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作者：Kaiser, Ulrich; Kesler, Reinhold; Reisinger, Markus
作者单位：University of Zurich; Copenhagen Business School; Frankfurt School Finance & Management
摘要：The optimal number of products to offer consumers is one of the core strategic problems that firms face. This is increasingly so in digital markets where many firms offer a large product variety. In these markets, consumers purchase products repeatedly, making customer retention an important aspect for firm performance. In this paper, we study the interplay between these two variables, product variety and customer retention. First, we provide a novel game-theoretic model to analyze this interp...
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作者：Du, Tinzhao; Ning, Z. Eddie
作者单位：University of Hong Kong; University of British Columbia
摘要：We study competition between two firms that personalize product offerings to consumers. Firms have private, imperfect signals of each consumer's ideal location and offer each consumer a different product without observing the competitor's product offering. We characterize the equilibrium personalization strategy and examine how the accuracies of firms' signals affect equilibrium strategy, profits, and consumer welfare. A firm generally charges a higher price for a more niche product and profit...
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作者：Harutyunyan, Mushegh; Koca, Esma
作者单位：Imperial College London
摘要：In player-versus-player video games, players' natural desire to win and avoid losing has created an opportunity for game developers to sell pay-to-win add-ons, digital items that give buyers a competitive advantage against other players. In this paper, we investigate the pricing and design of a pay-to-win add-on, its effect on the base game, and profit implications for the developer. When a large share of the players are less price sensitive and highly willing to buy the pay-to-win add-on, we ...
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作者：Barcellos, Leonardo P.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Evasive responses enable managers to escape difficult questions in earnings calls without lying. Although such tactics are common in corporate communication and other important settings, we still know little about how investors and other listeners can avoid being misled by them. Drawing on theories from multiple disciplines, I predict that a common type of nonanswer leads to equivocal interpretations, whereas artful dodges escape detection in earnings calls. However, when investors adopt a sus...
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作者：Wang, Qiuqi; Wang, Ruodu; Ziegel, Johanna
作者单位：University System of Georgia; Georgia State University; University of Waterloo; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：In the recent Basel Accords, the Expected Shortfall (ES) replaces the Value-at-Risk (VaR) as the standard risk measure for market risk in the banking sector, making it the most important risk measure in financial regulation. One of the most challenging tasks in risk modeling practice is to backtest ES forecasts provided by financial institutions. To design a model-free backtesting procedure for ES, we make use of the recently developed techniques of e-values and e-processes. Backtest e-statist...
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作者：Li, Meng; Pinto, Jedson
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Texas System; University of Texas Dallas
摘要：We examine how initial public offerings (IPOs) influence employees' satisfaction with their employers. Using millions of company reviews and a generalized difference-indifferences method, we document that employees become less satisfied after their employers go public. The effect is driven by employees who joined the company before the IPO rather than those who joined after it and is stronger for employees whose tasks relate to regulatory compliance, for smaller firms, and firms with Big 4 aud...
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作者：Kagan, Evgeny; Leider, Stephen; Sahin, Ozge
作者单位：Johns Hopkins University; University of Michigan System; University of Michigan
摘要：Characterizing behavior in sequential problems is often complicated by the presence of multiple decision rules with overlapping predictions. To address this issue, we introduce a new experimental and econometric approach for identifying decision strategies in sequential contexts. This approach consists of eliciting conditional strategies (as opposed to direct choices) and measuring policy adherence via maximum-likelihood estimation (as opposed to counting coincidences). Applying this approach ...
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作者：Ghitti, Marco; Lopez-de-Silanes, Florencio; Matta, Rafael
作者单位：University of Padua; SKEMA Business School; Universite Cote d'Azur; National Bureau of Economic Research
摘要：We study how relationship lending affects the transmission of bankruptcy reforms on credit terms and bank enforcement mechanisms, using a unique database containing the universe of credits of a large Italian bank. Lower creditor rights lead the bank to reduce expected recovery rates, worsen credit terms, and tighten bank enforcement actions. Bank-borrower power dampens the terms' impact at the cost of tougher borrower renegotiations. Older and more credit-dependent borrowers receive less unfav...
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作者：Shi, Yuan; de Zegher, Joann F.; Lo, Irene Y.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Information platforms have emerged in the developing world to improve price transparency and welfare for smallholder suppliers. Meanwhile, sustaining welfare improvement often requires such platforms to benefit both suppliers and buyers. This paper studies the impact of price transparency on market price and welfare in smallholder supply chains, and identifies conditions and driving forces for creating benefits to both suppliers and buyers. Motivated by granular data from smallholder supply ch...
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作者：Hagmann, David; Sajons, Gwendolin B.; Tinsley, Catherine H.
作者单位：Hong Kong University of Science & Technology; heSam Universite; ESCP Business School; Georgetown University
摘要：Statistical discrimination relies on people inferring unobservable characteristics of group members based on their beliefs about the group. Across four preregistered experiments (N = 9,002), we show that accurate information about the composition of top performers can induce incorrect beliefs about performance differences across groups when the groups are of unequal size. Because people fail to account for base rates, they underestimate the performance of individuals from smaller groups. As a ...
