-
作者：van Bilsen, Servaas; Laeven, Roger J. A.; Nijman, Theo E.
作者单位：University of Amsterdam; Tilburg University
摘要：We explicitly derive and explore the optimal consumption and portfolio policies of a loss-averse individual who endogenously updates his or her reference level over time. We find that the individual protects current consumption by delaying painful reductions in consumption after a drop in wealth, and increasingly so with higher degrees of endogeneity. The incentive to protect current consumption is stronger with a medium wealth level than with a high or low wealth level. Furthermore, this indi...
-
作者：Bandi, Federico M.; Kolokolov, Aleksey; Pirino, Davide; Reno, Roberto
作者单位：Johns Hopkins University; Universite Catholique de Lille; EDHEC Business School; University of Manchester; Alliance Manchester Business School; University of Rome Tor Vergata; Scuola Normale Superiore di Pisa; University of Verona
摘要：Asset prices can be stale. We define price staleness as a lack of price adjustments yielding zero returns (i.e., zeros). The term idleness (respectively, near idleness) is, instead, used to define staleness when trading activity is absent (respectively, close to absent). Using statistical and pricing metrics, we show that zeros are a genuine economic phe-nomenon linked to the dynamics of trading volume and, therefore, liquidity. Zeros are, in general, not the result of institutional features, ...
-
作者：Neururer, Thaddeus; Papadakis, George; Riedl, Edward J.
作者单位：University System of Ohio; University of Akron; U.S. Securities & Exchange Commission (SEC); Boston University
摘要：This paper predicts and finds that investor uncertainty surrounding a key information release event-the earnings announcement-is decreasing in a firm's reporting streak. We use two proxies related to investor ex ante uncertainty and corresponding pricing of such uncertainty: option-implied volatilities and variance risk premiums; both are measured with maturities surrounding the impending quarterly earnings announcement. Consistent with prior research, we measure reporting streak as the number...
-
作者：Manzo, Gerardo; Picca, Antonio
作者单位：The Vanguard Group, Inc.
摘要：This paper studies the dynamic propagation mechanisms of systemic risk shocks within and across macrosystems of governments and financial institutions. We propose a novel approach to identify relevant systemic shocks and to classify them into sovereign or banking categories. We find that sovereign shocks have a significant and persistent impact on the probability of a collective banking default. We also explore channels through which these shocks propagate and identify how sovereign fiscal fra...
-
作者：Sommer, Svenja C.; Bendoly, Elliot; Kavadias, Stylianos
作者单位：Hautes Etudes Commerciales (HEC) Paris; University System of Ohio; Ohio State University; University of Cambridge
摘要：Through a controlled two-stage experiment, we explore the performance of solution search strategies to resolve problems of varying complexity. We validate theoretical results that collaborative group structures may search more effectively in problems of low complexity but are outperformed by nominal structures at higher complexity levels. We call into question the dominance of the nominal group technique. Further close examination of search strategies reveals important insights: the number of ...
-
作者：Ulku, Sezer; Hydock, Chris; Cui, Shiliang
作者单位：Georgetown University; California State University System; California Polytechnic State University San Luis Obispo
摘要：This paper investigates the relationship between waiting time and subsequent purchase decisions. The prior literature assumes that purchase decisions are independent from the waiting time. By contrast, we find that when people spend a longer time waiting in a line, they tend to consume more. We identify mental accounting for sunk costs as the underlying mechanism that drives this behavior; a larger purchase allows customers to offset the long wait suffered. Finally, we explore the effect of ma...
-
作者：John, Anett
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris
摘要：Commitment products can remedy self-control problems. However, imperfect knowledge about their preferences may (discontinuously) lead individuals to select into incentive-incompatible commitments, which reduce their welfare. I conducted a field experiment in which low-income individuals were randomly offered a new installment-savings commitment account. Individuals chose a personalized savings plan and a default penalty themselves. A majority appears to choose a harmful contract: While the ave...
-
作者：Gupta, Vishal; Han, Brian Rongqing; Kim, Song-Hee; Paek, Hyung
作者单位：University of Southern California; Yale University; Yale New Haven Hospital
摘要：Frequently, policy makers seek to roll out an intervention previously proven effective in a research study, perhaps subject to resource constraints. However, because different subpopulations may respond differently to the same treatment, there is no a priori guarantee that the intervention will be as effective in the targeted population as it was in the study. How then should policy makers target individuals to maximize intervention effectiveness? We propose a novel robust optimization approac...
-
作者：Nageswaran, Leela; Cho, Soo-Haeng; Scheller-Wolf, Alan
作者单位：University of Washington; University of Washington Seattle; Carnegie Mellon University
摘要：We study the pricing and return policy decisions of an omnichannel retailer serving customers who differ in how they realize their uncertain valuation for a product-by inspecting in store before purchase or by purchasing online and possibly returning misfit products. Customers may return misfit products either to stores for a full refund or online as per the firm's return policy. We model prices to be identical across channels, allow crosschannel returns, and endogenize customers' purchase and...
-
作者：Ganju, Kartik K.; Atasoy, Hilal; McCullough, Jeffery; Greenwood, Brad
作者单位：McGill University; Rutgers University System; Rutgers University New Brunswick; University of Michigan System; University of Michigan; George Mason University
摘要：Although significant research has examined how technology can intensify racial and other outgroup biases, limited work has investigated the role information systems can play in abating them. Racial biases are particularly worrisome in healthcare, where underrepresented minorities suffer disparities in access to care, quality of care, and clinical outcomes. In this paper, we examine the role clinical decision support systems (CDSS) play in attenuating systematic biases among black patients, rel...
