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作者：Deng, Mingcherng; Li, Jing; Zhou, Nan
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Hong Kong; University System of Ohio; University of Cincinnati
摘要：We model auditor switching through a tender process involving an incumbent auditor, who has private information about the client firm's audit cost (driven by audit complexity or audit risk), and an uninformed prospective auditor. When a firm's audit cost is high, the auditor is more susceptible to audit failure by erroneously attesting to the firm's favorable report. We show that, in equilibrium, the client facing a high audit cost is more likely to switch to a prospective auditor because of t...
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作者：Kakhbod, Ali; Livdan, Dmitry; Reppen, Max; Umar, Tarik
作者单位：University of California Berkeley; University of California System; University of California Berkeley; Boston University; Rice University
摘要：Recession risk fluctuates substantially before the storm, yet little is known about how firms of different sizes adapt their policies accordingly. We embed timevarying recession risk into a model of liquidity management and investment, allowing firms to time their precautionary policies. Estimation reveals that small firms are less sensitive than large firms in their issuance, payout, and investment strategies to variations in recession risk. This is because small firms proactively build large...
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作者：Bai, Bing; Chan, Tat Y.; Zhang, Dennis J.; Zhang, Fuqiang; Chen, Yujie; Hu, Haoyuan
作者单位：McGill University; Washington University (WUSTL)
摘要：Shipping experience improvement has been an essential business strategy in e-commerce. Beyond investing directly in improving shipping speed, online retailers have recently expanded their focus on other shipping strategies, such as offering consumers the option to pick up orders at a local station. This paper uses the opening of hundreds of such pickup stations as a natural experiment to study the impact of these stations on consumers. We find that the introduction of pickup stations increased...
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作者：Ata, Baris; Kasikaralar, Ebru
作者单位：University of Chicago
摘要：We consider a multiclass queueing model of a telephone call center in which a system manager dynamically allocates available servers to customer calls. Calls can terminate through either service completion or customer abandonment, and the manager strives to minimize the expected total of holding costs plus abandonment costs over a finite horizon. Focusing on the Halfin-Whitt heavy traffic regime, we derive an approximating diffusion control problem and, building on earlier work by Beck et al. ...
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作者：Mao, Tiantian; Wang, Ruodu; Wu, Qinyu
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; University of Waterloo
摘要：We introduce a new approach for prudent risk evaluation based on stochastic dominance, and it is called the model aggregation (MA) approach. In contrast to the classic worst case risk (WR) approach, the MA approach produces not only a robust value of risk evaluation but also a robust distributional model, independent of any specific risk measure. The MA risk evaluation can be computed through explicit formulas in the lattice theory of stochastic dominance, and under some standard assumptions, ...
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作者：Hasler, Michael; Khapko, Mariana; Marfe, Roberto
作者单位：University of Neuchatel; University of Toronto; University Toronto Scarborough; University of Toronto; University of Turin; Collegio Carlo Alberto; University of Turin
摘要：This paper studies the impact of information processing and learning about expected future cashflows on the level and timing of risk premiums in the cross section of firms. Learning with information sources of different qualities endogenously generates value firms, growth firms, and a value premium in equilibrium. Furthermore, the learning model predicts an upward-sloping equity term structure for value firms and a flat equity term structure for growth firms. Using earnings, return, and news d...
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作者：Li, Menglong; Simchi-Levi, David; Tan, Renfei; Wang, Chonghuan; Wu, Michelle Xiao
作者单位：City University of Hong Kong; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of Texas System; University of Texas Dallas
摘要：This paper, inspired by a collaboration with a leading consumer electronics retailer in the Middle East, explores the challenge of demand learning and pricing using separable demand models. The data scarcity issue, characterized by limited price changes and low sales volumes, renders traditional models ineffective in deriving reasonable price elasticity. To address this issue, we advocate a separable model that leverages two submodels to distinctly capture the effects of price and contextual i...
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作者：Yueshen, Bart Zhou
作者单位：Singapore Management University
摘要：Limit orders submitted around the same time are subject to random latencies and will be queued accordingly. In equilibrium, end-of-queue limit orders always lose money-the liquidity supply appears excessive. The model generates empirical predictions regarding such overshooting liquidity: (i) new limit orders appear fleeting-clustered submissions are followed by immediate cancellations, (ii) the resulting cancel-to-add count ratio reflects adverse selection, and (iii) the cancel-to-add size rat...
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作者：Sandvik, Jason; Saouma, Richard; Seegert, Nathan; Stanton, Christopher
作者单位：University of Arizona; Michigan State University; Michigan State University's Broad College of Business; Northeastern University; Harvard University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：In a field experiment, we find that a mandatory mentorship program raises worker productivity, whereas a voluntary version of the program does not. A significant reason why the mandatory program results in larger gains is that the lowest-productivity employees do not participate when the program is voluntary despite their having the greatest treatment benefits. A nationally representative survey of U.S. workers shows wide variation in human capital development program participation, suggesting...
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作者：Haese, Jeremie; Peukert, Christian
作者单位：University of Lausanne
摘要：Firms are increasingly moving away from proprietary technology to building commercial products on top of open source software. However, it is unclear how such commercialization of open source affects contributions from the community, as well as product quality and firm performance. Web browser technology provides a unique setting to study such questions. The largest open source project is Chromium, led by Google, which serves as the core of various web browsers. Unexpectedly, Microsoft announc...
