-
作者：Rhodes, Andrew; Zhou, Jidong
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Yale University
摘要：A puzzling feature of many retail markets is the coexistence of large multiproduct firms and smaller firms with narrow product ranges. This paper provides a possible explanation for this puzzle, by studying how consumer search frictions influence the structure of retail markets. In our model, single-product firms that supply different products can merge to form a multiproduct firm. Consumers wish to buy multiple products and, due to search frictions, value the one-stop shopping convenience ass...
-
作者：Boyabatli, Onur; Nasiry, Javad; Zhou, Yangfang (Helen)
作者单位：Singapore Management University; Hong Kong University of Science & Technology
摘要：This paper examines crop planning decisions in sustainable agriculture-that is, how to allocate farmland among multiple crops in each growing season when the crops have rotation benefits across growing seasons. We consider a farmer who periodically allocates the farmland between two crops in the presence of revenue uncertainty where revenue is stochastically larger and farming cost is lower when a crop is grown on rotated farmland (where the other crop was grown in the previous season). We cha...
-
作者：Chang, Eric C.; Lin, Tse-Chun; Luo, Yan; Ren, Jinjuan
作者单位：University of Hong Kong; Fudan University; University of Macau
摘要：We offer a new anchoring explanation for the ex-day abnormal returns of stock distributions, including stock dividend distributions, splits, and reverse splits. We propose that investors tend to anchor on cum-day prices in valuating ex-distribution stocks, resulting in a positive association between ex-day returns and adjustment factors. We find that this positive return-factor relation exists for all three types of stock distributions and in both the pre- and post-decimalization periods. Furt...
-
作者：Dhanorkar, Suvrat
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Recently, online matching platforms (e.g., Craigslist, FreeCycle, Gumtree) have enabled consumers to directly connect with each other to buy/sell used consumer goods (electronics, furniture, packaging, etc.) that would have otherwise ended up in the waste stream. Such matching platforms can facilitate the creation of consumer-to-consumer (C2C) closed-loop supply chains (CLSCs) for used goods, which can enhance product reuse and limit reliance on recycling and disposal alternatives. Yet, the tr...
-
作者：Bodnar, Gordon M.; Giambona, Erasmo; Graham, John R.; Harvey, Campbell R.
作者单位：Johns Hopkins University; Syracuse University; Duke University; National Bureau of Economic Research
摘要：Why do firms manage risk? According to various theories, firms hedge to mitigate credit rationing, to alleviate information asymmetry, and to reduce the risk of financial distress. However, empirical support for these theories is mixed. Our paper addresses the why by directly asking the managers that make risk management decisions. Our results suggest that personal risk aversion in combination with other executive traits plays a key role in hedging. Our analysis also indicates that risk-averse...
-
作者：Chung, Doug J.; Kim, Byungyeon; Park, Byoung G.
作者单位：Harvard University; State University of New York (SUNY) System; University at Albany, SUNY
摘要：This paper evaluates the short- and long-term value of sales representatives' detailing visits to different types of physicians. By understanding the dynamic effect of sales calls across heterogeneous physicians, we provide guidance on the design of optimal call patterns for route sales. The findings reveal that the long-term persistence effect of detailing is more pronounced for specialist physicians, whereas the contemporaneous marginal effect is higher for generalists. The paper also provid...
-
作者：Lyu, Guodong; Cheung, Wang-Chi; Chou, Mabel; Teo, Chung Piaw; Zheng, Zhichao; Zhong, Yuanguang
作者单位：National University of Defense Technology - China; National University of Singapore; National University of Singapore; National University of Singapore; Singapore Management University; South China University of Technology
摘要：In many production environments, a fixed network of capacity is shared flexibly between multiple products with random demands. What is the best way to configure the capacity of the production network and to allocate the available capacity to meet predetermined fill rate requirements? We develop a new approach for network capacity configuration and allocation and characterize the relationship between the capacity of the network and the attainable fill rate levels for the products, taking into a...
-
作者：Zhang, Dennis J.; Dai, Hengchen; Dong, Lingxiu; Wu, Qian; Guo, Lifan; Liu, Xiaofei
作者单位：Washington University (WUSTL); University of California System; University of California Los Angeles; Alibaba Group
摘要：We study the value of short-lived and experientially oriented pop-up stores, a popular type of omnichannel retail strategy, on both retailers that participate in pop-up store events and retailing platforms that host these retailers. We conduct a large-scale, randomized field experiment with Alibaba Group involving approximately 800,000 customers. We randomly assign customers to either receive a message about an upcoming weeklong pop-up store event organized by Alibaba's business-to-consumer pl...
-
作者：Kabul, Mustafa O.; Parlakturk, All K.
作者单位：SAS Institute Inc; University of North Carolina; University of North Carolina Chapel Hill
摘要：We consider a decentralized supply chain consisting of a retailer and a supplier that serves forward-looking consumers in two periods. In each period, the supplier and the retailer dynamically set the wholesale and retail price to maximize their own profits. The consumers are heterogeneous in their evaluations of the product and are strategic in deciding whether and when to buy the product, choosing the option that maximizes their utility, including waiting for a price markdown. We derive the ...
-
作者：Liu, Hong; Wang, Yajun
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We study the impact of short-sale constraints on market prices and liquidity in imperfectly competitive markets in which market makers have market power. In contrast to the existing literature, we show that because competition is imperfect, short-sale constraints decrease bid prices, increase ask prices, and drive up bid-ask spread volatility, with or without information asymmetry. If market makers are risk neutral, then short-sale constraints do not affect ask prices or ask depths. In additio...
