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作者：Wang, Jessie Jiaxu; Capponi, Agostino; Zhang, Hongzhong
作者单位：Arizona State University; Arizona State University-Tempe; Columbia University
摘要：This paper develops a framework for designing collateral requirements in a centrally cleared market. Clearing members post collateral-initial margins and default fundsto increase their pledgeable income, thereby committing to risk management. The two types of collateral, however, are not perfect substitutes. By achieving loss mutualization, default funds are economically more efficient than initial margins in aligning members' incentives for risk management ex ante. The optimal mix of collater...
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作者：Benjaafar, Saif; Wu, Shining; Liu, Hanlin; Gunnarsson, Einar Bjarki
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Hong Kong Polytechnic University; Southern University of Science & Technology
摘要：We consider the problem of optimal fleet sizing in a vehicle sharing system. Vehicles are available for short-term rental and are accessible from multiple locations. A vehicle rented at one location can be returned to any other location. The size of the fleet must account not only for the nominal load and for the randomness in demand and rental duration but also for the randomness in the number of vehicles that are available at each location because of vehicle roaming (vehicles not returning t...
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作者：Bao, Ying; Shi, Mengze; Kalra, Ajay
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Toronto; Rice University
摘要：We examine a firm's contract design problem in the context of allocating resources to new products with uncertain potential being developed by the managers vying for funds. The firm faces twin problems of identifying the right project(s) to prioritize them, and next also motivate the managers to exert effort in implementing the project to successful fruition. The firm's contract design can incentivize the managers either using a resource-based incentive plan, which offers a reward based on the...
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作者：Hsu, Po-Hsuan; Li, Dongmei; Li, Qin; Teoh, Siew Hong; Tseng, Kevin
作者单位：National Tsing Hua University; University of South Carolina System; University of South Carolina Columbia; Hong Kong Polytechnic University; University of California System; University of California Irvine; National Taiwan University; National Taiwan University
摘要：Firms often register trademarks as they launch new products or services. We find that the number of new trademark registrations positively predicts firm profitability, stock returns, and underreaction by analysts in their earnings forecasts. Using the Federal Trademark Dilution Act (FTDA) as an exogenous shock to trademark protection, we find that greater trademark protection strengthens the predictability of new trademark registrations. Together, our evidence suggests that investors undervalu...
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作者：Huang, Shawn X.; Keskek, Sami; Sanchez, Juan Manuel
作者单位：Arizona State University; Arizona State University-Tempe; State University System of Florida; Florida State University; University of Texas System; University of Texas at San Antonio
摘要：Using the details of vesting terms, we document that stock options granted in high-investor-sentiment periods tend to have shorter vesting periods and durations and are more likely to vest completely or have a significantly larger fraction vested within one year of the grant date, relative to low-sentiment periods. We further find that the sentiment effect on vesting terms is more pronounced when firms are largely held by investors with short investment horizons (e.g., transient institutions)....
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作者：Heath, Davidson; Sertsios, Giorgo
作者单位：Utah System of Higher Education; University of Utah; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：The relationship between profitability and leverage is controversial in the capital structure literature. We revisit this relation in light of a novel quasi-natural experiment that increases market power for a subset of firms. We find that treated firms increase their profitability throughout the treatment period. However, they only transiently reduce financial leverage, gradually reverting to their preshock level. Firms respond differently according to size with large firms gradually adjustin...
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作者：Ertekin, Necati; Gumus, Mehmet; Nikoofal, Mohammad E.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; McGill University; Toronto Metropolitan University
摘要：We study how merchandising products as online-exclusive (i.e., products available only online) versus hybrid (i.e., products available both online and offline) can improve the performance of ship-to-store (STS) services, an omnichannel retail fulfillment initiative that allows customers to pick up their online orders in-store. First, using a stylized model, we theoretically demonstrate that although STS is likely to increase sales, it may also entail the risk of losing some customers by exposi...
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作者：Lu, Ruichang; Shen, Qiaowei; Wang, Tenghui; Zhang, Xiaojun
作者单位：Peking University
摘要：In this paper, we investigate the impact of ownership structure on corporate advertising expenditures. Using mutual fund mergers as an exogenous shock to ownership structure, we find that competing firms owned by the same institutional blockholders experience a significant reduction in advertising expenditure. The reduction in advertising expenditure is more likely to occur in the presence of higher coordination benefits or lower coordination costs. Specifically, this effect is more pronounced...
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作者：Boute, Robert N.; Disney, Stephen M.; Gijsbrechts, Joren; Van Miegheme, Jan A.
作者单位：KU Leuven; Vlerick Business School; University of Exeter; Universidade Catolica Portuguesa; Northwestern University
摘要：We investigate near-shoring a small part of the global production to local SpeedFactories that serve only the variable demand. The short lead time of the responsive SpeedFactory reduces the risk of making large volumes in advance, yet it does not involve a complete reshoring of demand. Using a break-even analysis, we investigate the lead time, demand, and cost characteristics that make dual sourcing with a SpeedFactory desirable compared with complete off-shoring. Our analysis uses a linear ge...
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作者：Casoria, Fortuna; Reuben, Ernesto; Rott, Christina
作者单位：Universite Marie et Louis Pasteur; New York University; New York University Abu Dhabi; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We investigate the effects of group identity on hiring decisions with adverse selection problems. We run a laboratory experiment in which employers cannot observe a worker's ability or verify the veracity of the ability the worker claims to have. We evaluate whether sharing an identity results in employers discriminating in favor of ingroup workers and whether it helps workers and employers overcome the adverse selection problem. We induce identities using the minimal group paradigm and study ...
