-
作者：Veenman, David; Verwijmeren, Patrick
作者单位：University of Amsterdam; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Melbourne
摘要：This study examines the role of differences in firms' propensity to meet earnings expectations in explaining why firms with high analyst forecast dispersion experience relatively low future stock returns. We first demonstrate that the negative relation between dispersion and returns is concentrated around earnings announcements. Next, we show that this relation disappears when we control for ex ante measures of firms' propensity to meet earnings expectations and that the component of dispersio...
-
作者：Zhu, Taozeng; Xie, Jingui; Sim, Melvyn
作者单位：Dongbei University of Finance & Economics; National University of Singapore; Technical University of Munich
摘要：Many real-world optimization problems have input parameters estimated from data whose inherent imprecision can lead to fragile solutions that may impede desired objectives and/or render constraints infeasible. We propose a joint estimation and robustness optimization (JERO) framework to mitigate estimation uncertainty in optimization problems by seamlessly incorporating both the parameter estimation procedure and the optimization problem. Toward that end, we construct an uncertainty set that i...
-
作者：Millet, Fabien Curto; Lewis, Stephen; Stoddart, Paul
作者单位：Alphabet Inc.; Google Incorporated
摘要：Kim and Luca (2019) consider Google's grouped results for local businesses (the OneBox). They contend that Google made a strategic decision to exclude reviews from other platforms (like Yelp) in these results and claim that this led to a quality degradation for search users, based on a randomized controlled trial (RCT) experiment. The purpose of this Comment is to clarify the robustness of Kim and Luca's characterization of the situation and empirical findings, including in particular with res...
-
作者：Dimitriadis, Stefan; Koning, Rembrand
作者单位：University of Toronto; Harvard University
摘要：Recent field experiments demonstrate that advice, mentorship, and feedback from randomly assigned peers improve entrepreneurial performance. These results raise a natural question: what is preventing entrepreneurs and managers from forming these peer connections themselves? We argue that entrepreneurs may be under-networked because they lack the necessary social skills-the ability to communicate effectively and interact collaboratively with new acquaintances-that allow them to match efficientl...
-
作者：Derakhshan, Mahsa; Golrezaei, Negin; Leme, Renato Paes
作者单位：University System of Maryland; University of Maryland College Park; Massachusetts Institute of Technology (MIT); Alphabet Inc.; Google Incorporated
摘要：We study the problem of computing data-driven personalized reserve prices in eager second price auctions without having any assumption on valuation distributions. Here, the input is a data set that contains the submitted bids of n buyers in a set of auctions, and the problem is to return personalized reserve prices r that maximize the revenue earned on these auctions by running eager second price auctions with reserve r. For this problem, which is known to be NP complete, we present a novel li...
-
作者：Hu, Yue; Chan, Carri W.; Dong, Jing
作者单位：Columbia University
摘要：Service systems are typically limited resource environments where scarce capacity is reserved for the most urgent customers. However, there has been a growing interest in the use of proactive service when a less urgent customer may become urgent while waiting. On one hand, providing service for customers when they are less urgent could mean that fewer resources are needed to fulfill their service requirement. On the other hand, using limited capacity for customers who may never need the servic...
-
作者：Arnosti, Nick; Randolph, Tim
作者单位：Columbia University; Columbia University
摘要：We analyze the parallel lottery that is used to allocate hunting permits in the state of Alaska. Each participant is given tickets to distribute among lotteries for different types of items. Participants who win multiple items receive their favorite, and new winners are drawn from the lotteries with unclaimed items. When supply is scarce, equilibrium outcomes of parallel lotteries approximate a competitive equilibrium from equal incomes (CEEI), which is Pareto efficient. When supply is moderat...
-
作者：Hackbarth, Dirk; Taub, Bart
作者单位：Boston University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Glasgow
摘要：We study anticompetitive horizontal mergers in a dynamic model with noisy collusion. At each instant, firms either privately choose output levels or merge to form a monopoly, trading off the benefits of avoiding price wars against the costs of merging. The potential to merge decreases pre-merger collusion, as punishments effected by price wars are weakened. We thus extend the result of Davidson and Deneckere [Davidson C, Deneckere R (1984) Horizontal mergers and collusive behavior. Internat. J...
-
作者：Qiu, Buhui; Tian, Gary Gang; Zang, Haijian
作者单位：University of Sydney; Macquarie University; Guangxi University
摘要：How does deleveraging affect the market liquidity of high-embedded-leverage securities issued by financial institutions and the funding constraints of these institutions? We use the forced deleveraging of structured mutual funds during the 2015 Chinese stock market crash to study the effects of deleveraging. Our regression-discontinuity analysis shows that deleveraging significantly reduces the market liquidity of the deleveraging funds' equity units. Moreover, our difference-in-differences an...
-
作者：Dey, Debabrata; Ghoshal, Abhijeet; Lahiri, Atanu
作者单位：University of Washington; University of Washington Seattle; University of Illinois System; University of Illinois Urbana-Champaign; University of Texas System; University of Texas Dallas
摘要：The role of education and enforcement in ensuring compliance with a law or policy has been debated for more than a century now. We reopen this debate in the context of security circumvention by employees, currently a leading cause of information security and privacy breaches. Drawing on prior literature, we develop a microeconomic framework that captures employees' circumventing behavior in the face of security controls. This allows us to obtain interesting insights that have implications for ...
