Management Science

最新文章

• Newsvendor Decisions with Two-Sided Learning AI翻译
  作者：Papanastasiou, Yiangos
  作者单位：University of California System; University of California Berkeley
  摘要：A substantial collection of work in operations management considers settings where a firm faces uncertain demand that depends on parameters that are ex ante unknown but can be learned by observing historical data. This work typically assumes that future demand is unaffected by the firm's learning process. However, in the new era of social media, it is increasingly the case that the information used by the firm to gauge future demand (for example, sales and stockouts or consumer feedback) is no...
• Prior-Independent Optimal Auctions AI翻译
  作者：Allouah, Amine; Besbes, Omar
  作者单位：Columbia University
  摘要：Auctions are widely used in practice. Although auctions are also extensively studied in the literature, most of the developments rely on the significant common prior assumption. We study the design of optimal prior-independent selling mechanisms: buyers do not have any information about their competitors, and the seller does not know the distribution of values but only knows a general class to which it belongs. Anchored on the canonical model of buyers with independent and identically distribu...
• Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Russell 2000 Index Inclusions AI翻译
  作者：Cremers, Martijn; Pareek, Ankur; Sautner, Zacharias
  作者单位：University of Notre Dame; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Frankfurt School Finance & Management
  摘要：We document that an increase in short-horizon investors is associated with cuts to long-term investment and increased short-term earnings. This leads to temporary boosts in equity valuations that reverse over time. To estimate these effects, we use difference-in-differences regressions around firms' additions to the Russell 2000, comparing firms with large and small increases in short-term ownership. We proxy for the presence of short-term investors using ownership by transient institutions. O...
• Not in the Job Description: The Commercial Activities of Academic Scientists and Engineers AI翻译
  作者：Cohen, Wesley M.; Sauermann, Henry; Stephan, Paula
  作者单位：Duke University; National Bureau of Economic Research; University System of Georgia; Georgia State University
  摘要：Scholarly work seeking to understand academics' commercial activities often draws on abstract notions of the academic reward system and the representative scientist. Few scholars have examined whether and how scientists' motives to engage in commercial activities differ across fields. Similarly, efforts to understand academics' choices have focused on three self-interested motives-recognition, challenge, and money-ignoring the potential role of the desire to have an impact on others. Using pan...
• Capital Budgeting and Risk Taking Under Credit Constraints AI翻译
  作者：Iachan, Felipe S.
  摘要：Limited external financing creates a hedging motive that distorts resource allocation for investment projects. I study these distortions through a dynamic model with endogenous collateral constraints. The hedging motive can be broken into three components: expected future productivity, leverage capacity, and current net worth. Although constrained firms behave as if averse to transitory fluctuations in net worth, they can endogenously pursue increased exposure to both persistent factors that p...
• Appointment Scheduling Under Time-Dependent Patient No-Show Behavior AI翻译
  作者：Kong, Qingxia; Li, Shan; Liu, Nan; Teo, Chung-Piaw; Yan, Zhenzhen
  作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; City University of New York (CUNY) System; Baruch College (CUNY); Boston College; National University of Singapore; National University of Singapore; Nanyang Technological University
  摘要：This paper studies how to schedule medical appointments with time-dependent patient no-show behavior and random service times. The problem is motivated by our studies of independent datasets from countries in two continents that unanimously identify a significant time-of-day effect on patient show-up probabilities. We deploy a distributionally robust model, which minimizes the worst-case total expected costs of patient waiting and service provider's idling and overtime, by optimizing the sched...
• Crowdfunding, Financing Constraints, and Real Effects AI翻译
  作者：Kumar, Praveen; Langberg, Nisan; Zvilichovsky, David
  作者单位：University of Houston System; University of Houston; Tel Aviv University
  摘要：We study the feasibility and optimal design of presale crowdfunding contracts where participating consumers pay a premium above the future expected spot price and financially constrained entrepreneurs balance the potential product-market distortions introduced through presale crowdfunding against the cost of traditional external financing. Our analysis shows how such crowdfunding contracts enable the execution of projects that could not be otherwise undertaken and highlights novel interactions...
• Do Director Networks Matter for Financial Reporting Quality? Evidence from Audit Committee Connectedness and Restatements AI翻译
  作者：Omer, Thomas C.; Shelley, Marjorie K.; Tice, Frances M.
  作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Colorado System; University of Colorado Boulder
  摘要：This study examines the effect of audit committee connectedness through director networks on financial reporting quality, specifically the misstatement of annual financial statements. Using network analysis, we examine multiple dimensions of connectedness and find that after controlling for operating performance and corporate governance characteristics, firms with well-connected audit committees are less likely to misstate annual financial statements. In addition, our study demonstrates that a...
• Bad Greenwashing, Good Greenwashing: Corporate Social Responsibility and Information Transparency AI翻译
  作者：Wu, Yue; Zhang, Kaifu; Xie, Jinhong
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Alibaba Group; State University System of Florida; University of Florida
  摘要：With the growing popularity of corporate social responsibility (CSR), critics point out that firms tend to focus on salient CSR activities while slacking off on the unobservable ones, using CSR as a marketing gimmick. Firms' emphasis on observable aspects and negligence of the unobservable aspects are often labeled as greenwashing. This paper develops a game-theoretic model of CSR investment, in which consumers are socially minded, but they can observe only a subset of CSR initiatives. Two typ...
• Teaching Through Television: Experimental Evidence on Entrepreneurship Education in Tanzania AI翻译
  作者：Bjorvatn, Kjetil; Cappelen, Alexander W.; Sekei, Linda Helgesson; Sorensen, Erik O.; Tungodden, Bertil
  作者单位：Norwegian School of Economics (NHH)
  摘要：Can television be used to teach and foster entrepreneurship among youth in developing countries? We report from a randomized control field experiment of an edutainment show on entrepreneurship broadcasted over almost three months on national television in Tanzania. The field experiment involved more than 2,000 secondary school students, where the treatment group was incentivized to watch the edutainment show. We find some suggestive evidence of the edutainment show making the viewers more inte...