-
作者：Bonaime, Alice; Harford, Jarrad; Moore, David
作者单位：University of Arizona; University of Washington; University of Washington Seattle; Loyola Marymount University
摘要：We are the first to document and study the use of Rule 10b5-1 preset repurchase plans. Though the rule's original intent was to clarify conditions for enforcing insider trading laws, generally thought to apply to individuals classified as firm insiders, we find strong use of the rule at the firm level to repurchase company stock. We exploit this new and widespread form of payout to examine an issue at the core of payout decisions-the trade-off between commitment and financial flexibility. Rela...
-
作者：Hang Nguyen; Calantone, Roger; Krishnan, Ranjani
作者单位：Michigan State University; Michigan State University's Broad College of Business; Michigan State University; Michigan State University's Broad College of Business
摘要：This paper examines how customer sentiment expressed through social media influences institutional investors' investment decisions and firm value. We use psychology theory to classify the emotional content of social media-based word of mouth, which we refer to as ESWOM. We examine whether ESWOM influences institutional investors' stockholdings differentially based on investor type and if institutional investors' stockholdings mediate the relation between ESWOM and firm value. We identify eight...
-
作者：An, Li; Wang, Huijun; Wang, Jian; Yu, Jianfeng
作者单位：Tsinghua University; University of Melbourne; University of Delaware; Chinese University of Hong Kong
摘要：Previous empirical studies find that lottery-like stocks significantly underperform their non-lottery-like counterparts. Using five different measures of the lottery features in the literature, we document that the anomalies associated with these measures are state dependent: the evidence supporting these anomalies is strong and robust among stocks where investors have lost money, whereas among stocks where investors have gained profits, the evidence is either weak or even reversed. Several po...
-
作者：Bimpikis, Kostas; Elmaghraby, Wedad J.; Moon, Ken; Zhang, Wenchang
作者单位：Stanford University; University System of Maryland; University of Maryland College Park; University of Pennsylvania; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We explore marketplace design in the context of a business-to-business platform specializing in liquidation auctions. Even when the platform's aggregate levels of supply and demand remain fixed, we establish that the platform's ability to use its design levers to manage the availability of supply over time yields significant value. We study two such levers, each using the platform's availability of supply as a means to incentivize participation from buyers who decide strategically when/how oft...
-
作者：Honhon, Dorothee; Hyndman, Kyle
作者单位：University of Texas System; University of Texas Dallas
摘要：We study how three matching institutions, differing in how relationships are dissolved, affect cooperation in a repeated prisoner's dilemma and how cooperation rates are affected by the presence of a reputation mechanism. Although cooperation is theoretically sustainable under all institutions, we show experimentally that cooperation rates are lowest under random matching, highest under fixed matching, and intermediate in a flexible matching institution, where subjects have the option to disso...
-
作者：Decarolis, Francesco; Goldmanis, Maris; Penta, Antonio
作者单位：Bocconi University; Bocconi University; University of London; Royal Holloway University London; ICREA; Pompeu Fabra University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The transition of the advertising market from traditional media to the internet has induced a proliferation of marketing agencies specialized in bidding in the auctions that are used to sell ad space on the web. We analyze how collusive bidding can emerge from bid delegation to a common marketing agency and how this can undermine the revenues and allocative efficiency of both the generalized second-price auction (GSP, used by Google, Microsoft Bing, and Yahoo!) and the Vickrey-Clarke-Groves (V...
-
作者：Bhargava, Hemant K.; Csapo, Gergely; Muller, Rudolf
作者单位：University of California System; University of California Davis; Maastricht University
摘要：Platforms create value by matching participants on alternate sides of the marketplace. Although many platforms practice one-to-one matching (e.g., Uber), others can conduct and monetize one-to-many simultaneous matches (e.g., lead-marketing platforms). Both formats involve one dimension of private information, a participant's valuation for exclusive or shared allocation, respectively. This paper studies the problem of designing an auction format for platforms that mix the modes rather than lim...
-
作者：Simester, Duncan; Timoshenko, Artem; Zoumpoulis, Spyros, I
作者单位：Massachusetts Institute of Technology (MIT); INSEAD Business School
摘要：We investigate how firms can use the results of field experiments to optimize the targeting of promotions when prospecting for new customers. We evaluate seven widely used machine-learning methods using a series of two large-scale field experiments. The first field experiment generates a common pool of training data for each of the seven methods. We then validate the seven optimized policies provided by each method together with uniform benchmark policies in a second field experiment. The find...
-
作者：Kim, Jerry W.
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：This paper examines how media rankings shift patterns of collaboration and deference between professional groups within organizations. Diversified and multidisciplinary organizations such as universities and hospitals often face distinct subunit evaluations that can influence coordination on interdependent tasks. Using patient-level treatment data for more than five million in-patient stays, I find that changes in the best hospitals rankings do not meaningfully shift treatment patterns by phys...
-
作者：Lee, Junghee; Krishnan, Vish; Shin, Hyoduk
作者单位：Tulane University; University of California System; University of California San Diego
摘要：Technology and intellectual property play increasingly critical roles in emerging supply chains by endowing products with sought-after capabilities. In such technology-intensive supply chains, the technology invented by an upstream firm must be embedded in a subsystem that is then integrated into apt! system. The technology providers' prevalent royalty-driven business model has gotten complicated in this multilateral supply chain, prompting formal research attention. Moreover, providers also c...
