2期

最新文章

• The Strength of Weak Commitments: A Theory of Price Preannouncements AI翻译
  作者：Li, Xi; Xiong, Yan
  作者单位：University of Hong Kong
  摘要：Manufacturers often preannounce reference prices for products that have not yet been produced or even developed. These prices are rarely binding, meaning that the manufacturers can make price adjustments in the future, possibly at a cost. In this paper, we argue that price preannouncements can serve as a weak price commitment that, we find, helps the manufacturers secure better deals from their suppliers, thereby lowering their procurement costs and improving their profit. Surprisingly, even a...
• The Need for Speed: The Impact of Capital Constraints on Strategic Misconduct AI翻译
  作者：Eaglin, F. Christopher
  作者单位：Duke University
  摘要：Existing literature suggests that firms engage in misconduct in response to financial pressure. However, the extent and severity of misconduct have been challenging to determine given the lack of granular data. This limitation is particularly true for smaller firms in emerging markets whose profitability and survival depend on misconduct. This study analyzes the impact of reducing capital constraints on misconduct using highfrequency global positioning system and financing data from the minibu...
• Price Informativeness and Corporate Investment: A Model of Costly Manipulation and Share Repurchases AI翻译
  作者：Campello, Murillo; Matta, Rafael; Saffi, Pedro A. C.
  作者单位：State University System of Florida; University of Florida; National Bureau of Economic Research; SKEMA Business School; Universite Cote d'Azur; CUNEF Universidad; University of Cambridge
  摘要：We characterize how managers can curb manipulation by signaling information via stock repurchases in an environment with costly short selling and feedback effects from trading to firms' access to capital. Without repurchases, manipulation coexists with informed trading at low shorting costs, reducing price informativeness and firm investment. Manipulation becomes less profitable as shorting costs increase, making prices more informative and boosting investment if speculators are less informed....
• Volatility During the COVID-19 Pandemic AI翻译
  作者：Berrada, Tony; Detemple, Jerome; Rindisbacher, Marcel
  作者单位：University of Geneva; University of Geneva; Boston University
  摘要：We examine the impact of COVID-19 on market volatility in an equilibrium framework. The model combines beliefs-dependent preferences for economic dynamics and a stochastic Susceptible-Exposed-Infectious-Recovered-Deceased (SEIRD) model with unpredictable birth/vaccine events and mitigating policies for disease propagation. The estimated model explains the realized trajectories of the S&P 500 volatility and number of new cases and identifies the source and composition of the volatility spike wh...
• The Effect of Uncertainty About Future Accounting Standards on Financial Reporting Quality AI翻译
  作者：Van Landuyt, Ben W.; White, Brian J.
  作者单位：University of Arizona; Cornell University
  摘要：Financial statement preparers frequently trade off the benefit of reporting biased estimates with potential penalties for misreporting. In making this trade-off, preparers often face uncertainty about potential changes to accounting standards (standard-setting uncertainty) that could affect the future benefits of biased reporting. Our experiment documents two novel behavioral effects of standard-setting uncertainty on preparers' estimates. First, standardsetting uncertainty causes preparers to...
• A Primal-Dual Approach to Constrained Markov Decision Processes with Applications to Queue Scheduling and Inventory Management AI翻译
  作者：Chen, Yi; Dong, Jing; Wang, Zhaoran; Zhang, Chuheng
  作者单位：Hong Kong University of Science & Technology; Columbia University; Northwestern University; Microsoft; Microsoft China
  摘要：In many operations management problems, we need to make decisions sequentially to minimize the cost, satisfying certain constraints. One modeling approach to such problems is the constrained Markov decision process (CMDP). In this work, we develop a data-driven primal-dual algorithm to solve CMDPs. Our approach alternatively applies regularized policy iteration to improve the policy and subgradient ascent to maintain the constraints. Under mild regularity conditions, we show that the algorithm...
• Integrated Fleet and Demand Control for On-Demand Meal Delivery Platforms AI翻译
  作者：Hildebrandt, F. D.; Lesjak, Z.; Strauss, A.; Ulmera, M. W.
  作者单位：Otto von Guericke University; WHU - Otto Beisheim School of Management
  摘要：We show how integrated fleet and demand control can be effectively used to benefit all stakeholders in on-demand restaurant meal delivery. Fleet control-that is, the assignment of orders to couriers-is the main control mechanism to steer delivery operations. Another, mostly overlooked, control mechanism is demand control via display optimization-that is, the ordering of restaurants' display positions on the meal delivery platform. Based on historical customer interactions with a meal delivery ...
• Content Provision on UGC Platforms AI翻译
  作者：Amaldoss, Wilfred; Shin, Woochoel
  作者单位：Duke University; State University System of Florida; University of Florida
  摘要：Consumers visiting platforms that host user-generated content (UGC) not only consume content but also generate content by investing time and effort. This paper seeks to examine a UGC platform's content provision strategy: how a UGC platform can motivate consumers to generate UGC and how it can manage the balance between UGC and the platform's own content. As UGC and the platform's own content perform the same function, one may be inclined to think that the two types of content are substitutes....
• Voter-Induced Municipal Credit Risk AI翻译
  作者：Ambrose, Brent W.; Gustafson, Matthew; Valentin, Maxence; Ye, Zihan
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Tennessee System; University of Tennessee Knoxville
  摘要：Policy shocks that increase the costs of public goods should simultaneously reduce voter support for them. We study the extent to which this creates a corresponding voter-induced municipal credit risk. We exploit changes to state and local tax (SALT) deductions from the Tax Cut and Jobs Act as a policy shock to the costs of local public goods. In a difference-in-differences framework with repeated bond trades, we find that jurisdictions with a higher share of residents who ceased deducting SAL...
• How the Design of Ranking Systems and Ability Affects Physician Effort AI翻译
  作者：Huesmann, Katharina; Ndiaye, Yero Samuel; Waibel, Christian; Wiesen, Daniel
  作者单位：University of Munster; University of Cologne; Max Planck Society; University of Cologne; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
  摘要：Although relative performance feedback in the form of rankings appears to be effective in improving health outcomes, it may have either motivating or demotivating effects for individual physicians. Potential factors influencing such effects include a physician's ability and the design of the ranking system itself; however, there is limited understanding of these factors. Using a controlled lab-in-the-field experiment with practicing and future physicians as subjects (N = 352), we systematicall...