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作者：Zhang, Wei; Lee, Hsiao-Hui
作者单位：University of Hong Kong; National Chengchi University
摘要：To stay competitive, high-technology manufacturers not only frequently source new technologies from their suppliers, but also financially support the development of these new technologies into component products or production tools. We consider a manufacturer that can either source a new but immature technology from a financially constrained supplier, or source a mature technology from an existing supplier if and only if the development of the new technology fails. To support the new technolog...
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作者：Gomes, Francisco; Michaelides, Alexander; Zhang, Yuxin
作者单位：University of London; London Business School; Imperial College London; Renmin University of China
摘要：We propose target date funds modified to exploit stock return predictability driven by the variance risk premium. The portfolio rule of these tactical target date funds (TTDFs) is extremely simplified relative to the optimal one, making it easy to implement and to communicate to investors. We show that saving for retirement in TTDFs generates economically large welfare gains, even after we introduce turnover restrictions and transaction costs, and after taking into account parameter uncertaint...
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作者：Chernykh, Lucy; Mityakov, Sergey
作者单位：Clemson University; State University System of Florida; Florida State University
摘要：We use high-frequency data to study access and response to bank-level information by corporate depositors during a banking crisis. We examine a bank panic episode in Russia during the summer of 2004 triggered by the Central Bank of Russia (CBR) announcement to liquidate banks for suspicious operations. Our results support the presence of sophisticated depositor monitoring and discipline. Private information about bank risk is available to depositor-firms with a strong business connection to th...
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作者：Gu, Zhuojun; Bapna, Ravi; Chan, Jason; Gupta, Alok
作者单位：University of Texas System; University of Texas Arlington; University of Minnesota System; University of Minnesota Twin Cities
摘要：The most commonly cited issues with mobile apps are low user engagement and retention levels. In this paper, we use a randomized control trial to test the efficacy of crowdsourcing on enhancing user engagement and retention in the context of mobile gaming apps. We examine two specific crowdsourcing features: the ability to submit content and the ability to access crowdsourced content. We find that the content submission significantly increases engagement and retention by reducing users' hazard...
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作者：Liu, Yunting
作者单位：Peking University
摘要：To capture the dynamics of idiosyncratic volatility of stock returns over different horizons and investigate the relationship between idiosyncratic volatility and expected stock returns, this paper develops and estimates a parsimonious model of idiosyncratic volatility consisting of a short-run and a long-run component. The conditional short-run and long-run components are found to be positively and negatively related to expected stock returns, respectively. The positive relation between the s...
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作者：Friebel, Guido; Heinz, Matthias; Zubanov, Nikolay
作者单位：Goethe University Frankfurt; University of Cologne; University of Konstanz
摘要：In a randomized controlled trial, a large retail chain's Chief Executive Officer (CEO) sets new goals for the managers of the treated stores by asking them to do what they can to reduce the employee quit rate. The treatment decreases the quit rate by a fifth to a quarter, lasting nine months before petering out, but reappearing after a reminder. There is no treatment effect on sales. Further analysis reveals that treated store managers spend more time on human resources (HR) and less on custom...
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作者：Araman, Victor F.; Caldentey, Rene A.
作者单位：American University of Beirut; University of Chicago
摘要：A decision maker (DM) must choose an action in order to maximize a reward function that depends on the DM's action as well as on an unknown parameter T. TheDM can delay taking the action in order to experiment and gather additional information on T. We model the problem using a Bayesian sequential experimentation framework and use dynamic programming and diffusion-asymptotic analysis to solve it. For that, we consider environments in which the average number of experiments that is conducted pe...
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作者：Campbell, Dennis W.; Shang, Ruidi
作者单位：Harvard University; Tilburg University
摘要：This paper examines whether information extracted via text-based statistical methods applied to employee reviews left on the website Glassdoor.comcan be used to develop indicators of corporate misconduct risk. We argue that inside information on the incidence of misconduct as well as the control environments and broader organizational cultures that contribute to its occurrence are likely to be widespread among employees and to be reflected in the text of these reviews. Our results show that in...
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作者：Fruchter, Gila E.; Prasad, Ashutosh; Van den Bulte, Christophe
作者单位：Bar Ilan University; University of California System; University of California Riverside; University of Pennsylvania
摘要：We study optimal advertising and entry timing decisions for a new product being sold in two-segment markets in which followers are positively influenced by elites, whereas elites are either unaffected or repulsed by product popularity among followers. Key decisions in such markets are not only how much to advertise in each segment over time but also when to enter the follower segment. We develop a continuous-time optimal control model to examine these issues. Analysis yields two sets of two-po...
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作者：Gao, Menghai; Ji, Yuan; Rozenbaum, Oded
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; University of Texas System; University of Texas Arlington; George Washington University
摘要：Although extant literature investigates the role of sell-side equity analysts in capital markets, most studies do not consider that sell-side equity analysts often work in hierarchical teams. Lead analysts manage a team of associate and junior analysts who participate in the team's tasks. Building on the delegation theory in the management literature, we hypothesize and find a division of labor between lead and associate analysts, where lead analysts are more likely to delegate tasks (1) that ...
