-
作者：Santamaria, Simone
作者单位：National University of Singapore
摘要：Prior research suggests portfolio entrepreneurs-businesspeople who run more than one firm simultaneously-launch more successful ventures than their single-business counterparts. However, their ventures are less likely to survive. In an attempt to reconcile this paradox, this paper presents a framework in which portfolio entrepreneurs' main advantage is not a superior ability to select the best business opportunities ex ante, but rather the ability to redeploy human and capital resources across...
-
作者：Jiang, Zhenling
作者单位：University of Pennsylvania
摘要：This paper studies price bargaining when both parties have left-digit bias when processing numbers. The empirical analysis focuses on the auto finance market in the United States, using a large data set of 35 million auto loans. Incorporating left-digit bias in bargaining is motivated by several intriguing observations. The scheduled monthly payments of auto loans bunch at both $9- and $0-ending digits, especially over $100 marks. In addition, $9-ending loans carry a higher interest rate, and ...
-
作者：Elmachtoub, Adam N.; Grigas, Paul
作者单位：Columbia University; Columbia University; University of California System; University of California Berkeley
摘要：Many real-world analytics problems involve two significant challenges: prediction and optimization. Because of the typically complex nature of each challenge, the standard paradigm is predict-then-optimize. By and large, machine learning tools are intended to minimize prediction error and do not account for how the predictions will be used in the downstream optimization problem. In contrast, we propose a new and very general framework, called Smart Predict, then Optimize (SPO), which directly ...
-
作者：Nagaraj, Abhishek
作者单位：University of California System; University of California Berkeley
摘要：How does public data shape the relative performance of incumbents and entrants in the private sector? Using a simple theoretical framework, I argue that public data reduces investment uncertainty, facilitates the discovery of new market opportunities, and increases the relative market share of new entrants relative to incumbents. I shed light on these predictions by estimating the impact of public data from Landsat, a U.S. National Aeronautics and Space Administration satellite mapping program...
-
作者：Duarte, Diogo; Prieto, Rodolfo; Rindisbacher, Marcel; Saporito, Yuri F.
作者单位：State University System of Florida; Florida International University; INSEAD Business School; Boston University; Getulio Vargas Foundation
摘要：We study default in a multifirm equilibrium setting with incomplete information. Defaults are consistent with the firm's balance sheet and aggregation. We show that the endogenous volatility and jump size of debt and equity generated by other firms' shocks vanish as the number of firms in the economy increases. As a result, credit spreads depend asymptotically only on the firms' own cash flow risk. Our vanishing contagion spread result calls into question recent findings based on production ec...
-
作者：Friesen, Geoffrey C.; Jeutang, Noel Pavel; Unlu, Emre
作者单位：University of Nebraska System; University of Nebraska Lincoln; University of South Dakota
摘要：We find that managers are less likely to repurchase stocks when they lose money on past stock repurchases but find no robust evidence that past gains on repurchases influence future repurchasing activity. This asymmetric sensitivity is strongest for young CEOs and those with the shortest tenure. Also, future repurchases are more sensitive to past repurchase losses for CEOs whose previous lifetime experience with the stock market is unfavorable. The sensitivity of future repurchases to past los...
-
作者：Delfgaauw, Josse; Dur, Rober; Onemu, Oke; Sol, Joeri
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute; Leiden University; Leiden University - Excl LUMC; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Amsterdam
摘要：We conducted a field experiment in a Dutch retail chain of 122 stores to study the interaction between team incentives, team social cohesion, and team performance. Theory predicts that the effect of team incentives on team performance increases with the team's social cohesion because social cohesion reduces free-riding behavior. In addition, team incentives may lead to more coworker support or to higher peer pressure and thereby, can affect the team's social cohesion. We introduced short-term ...
-
作者：Ekholm, Tommi; Baker, Erin
作者单位：Finnish Meteorological Institute; Aalto University; University of Massachusetts System; University of Massachusetts Amherst
摘要：This paper investigates multiperiod decisions under multiple beliefs. We explore the dynamic consistency of both complete and incomplete orderings. We focus on a dominance concept that supports decision-making under multiple characterizations of uncertainty by ruling out strategies that are dominated across a set of beliefs. We uncover a distinction between two types of dynamic inconsistency, which we label fallacious and fallible inconsistency. Fallacious inconsistency occurs when an a priori...
-
作者：Hu, Bin; Sun, Zhankun
作者单位：University of Texas System; University of Texas Dallas; City University of Hong Kong
摘要：Inspired by self-replicating three-dimensional printers and innovative agricultural and husbandry goods, we study optimal production and sales policies for a manufacturer of self-replicating innovative goods with a focus on the unique keep-or-sell trade-off-namely, whether a newly produced unit should be sold to satisfy demand and stimulate future demand or added to inventory to increase production capacity. We adopt the continuous-time optimal control framework and marry a self-replication mo...
-
作者：Mondria, Jordi; Vives, Xavier; Yang, Liyan
作者单位：University of Toronto; University of Navarra; IESE Business School; University of Toronto; Peking University
摘要：We propose a model in which investors cannot costlessly process information from asset prices. At the trading stage, investors are boundedly rational, and their interpretation of prices injects noise into the price, generating a source of endogenous noise trading. Our setup predicts price momentum and yields excessive return volatility and excessive trading volume. In an overall equilibrium, investors optimally choose sophistication levels by balancing the benefit of beating the market against...
