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作者：Qu, Hong; Williams, Jared; Zhao, Ran; Kwasnica, Anthony
作者单位：University System of Georgia; Kennesaw State University; State University System of Florida; University of South Florida; Peking University; State University System of Florida; Florida State University
摘要：We examine a beauty contest game with an option to analyze an additional disclosure. We analytically prove that in some scenarios, coordination incentives cause sophisticated players who can comprehend disclosures to choose not to analyze them to match unsophisticated players' actions, a phenomenon we call coordinated inattention. Laboratory experiments provide support for the coordinated inattention mechanism: Coordination incentives reduce sophisticated subjects' propensity to analyze disclo...
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作者：Forman, Chris; Mcelheran, Kristina
作者单位：Cornell University; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：Advances in information technology (IT) may affect the organizational design of production. Exploiting the rapid diffusion of the internet in the United States, we assess the sensitivity of production chain organization to this innovation in IT access and use. Extending theories of the firm that recognize the importance of downstream transfers (selling as opposed to sourcing) and plural governance in organizational design, we predict IT -driven shifts in downstream vertical integration. In a d...
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作者：Bidwell, Matthew; Keller, J. R.
作者单位：University of Pennsylvania; Cornell University
摘要：Although internal labor market theory emphasizes promotions as the main form of mobility within organizations, many internal job moves take people sideways into jobs that are at the same hierarchical level as the one that was left. Despite the prevalence of these lateral moves, however, we have little evidence on what role they play in workers' careers. We argue that lateral mobility can facilitate subsequent career advancement by allowing for the development and demonstration of new skills an...
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作者：Bellia, Mario; Pelizzon, Loriana; Subrahmanyam, Marti G.; Yuferova, Darya
作者单位：European Commission Joint Research Centre; EC JRC ISPRA Site; Goethe University Frankfurt; Universita Ca Foscari Venezia; Centre for Economic Policy Research - UK; New York University; New York University; NYU Shanghai; Norwegian School of Economics (NHH)
摘要：Do competition and incentives offered to designated market makers (DMMs) improve market liquidity? We employ data from NYSE Euronext Paris to show that exogenous changes in contract design lead to significant decreases in quoted and effective spreads. In particular, market liquidity increases the most for stocks with the largest increase in competition among DMMs. Our analysis shows that competition among DMMs is an important aspect of contract design, along with elements such as rebates and r...
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作者：Johnson, Travis L.; Weitzner, Gregory
作者单位：University of Texas System; University of Texas Austin; McGill University
摘要：Some mutual funds retain a fraction of securities lending income by employing in-house lending agents. In a model with heterogeneous investors and endogenous delegation to mutual funds, we show that a subset of funds optimally engages in lending fee retention and as a result, overweights high lending fee stocks that endogenously underperform. We find empirical evidence consistent with our model's predictions; active mutual funds we identify as fee retainers invest more in high-fee stocks and u...
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作者：Brancati, Emanuele; Minetti, Raoul; Zhu, Susan Chun
作者单位：Sapienza University Rome; Michigan State University
摘要：We study the influence of supply chains on the transmission of financial shocks to firms' innovation. Using matched Italian firm-bank data over the 2007-2017 period, we find that firms' engagement in supply chains enhanced the resilience of innovation activities to the banking shock caused by the twin financial crises (Great Financial Crisis and sovereign debt crisis). The results suggest that, amid the banking shock, supply chains facilitated purchases of innovative intermediates through trad...
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作者：Chen, Qi; Corona, Carlos; Zhang, Yun
作者单位：Duke University; University System of Ohio; Ohio State University; George Washington University
摘要：Firm disclosures are mostly unstructured and textual, imposing substantial processing costs on investors. We examine firms' incentives to enhance the accessibility of these disclosures by expending resources to make them easier for investors to process. We show that an equilibrium with a positive supply of accessibility can be difficult to sustain-even though investors view accessibility as a favorable signal of firm productivity. We further explore how the supply of accessibility interacts wi...
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作者：Carrera, Clara; Martinez-de-Albeniz, Victor; Sosa, Manuel E.
作者单位：University of Navarra; IESE Business School; INSEAD Business School
摘要：The value derived from hedonic goods is affected by reference effects at the time of consumption, usually in the form of quality standards. Consumption typically involves two steps: First, the consumer chooses a given good, among a pool of available choices; then, the consumer experiences the good and derives a satisfaction from it. Between both steps, consumers might build expectations about the good that might affect the ultimate realized utility. We investigate the role of quality reference...
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作者：Flicker, Blair
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：Work is increasingly being completed by humans and algorithms in collaboration. A relative strength of humans in this partnership is their insight: private information that is relevant to the task but not available to computerized systems. I introduce a flexible model of managerial insight that accepts any distribution of demand, an advantage over alternative models, and apply it to the newsvendor setting. The optimal policy in this setting is theoretically straightforward but difficult for ma...
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作者：Weber, Thomas A.
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：For a general multicriteria decision problem with linear scalarization and unknown weights, we propose relatively robust decisions, which are Pareto-efficient and at the same time maximize a performance index. The latter measures the worst-case ratio, attained by the weighted objective relative to its maximum value, with respect to all possible weights. The main results include a simple boundary representation of the performance index as the minimum of criterion-specific performance ratios, an...
