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作者：Kagan, Evgeny; Leider, Stephen; Lovejoy, William S.
作者单位：Johns Hopkins University; University of Michigan System; University of Michigan
摘要：Entrepreneurial teams assign equity positions in their start-ups using a term sheet that details equity splits and the conditions for being granted those splits. The design of equity split agreements has attracted considerable attention in the entrepreneurial community, with no convergence on a single preferred contract form. This paper experimentally examines the effectiveness of different contractual arrangements, focusing in particular on the effects of contract form and contracting timing ...
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作者：Cao, Ying; Guan, Feng; Li, Zengquan; Yang, Yong George
作者单位：Chinese University of Hong Kong; Shanghai University of Finance & Economics
摘要：We study whether sell-side financial analysts' physical attractiveness is associated with their job performance. We find that attractive analysts make more accurate earnings forecasts than less attractive analysts. Moreover, more attractive analysts make stock recommendations that are more informative in the short run and more profitable in the long run. Additional analyses reveal that attractive analysts attain their better job performance at least partly through their privileged access to in...
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作者：Heger, Stephanie A.; Slonim, Robert; Garbarino, Ellen; Wang, Carmen; Waller, Daniel
作者单位：University of Sydney; Harvard University; Australian Red Cross Blood Service; University of Technology Sydney
摘要：This paper addresses volunteer labor markets where the lack of price signals, nonpecuniary motivations to supply labor, and limited fungibility of supply lead to market failure. To address the causes of the market failure, we conduct a field experiment with volunteer whole blood donors where we introduce a market-clearing mechanism (henceforth: the Registry). Our intention-to-treat estimates suggest that subjects invited to the Registry, regardless of joining, are 66% more responsive to critic...
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作者：John, Kose; Qi, Qianru; Wang, Jing
作者单位：New York University; University of Ottawa; University of Missouri System; University of Missouri Columbia
摘要：Using the staggered and reciprocal passage of interstate bank deregulation as an exogenous variation in the degree of bank integration, we investigate how and why bank integration influences the market for corporate control for nonfinancial firms. We posit that bank integration affects acquisitions either through reducing the information asymmetry between acquirers and targets or through increasing credit supply. Our evidence is more consistent with the former channel. Specifically, we documen...
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作者：Belenzon, Sharon; Chatterji, Aaron K.; Daley, Brendan
作者单位：Duke University; National Bureau of Economic Research; University of Colorado System; University of Colorado Boulder; Johns Hopkins University
摘要：Prior work has established that the financing environment can impact firm strategy. We argue that this influence can shape the earliest strategic choices of a new venture by creating a potential trade-off between two objectives: rapid growth and reaping the benefits of a positive reputation (glory). We leverage a simple reputation-building strategic choice-naming the firm after the founder (eponymy)-that is associated with superior profitability. Next, we argue via a formal model that the avai...
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作者：Feng, Qi; Luo, Sirong; Shanthikumar, J. George
作者单位：Purdue University System; Purdue University; Shanghai University of Finance & Economics
摘要：Inventory-based pricing under lost sales is an important yet notoriously challenging problem in the operations management literature. The vast existing literature on this problem focuses on identifying optimality conditions for a simple management policy while restricting to special classes of demand functions and to the special case of single-period or long-term stationary settings. In view of the existing developments, it seems unlikely to find general, easy-to-verify conditions for a tracta...
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作者：Lin, Qihang; Nadarajah, Selvaprabu; Soheili, Negar
作者单位：University of Iowa; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Approximate linear programs (ALPs) are well-known models for computing value function approximations (VFAs) of intractable Markov decision processes (MDPs). VFAs from ALPs have desirable theoretical properties, define an operating policy, and provide a lower bound on the optimal policy cost. However, solving ALPs near-optimally remains challenging, for example, when approximating MDPs with nonlinear cost functions and transition dynamics or when rich basis functions are required to obtain a go...
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作者：Adena, Maja; Huck, Steffen
作者单位：University of London; University College London
摘要：We provide the first field evidence pointing at the role of pure self-image, independent of social image, in charitable giving. In an online fundraising campaign for a social youth project run on an opera ticket booking platform, we document how individuals seem to engage in self-deception to preserve their self-image. In addition, we provide evidence on stark adverse long-run effects of the fundraising campaign for ticket sales. Avoiding the ask, opera customers who faced more insistent onlin...
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作者：Cohen, Maxime C.; Lobel, Ilan; Leme, Renato Paes
作者单位：McGill University; New York University; Alphabet Inc.; Google Incorporated
摘要：We consider the problem faced by a firm that receives highly differentiated products in an online fashion. The firm needs to price these products to sell them to its customer base. Products are described by vectors of features and the market value of each product is linear in the values of the features. The firm does not initially know the values of the different features, but can learn the values of the features based on whether products were sold at the posted prices in the past. This model ...
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作者：Anand, Krishnan S.; Giraud-Carrier, Francois C.
作者单位：Utah System of Higher Education; University of Utah; Utah System of Higher Education; Weber State University
摘要：We develop a model of oligopolistic firms that produce partially differentiated products and generate pollution as a byproduct. We analyze and compare two types of pollution regulation: Cap-and-Trade and Taxes. Firms can respond to regulation by any combination of pollution abatement, output reduction, emissions trading (under Cap-and-Trade), or payment of pollution taxes (under Taxes). We prove that well-chosen regulation can, besides reducing pollution, actually improve firms' profits relati...
