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作者：Zhang, Zan; Nan, Guofang; Li, Minqiang; Tan, Yong
作者单位：Beihang University; Tianjin University; University of Washington; University of Washington Seattle
摘要：When confronted with a new product, consumers often find it difficult to predict how it will perform, and such uncertainty reduces consumers' willingness to adopt the product. In this paper, we consider a market whereby consumers decide when and which product to buy, given that they know the product quality of the incumbent but are uncertain about that of the entrant. We investigate how consumer uncertainty about product quality affects firms' behavior-based pricing and customer acquisition an...
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作者：Xu, Yuqian; Tan, Tom Fangyun; Netessine, Serguei
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Southern Methodist University; University of Pennsylvania
摘要：Operational risk has been among the three most significant types of risks in the financial services industry, and its management is mandated by Basel II regulations. To inform better labor decisions, this paper studies how workload affects banks' operational risk event occurrence. To achieve this goal, we use a unique data set from a commercial bank in China that contains 1,441 operational risk events over 16 months. We find that workload has a U-shaped impact on operational risk error rate. M...
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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：Bongaerts, Dion; Roll, Richard; Roesch, Dominik; van Dijk, Mathijs; Yuferova, Darya
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; California Institute of Technology; Norwegian School of Economics (NHH)
摘要：We study intraday, market-wide shocks to stock prices, market liquidity, and trading activity on international stock markets and assess the relevance of recent theories on liquidity dry-ups in explaining such shocks. Market-wide price shocks are prevalent and large, with rapid spillovers across markets. However, price shocks are predominantly driven by information; they do not revert and are often associated with macroeconomic news. Furthermore, liquidity shocks are typically isolated and tran...
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作者：Dur, Robert; Kvaloy, Ola; Schoettner, Anja
作者单位：Tinbergen Institute; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Universitetet i Stavanger; Humboldt University of Berlin; Centre for Economic Policy Research - UK
摘要：Why do some leaders use praise as a means to motivate workers, whereas other leaders use social punishment? This paper develops a simple economic model to examine how leadership styles depend on the prevailing labor market conditions for workers. We show that the existence of a binding wage floor for workers (e.g., due to trade union wage bargaining, minimum wage legislation, or limited-liability protection) can make it attractive for firms to hire a leader who makes use of social punishment. ...
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作者：Kao, Yuan-Mao; Keskin, N. Bora; Shang, Kevin
作者单位：Duke University
摘要：We consider a firm that faces a potential disruption in its normal operations can purchase business interruption (BI) insurance from an insurer to guard against the disruption risk. The firm makes demand forecasts and can put a recovery effort if a disruption occurs; both are unobservable to the insurer. Accordingly, the insurer offers BI insurance to the firm while facing adverse selection and moral hazard. We first find that, because of the joint effect of limited production capacity and sel...
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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：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...
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作者：Fairlie, Robert; Robb, Alicia; Robinson, David T.
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; University of Colorado System; University of Colorado Boulder; Duke University
摘要：We used confidential and restricted-access data from the Kauffman Firm Survey and matched administrative data on credit scores to explore racial disparities in access to capital for new business ventures. The novel results on racial inequality in start-up financing indicate that Black-owned start-ups start smaller and stay smaller over the entire first eight years of their existence. Black start-ups face more difficulty in raising external capital, especially external debt. We find that dispar...
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作者：Cohen, Maxime C.; Fiszer, Michael D.; Kim, Baek Jung
作者单位：McGill University; University of British Columbia
摘要：The service industry has become increasingly competitive. One of the main drivers for increasing profits and market share is service quality. When consumers encounter a bad experience, or a frustration, they may be tempted to stop using the service. In collaboration with the ride-sharing platform Via, our goal is to understand the benefits of proactively compensating customers who have experienced a frustration. Motivated by historical data, we consider two types of frustrations: long waiting ...
