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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：Bai, John (Jianqiu); Jin, Wang; Serfling, Matthew
作者单位：Northeastern University; Massachusetts Institute of Technology (MIT); University of Tennessee System; University of Tennessee Knoxville
摘要：Using a novel data set of establishment-level management practices from the U.S. Census Bureau, we show that firms with more specific, formal, frequent, or explicit (i.e., structured) management practices tend to acquire establishments with less structured management practices and, following the acquisition, adopt more structured practices at the target establishments. These changes are larger when acquirers have a greater incentive and ability to make changes and are also associated with impr...
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作者：Adelino, Manuel; Lewellen, Katharina; Ben McCartney, W.
作者单位：Duke University; Dartmouth College; Purdue University System; Purdue University
摘要：Financial constraints can cause firms to reduce product quality when quality is difficult to observe. We test this hypothesis in the context of medical choices at hospitals. Using heart attacks and child deliveries, we ask whether hospitals shift toward more profitable treatment options after a financial shock-the 2008 financial crisis. The crisis was followed by an unprecedented drop in hospital investments, yet the aggregate trends show no discrete shifts in treatment intensity post-2008. Fo...
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作者：Ferreira, Kris J.; Parthasarathy, Sunanda; Sekar, Shreyas
作者单位：Harvard University; University of Toronto; University Toronto Scarborough
摘要：We consider the product-ranking challenge that online retailers face when their customers typically behave as window shoppers. They form an impression of the assortment after browsing products ranked in the initial positions and then decide whether to continue browsing. We design online learning algorithms for product ranking that maximize the number of customers who engage with the site. Customers' product preferences and attention spans are correlated and unknown to the retailer; furthermore...
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作者：Keskin, N. Bora; Li, Yuexing; Song, Jing-Sheng
作者单位：Duke University
摘要：We consider a retailer that sells a perishable product, making joint pricing and inventory ordering decisions over a finite time horizon of T periods with lost sales. Exploring a real-life data set from a leading supermarket chain, we identify several distinctive challenges faced by such a retailer that have not been jointly studied in the literature: the retailer does not have perfect information on (1) the demand-price relationship, (2) the demand noise distribution, (3) the inventory perish...
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作者：Giesecke, Kay; Liberali, Gui; Nazerzadeh, Hamid; Shanthikumar, J. George; Teo, Chung Piaw
作者单位：Stanford University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Uber Technologies, Inc.; Purdue University System; Purdue University; National University of Singapore
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作者：Huang, Sheng; Lu, Ruichang; Srinivasan, Anand
作者单位：China Europe International Business School; Peking University; National University of Singapore
摘要：We examine the valuation impact of bank-financed mergers and acquisitions (M&As) and the loan contracts used to finance M&A transactions, focusing on the difference between bank-dependent acquirers and other acquirers. We find that bankfinanced deals have higher acquirer's cumulative abnormal returns relative to other cash M&A deals, but this certification effect exists only for bank-dependent acquirers. Despite bank-dependent acquirers being more susceptible to hold-up, banks do not impose hi...
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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...
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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...
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作者：Chen, Xi; Owen, Zachary; Pixton, Clark; Simchi-Levi, David
作者单位：New York University; Brigham Young University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We consider a logit model-based framework for modeling joint pricing and assortment decisions that take into account customer features. This model provides a significant advantage when one has insufficient data for any one customer and wishes to generalize learning about one customer's preferences to the population. Under this model, we study the statistical learning task of model fitting from a static store of precollected customer data. This setting, in contrast to the popular learning and e...
