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作者：Li, Dong; Mishra, Nishant; Netessine, Serguei
作者单位：Agency for Science Technology & Research (A*STAR); Universite Catholique Louvain; University of Pennsylvania
摘要：In after-sales product support, both literature and practice have highlighted the advantages of paying for performance under performance-based contracts (PBC) over the more traditional transaction-based contracts (TBC) that tie supplier payments to each repair incident. Although PBC is believed to better align incentives in the supply chain when the supplier's private effort is difficult to verify, emerging technologies can make the repair process more transparent, which can eliminate the supp...
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作者：Weinbaum, David; Fodor, Andrew; Muravyev, Dmitriy; Cremers, Martijn
作者单位：Syracuse University; University System of Ohio; Ohio University; Michigan State University; Michigan State University's Broad College of Business; University of Notre Dame
摘要：We examine which categories of option trading volume carry information about future stock prices around corporate news announcements. We predict and find that purchases of options are informative on news days and ahead of unscheduled events but not before scheduled events, and sales of options predict returns only ahead of scheduled news releases. Therefore, although the arrival of new information is an important reason why option volume predicts stock returns, this relation depends on whether...
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作者：Boczon, Marta; Wilson, Alistair J.
作者单位：Copenhagen Business School; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We analyze the design of a randomization procedure in a field setting with high stakes and substantial public interest: matching sports teams in the Union of European Football Association Champions League. While striving for fairness in the chosen lottery- giving teams similar distributions over potential partners-the designers seek to balance two conflicting forces: (i) imposing a series of combinatorially complex constraints on the feasible matches; and (ii) designing an easy-to-understand a...
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作者：Fattahi, Ali; Dasu, Sriram; Ahmadi, Reza
作者单位：Johns Hopkins University; University of Southern California; University of California System; University of California Los Angeles
摘要：We study direct load control contracts that utilities use to curtail customers' electricity consumption during peak-load periods. These contracts place limits on the number of calls and total number of hours of power reduction per customer per year as well as the duration of each call. The stochastic dynamic program that determines how many customers to call and the timing and duration of each call for each day is an extremely difficult (NP-hard) optimization problem. We design a scenario-base...
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作者：Jia, Yanwei; Keppo, Jussi; Satopaa, Ville
作者单位：Columbia University; National University of Singapore; INSEAD Business School
摘要：Decision makers often ask experts to forecast a future state. Experts, however, can be biased. In the economics and psychology literature, one extensively studied behavioral bias is called herding. Under strong levels of herding, disclosure of public information may lower forecasting accuracy. This result, however, is derived only for point forecasts. In this paper, we consider experts??? probabilistic forecasts under herding, find a closedform expression for the first two moments of a unique ...
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作者：Lewis, Joshua; Feiler, Daniel; Adner, Ron
作者单位：New York University; Dartmouth College
摘要：Many important managerial outcomes hinge on the co-occurrence of multiple uncertain events, a situation termed conjunctive risk. Whereas past literature has addressed the psychology of choosing to enter situations with conjunctive risk, this article elucidates a novel way in which the psychology of managing conjunctive risk is importantly distinct. We examine a case in which there are two independent events, one is currently less likely than the other, both are required for overall success, an...
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作者：Heitz, Amanda; Wang, Youan; Wang, Zigan
作者单位：Tulane University; University of Hong Kong
摘要：We examine whether the Environmental Protection Agency (EPA) uniformly enforces the Clean Air Act for politically connected and unconnected firms using a close election setting. We find no difference in regulated pollutant emissions or EPA investigations between the two groups, although connected firms experience less regulatory enforcement and lower penalties. These results are more pronounced for firms connected to politicians capable of influencing regulatory bureaucrats and for connected f...
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作者：Cong, Lin William; Li, Xi; Tang, Ke; Yang, Yang
作者单位：Cornell University; National Bureau of Economic Research; University of Reading; Tsinghua University; University of Bristol
摘要：We present the first systematic approach to detect fake transactions on cryptocurrency exchanges by exploiting robust statistical and behavioral regularities associated with authentic trading. Our sample consists of 29 centralized exchanges, among which the regulated ones feature transaction patterns consistently observed in financial markets and nature. In contrast, unregulated exchanges display abnormal first significant digit distributions, size rounding, and transaction tail distributions,...
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作者：Hsu, Vernon; Wu, Jing
作者单位：Chinese University of Hong Kong
摘要：Classic inventory theory suggests that inventory plays a vital role in matching demand and supply. This paper provides both country- and firm-level evidence that inventory can be used as a financial instrument to take advantage of arbitrage opportunities in financial markets with limited capital mobility. Using data from China customs' metal imports and firm-level inventory from metal processing industries, we show that firms can utilize the inventory of an imported product to carry lower cost...
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作者：Mayordomo, Sergio; Rachedi, Omar; Morenoa, Maria Rodriguez
作者单位：Banco de Espana; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：The overstatement of asset collateral values reduces bank capital requirements. We identify this novel form of regulatory arbitrage by studying housing overappraisals, the difference between housing collateral values computed by appraisers and actual transaction prices. We leverage granular loan-level data from Spain and a kink in the scheme of residential mortgage risk weights to show that tighter regulatory requirements cause larger overappraisals. This bias depends on the relationship betwe...
