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作者：Thomas, Jacob; Zhang, Frank; Zhu, Wei
作者单位：Yale University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Both theory and evidence are mixed regarding the impact on prices of trading on dark venues partially exempt from National Market System requirements. Theory predicts that price discovery improves as dark venues siphon noisy uninformed trades, but increased adverse selection reduces liquidity. Empirical studies, which focus on intraday inefficiency, also find contradictory results. We extend that literature to investigate the impact of dark trading on a long-standing inefficiency based on unde...
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作者：Liu, Qiao; Shen, Qiaowei; Li, Zhenghua; Chen, Shu
作者单位：Peking University; Ant Group
摘要：We use a novel panel with detailed transaction records of more than one million de-identified individuals to study the effect of a large-scale Chinese government-issued digital coupon program on consumer spending. Exploiting a difference-in-differences approach, we find that the digital coupon is highly effective in stimulating consumption. An effective government subsidy of RMB 1 can drive excess spending of RMB 3.4 to RMB 5.8, and the effect persists across multiple coupon issuance waves. In...
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作者：Lobel, Ilan
作者单位：New York University
摘要：Revenue management has evolved over the years from its origins in the airline industry into a much broader discipline that analyzes algorithmic methods for demand and marketplace management, but many outside of the discipline are not aware of this transformation. The field's transition tracks the widespread adoption of algorithmic decision-making techniques by businesses in a wide variety of industries over the last decade. We study this evolution in the field's breadth of research, with a par...
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作者：Banerjee, Sanjay
作者单位：University of Alberta
摘要：This paper studies the effect of competition on analysts' forecast informativeness. Analysts compete to achieve a higher rank in forecast accuracy. Competition can impair, improve, or have no effect on analysts' forecast informativeness. Competition impairs informativeness if and only if the prior uncertainty of the economic state is high, and analysts' private signals are positively correlated conditional on the state. The more intense the competition in terms of a higher prize-to-penalty rat...
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作者：Hassidim, Avinatan; Romm, Assaf; Shorrer, Ran, I
作者单位：Bar Ilan University; Hebrew University of Jerusalem; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Organizations often require agents' private information to achieve critical goals such as efficiency or revenue maximization, but frequently it is not in the agents' best interest to reveal this information. Strategy-proof mechanisms give agents incentives to truthfully report their private information. In the context of matching markets, they eliminate agents' incentives to misrepresent their preferences. We present direct field evidence of preference misrepresentation under the strategy-proo...
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作者：Cheng, Zhuo (June); Rai, Arun; Tian, Feng; Xu, Sean Xin
作者单位：Hong Kong Polytechnic University; University System of Georgia; Georgia State University; University System of Georgia; Georgia State University; Tsinghua University
摘要：We use a social learning perspective to extend our understanding of information technology (IT) investment and return. Specifically, we investigate social learning in the context of interlocks between corporate boards, which allow firms to share knowledge and experiences with respect to their IT investments. Using a large data set of firm-years from 2001-2008, we find (a) a positive relationship exists between a focal firm's IT investment and that of its interlocked firms; (b) this positive re...
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作者：Cao, Jie; Chordia, Tarun; Zhan, Xintong
作者单位：Chinese University of Hong Kong; Emory University; Fudan University
摘要：The idiosyncratic volatility (IVOL) anomaly exhibits strong calendar effects. The negative relation between IVOL and the next-month return obtains mainly in the third week of the month. The IVOL-return relation is generally negative on Mondays and positive on Fridays. However, the positive impact is absent on the third Friday because of selling pressure from stocks delivered at option expiration. This imbalance between the negative and positive returns during the third week of the month has a ...
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作者：Bargeron, Leonce; Farrell, Michael
作者单位：University of Kentucky; University of Virginia; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness for a particular purpose, or non-infringement. Descriptions of, or references to, produ...
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作者：Ke, Bin; Mao, Xinshu; Wang, Bin; Zuo, Luo
作者单位：National University of Singapore; Beijing Technology & Business University; Beijing Technology & Business University; Cornell University
摘要：We propose and validate a comprehensive measure of power for the top management teams (TMTs) of publicly listed Chinese firms. We show that our measure is positively associated with the four power dimensions developed by prior research for U.S. firms as well as three Asia-relevant power dimensions, including political capital, seniority, and gender. We find that our TMT power measure is a valid proxy for TMT power for both state-controlled firms and non-state-controlled firms. We also compare ...
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作者：Becerril-Arreola, Rafael; Bucklin, Randolph E.; Thomadsen, Raphael
作者单位：University of South Carolina System; University of South Carolina Columbia; University of California System; University of California Los Angeles; Washington University (WUSTL)
摘要：The authors study the effect of changes in the United States income distribution on assortment size in the mainstream grocery channel. Census demographics for 1,711 counties are matched to local assortment data from Nielsen in 944 grocery product categories from 2007 to 2013. The authors show that holding other demographics constant, assortment size increases with higher average income but decreases with greater income dispersion. This pattern holds for several specifications of assortments at...
