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作者：Davis, Josh; Taylor, Alan M.
作者单位：Pacific Investment Management Company, LLC; University of California System; University of California Davis; University of California System; University of California Davis; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Research has found strong links between past credit booms and adverse outcomes for macroeconomic aggregates like output and investment. However, are price impacts also seen more widely in broad asset classes such as equity and fixed-income markets? We document such a robust and significant connection using a large sample of historical data for many advanced countries since 1870. Credit boom periods with a high ???leverage factor??? tend to be predictably followed by unusually low returns to ri...
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作者：Greminger, Rafael P.
作者单位：Tilburg University
摘要：This paper studies a search problem in which a consumer is initially aware of only a few products. At every point in time, the consumer then decides between searching among alternatives of which he is already aware and discovering more products. I show that the optimal policy for this search and discovery problem is fully characterized by tractable reservation values. Moreover, I prove that a predetermined index fully specifies the purchase decision of a consumer following the optimal search p...
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作者：Belo, Rodrigo; Li, Ting
作者单位：Universidade Nova de Lisboa; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We examine how freemium platforms can design social referral programs to encourage growth and engagement without sacrificing revenue. On the one hand, social referral programs generate new referrals from users who would not have paid for the premium features. On the other hand, they also attract new referrals from users who would have paid but prefer to invite others, resulting in more referrals but fewer paying users. We use data from a large-scale randomized field experiment in an online dat...
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作者：Akturk, M. Serkan; Ketzenberg, Michael
作者单位：Clemson University; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We use a proprietary data set from a national department store chain and evaluate the competitive impact of the launch of a buy-online-and-pick-up-in-store service by a major competitor. The transaction-level data set includes nearly 50 million transactions (purchase and return) across both online and brick-and-mortar channels. Although the strategy of buying online and picking up in a store is primarily designed to attract online shoppers into stores, our findings show that after the competit...
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作者：Tasoff, Joshua; Zhang, Wenjie
作者单位：Claremont Colleges; Claremont Graduate University
摘要：Time preferences and risk preferences play an important role in a wide range of behavior, including financial decisions, entrepreneurship, and the proper incentivizing of agents. Numerous methods have been developed to measure these preferences hypothetically in surveys, but they have yielded inconsistent results. We analyze a panel data set in which subjects have collectively answered more than 400 surveys including 15 time preference and 36 risk-preference elicitations. We evaluate the perfo...
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作者：Ryvkin, Dmitry
作者单位：State University System of Florida; Florida State University
摘要：We study dynamic contests between two players whose performance is determined jointly by effort and luck. The players observe each other???s positions in real time. There is a fixed deadline, and the player with a higher performance at the deadline wins the contest. We fully characterize the Markov perfect equilibrium for heterogeneous players. Effort is high when the players are tied but collapses quickly when one of them assumes a lead, due to a dynamic momentum effect. Therefore, total expe...
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作者：Dai, Min; Kou, Steven; Qian, Shuaijie; Wan, Xiangwei
作者单位：Hong Kong Polytechnic University; National University of Singapore; National University of Singapore; Boston University; National University of Singapore; Shanghai Jiao Tong University
摘要：The problems of nonconcave utility maximization appear in many areas of finance and economics, such as in behavioral economics, incentive schemes, aspiration utility, and goal-reaching problems. Existing literature solves these problems using the concavification principle. We provide a framework for solving nonconcave utility maximization problems, where the concavification principle may not hold, and the utility functions can be discontinuous. We find that adding portfolio bounds can offer di...
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作者：Antonakis, John; d'Adda, Giovanna; Weber, Roberto A.; Zehnder, Christian
作者单位：University of Lausanne; University of Milan; University of Zurich
摘要：Leadership theories in sociology and psychology argue that effective leaders influence follower behavior not only through the design of incentives and institutions, but also through personal abilities to persuade and motivate. Although charismatic leadership has received considerable attention in the management literature, existing research has not yet established causal evidence for an effect of leader charisma on follower performance in incentivized and economically relevant situations. We r...
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作者：Chen, Clara Xiaoling; Kim, Minjeong Mj; Li, Laura Yue; Zhua, Wei
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Wisconsin System; University of Wisconsin Madison
摘要：This study provides the first large-sample archival evidence on the impact of three commonly used accounting performance goals (thresholds, targets, and maximums) in CEO compensation contracts on corporate risk taking. Using proxy statement disclosure on performance goals for CEOs of U.S. public companies, we find that lower thresholds and higher maximums are associated with greater corporate risk taking, and these results are more pronounced when CEOs have greater incentives to achieve accoun...
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作者：Schuhmacher, Karl; Burkert, Michael
作者单位：Emory University; University of Fribourg
摘要：Accurate cost information is critical to effective decision making within organizations. Cost computations often rely on subjective judgments by employees regarding the amount of time that different tasks consume. In an experimental setting, we examine the accuracy of two common approaches to eliciting subjective time estimates vital for accurate cost information. Specifically, we compare estimation error when employees estimate (i) the total time for all iterations of a task (the pool approac...
