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作者：Fahn, Matthias
作者单位：Johannes Kepler University Linz; Leibniz Association; Ifo Institut
摘要：This paper analyzes a dynamic relational contract for employees with reciprocal preferences. A model of a long-term employment relationship is developed that implies that generous upfront wages activate the norm of reciprocity and then are more important when an employee is close to retirement. In earlier stages, direct incentives promising a bonus in exchange for effort are more effective. Hence, direct and reciprocity-based incentives reinforce each other and should be used in combination. M...
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作者：Wei, Chishen; Zhang, Lei
作者单位：Hong Kong Polytechnic University; City University of Hong Kong
摘要：This paper studies the effect of trust on the perceived credibility of earnings news. Using earnings response coefficients, we find that firms located in low-trust regions of the United States experience significantly lower stock price reactions to earnings news. Additional tests indicate that managers can counterbalance investors' dependence on trust by employing reputable auditors or signaling the quality of their earnings using dividends to improve the perceived credibility of their financi...
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作者：Liu, Nan; van Jaarsveld, Willem; Wang, Shan; Xiao, Guanlian
作者单位：Boston College; Eindhoven University of Technology; Sun Yat Sen University; University of Calgary
摘要：Outpatient care providers usually allow patients to access service via scheduling appointments or direct walk-in. Patients choose strategically between these two access channels (and otherwise balking) based on the trade-off of appointment delay and in-clinic waiting. How to manage outpatient care with such dual access channels, taking into account patient strategic choice behavior, is a challenge faced by providers. We study three operational levers to address this management challenge: servi...
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作者：Maurin, Vincent; Robinson, David T.; Stromberg, Per
作者单位：Stockholm School of Economics; Swedish House of Finance; Duke University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We develop a model of private equity capturing two fundamental features of this market: the fund structure and illiquidity. A fund structure with sequential capital calls arises as an optimal solution to fund managers' (GPs) moral hazard problem but exposes investors (LPs) to illiquidity risk. Funds with more illiquidity-tolerant LPs realize higher returns, leading to different expected returns across both funds and LPs in equilibrium. GPs may inefficiently accelerate drawdowns to avoid defaul...
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作者：Cvijanovic, Dragana; Gantchev, Nickolay; Li, Rachel
作者单位：University of Warwick; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Alabama System; University of Alabama Tuscaloosa
摘要：Despite intense scrutiny from investors, markets, and regulators, many public companies have no formal succession plans. Anecdotal evidence links succession risk to significant value destruction, but there is limited academic research evaluating the effects of succession planning on chief executive officer (CEO) turnover outcomes. We provide evidence that succession planning reduces the cost of management transitions by improving their efficiency. Firms with succession plans experience not onl...
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作者：Cohen, Maxima C.; Jacquillat, Alexandre; Serpa, Juan Camilo; Benborhoumc, Michael
作者单位：McGill University; Massachusetts Institute of Technology (MIT)
摘要：Airfares evolve dynamically, giving rise to a so-called price path. This price path is controlled via two levers: (i) a fare ladder, which defines a set of airfares before the selling season, and (ii) revenue management algorithms, which control how fares evolve along the ladder during the season. We hypothesize that the current policies to control both levers-which do not account for quality differences between competing airlines-give rise to an inefficient price path and, accordingly, a loss...
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作者：Adepoju, Temidayo; Carson, Anita L.; Jin, Helen S.; Manasseh, Christopher S.
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Boston University; Boston Medical Center
摘要：Healthcare policy makers use wait-time metrics to encourage hospital managers to improve patient experience. In 2002, Massachusetts mandated that hospital managers develop processes to respond to boarding crises, which occur when emergency department (ED) patients experience long waits for inpatient beds. Performance improvement theory suggests that patients would be better served by preventing boarding crises rather than responding urgently after they occur. To empirically test this theory, w...
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作者：Baucum, Matt; Khojandi, Anahita; Vasudevan, Rama; Ramdhani, Ritesh
作者单位：State University System of Florida; Florida State University; University of Tennessee System; University of Tennessee Knoxville; United States Department of Energy (DOE); Oak Ridge National Laboratory; Center for Nanophase Materials Sciences; Northwell Health
摘要：Effective treatment of Parkinson's disease (PD) is a continual challenge for healthcare providers, and providers can benefit from leveraging emerging technologies to supplement traditional clinic care. We develop a data-driven reinforcement learning (RL) framework to optimize PD medication regimens through wearable sensors. We leverage a data set of n = 26 PD patients who wore wrist-mounted movement trackers for two separate six-day periods. Using these data, we first build and validate a simu...
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作者：Allouah, Amine; Bahamou, Achraf; Besbes, Omar
作者单位：Columbia University; Columbia University
摘要：Historical data are typically limited. We study the following fundamental data-driven pricing problem. How can/should a decision maker price its product based on data at a single historical price? How valuable is such data? We consider a decision maker who optimizes over (potentially randomized) pricing policies to maximize the worst-case ratio of the garnered revenue compared to an oracle with full knowledge of the distribution of values, when the latter is only assumed to belong to a broad n...
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作者：Chen, Ningyuan; Cire, Andre A.; Hu, Ming; Lagzi, Saman
作者单位：University of Toronto; University of Toronto; University Toronto Scarborough; University of North Carolina; University of North Carolina Chapel Hill
摘要：We study the problem when a firm sets prices for products based on the transaction data, that is, which product past customers chose from an assortment and what were the historical prices that they observed. Our approach does not impose a model on the distribution of the customers' valuations and only assumes, instead, that purchase choices satisfy incentive-compatible constraints. The uncertainty set of potential valuations of each past customer can then be encoded as a polyhedral set, and ou...
