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作者：Gao, George P.; Ma, Qingzhong; Ng, David T.; Wu, Ying
作者单位：California State University System; California State University Chico; Cornell University; Stevens Institute of Technology
摘要：This paper examines the information content of insider silence, periods of no insider trading. We hypothesize that, to avoid litigation risk, rational insiders do not sell own-company shares when they anticipate bad news; neither would they buy, given unfavorable prospects. Thus, they keep silent. By contrast, insiders sell shares when they do not anticipate significant bad news. Future stock returns are significantly lower following insider silence than following insider net selling, especial...
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作者：Xiao, Shihong; Chen, Ying-Ju; Tang, Christopher S.
作者单位：Fudan University; Hong Kong University of Science & Technology; University of California System; University of California Los Angeles
摘要：Companies often post user-generated reviews online so that potential buyers in different clusters (age, geographic region, occupation, etc.) can learn from existing customers about the quality of an experience good and cluster preferences before purchasing. In this paper, we evaluate two common user-generated review provision policies for selling experience goods to customers in different clusters with heterogeneous preferences. The first policy is called the association-based policy (AP) unde...
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作者：Mani, Vidya; Thomas, Douglas J.; Bansal, Saurabh
作者单位：University of Virginia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Many retailers are reducing store footprint and downsizing their assortments accordingly to improve store productivity. Some of the revenue for items removed from the assortment may be recouped by substitution, but also some of the revenue for items kept in the assortment may be lost due to basket abandonment. For a practical setting where baskets may contain any subset of items from thousands of products, estimating both substitution and basket effects is a challenge. To address this, we deve...
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作者：Chick, Stephen E.; Gans, Noah; Yapar, Ozge
作者单位：INSEAD Business School; University of Pennsylvania; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We propose and analyze the first model for clinical trial design that integrates each of three important trends intending to improve the effectiveness of clinical trials that inform health-technology adoption decisions: adaptive design, which dynamically adjusts the sample size and allocation of interventions to different patients; multiarm trial design, which compares multiple interventions simultaneously; and value based design, which focuses on cost-benefit improvements of health interventi...
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作者：Wu, Qi; Lai, Guoming
作者单位：University System of Ohio; Case Western Reserve University; University of Texas System; University of Texas Austin
摘要：Classic inventory theories typically focus on the operational trade-offs to optimize inventory decisions. However, managers of public firms who obtain stock-based incentives may alter inventory operations to influence the stock price. We develop a stylized model, which shows that, in the presence of an interest in the stock price, managers over-install inventory when it can either inflate sales or deflate the reported cost of goods sold even if the market anticipates such actions. We analyze t...
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作者：Kini, Omesh; Shen, Mo; Shenoy, Jaideep; Subramaniam, Venkat
作者单位：University System of Georgia; Georgia State University; Auburn University System; Auburn University; University of Connecticut; Tulane University
摘要：In this paper, we study the impact of labor unions on product quality failures. We use a product recall as our measure of quality failure because it is an objective metric that is applicable to a broad cross-section of industries. Our analysis employs a union panel setting and close union elections in a regression discontinuity design framework to overcome identification issues. In the panel regressions, we find that firms that are unionized and those that have higher unionization rates experi...
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作者：Choi, Syngjoo; Kim, Jeongbin; Lee, Eungik; Lee, Jungmin
作者单位：Seoul National University (SNU); National University of Singapore; New York University
摘要：Probability weighting is a major concept for accommodating systematic departures from expected utility theory. We examine the relation between probability weighting and cognitive ability with two experiments: one recruiting subjects with a large variation in cognitive ability and the other using the within-subject manipulation of time constraints in lottery choices and cognitive tests. We find a significant association between likelihood insensitivity-the cognitive component of probability wei...
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作者：Lu, Lauren Xiaoyuan; Lu, Susan Feng
作者单位：Dartmouth College; Purdue University System; Purdue University
摘要：In the past two decades, many nursing homes converted their ownership status from nonprofit to for-profit (NP-to-FP). These conversions have drawn public scrutiny and triggered a debate about the implications of ownership conversions on nursing home performance. Exploring a nationwide panel data set of U.S. nursing homes from 2006 to 2017, we observe that nursing homes with higher financial distress are associated with higher likelihood of NP-to-FP conversions. The postconversion operating mar...
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作者：Kucukgul, Can; Ozer, Ozalp; Wang, Shouqiang
作者单位：University of Texas System; University of Texas Dallas
摘要：Many online platforms offer time-locked sales campaigns, whereby products are sold at fixed prices for prespecified lengths of time. Platforms often display some information about previous customers' purchase decisions during campaigns. Using a dynamic Bayesian persuasion framework, we study how a revenue-maximizing platform should optimize its information policy for such a setting. We reformulate the platform's problem equivalently by reducing the dimensionality of its message space and propr...
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作者：Abdellaoui, Mohammed; Diecidue, Enrico; Kemel, Emmanuel; Onculer, Ayse
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); INSEAD Business School; ESSEC Business School
摘要：This paper reports two experiments in which attitudes toward temporal risk resolution is elicited from choices between two-outcome lotteries that pay out at some future fixed date and can be resolved either now or later. We show that matching probabilities provides a simple method to measure attitudes toward temporal resolution-via the utility scale-under the recursive expected utility of Kreps and Porteus. We also analyze our data using a general recursive model that can reveal attitudes towa...
