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作者：Incekara-Hafalir, Elif; Lee, Grace H. Y.; Siah, Audrey K. L.; Xiao, Erte
作者单位：University of Technology Sydney; Monash University; Monash University Malaysia; Monash University
摘要：Achieving success often requires persistent effort. We study the effectiveness of two reward mechanisms, all-or-nothing and piece-rate, to incentivize full completion of repeated tasks over time. Our theoretical analysis shows that exogenously imposing the all-or-nothing mechanism can be ineffective due to the potential discouragement effect. In contrast, empowering individuals to choose between the two reward mechanisms can significantly improve the full completion rate. Data from a series of...
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作者：Deng, Yiting; Lambrecht, Anja; Liu, Yongdong
作者单位：University of London; University College London; University of London; London Business School
摘要：Freemium, whereby a basic service level is provided free of charge but consumers are charged for more advanced features, has become a popular business model for firms selling digital goods. However, it is not clear whether the launch of a free version helps or hurts the demand of an existing paid version. The free version may allow consumers to sample the product before making a purchase decision and subsequently increase demand of the paid version, but it may also cannibalize demand of the pa...
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作者：Kim, Tae Wook; Pae, Suil
作者单位：University of Hong Kong; Sungkyunkwan University (SKKU)
摘要：This study examines a reputation-concerned entrepreneur's incentives to provide disaggregated information about a project's future performance when the entrepreneur seeks to increase both the market price of the project and the market assessment of the entrepreneur's ability as a project manager. Two factors determine equilibrium: (i) the informational quality of the signal related to the entrepreneur's ability and (ii) the magnitude of reputational concerns. If the former is relatively low, t...
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作者：Bar, Ron N.; Haviv, Avery
作者单位：University of Rochester
摘要：Brand valuation methods traditionally focus on the value a brand generates via its ability to enhance demand and, accordingly, profitability. However, this paper explores how a brand can generate value for a firm through the ability to deter entry of new competitors. In this respect, we distinguish between a brand's direct effect on demand and its strategic effect on the behavior of rival firms. We investigate this within the context of the U.S. stacked chips category using a dynamic model tha...
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作者：He, Ai; Huang, Dashan; Li, Jiaen; Zhou, Guofu
作者单位：University of South Carolina System; University of South Carolina Columbia; Singapore Management University; Washington University (WUSTL)
摘要：We provide a reduced-rank approach (RRA) to extract a few factors from a large set of factor proxies and apply the extracted factors to model the cross-section of expected stock returns. Empirically, we find that the RRA five-factor model outperforms the wellknown Fama-French five-factor model as well as the corresponding principal component analysis, partial least squares, and least absolute shrinkage and selection operator models for pricing portfolios. However, at the stock level, our RRA f...
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作者：Kuzmina, Olga
作者单位：New Economic School; Centre for Economic Policy Research - UK
摘要：Using a unique panel data set of manufacturing rms in Spain in 1994-2006, I show that the use of exible (shorter and cheaper-to-re) employment contracts promotes debt nancing. I build the identication strategy on the intertemporal, cross-regional, and cross-gender variation in government subsidies that differentially encouraged rms to hire workers on the less exible contracts. A thought experiment of prohibiting an average rm from hiring workers on exible contracts suggests that such a rm shou...
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作者：Hasler, Michael; Jeanneret, Alexandre
作者单位：University of Texas System; University of Texas Dallas
摘要：We propose a macrofinance model that rationalizes robust features in equity index option markets. When rare disasters are followed by economic recoveries, the slope of the implied volatility term structure is positive in good times but turns negative in bad times. Additionally, implied volatility decreases with moneyness in bad times (volatility skew), whereas the shape becomes a smile in good times in the presence of rare economic booms. Our theory contributes to understanding the dynamics of...
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作者：Bhui, Rahul; Jiao, Peiran
作者单位：Massachusetts Institute of Technology (MIT); Maastricht University
摘要：Many decision makers are thought to economize on attention by processing information at the simpler level of a category. We directly test whether such category focus reflects an adaptive response to attention constraints, in five preregistered experiments using an information sampling paradigm with mouse tracking. Consistent with rational principles, participants focus more on category-level information when individual differences are small, when the category contains more members, and when ti...
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作者：Li, Yuefeng; Khouja, Moutaz J.; Pan, Jingming; Zhou, Jing
作者单位：University of Electronic Science & Technology of China; University of North Carolina; University of North Carolina Charlotte
摘要：Buy-one-get-one (BOGO) promotions have become popular. With BOGO, the first unit is sold for the regular price, and the second unit is discounted. We analyze BOGO in manufacturer-retailer supply chains. We identify conditions under which BOGO outper-forms price reduction (PR) and everyday low price (EDLP) policies. We find that, for some products, whether consumers stockpile or not, if BOGO and PR have the same market size, BOGO has a larger retailer profit and the same or larger manufacturer ...
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作者：Huang, Sheng; Ringgenberg, Matthew C.; Zhang, Zhe
作者单位：China Europe International Business School; Utah System of Higher Education; University of Utah; Singapore Management University
摘要：Asset prices remain depressed for years following mutual fund fire sales, but little is known about the causes of these price drops. We show that asymmetric information generates price pressure during fire sales. We separate trades into expected trades, which assume fund managers scale down their portfolio, and discretionary trades. We find that discretionary trades contain fundamental information, whereas expected trades do not. Moreover, other traders cannot distinguish between discretionary...
