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作者：Atanasov, Vladimir; Merrick, John J., Jr.; Schuster, Philipp
作者单位：University of Stuttgart
摘要：We study mismarking of newly purchased odd lot and two classes of round lot structured product positions in mutual funds. Such mismarking artificially inflates net asset values and overstates cumulative returns. Applied to funds launched after January 2010, a simulation-tested mismarking fund filter identifies 12 Highly Questionable funds managing $75 billion. The performance of these funds matches closely the predicted pattern of mismarking: extremely high alpha and skewness, particularly imm...
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作者：An, Yu; Zheng, Zeyu
作者单位：Johns Hopkins University; University of California System; University of California Berkeley
摘要：Dealers can choose between two intermediation methods: providing immediacy to customers using their own inventory and making matches between customers' order flows. We show that dealers have an incentive to prioritize inventory turnover for immediacy provision rather than making matches between customers. Compared with a counterfactual scenario without this incentive, dealers in equilibrium provide immediacy to more customers in order to extract extra rents. Compared with the counterfactual, t...
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作者：Brown, Jason L.; Martin, Patrick R.; Sprinkle, Geoffrey B.; Way, Dan
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Clemson University
摘要：Return on investment (ROI) and residual income (RI) are two important accounting measures that are commonly used to evaluate managers' performance, and evidence suggests that both ROI and RI can help motivate long-term investments. Research is limited, though, regarding whether ROI and RI differentially affect managers' actions, and, more specifically, research has not examined the effects of ROI and RI on risk-taking. We conduct an experiment to examine the separate and interactive effects of...
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作者：An, Jake; Briley, Donnel; Danziger, Shai; Levi, Shai
作者单位：University of Sydney; Tel Aviv University
摘要：We examine the impact of social investing on charitable donations using a unique data set consisting of investment behaviors and donation transactions for more than 10,000 customers of an investment app platform. We find that investors switching to a recently introduced social fund reduced their donations, mainly in charities supporting causes similar to those of the social fund. However, 79% of the investors that switched to the social fund did not donate before switching, so the social fund ...
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作者：Mostagir, Mohamed; Siderius, James
作者单位：University of Michigan System; University of Michigan; Massachusetts Institute of Technology (MIT)
摘要：The impact of product reviews on consumer purchasing behavior is empirically well documented. This can create perverse incentives for firms to offer reviewers side payments (bribes) in exchange for biased reviews for their products. The presence of bribes distorts the information in reviews and leads to detrimental effects on consumer utility. This paper builds a two-sided reputation model where a reviewer can inflate her reviews in exchange for bribes. If the reviewer accepts bribes and misre...
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作者：Janakiraman, Ramkumar; Park, Eunho; Demirezen, Emre M.; Kumar, Subodha
作者单位：University of South Carolina System; University of South Carolina Columbia; California State University System; California State University Long Beach; State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Health information exchanges (HIEs) are designed to improve the quality and efficiency of healthcare by facilitating improved information sharing between health entities. This study systematically examines the impact of HIE use in emergency departments (EDs) on the quality and efficiency of medical care. We focus on the length of stay (LOS) and the 30-day readmission rate to capture healthcare efficiency and quality, respectively. We also examine whether the breadth of patient health informati...
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作者：Bowen, Donald E., III; Fresard, Laurent; Hoberg, Gerard
作者单位：Lehigh University; Universita della Svizzera Italiana; Swiss Finance Institute (SFI); Universita della Svizzera Italiana; University of Southern California
摘要：This paper examines startups' positioning within technological cycles. We use patent text to measure whether innovation pertains to a technological area that is rapidly evolving or stable. We show that innovation in rapidly evolving areas (i.e., early in the cycle) substitute for existing technologies, whereas innovation in stable areas (i.e., later in the cycle) complement them. Our new measure is distinct from existing characterizations of innovation and is economically important. We find th...
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作者：Qi, Meng; Shi, Yuanyuan; Qi, Yongzhi; Ma, Chenxin; Yuan, Rong; Wu, Di; Shen, Zuo-Jun (Max)
作者单位：Cornell University; University of California System; University of California San Diego; University of California System; University of California Berkeley; University of Hong Kong; University of Hong Kong
摘要：We investigate a data-driven multiperiod inventory replenishment problem with uncertain demand and vendor lead time (VLT) with accessibility to a large quantity of historical data. Different from the traditional two-step predict-then-optimize (PTO) solution framework, we propose a one-step end-to-end (E2E) framework that uses deep learning models to output the suggested replenishment amount directly from input features without any intermediate step. The E2E model is trained to capture the beha...
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作者：Jin, Chen; Yang, Luyi; Zhu, Cungen
作者单位：National University of Singapore; University of California System; University of California Berkeley
摘要：The right-to-repair (RTR) movement calls for government legislation that requires manufacturers to provide repair information, tools, and parts so that consumers can independently repair their own products with more ease. The initiative has gained global traction in recent years. Repair advocates argue that such legislation would break manufacturers' monopoly on the repair market and benefit consumers. They further contend that it would reduce the environmental impact by reducing e-waste and n...
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作者：Aldrich, Eric M.; Friedman, Daniel
作者单位：Amazon.com; University of Essex; University of California System; University of California Santa Cruz
摘要：Several financial exchanges (e.g., IEX and NYSE American) recently introduced messaging delays to protect ordinary investors from high-frequency traders who exploit stale orders. To capture the impact of such delays, we propose a simple parametric model of the continuous double auction market format. The model examines the dynamics of midpoint pegged order queues and finds their steady states. It shows how messaging delays can protect pegged orders and improve investor welfare, but typically i...
