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作者：Ma, Will; Simchi-Levi, David; Zhao, Jinglong
作者单位：Columbia University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：This work is motivated by our collaboration with a large consumer packaged goods (CPG) company. We have found that whereas the company appreciates the advantages of dynamic pricing, they deem it operationally much easier to plan out a static price calendar in advance. We investigate the efficacy of static control policies for revenue management problems whose optimal solution is inherently dynamic. In these problems, a firm has limited inventory to sell over a finite time horizon, over which h...
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作者：Arora, Ashish; Fosfuri, Andrea; Ronde, Thomas
作者单位：Duke University; National Bureau of Economic Research; Bocconi University; Bocconi University; Copenhagen Business School; Centre for Economic Policy Research - UK
摘要：Most technology startups are set up for exit through acquisition by large corporations. In choosing when to sell, startups face a trade-off. Early acquisition reduces execution errors, but later acquisition both improves the likelihood of finding a better match and benefits from increased buyer competition. Startups' exit strategies vary considerably: Some startups aim to sell early; others remain in stealth mode by developing the invention for a late sale. We develop an analytical model to st...
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作者：Bae, Joon Woo; Elkamhi, Redouane
作者单位：University System of Ohio; Case Western Reserve University; University of Toronto
摘要：We present empirical evidence that the innovation in global equity correlation is a viable pricing factor in international markets. We develop a stylized model to motivate why this is a reasonable candidate factor and propose a simple way to measure it. We find that our factor has a robust negative price of risk and significantly improves the joint cross-sectional fits across various asset classes, including global equities, commodities, sovereign bonds, foreign exchange rates, and options. In...
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作者：Liu, Jia; Toubia, Olivier; Hill, Shawndra
作者单位：Hong Kong University of Science & Technology; Columbia University; University of Pennsylvania
摘要：We develop a flexible content-based search model that links the content preferences of search engine users to query search volume and click-through rates, while allowing content preferences to vary systematically based on the context of a search. Content preferences are defined over latent topics that describe the content of search queries and search result descriptions. Compared with existing applications of topic modeling in marketing and recommendation systems, our proposed approach can sim...
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作者：Ashlagi, Itai; Roth, Alvin E.
作者单位：Stanford University
摘要：Many patients in need of a kidney transplant have a willing but incompatible (or poorly matched) living donor. Kidney exchange programs arrange exchanges among such patient-donor pairs, in cycles and chains of exchange, so that each patient receives a compatible kidney. Kidney exchange has become a standard form of transplantation in the United States and a few other countries, in large part because of continued attention to the operational details that arose as obstacles were overcome and new...
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作者：Bertomeu, Jeremy; Cheynel, Edwige; Li, Edward Xuejun; Liang, Ying
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY); University System of Georgia; Georgia State University
摘要：Although researchers often view earnings management as being widespread, measuring the cost and level of earnings management is a nontrivial task. We derive a measure of earnings management cost and the associated equilibrium level of earnings management from the cross-sectional properties of earnings and prices. This approach enables us to separate economic shocks from reporting discretion by modeling the economic tradeoff faced by management. The tradeoff can be easily estimated from a close...
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作者：Siegel, Andrew F.; Wagner, Michael R.
作者单位：University of Washington; University of Washington Seattle; University of Washington; University of Washington Seattle
摘要：We consider the newsvendor model in which uncertain demand is assumed to follow a probabilistic distribution with known functional form but unknown parameters. These parameters are estimated, unbiasedly and consistently, from data. We show that the classic maximized expected profit expression exhibits a systematic expected estimation error. We provide an asymptotic adjustment so that the estimate of maximized expected profit is unbiased. We also study expected estimation error in the optimal o...
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作者：Cho, Soo-Haeng; DeMiguel, Victor; Hwang, Woonam
作者单位：Carnegie Mellon University; University of London; London Business School; Utah System of Higher Education; University of Utah
摘要：Automakers, including Toyota and General Motors, were recently caught by the U.S. regulator for deliberately hiding product defects in an attempt to avoid massive recalls. Interestingly, regulators in the United States and United Kingdom employ different policies in informing consumers about potential defects: the U.S. regulator publicly announces all ongoing investigations of potential defects to provide consumers with early information, whereas the UK regulator does not. To understand how th...
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作者：Horenstein, Alex R.
摘要：This paper explores a channel whereby asset-pricing anomalies can appear as investors alter portfolios according to findings in academic research. In particular, I find that assets with low realized capital asset pricing model (CAPM) alphas outperform those with high alphas, but this finding only appears after the CAPM's publication in the 1960s. I find evidence consistent with the widespread application of the CAPM generating incentives to tilt portfolios systematically away from low CAPM alp...
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作者：August, Terrence; Chen, Wei; Zhu, Kevin
作者单位：University of California System; University of California San Diego; Korea University; University of Arizona
摘要：In enterprise software markets, firms are increasingly using services-based business models built on open-source software (OSS) to compete with established, proprietary software firms. Because third-party firms can also strategically contribute to OSS and compete in the services market, the nature of competition between OSS constituents and proprietary software firms can be complex. Moreover, their incentives are likely influenced by the licensing schemes that govern OSS. We study a three-play...
