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作者：Schilling, Katja; Bauer, Daniel; Christiansen, Marcus C.; Kling, Alexander
作者单位：Ulm University; University of Wisconsin System; University of Wisconsin Madison; Carl von Ossietzky Universitat Oldenburg
摘要：The decomposition of dynamic risks a company faces into components associated with various sources of risk, such as financial risks, aggregate economic risks, or industry-specific risk drivers, is of significant relevance in view of risk management and product design, particularly in (life) insurance. Nevertheless, although several decomposition approaches have been proposed, no systematic analysis is available. This paper closes this gap in literature by introducing properties for meaningful ...
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作者：Xiao, Steven Chong
作者单位：University of Texas System; University of Texas Dallas
摘要：Using volatile and correlated liquidity shocks to investors as a source of noise trading, I show that noise in stock prices impedes real efficiency. A one-standard-deviation increase in mutual fund flow-driven volatility pressure leads to a 2.6%-4.0% decline in return on assets and a $22.6 million loss in cash flow in the subsequent two years. Noise in stock prices does not affect product market demand, but it reduces firms' total factor productivity, profit margin, and performance in research...
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作者：Chen, Boxiao; Chao, Xiuli
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan
摘要：We consider an inventory control problem with multiple products and stockout substitution. The firm knows neither the primary demand distribution for each product nor the customers' substitution probabilities between products a priori, and it needs to learn such information from sales data on the fly. One challenge in this problem is that the firm cannot distinguish between primary demand and substitution (overflow) demand from the sales data of any product, and lost sales are not observable. ...
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作者：D'Annunzio, Anna; Russo, Antonio
作者单位：Universite Federale Toulouse Midi-Pyrenees (ComUE); Universite de Toulouse; TBS Education; Loughborough University; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We study the role of ad networks in the online advertising market. Our baseline model considers two publishers that can outsource the sale of their ad inventories to an ad network, in a market where consumers and advertisers multi-home. The ad network increases total advertising revenue by tracking consumers across outlets and reduces competition between publishers by centralizing the sale of ads. Consequently, outsourcing to the ad network benefits the publishers, but may penalize the adverti...
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作者：Gu, Zhaoyang; Tang, Song; Wu, Donghui
作者单位：Chinese University of Hong Kong; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics
摘要：In China's transitional economy, one of the major objectives of the government is to maintain social stability. We hypothesize that, through state ownership and appointment of executives, Chinese government officials can influence firms' labor employment decisions by limiting layoffs when firms' sales decline. Consistent with this hypothesis, we find that state-owned enterprises (SOEs) have stickier labor costs than non-SOEs, and the presence of politically connected managers makes labor costs...
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作者：Moazeni, Somayeh; Defourny, Boris; Wilczak, Monika J.
作者单位：Stevens Institute of Technology; Lehigh University; Accenture
摘要：Developing marketing campaigns for a new product or a new target population is challenging because of the scarcity of relevant historical data. Building on dynamic Bayesian learning, a sequential optimization assists in creating new data points within a finite number of learning phases. This procedure identifies effective advertisement design elements as well as customer segments that maximize the expected outcome of the final marketing campaign. In this paper, the marketing campaign performan...
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作者：Catalini, Christian; Fons-Rosen, Christian; Gaule, Patrick
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Merced; Center for Economic & Policy Research (CEPR); University of Bath; IZA Institute Labor Economics
摘要：We develop a simple theoretical framework for thinking about how geographic frictions, and in particular travel costs, shape scientists' collaboration decisions and the types of projects that are developed locally versus over distance. We then take advantage of a quasi-experiment-the introduction of new routes by a low-cost airline-to test the predictions of the theory. Results show that travel costs constitute an important friction to collaboration: after a low-cost airline enters, the number...
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作者：Liu, De; Bagh, Adib
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Kentucky
摘要：Motivated by bidders' interests in concealing their private information in auctions, we propose an ascending clock auction for unit-demand assignment problems that economizes on bidder information revelation, together with a new general-purpose measure of information revelation. Our auction uses an iterative partial reporting design such that for a given set of prices, not all bidders are required to report their demands, and when they are, they reveal a single preferred item at a time instead...
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作者：Chang, Edward H.; Kirgios, Erika L.; Rai, Aneesh; Milkman, Katherine L.
作者单位：University of Pennsylvania
摘要：We highlight a feature of personnel selection decisions that can influence the gender diversity of groups and teams. Specifically, we show that people are less likely to choose candidates whose gender would increase group diversity when making personnel selections in isolation (i.e., when they are responsible for selecting a single group member) than when making collections of choices (i.e., when they are responsible for selecting multiple group members). We call this the isolated choice effec...
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作者：Hui, Xiang
作者单位：Washington University (WUSTL)
摘要：How can we make global trade inclusive for smaller sellers and firms? I present causal evidence that a major e-commerce platform increases on-site exports from small sellers through integrating an existing administrative and logistic service. The export increase comes exclusively from small sellers and exclusively along the extensive margin-that is, from new sellers or new destinations. Furthermore, the export increase is larger for more distant countries and differentiated products. I provide...
