-
作者：Ren, Jiayang; You, Ningning; Hua, Kaixun; Ji, Chaojie; Cao, Yankai
作者单位：University of British Columbia; Shanghai Jiao Tong University; University of British Columbia
摘要：This paper presents a practical global optimization algorithm for the K-center clustering problem, which aims to select K samples as the cluster centers to minimize the maximum within-cluster distance. Specifically, we propose a reduced-space branch and bound scheme that guarantees convergence to the global optimum in a finite number of steps by only branching on the regions of centers. To improve efficiency, we design a twostage decomposable lower bound, the solution of which can be derived i...
-
作者：Nascimento, Arnaldo; Ng, Che Tat; Gonzalez, Richard
作者单位：University of Waterloo; University of Michigan System; University of Michigan
摘要：We introduce formal measures for two psychological factors of probabilistic risk attitudes: attractiveness (motivational factor) and discriminability (cognitive factor). Unlike previous approaches that relied on heuristic proxies, our measures precisely capture these two fundamental factors. Our measures are mathematically tractable, robust to discontinuities, such as in the NEO-additive case, and flexible to be applied to any weighting function, as well as to both small and large probabilitie...
-
作者：Benhaim, Alon; Falk, Brett Hemenway; Tsoukalas, Gerry
作者单位：University of Pennsylvania; University of Pennsylvania; Boston University
摘要：In decentralized governance, quadratic voting (QV)-where the cost of acquiring voting power is convex-optimally aggregates voter preferences, outperforming simpler linear voting (LV) mechanisms when voters have complete information. But what if they do not? We show that uncertainty not only breaks QV optimality but can also cause it to underperform LV. Intuitively, this is because cost convexity can disincentivize betterinformed voters from adequately conveying their private information. The o...
-
作者：Harris, Jeffrey H.; Spyridopoulos, Ioannis; Zekhnini, Morad; Brunetti, Celso
作者单位：American University; Michigan State University; Michigan State University's Broad College of Business; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Several large, well-connected banks jointly underwrite the vast majority of syndicated loans. Although syndication reduces risk by spreading large loans across multiple banks and may benefit borrowers, the process may also facilitate collusive pricing. Disentangling these two effects requires a network view of loan syndicates as traditional measures of market concentration do not capture the collaborative nature of syndication. We find that well-connected banks offer 5-to 15-basis-point-lower ...
-
作者：Beil, Damian; Duenyas, Izak; Leider, Stephen; Li, Jiawei; Qi, Anyan
作者单位：University of Michigan System; University of Michigan; Amazon.com; University of Texas System; University of Texas Dallas
摘要：We experimentally study dynamic resource allocation decisions using product development as the context. A product manager must accept or reject a series of design improvement opportunities, given a limited budget. Human subjects perform well when the cost-to-implement is fixed throughout the project. However, in a more complex setting where the cost increases for the latter half of the project, subjects' performance worsens substantially. We use the strategy frequency estimation method to anal...
-
作者：Knechel, W. Robert; Maex, Steven A.; Park, Hyun Jong
作者单位：State University System of Florida; University of Florida; University of Auckland; George Mason University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We explore the role of auditor reputation in driving the value of smart contract audits (SCAs) within the decentralized finance (DeFi) ecosystem. Given the lack of regulatory oversight and the risk of cybersecurity breaches against the protocols comprising the DeFi ecosystem, a marketplace has emerged for voluntary on-demand assurance to identify vulnerabilities in smart contracts' coded logic. After documenting that market participants value SCAs and exploring the protocol attributes associat...
-
作者：Adams, Renee B.; Licht, Amir N.
作者单位：University of Oxford
摘要：We provide the first comprehensive analysis of directors' shareholderism: their principled stance toward shareholders and stakeholders in forming strategy. We develop an analytical framework that links shareholderism to individual and institutional factors and test our theoretical predictions using a sample of more than 900 directors originating from 55 countries and serving in 23 countries. Directors' shareholderism varies according to their individual values; their cultural heritage of egali...
-
作者：Yang, Mu-Jeung; Christensen, Michael; Bloom, Nicholas; Sadun, Raffaella; Rivkin, Jan
作者单位：University of Colorado System; University of Colorado Boulder; University of Pennsylvania; Stanford University; Harvard University
摘要：We survey 262 chief executive officer (CEO) alumni of Harvard Business School and gather evidence on three aspects of each executive's strategy practice: how formalized it is, how it is developed, and how it is implemented. We report three main results. First, firms with higher adoption of structured strategy practices outperform their peers; they grow faster and are more profitable, especially in industries with greater strategic complexity. Second, the appointment of CEOs with more structure...
-
作者：Colacito, R.; Croce, M. M.; Liu, Y.; Shaliastovich, I.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; National Bureau of Economic Research; Bocconi University; Centre for Economic Policy Research - UK; Bocconi University; University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison
摘要：Lack of comovement between consumption differentials and real exchange rates is a traditional indicator of a disconnect of foreign exchange markets from economic fundamentals. We present novel empirical evidence for the disconnect between the volatilities, as opposed to the levels, of these variables. The volatility correlations are below one, but they are larger than the level correlations. We discuss the economics of volatility disconnect anomaly in settings with complete and incomplete mark...
-
作者：Levi, Retsef; Paulson, Elisabeth; Perakis, Georgia
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：More than $60 billion per year in the United States is spent on policies aimed to increase fruit and vegetable (FV) consumption among low-income households. Many of these policy interventions are either monetary (e.g., financial incentives) or education related. The goal of this paper is to improve the performance of these interventions through a more strategic and personalized allocation of funds. This paper introduces a consumer behavioral model for grocery shopping decisions, which is neste...
