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作者：Kouvelis, Panos; Xu, Fasheng
作者单位：Washington University (WUSTL); Syracuse University
摘要：Factoring is a financial arrangement where the supplier sells accounts receivable to the factor against a premium and receives cash for immediate working capital needs. Reverse factoring takes advantage of the retailer's payment guarantee and the credit rating differential between a small supplier and a large retailer, enabling the supplier to receive financing at a more favorable rate. We develop a supply chain theory of (recourse/ non-recourse) factoring and reverse factoring showing when th...
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作者：Lu, Susan Feng; Serfes, Konstantinos; Wedig, Gerard; Wu, Bingxiao
作者单位：Purdue University System; Purdue University; Drexel University; University of Rochester; Rutgers University System; Rutgers University New Brunswick
摘要：Competition plays an ambiguous role in nursing home markets where public and private payers coexist. Using U.S. nursing home data with a wide range of market structures, we find a U-shaped relationship between competition and service quality when nursing homes serve a mix of public and private segments, and a monotonically increasing relationship when nursing homes mostly serve the public, price-regulated, segment. The outcomes can be explained by the interplay of two opposing effects of compe...
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作者：Altug, Mehmet Sekip; Aydinliyim, Tolga; Jain, Aditya
作者单位：George Mason University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Retailers use lenient return policies to stimulate demand and increase revenues, as such policies help customers assess uncertain product valuations at low (or no) return cost and yield higher equilibrium prices. However, generous refunds also yield unintended consequences such as opportunistic returns, which take place when customers intentionally rent a product for short-term use. Accounting for 11% of all product returns in the United States in 2017, opportunistic returns prompt retailers t...
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作者：Doshi, Hitesh; Jacobs, Kris; Liu, Rui
作者单位：University of Houston System; University of Houston; Duquesne University
摘要：The existing literature finds that information not captured by traditional term structure factors helps predict excess bond returns. When estimating no-arbitrage affine term structure models, aligning in-sample and out-of-sample objective functions results in term structure factors that capture information that remains hidden from existing approaches. Specifically, the estimates of the third term structure factor radically differ and are related to the fourth principal component, which helps f...
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作者：Cvijanovic, Dragana; Spaenjers, Christophe
作者单位：University of Warwick; Hautes Etudes Commerciales (HEC) Paris
摘要：Previous research has shown that nonlocal household investors make suboptimal asset selection and market timing decisions. However, in real estate markets, heterogeneity in returns can exist even with identical ex ante investment (timing) choices, given that transaction prices are the outcome of a complex search-and-bargaining process. Analyzing notarial data for the Paris housing market, we find that out-of-country buyers indeed buy at higher prices and resell at substantially lower prices th...
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作者：Coleman, Braiden; Merkley, Kenneth; Miller, Brian; Pacelli, Joseph
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：The Securities and Exchange Commission (SEC) has a long-standing policy to keep formal investigations confidential. In this study, we examine the extent to which compliance with the Freedom of Information Act (FOIA) provides investors with information about ongoing SEC investigations. We exploit a unique empirical setting whereby the SEC denies FOIA requests because of ongoing enforcement proceedings (hereafter, exemption denials). We find that exemption denials predict a substantial number of...
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作者：Huang, Shiyang; Yueshen, Bart Zhou
作者单位：University of Hong Kong; INSEAD Business School
摘要：Speed is a salient feature of modern financial markets. This paper studies investors' speed acquisition together with their information acquisition. Speed heterogeneity arises in equilibrium, fragmenting the information aggregation process with a nonmonotone impact on price informativeness. Various competition effects drive speed and information to be either substitutes or complements. The model cautions the possible dysfunction of price discovery: An improving information technology might com...
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作者：Li, Bin
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：Prior literature interprets the weak earnings response coefficient (ERC) of accounting losses as a manifestation either of lack of forward-looking information in losses or of market mispricing of losses. Based on return decomposition theory, I predict that losses contain information not only about future cash flows (i.e., cash flow news) but also, about risk (i.e., expected returns and discount rate news). However, these informational components have offsetting valuation effects, resulting in ...
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作者：Arifoglu, Kenan; Ren, Hang; Tezcan, Tolga
作者单位：University of London; University College London; George Mason University; University of London; London Business School
摘要：The Hospital Readmissions Reduction Program (HRRP) reduces Medicare payments to hospitals with higher than expected readmission rates where the expected readmission rate for each hospital is determined based on the readmission levels at other hospitals. Although similar relative performance-based schemes are shown to lead to socially optimal outcomes in other settings (e.g., cost-cutting efforts), HRRP differs from these schemes in three respects: (i) deviation from the targets is adjusted usi...
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作者：Bar-Gill, Sagit; Inbar, Yael; Reichman, Shachar
作者单位：Tel Aviv University; Massachusetts Institute of Technology (MIT); Carnegie Mellon University
摘要：The digitization of news markets has created a key role for online referring channels. This research combines field and laboratory experiments and analysis of largescale clickstream data to study the effects of social versus nonsocial referral sources on news consumption in a referred news website visit. We theorize that referrer-specific browsing modes and referrer-induced news consumption thresholds interact to impact news consumption in referred visits to an online newspaper and that news s...
