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作者：Baldauf, Markus; Frei, Christoph; Mollner, Joshua
作者单位：University of British Columbia; University of Alberta; Northwestern University
摘要：Many financial arrangements reference market prices that are yet to be realized at the time of contracting and consequently susceptible to manipulation. Two of the most common such arrangements are as follows: (i) guaranteed volume-weighted average price (VWAP) contracts, which reference the VWAP prevailing over an execution window, and (ii) market-on-close contracts, which reference the price prevailing at the window???s end. To study such situations, we introduce a stylized model of financia...
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作者：Van Wesep, Edward D.; Waters, Brian
作者单位：University of Colorado System; University of Colorado Boulder
摘要：We present a general equilibrium model in which firms and workers coordinate compensation so that turnover is high in some periods and low in others. This ensures that firms and workers typically search for new matches when other firms and workers are available. If firms and workers find themselves in a periodic equilibrium, contracts often feature large bonuses paid just prior to periods of high labor market turnover. The theory's predictions match stylized facts concerning compensation and t...
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作者：Ratnadiwakara, Dimuthu; Yerramilli, Vijay
作者单位：Louisiana State University System; Louisiana State University; University of Houston System; University of Houston
摘要：We use a unique feature of California's property tax system to empirically identify the causal effect of selling homeowners' past property tax payments on their choice of listing price. Although past property taxes are sunk costs, we find that they have a significant positive effect on the sellers' choice of listing price, which is inconsistent with rational models of decision making. This effect is stronger when sellers expect to sell at a loss relative to their purchase price and for propert...
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作者：Sun, Jiankun; Zhang, Dennis J.; Hu, Haoyuan; Van Mieghem, Jan A.
作者单位：Imperial College London; Washington University (WUSTL); Alibaba Group; Northwestern University
摘要：Conventional optimization algorithms that prescribe order packing instructions (which items to pack in which sequence in which box) focus on box volume utilization yet tend to overlook human behavioral deviations. We observe that packing workers at the warehouses of the Alibaba Group deviate from algorithmic prescriptions for 5.8% of packages, and these deviations increase packing time and reduce operational efficiency. We posit two mechanisms and demonstrate that they result in two types of d...
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作者：Wu, Yue; Gal-Or, Esther; Geylani, Tansev
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Native advertising is not fully transparent to consumers because it bears similarity to editorial content. Increasing the opaqueness of native ads can raise publishers??? click-through rate, but can also negatively affect consumers??? quality perception of the publishers??? editorial content and lead to lower profitability. In this paper, we develop a game-theoretical model of native ads to investigate the economic implications of regulation. Our model considers two types of publishers, who di...
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作者：Cao, Ping; Tian, Feng; Sun, Peng
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; University of Michigan System; University of Michigan; Duke University
摘要：In this comment, we first use a counterexample to demonstrate that the optimal contract structure proposed in section 4 of the paper [Sun P, Tian F (2018) Optimal contract to induce continued effort. Management Sci. 64(9):4193-4217] can be wrong when the two players' discount rates are different. We then specify correct optimal contract structures, which involve generalizing the contract space to allow random termination. Numerical study with a wide range of model parameters illustrates that s...
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作者：Ballew, Hailey B.; Nicoletti, Allison; Stuber, Sarah B.
作者单位：Rice University; University of Pennsylvania; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：This paper examines the consequences of the paycheck protection program (PPP) for bank risk-taking and whether the shift to the current expected credit loss (CECL) model moderates this effect. We find that the extent of a bank's PPP participation is associated with relatively greater changes in risk-taking outside of the PPP. We also show that this effect is concentrated in banks that have not early adopted the CECL model and banks with timelier pre-PPP loan loss provisions, suggesting that ti...
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作者：He, Chuan; Ke, Shaowei; Zhang, Xingtan
作者单位：University of Colorado System; University of Colorado Boulder; University of Michigan System; University of Michigan
摘要：Firms offer a variety of products to meet different customer needs. In many horizontally differentiated markets, prices are stable, and firms make infrequent adjustments to their product lines. Although prior research focused on product line design, we investigate how firms should allocate their marketing effort when their product lines are fixed. We propose a simple model to analyze product line marketing. Our model exhibits a flagship product effect in which the firm's optimal marketing effo...
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作者：Chen, Kay-Yut; Wang, Jingguo; Lang, Yan
作者单位：University of Texas System; University of Texas Arlington
摘要：Digital extortion has emerged as a significant threat to organizations that rely on information technologies for their operations. Using human subject experimentation, we study the effectiveness of message appeals in encouraging defenders to adopt two mitigation strategies, investment in security and refusal to pay ransoms, to digital extortion threats. We explore two types of appeals, benefit and normative, for this purpose. We find that the decisions of the defenders (representing any organi...
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作者：Muthulingam, Suresh; Dhanorkar, Suvrat; Corbett, Charles J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of California System; University of California Los Angeles
摘要：It is well known that manufacturing operations can affect the environment, buthardly any research explores whether the natural environment shapes manufacturingoperations. Specifically, we investigate whether water scarcity, which results from environ-mental conditions, influences manufacturingfirms to lower their toxic releases to theenvironment. We created a data set that spans 2000-2016 and includes details on the toxicemissions of 3,092 manufacturing facilities in Texas. Additionally, our d...
