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作者：Mobius, Markus M.; Niederle, Muriel; Niehaus, Paul; Rosenblat, Tanya S.
作者单位：Microsoft; University of Michigan System; University of Michigan; National Bureau of Economic Research; Stanford University; University of California System; University of California San Diego
摘要：We use a series of experiments to understand whether and how people's beliefs about their own abilities are biased relative to the Bayesian benchmark and how these beliefs then affect behavior. We find that subjects systematically and substantially overweight positive feedback relative to negative (asymmetry) and also update too little overall (conservatism). These biases are substantially less pronounced in an ego-free control experiment. Updating does retain enough of the structure of Bayes'...
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作者：Cosguner, Koray; (Seethu) Seetharaman, P. B.
作者单位：Indiana University System; Indiana University Bloomington; Washington University (WUSTL)
摘要：The Bass Model (BM) has an excellent track record in the realm of new product sales forecasting. However, its use for optimal dynamic pricing or advertising is relatively limited because the Generalized Bass Model (GBM), which extends the BM to handle marketing variables, uses only percentage changes in marketing variables, rather than their actual values. This restricts the GBM's prescriptive use, for example, to derive the optimal price path for a new product, conditional on an assumed launc...
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作者：Donna, Javier D.; Pereira, Pedro; Pires, Tiago; Trindade, Andre
作者单位：State University System of Florida; University of Florida; Autoridade da Concorrencia; Instituto Universitario de Lisboa; University of North Carolina; University of North Carolina Chapel Hill; Amazon.com
摘要：We investigate the welfare of intermediaries in oligopolistic markets where intermediaries offer additional services. We exploit the unique circumstance that in the empirical setting studied, outdoor advertising, consumers can purchase from manufacturers or intermediaries. Intermediaries provide additional services to the consumers and charge a margin for them. Intermediaries provide the following additional services: search services (information about products), purchase-aggregation services ...
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作者：Wang, Guihua
作者单位：University of Texas System; University of Texas Dallas
摘要：We study the effect ofMedicaid expansion on wait time in the emergency department (ED), using a difference-in-differences approach, where the treatment group includes the states that expandedMedicaid at the beginning of 2014 and the control group includes the states that did not expandMedicaid before 2016. We first focus on the average treatment effect and find that Medicaid expansion increases ED wait time by 10.4% (or 3.5 minutes). We then develop a first-difference causal forest (FDCF) appr...
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作者：Carter, Mary Ellen; Lynch, Luann J.; Martin, Melissa A.
作者单位：Boston College; University of Virginia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Using proxy statement data describing the terms of compensation contracts, we examine how overlapping membership between compensation and audit committees influences the use of earnings metrics in compensation. Although research predicts that such overlap could either increase or decrease the reliance on earnings, we find that firms with overlapping directors rely less on earnings-based performance measures in incentive contracts without altering the overall level of performance-contingent cas...
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作者：Bae, Jihun; Biddle, Gary C.; Park, Chul W.
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Melbourne
摘要：We test predictions that managers issuing voluntary capex guidance learn from analyst feedback and that this learning enhances investment efficiency and firm performance. Our findings are consistent with these predictions. First, we find that managers' capex adjustments and capex guidance revisions relate positively with analyst feedback measured by differences between postguidance analyst capex forecasts and managerial capex guidance. Second, changes in investment efficiency relate positively...
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作者：Srivastav, Abhishek; Vallascas, Francesco
作者单位：University of Edinburgh; Durham University
摘要：Since May 2015 several U.S. Bank Holding Companies (BHCs) have been newly classified as small banks by regulators, thus benefiting from a friendlier regulatory capital environment. Using a difference-in-differences setting, we show that less regulation on small BHCs boosts small business lending of the affiliated commercial banks. We employ various tests to demonstrate that these findings are attributable to a capital channel where increases in lending are driven by the preferential capital tr...
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作者：Xiao, Shihong; Chen, Ying-Ju; Tang, Christopher S.
作者单位：Fudan University; Hong Kong University of Science & Technology; University of California System; University of California Los Angeles
摘要：Companies often post user-generated reviews online so that potential buyers in different clusters (age, geographic region, occupation, etc.) can learn from existing customers about the quality of an experience good and cluster preferences before purchasing. In this paper, we evaluate two common user-generated review provision policies for selling experience goods to customers in different clusters with heterogeneous preferences. The first policy is called the association-based policy (AP) unde...
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作者：Hasan, Mostafa Monzur; Taylor, Grantley; Richardson, Grant
作者单位：Macquarie University; Curtin University
摘要：We examine the relationship between brand capital and stock price crash risk. Crash risk, defined as the negative skewness in the distribution of returns for individual stocks, captures asymmetry in risk, and has important implications for investment choices and risk management. Using a sample of 39,685 publicly listed U.S. firm-year observations covering 1975 to 2018, we show that brand capital is significantly and negatively related to crash risk. We also use an advanced machine learning app...
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作者：Chen, Tao; Tan, Youchao; Wang, Jinghua; Zeng, Cheng (Colin)
作者单位：Nanyang Technological University; Jinan University; Nanjing Audit University; Nanjing Audit University; Hong Kong Polytechnic University
摘要：Using a large sample of unlisted industrial firms in China, we find that a decrease in local governments' land transfer revenues leads to lower tax avoidance by firms within their jurisdiction. Our cross-sectional variation tests suggest that the tax-avoidance-reduction effect is stronger in cities with higher land finance dependence and government intervention, as well as where the political leaders have stronger promotion incentives. However, the effect is moderated for politically connected...
