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作者：Levi, Retsef; Magnanti, Thomas; Shaposhnik, Yaron
作者单位：Massachusetts Institute of Technology (MIT); Singapore University of Technology & Design; University of Rochester
摘要：We study a new class of scheduling problems that capture common settings in service environments, in which one has to serve a collection of jobs that have a priori uncertain attributes (e.g., processing times and priorities) and the service provider has to decide how to dynamically allocate resources (e.g., people, equipment, and time) between testing (diagnosing) jobs to learn more about their respective uncertain attributes and processing jobs. The former could inform future decisions, but c...
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作者：Frydman, Carola
作者单位：Northwestern University; National Bureau of Economic Research
摘要：I present new stylized facts on the market for managers over the twentieth century, utilizing a novel data set on managerial careers. From the 1930s to the mid-1970s, the level of executive pay, inequality among executives across and within firms, and mobility were low. These patterns have reversed since then. I document that an increase in the importance of general managerial human capital can account for this change. The level of general skills, measured by the type of education and occupati...
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作者：Goerg, Sebastian J.; Kube, Sebastian; Radbruch, Jonas
作者单位：Technical University of Munich; Max Planck Society; IZA Institute Labor Economics; University of Bonn
摘要：Agents' decisions to exert effort depend on the incentives and the potential costs involved. So far, most of the attention has been on the incentive side. However, our laboratory experiments underline that both the incentive and the cost side can be used separately to shape work performance. In our experiment, subjects work on a real-effort slider task. Between treatments, we vary the incentive scheme used for compensating workers. Additionally, by varying the available outside options, we exp...
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作者：Antle, Rick; Bogetoft, Peter
作者单位：Yale University; Copenhagen Business School
摘要：In most organizations, the agent has superior information about the relative costs of different products or activities. This handicaps the principal when the principal seeks to adjust the product mix. Our main conceptual finding is that there is mix stickiness. The agent's superior information about the relative costs of different products or activities leads to an advantage for the status quo; that is, there is inertia (or stickiness) in the mix of products or activities pursued. The historic...
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作者：Feng, Qi; Jia, Justin; Shanthikumar, J. George
作者单位：Purdue University System; Purdue University
摘要：As multisourcing becomes a widely adopted strategy in dynamic procurement planning, firms inevitably source from suppliers with dependent material flows, and such supply dependence, created by common second-tier suppliers or a common economic environment, is often positive. We show that firms can experience significant profit loss when implementing a policy computed based on a model that ignores the dependence among suppliers' stochastic material flows. The profit loss is particularly signific...
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作者：Hsieh, PeiLin; Jarrow, Robert
作者单位：Xiamen University; Xiamen University; Cornell University; Cornell University
摘要：This paper documents the fact that in options markets, the (percentage) implied volatility bid-ask spread increases at an increasing rate as the option's maturity date approaches. To explain this stylized fact, this paper provides a market microstructure model for the bid-ask spread in options markets. We first construct a static equilibrium model to illustrate the aforementioned phenomenon where risk averse and competitive option market makers quote bid and ask prices to minimize their invent...
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作者：Gaba, Anil; Popescu, Dana G.; Chen, Zhi
作者单位：INSEAD Business School; University of Virginia
摘要：The paper develops a model for combining point forecasts into a predictive distribution for a variable of interest. Our approach allows for point forecasts to be correlated and admits uncertainty on the distribution parameters given the forecasts. Further, it provides an easy way to compute an augmentation factor needed to equate the dispersion of the point forecasts to that of the predictive distribution, which depends on the correlation between the point forecasts and on the number of foreca...
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作者：Augustin, Patrick; Brenner, Menachem; Subrahmanyam, Marti G.
作者单位：McGill University; New York University
摘要：We quantify the pervasiveness of informed trading activity in target companies' equity options before the announcements of 1,859 U.S. takeovers between 1996 and 2012. About 25% of all takeovers have positive abnormal volumes, which are greater for short-dated, out-of-the-money calls, consistent with bullish directional trading before the announcement. Over half of this abnormal activity is unlikely due to speculation, news and rumors, trading by corporate insiders, leakage in the stock market,...
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作者：Fugger, Nicolas; Katok, Elena; Wambach, Achim
作者单位：Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Texas System; University of Texas Dallas
摘要：When complex procurement projects are conducted, it is often not possible to write complete contracts. As a consequence, the relationship between buyer and supplier is important for the success of the project. In this paper we investigate the claim that auctions in procurement can be detrimental for the buyer supplier relationship, which is in line with the observation that reverse auctions are less frequently conducted if projects are complex. A poor relationship can result in a decrease in t...
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作者：Albuquerque, Rui; Koskinen, Yrjo; Zhang, Chendi
作者单位：Boston College; Center for Economic & Policy Research (CEPR); Boston College; University of Calgary; University of Warwick
摘要：This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR decreases systematic risk and increases firm value and that these effects are stronger for firms with high product differentiation. We find supporting evidence for our predictions. We address a potential endo...
