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作者：Cheng, J. Yo-Jud; Groysberg, Boris; Healy, Paul; Vijayaraghavan, Rajesh
作者单位：University of Virginia; Harvard University; University of British Columbia
摘要：We contribute to the growing literature on the effectiveness of corporate boards by examining the effect of two insights that have been largely unexplored in prior studies that use public data. First, since boards' responsibilities are wide-ranging, more holistic performance measures may better capture the full range of their duties than specific public actions and outcomes (e.g., disclosure of risk management processes, financial restatements, acquisition returns, CEO turnover). And second, b...
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作者：Kanoria, Yash; Saban, Daniela
作者单位：Columbia University; Stanford University
摘要：Two-sided matching platforms can control and optimize over many aspects of the search for partners. To understand how matching platforms should be designed, we introduce a dynamic two-sided search model with strategic agents who must bear a cost to discover their value for each potential partner and can do so nonsimultaneously. We characterize evolutionarily stable stationary equilibria and find that, in many settings, the platform can mitigate wasted search effort by imposing suitable restric...
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作者：Bassamboo, Achal; Ibrahim, Rouba
作者单位：Northwestern University; University of London; University College London
摘要：Service providers often share delay information, in the form of delay announcements, with their customers. In practice, simple delay announcements, such as average waiting times or a weighted average of previously delayed customers, are often used. Our goal in this paper is to gain insight into when such announcements perform well. Specifically, we compare the accuracies of two announcements: (i) a static announcement that does not exploit real-time information about the state of the system an...
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作者：Li, Hui; Zhu, Feng
作者单位：Carnegie Mellon University; Harvard University
摘要：Platform competition is shaped by the likelihood of multihoming (i.e., complementors or consumers adopt more than one platform). To take advantage of multi homing, platform firms often attempt to motivate their rivals' high-performing complementors to adopt their own platforms, or they attempt to prevent their current complementors or consumers from multihoming. In this paper, we study the effectiveness of such strategies in the context of the online daily deals market. We first develop a game...
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作者：Subramanian, Shivaram; Harsha, Pavithra
作者单位：International Business Machines (IBM); IBM USA
摘要：We present an integrated optimization approach to parameter estimation for discrete choice demand models where data for one or more choice alternatives are censored. We employ a mixed-integer program (MIP) to jointly determine the prediction parameters associated with the customer arrival rate and their substitutive choices. This integrated approach enables us to recover proven, (near-) optimal parameter values with respect to the chosen loss-minimization (LM) objective function, thereby overc...
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作者：Jin, Xing; Luo, Dan; Zeng, Xudong
作者单位：Tianjin University of Finance & Economics; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics
摘要：This paper formulates a portfolio choice problem in a multiasset incomplete market characterized by ambiguous jumps and arbitrary tail assumptions. We derive the optimal portfolio in closed form through a decomposition approach. We show that, due to fear of tail incidents, an investor diminishes portfolio diversification, and even more so under heavy-tailed jumps that intensify misspecification concerns. We then implement our model in international equity markets to quantify the impact of tail...
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作者：Beattie, Graham; Durante, Ruben; Knight, Brian; Sen, Ananya
作者单位：Pompeu Fabra University; ICREA; Barcelona School of Economics; Brown University; National Bureau of Economic Research; Carnegie Mellon University
摘要：Do mass media bias content in favor of advertisers? If so, what market conditions limit or exacerbate this bias? We examine the relationship between advertising by auto manufacturers in U.S. newspapers and news coverage of car safety recalls between 2000 and 2014. This context allows us to separate the influence of advertisers, who prefer less coverage, from that of readers, who prefer more information about the safety risks associated with the recalls. Consistent with theoretical predictions,...
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作者：Hsu, Alex; Li, Erica X. N.; Palomino, Francisco
作者单位：University System of Georgia; Georgia Institute of Technology; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper quantitatively explores the role of external habits, nominal rigidities, and monetary policy for real and nominal bond yields in an asset-pricing endogenous growth model. The calibration captures the reported average positive slopes of U.S. real and nominal yield curves with sizable positive real and nominal bond risk premia. Habits are critical to generate positive real premia by altering the comovement of real rates and productivity shocks. Nominal rigidities generate monetary pol...
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作者：Rosu, Ioanid; Saleh, Fahad
作者单位：Hautes Etudes Commerciales (HEC) Paris; Wake Forest University
摘要：Do the rich always get richer by investing in a cryptocurrency for which new coins are issued according to a proof-of-stake (PoS) protocol? We answer this question in the negative: Without trading, the investor shares in the cryptocurrency are martingales that converge to a well-defined limiting distribution and, hence, are stable in the long run. This result is robust to allowing trading when investors are risk neutral. Then, investors have no incentive to accumulate coins and gamble on the P...
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作者：Golden, Joseph; Horton, John Joseph
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We report the results of an experiment in which a company, Firm Vary, temporarily suspended its sponsored search advertising campaign on Google in randomly selected advertising markets in the United States. By shutting off its ads, Firm Vary lost customers, but only 63% as many as a nonexperimental estimate would have suggested. Following the experiment, Firm Vary merged with its closest competitor, Firm Fixed. Using combined data from both companies, the experiment revealed that spillover eff...
