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作者：Vilkkumaa, Eeva; Rikkinen, Petri; Liesio, Juuso
作者单位：Aalto University; Aalto University
摘要：Companies pursue their goals by selecting and implementing a combination or portfolio of actions that consume resources. The extent to which these actions help attain the companies' objectives is often contingent on whether a given future scenario is realized. In this paper, we present a model-based framework for supporting the selection of a portfolio of actions that is robust across different scenarios while accounting for the impacts that the actions may have on the probabilities of these s...
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作者：Wu, Anqi; Wu, Qi; Seshadri, Sridhar
作者单位：State University System of Florida; Florida International University; University System of Ohio; Case Western Reserve University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Bank credit access allows firms to borrow funds from banks and other financial institutions. Although theories have been developed on how bank financing affects firms' operational decisions, empirical investigations in operations management (OM) literature remain limited. This study examines firms' inventory management strategies in response to the enhanced credit lines from the adoption of interstate bank branching laws, which introduced staggered access to bank credit for operational firms. ...
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作者：Rong, Ke; Sokol, Daniel; Zhou, Di; Zhu, Feng
作者单位：Tsinghua University; University of Southern California; Tongji University; Harvard University
摘要：Many jurisdictions have launched antitrust enforcement and brought in regulation of large tech platforms. The swift and strict implementation of China's Anti-Monopoly Guidelines for the Platform Economy (Platform Guidelines) provides a quasi-natural experiment to evaluate the impact of antitrust regulation on platform competition. We adopt a difference-in-differences approach to empirically explore the impact of China's Platform Guidelines on the number of investments and the entry of startups...
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作者：Cornaggia, Kimberly; Hund, John; Pisciotta, Kevin; Ye, Zihan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Georgia; University of Georgia; University of Kansas; University of Tennessee System; University of Tennessee Knoxville
摘要：We document effects of the opioid epidemic on the migration and output of skilled workers who drive corporate innovation. Exploiting geographic variation in opioid abuse unrelated to economic conditions and using both patent and home sales-based measures, we show that inventors and research labs exit affected areas. This displacement is accompanied by declines in the quantity and value of patents of approximately 7% and $10.6 million per year, respectively. Declines in school quality, safety, ...
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作者：Shen, Yi; Van Oosten, Zachary; Wang, Ruodu
作者单位：University of Waterloo
摘要：We introduce partial law invariance, generalizing law invariance, and probabilistic sophistication widely used in decision theory, as well as statistical and financial applications. Partial law invariance may be interpreted as law invariance restricted to events for which there is no model uncertainty, reflecting practical situations in decision theory and financial risk management. We fully characterize partially law-invariant coherent risk measures via a novel representation formula. Strong ...
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作者：Chu, Leon Yang; Li, Guang; Wu, Andy; Wu, Brian
作者单位：Queens University - Canada; Harvard University; University of Michigan System; University of Michigan
摘要：This study examines the role of strategic timing in disruptive innovation. We construct a model where an entrant decides when to enter with a potentially disruptive technology and the incumbent determines whether and when to switch from its existing technology. By accounting for endogenous firm-specific learning alongside exogenous technological improvement, our model highlights the critical role of timing in shaping disruption. First, an entrant's strategic timing-whether to enter early or de...
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作者：Keum, Daniel D.; Liu, Xin Lucy
作者单位：Columbia University; University of London; University College London
摘要：Despite economic setbacks, managers may resist exiting to avoid harming employees who will lose their jobs. We propose that managers with higher prosocial preferences set lower exit thresholds and select conservative investments that reduce the risk of having to exit because they experience stronger feelings of anticipatory guilt. Our field study shows that, in responding to intensifying Chinese import competition, prosocial managers are less likely to exit or divest. Our experiments (N = 1,41...
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作者：Friedman, Daniel; Gu, Grace Weishi; Zheng, Vivian Juehui
作者单位：University of California System; University of California Santa Cruz; University of Essex
摘要：How are asset price volatility and liquidity impacted by public perception of the economic state and by market competitivity? We wish to understand the direct impacts as well as indirect impacts via information acquisition and aggregation. To investigate, we design a laboratory experiment with human subjects as bond investors and exogenously vary the bond default rate, the private information cost schedule, and the market format. To discipline the experiment parameters and to obtain hypotheses...
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作者：Hotchkiss, Edith; Sun, Hurong; Wang, Liying; Zhao, Yijia (Eddie)
作者单位：Boston College; Xichang University; University of Nebraska System; University of Nebraska Lincoln; University of Massachusetts System; University of Massachusetts Boston
摘要：Firms often respond to information about investor demand, learned when underwriters build the book to place corporate bonds, by upsizing the offering amount. We examine the factors that predict two measures of realized credit supply (oversubscription and yield tightening) and show that the unexpected component of credit supply can explain firms' upsizing decisions. Because firms' fundamentals and need for capital are unchanged in the few hours of bookbuilding, upsizing provides a bond-level me...
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作者：Hjort, Jonas; Song, Changcheng; Yenkey, Chris
作者单位：University of London; University College London; Centre for Economic Policy Research - UK; University of Oslo; State University System of Florida; University of Florida; University of South Carolina System; University of South Carolina Columbia
摘要：We study ethnic investing, using transaction data from Kenya's stock exchange and CEO/board turnover. We show that a given investor invests more in a given firm when the firm is run by coethnics and earns lower risk-adjusted returns on such investments. We then model and empirically test for the aggregate impact of (i) the implied tasteor psychology-driven investor discrimination and (ii) counteracting demand- and supplyside forces. Our estimates imply that listed Kenyan firms could collective...
