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作者：Chen, Xuanjuan; Huang, Jing-Zhi; Sun, Zhenzhen; Yao, Tong; Yu, Tong
作者单位：Shanghai University of Finance & Economics; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Massachusetts System; University Massachusetts Dartmouth; University of Iowa; University System of Ohio; University of Cincinnati
摘要：This paper examines how liquidity and investors' heterogeneous liquidity preferences interact to affect asset pricing. Using data on insurers' corporate bond holdings, we find that illiquidity of corporate bond portfolios varies widely and persistently across insurers and is related to insurers' investment horizon and funding constraint, consistent with the notion of liquidity clientele. We further find that liquidity clientele affects corporate bond prices-specifically, liquidity premia are l...
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作者：Holzmeister, Felix; Huber, Jurgen; Kirchler, Michael; Lindner, Florian; Weitzel, Utz; Zeisberger, Stefan
作者单位：University of Innsbruck; Max Planck Society; Vrije Universiteit Amsterdam; Radboud University Nijmegen; Tinbergen Institute; University of Zurich
摘要：Risk is an integral part of many economic decisions and is vitally important in finance. Despite extensive research on decision making under risk, little is known about how risks are actually perceived by financial professionals, the key players in global financial markets. In a large-scale survey experiment with 2,213 finance professionals and 4,559 laypeople in nine countries representing similar to 50% of the world's population and more than 60% of the world's gross domestic product, we exp...
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作者：Adner, Ron; Chen, Jianqing; Zhu, Feng
作者单位：Dartmouth College; University of Texas System; University of Texas Dallas; Harvard University
摘要：We study compatibility decisions of two competing platform owners that generate profits through both hardware sales and royalties from content sales. We consider a game-theoretic model in which two platforms offer different standalone utilities to users. We find that incentives to establish one-way compatibility-the platform owner with smaller standalone value grants access to its proprietary content application to users of the competing platform-can arise from the difference in their profit f...
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作者：Goldstein, Daniel G.; McAfee, Preston; Suri, Siddharth; Wright, James R.
作者单位：Microsoft; Microsoft; University of Alberta
摘要：In the classical secretary problem, one attempts to find the maximum of an unknown and unlearnable distribution through sequential search. In many real-world searches, however, distributions are not entirely unknown and can be learned through experience. To investigate learning in such settings, we conduct a large-scale behavioral experiment in which people search repeatedly from fixed distributions in a repeated secretary problem. In contrast to prior investigations that find no evidence for ...
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作者：Ye, Maoliang; Zheng, Jie; Nikolov, Plamen; Asher, Sam
作者单位：Southern University of Science & Technology; Xiamen University; Tsinghua University; State University of New York (SUNY) System; Binghamton University, SUNY; Johns Hopkins University
摘要：This study investigates a potential mechanism to promote coordination. With theoretical guidance using a belief-based learning model, we conduct a multiperiod, binary-choice, and weakest-link laboratory coordination experiment to study the effect of gradualism-increasing the required levels (stakes) of contributions slowly over time rather than requiring a high level of contribution immediately-on group coordination performance. We randomly assign subjects to three treatments: starting and con...
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作者：Apesteguia, Jose; Oechssler, Joerg; Weidenholzer, Simon
作者单位：ICREA; Pompeu Fabra University; Ruprecht Karls University Heidelberg; University of Essex
摘要：Copy trading allows traders in social networks to receive information on the success of other agents in financial markets and to directly copy their trades. Internet platforms like eToro, ZuluTrade, and Tradeo have attracted millions of users in recent years. The present paper studies the implications of copy trading for the risk taking of investors. Implementing a novel experimental financial asset market, we show that providing information on the success of others leads to a significant incr...
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作者：Melero, Eduardo; Palomeras, Neus; Wehrheim, David
作者单位：Universidad Carlos III de Madrid; University of Navarra; IESE Business School
摘要：This article investigates the effect of patent protection on the mobility of early career employee-inventors. Using data on patent applications filed at the U.S. Patent and Trademark Office between 2001 and 2012 and examiner leniency as a source of exogenous variation in patent protection, we find that one additional patent granted decreases the likelihood of changing employers, on average, by 23%. This decrease is stronger when the employee has fewer coinventors, works outside the core of the...
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作者：Drake, Michael; Joos, Peter; Pacelli, Joseph; Twedt, Brady
作者单位：Brigham Young University; INSEAD Business School; Indiana University System; Indiana University Bloomington; University of Oregon
摘要：Changing economic conditions over the past two decades have created incentives for sell-side analysts to both provide their institutional clients tiered services and to streamline their written research process. One manifestation of these changes is an increased likelihood of analysts' issuing earnings forecasts for multiple firms on the same day. We identify this bundling property and show that bundling has increased steadily over time. We provide field evidence that the practice is a cost-sa...
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作者：Do, Hung T.; Shunko, Masha
作者单位：University of Vermont; University of Washington; University of Washington Seattle
摘要：Flow-control policies that balance server loads are well known for improving performance of queueing systems with multiple nodes. However, although load balancing benefits the system overall, it may negatively impact some of the queueing nodes. For example, it may reduce throughput rates or engender unfairness with respect to some performance measures. For queueing systems with multiple single-server nodes, we propose a set of constrained load-balancing policies that ensures the expected arriv...
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作者：Bumpensanti, Pornpawee; Wang, He
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：We consider a canonical quantity-based network revenue management problem where a firm accepts or rejects incoming customer requests irrevocably in order to maximize expected revenue given limited resources. Because of the curse of dimensionality, the exact solution to this problem by dynamic programming is intractable when the number of resources is large. We study a family of re-solving heuristics that periodically re-optimize an approximation to the original problem known as the determinist...
