-
作者：Kim, Keehyung; Chung, Kevin; Lim, Noah
作者单位：Chinese University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison; National University of Singapore
摘要：This paper seeks to understand the relational factors that may affect the decisions of both third-party raters and service providers in a setting where service providers compete with one another. We employ laboratory economics experiments to examine how removing anonymity and allowing for repeated interactions between the rater and the service provider impact both the ratings assigned by the rater and the quality levels expended by the service provider. Our methodology enables us to observe th...
-
作者：Chan, Timothy C. Y.; Fearing, Douglas
作者单位：University of Toronto
摘要：This paper Introduces the formal study of process flexibility to the novel domain of sports analytics. In baseball, positional flexibility Is the analogous concept to process flexibility from manufacturing. We study the flexibility of players (plants) on a baseball team who produce innings-played at different positions (products). We develop models and metrics to evaluate expected and worst-case performance under Injury risk (capacity uncertainty) with continuous player-position capabilities. ...
-
作者：Rajan, Balaraman; Tezcan, Tolga; Seidmann, Abraham
作者单位：California State University System; California State University East Bay; University of London; London Business School; University of Rochester
摘要：Medical specialists treating chronic conditions typically face a heterogeneous set of patients. Such heterogeneity arises because of differences in medical conditions as well as the travel burden each patient faces to visit the clinic periodically. Given this heterogeneity, we compare the strategic behavior of revenue-maximizing and welfare-maximizing specialists and prove that the former will serve a smaller patient population, spend more time with the patients, and have shorter waiting times...
-
作者：Gargano, Antonio; Pettenuzzo, Davide; Timmermann, Allan
作者单位：University of Melbourne; Brandeis University; University of California System; University of California San Diego
摘要：Studies of bond return predictability find a puzzling disparity between strong statistical evidence of return predictability and the failure to convert return forecasts into economic gains. We show that resolving this puzzle requires accounting for important features of bond return models such as volatility dynamics and unspanned macro factors. A three-factor model comprising a forward spread, a weighted combination of forward rates, and a macro factor generates notable gains in out-of-sample ...
-
作者：Webb, Ryan
作者单位：University of Toronto; University of Toronto
摘要：The standard framework for modeling stochastic choice, the random utility model, is agnostic about the temporal dynamics of the decision process. In contrast, a general class of bounded accumulation models from psychology and neuroscience explicitly relate decision times to stochastic choice behavior. This article demonstrates that a random utility model can be derived from the general class of bounded accumulation models, and characterizes how the resulting distribution of random utility depe...
-
作者：Penman, Stephen H.; Yehuda, Nir
作者单位：Columbia University; University of Delaware
摘要：This paper modifies the standard returns-earnings regression in accounting research to show that financial reports convey both cash-flow news and discount-rate (expected-return) news. The paper points to the realization principle, associated as it is with the resolution of risk, as the accounting feature that conveys expected-return news. The modified returns-earnings regressions indicate that the information so conveyed pertains to priced risk. In corroboration, the paper also shows that the ...
-
作者：Khan, Urooj; Lo, Alvis K.
作者单位：Columbia University; Boston College
摘要：Bank lending standards vary over time. Periods in which firms find it relatively easy to borrow are followed by periods in which banks scrutinize borrowers more and tighten lending. We predict that changes in lending standards affect the accounting conservatism of bank-dependent firms. Using (i) a natural experiment that leads to certain banks tightening lending standards for plausibly exogenous reasons and (ii) time series variation in economy-wide bank lending standards, we find that borrowe...
-
作者：Wu, Lynn; Lou, Bowen; Hitt, Lorin
作者单位：University of Pennsylvania
摘要：Data-analytics technology can accelerate the innovation process by enabling existing knowledge to be identified, accessed, combined, and deployed to address new problem domains. However, like prior advances in information technology, the ability of firms to exploit these opportunities depends on a variety of complementary human capital and organizational capabilities. We focus on whether analytics is more valuable in firms where innovation within a firm has decentralized groups of inventors or...
-
作者：Li, Erica X. N.; Li, Haitao; Wang, Shujing; Yu, Cindy
作者单位：Tongji University; Iowa State University
摘要：We study the relation between macroeconomic fundamentals and asset pricing through the lens of a dynamic stochastic general equilibrium (DSGE) model. We provide full-information Bayesian estimation of the DSGE model using macroeconomic variables and extract the time series of four latent fundamental shocks of the model: neutral technology shock, investment-specific technological shock, monetary policy shock, and risk shock. Asset pricing tests show that our model-implied four-factor model can ...
-
作者：Jago, Arthur S.; Laurin, Kristin
作者单位：Stanford University; University of British Columbia
摘要：Organizations often implement changes that can signal their values. However, the most objectively efficient changes do not necessarily serve as the best signals. Across seven experiments, we investigate how different rates of transition influence people's perceptions of how committed organizations are to the values underlying changes or improvements. We find that slower, less efficient transitions signal greater commitment compared with faster, more efficient transitions that reach otherwise i...
