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作者：Balseiro, Santiago R.; Desir, Antoine
作者单位：Columbia University; INSEAD Business School
摘要：Online marketplaces, such as Amazon, Alibaba, Google Shopping, and JD.com, allow sellers to promote their products by charging them for the right to be displayed on top of organic search results. In this paper, we study the problem of designing auctions for sponsored products and highlight some new challenges emerging from the interplay of two unique features: substitution effects and information asymmetry. The presence of substitution effects, which we capture by assuming that consumers choos...
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作者：de Bettignies, Jean-Etienne; Liu, Hua Fang; Robinson, David T.; Gainulline, Bulat
作者单位：Kean University; Duke University; National Bureau of Economic Research
摘要：We examine the impact of product market competition on innovation in markets for technology. An innovator makes an investment in quality-improving innovation that can be licensed to one (targeted licensing) or all (market-wide licensing) product market competitors. Our model points to a U-shaped relationship between competition in licensee product markets and innovation in the market for technology: at low levels of competition, market-wide licensing is optimal, and competition reduces innovat...
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作者：Huang, Yu; Ju, Nengjiu; Xing, Hao
作者单位：Shanghai Jiao Tong University; Boston University
摘要：We develop a dynamicmodel where a principal contractswith an agent to operate a firm. The agent, protected by limited liability, trades privately a market portfolio to hedgemarket risk in his compensation. When liquidation cost of the firm is proportional to its size, the principal manages the termination risk by loading the contract with a positive market component, which alleviates termination risk in normal market conditions but makes termination more likely after negative market shocks. Th...
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作者：Bonsall, Samuel B.; Koharki, Kevin; Kraft, Pepa; Muller, Karl A., III; Sikochi, Anywhere
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Purdue University System; Purdue University; Hautes Etudes Commerciales (HEC) Paris; Harvard University
摘要：We examine whether rating agencies act defensively toward issuers with a higher likelihood of default. We find that agencies' qualitative soft rating adjustments are more accurate as issuers' default risk grows, as evidenced by the adjustments leading to lower type I and type II error rates and better prediction of default and default recovery losses. We also find that soft adjustments' relevance increases with issuers' default risk, as evidenced by the adjustments being more predictive of ini...
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作者：Li, Dong; Mishra, Nishant; Netessine, Serguei
作者单位：Agency for Science Technology & Research (A*STAR); Universite Catholique Louvain; University of Pennsylvania
摘要：In after-sales product support, both literature and practice have highlighted the advantages of paying for performance under performance-based contracts (PBC) over the more traditional transaction-based contracts (TBC) that tie supplier payments to each repair incident. Although PBC is believed to better align incentives in the supply chain when the supplier's private effort is difficult to verify, emerging technologies can make the repair process more transparent, which can eliminate the supp...
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作者：Weinbaum, David; Fodor, Andrew; Muravyev, Dmitriy; Cremers, Martijn
作者单位：Syracuse University; University System of Ohio; Ohio University; Michigan State University; Michigan State University's Broad College of Business; University of Notre Dame
摘要：We examine which categories of option trading volume carry information about future stock prices around corporate news announcements. We predict and find that purchases of options are informative on news days and ahead of unscheduled events but not before scheduled events, and sales of options predict returns only ahead of scheduled news releases. Therefore, although the arrival of new information is an important reason why option volume predicts stock returns, this relation depends on whether...
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作者：Amaldoss, Wilfred; Harutyunyan, Mushegh
作者单位：Duke University; Imperial College London
摘要：Research in psychology shows that consumption goals can help consumers avoid excessive consumption of vice goods and the associated long-term harm. In this paper, we propose a model of self-control with consumption goals and examine how goals moderate the behavior of consumers and the firm's strategy. We find that consumers' personal goals lead to a lower price for a less unhealthy product but a higher price for a more unhealthy product. Furthermore, even though personal goals reduce the sales...
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作者：Arslan, Hayri A.; Tereyagoglu, Necati; Yilmaz, Ovunc
作者单位：University of Texas System; University of Texas at San Antonio; University of South Carolina System; University of South Carolina Columbia; University of Colorado System; University of Colorado Boulder
摘要：Although variable pricing enables sports teams to respond to changing demand across games, reports point to somewhat limited implementation. In this paper, we study the implications of a switch to variable pricing on the primary and resale ticket markets using quasi-experimental data from the National Football League. Applying a difference-indifferences technique with propensity score weighting, we first show that the adoption of variable pricing increases primary market ticket sales by 1.59% ...
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作者：La Forgie, Ambar
作者单位：University of California System; University of California Berkeley
摘要：Mergers and acquisitions in healthcare are increasingly leading to changes in firm management. This paper studies how a change in firm management impacts clinical performance using data on an understudied phenomenon: medical practice acquisitions by physician practice management companies (PPMCs). PPMCs market themselves as off-loading the administrative burden of running a medical practice without compromising physician autonomy over clinical decisions. However, a PPMC's management strategy a...
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作者：Kallus, Nathan
作者单位：Cornell University
摘要：Because the average treatment effect (ATE) measures the change in social welfare, even if positive, there is a risk of negative effect on, say, some 10% of the population. Assessing such risk is difficult, however, because any one individual treatment effect (ITE) is never observed, so the 10% worst-affected cannot be identified, whereas distributional treatment effects only compare the first deciles within each treatment group, which does not correspond to any 10% subpopulation. In this paper...
