and 2015 for 17,719 U.S. restaurants....
