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作者：Chakraborti, Rajdeep; Dahiya, Sandeep; Ge, Lei; Gete, Pedro
作者单位：IE University; Georgetown University; Renmin University of China
摘要：We show that executive ownership is a significant driver of the demand for credit following credit expansion policies. Our focus on credit demand is in contrast to most studies that have focused on credit supply factors such as bank capital. Our identification exploits the large and unexpected Chinese credit expansion in 2008. This setting offers a unique advantage as in 2008 the Chinese government had almost complete control over the banking sector and it directed the banks to increase credit...
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作者：Simchi-Levi, David; Sun, Rui; Zhang, Huanan
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of Colorado System; University of Colorado Boulder
摘要：We study in this paper a revenue-management problem with add-on discounts. The problem is motivated by the practice in the video game industry by which a retailer offers discounts on selected supportive products (e.g., video games) to customers who have also purchased the core products (e.g., video game consoles). We formulate this problem as an optimization problem to determine the prices of different products and the selection of products for add-on discounts. In the base model, we focus on ...
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作者：Kuiper, Alex; Lee, Robert H.
作者单位：University of Amsterdam
摘要：Appointment schedules, in essence, balance supply and demand and are often employed in settings where resources are scarce and thus a high utilization is realized (e.g., healthcare). Whereas most of the existing literature focuses on the single-server case, a framework is developed to study appointment scheduling in multiserver settings. Relying on phase-type approximations, general service-time distributions are modeled, which are fed into a recursive approach allowing evaluation and optimiza...
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作者：Mostagir, Mohamed; Ozdaglar, Asuman; Siderius, James
作者单位：University of Michigan System; University of Michigan; Massachusetts Institute of Technology (MIT)
摘要：We consider a social learning model where agents learn about an underlying state of the world from individual observations as well as from exchanging information with each other. A principal (e.g., a firm or a government) interferes with the learning process in order to manipulate the beliefs of the agents. By utilizing the same forces that give rise to the wisdom of the crowd phenomenon, the principal can get the agents to take an action that is not necessarily optimal for them but is in the ...
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作者：Davis, Josh; Taylor, Alan M.
作者单位：Pacific Investment Management Company, LLC; University of California System; University of California Davis; University of California System; University of California Davis; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Research has found strong links between past credit booms and adverse outcomes for macroeconomic aggregates like output and investment. However, are price impacts also seen more widely in broad asset classes such as equity and fixed-income markets? We document such a robust and significant connection using a large sample of historical data for many advanced countries since 1870. Credit boom periods with a high ???leverage factor??? tend to be predictably followed by unusually low returns to ri...
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作者：Ho, Chun-Yu; Kim, Nayoung; Rong, Ying; Tian, Xin
作者单位：State University of New York (SUNY) System; University at Albany, SUNY; Shanghai Jiao Tong University; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Chinese Academy of Sciences
摘要：Using a proprietary data set containing more than 10 million transactions over 14 months from hundreds of grocery stores, we examine consumer payment choices at point of sale (POS) between cash and mobile, where the use of other methods (including cards) is minimal. We find that cash is the dominant method of payment. Nonetheless, the share of mobile payments has increased at the expense of cash payments over time. Importantly, we exploit price incentives for consumers using mobile payment to ...
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作者：Liu, Bibo; Tian, Xuan
作者单位：Tsinghua University
摘要：We examine whether venture capital (VC) investors learn information contained in public market stock prices. VCs are less likely to stage finance startups and syndicate with other VCs when stock prices are more informative. An instrumental variable approach suggests that the relation is likely causal. The startup's initial public offering (IPO) prospect is the plausible information contained in stock prices learned by VCs. The effect of VC learning on staging and syndication is more pronounced...
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作者：Han, Chulwoo
作者单位：Durham University
摘要：This paper documents the bimodality of momentum stocks: both high- and low-momentum stocks have nontrivial probabilities for both high and low returns. The bimodality makes the momentum strategy fundamentally risky and can cause a large loss. To alleviate the bimodality and improve return predictability, this paper develops a novel cross-sectional prediction model via machine learning. By reclassifying stocks based on their predicted financial performance, the model significantly outperforms o...
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作者：Agrawal, Vishal V.; Yucel, Safak
作者单位：Georgetown University
摘要：During a heat wave on a summer afternoon, a utility firm may face unusually high demand and procurement cost for electricity. Under such conditions, a demandresponse event occurs, and the firm asks residential customers to reduce their demand. Such a demand-response program not only reduces the firm's procurement cost, but it can also be environmentally beneficial by reducing generation from emissions-intensive power plants. In a demand-response program, a utility firm pays a rebate to custome...
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作者：Gao, Xiangyu; Jasin, Stefanus; Najafi, Sajjad; Zhang, Huanan
作者单位：Chinese University of Hong Kong; University of Michigan System; University of Michigan; Hautes Etudes Commerciales (HEC) Paris; University of Colorado System; University of Colorado Boulder
摘要：We consider joint learning and optimization problems under a general Cascade Click model. Under this model, customers examine the products in a decreasing order of display, from the top to (potentially) the bottom of the list. At each step, customers can decide to either purchase the current product, forego the current product and continue examining the next product, or simply terminate the search without purchasing any product. We first consider the core pricing problem, where the display pos...
