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作者：Menkveld, Albert J.; Yueshen, Bart Zhou
作者单位：Tinbergen Institute; Vrije Universiteit Amsterdam; INSEAD Business School
摘要：A breakdown of cross-market arbitrage activity could make markets more fragile and result in price crashes. We provide suggestive evidence for this novel channel based on a high-frequency analysis of the most salient crash in recent history: The Flash Crash. We further show that such an event can be extremely costly for a large seller trading in a particular venue as the seller effectively relies on local liquidity supply only. These findings highlight the vulnerability of today's highly fragm...
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作者：Anderson, Shannon W.; Kimball, Amanda
作者单位：University of California System; University of California Davis
摘要：Performance measurement systems (PMSs) are used to diagnose and remediate problems, termed the decision-facilitating or feedback role of management control. We examine whether use of PMSs by individual decision makers is associated with better performance. Experimental studies have isolated individual-level effects of feedback on decision quality; however, it is difficult to extend these findings to natural settings. Archival and survey studies offer evidence on the association between the pre...
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作者：Kessler, Judd B.; Milkman, Katherine L.; Zhang, C. Yiwei
作者单位：University of Pennsylvania; University of Pennsylvania; University of Chicago; National Bureau of Economic Research
摘要：What motivates the rich and powerful to exhibit generosity? We explore this important question in a large field experiment. We solicit donations from 32,174 alumni of an Ivy League university, including thousands of rich and powerful alumni. Consistent with past psychology research, we find that the rich and powerful respond dramatically, and differently than others, to being given a sense of agency over the use of donated funds. Gifts from rich and powerful alumni increase by 100%-350% when t...
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作者：Cao, Xiaping; Lemmon, Michael; Pan, Xiaofei; Qian, Meijun; Tian, Gary
作者单位：Sun Yat Sen University; University of Wollongong; Australian National University; Macquarie University
摘要：Both theory and empirical evidence suggest that managers' career concerns can serve as an important source of implicit economic incentives. We examine how incentives for political promotion are related to compensation policy and firm performance in Chinese state-owned enterprises. We find that the likelihood that the CEO receives a political promotion is positively related to firm performance. We also find that CEOs with a higher likelihood of political promotion have lower pay levels and lowe...
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作者：Jacobsen, Ben; Marshall, Ben R.; Visaltanachoti, Nuttawat
作者单位：Tilburg University; Massey University
摘要：Price movements in industrial metals such as copper and aluminum predict stock returns. Increasing industrial metal prices are good news for equity markets in recessions and bad news in expansions. A one-standard-deviation increase in industrial metal returns predicts a price drop of one and a half percent in monthly stock market returns in expansions and an increase of around a half percent during recessions. The predictability is distinct to and compares favorably with that from more establi...
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作者：Kaniel, Ron; Tompaidis, Stathis; Zhou, Ti
作者单位：University of Rochester; Fudan University; Reichman University; Centre for Economic Policy Research - UK; University of Texas System; University of Texas Austin
摘要：We present a model with dynamic investment flows, where fund managers have the ability to generate excess returns, and study how forcing them to commit part or all of their personal wealth to the fund they manage affects fund risk taking. We contrast the behavior of a manager who may invest her personal wealth in a private account to a manager who is either forced to commit her wealth to the fund she manages or not allowed to hold risky assets held by the fund privately. We show that a fund ma...
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作者：Yang, Luyi; Debo, Laurens
作者单位：Johns Hopkins University; Dartmouth College
摘要：The referral priority program-an emerging business practice adopted by a growing number of technology companies that manage a waitlist of customers-enables existing customers on the waitlist to gain priority access if they successfully refer new customers to the waitlist. Unlike more commonly used referral reward programs, this novel mechanism does not offer monetary compensation to referring customers, but leverages customers' own disutility of delays to create referral incentives. Despite th...
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作者：Aggarwal, Ishani; Woolley, Anita Williams
作者单位：Getulio Vargas Foundation; Carnegie Mellon University
摘要：In spite of the recognized importance of team creativity for organizational success, the factors that influence it are not well understood. In this paper, we address an important gap in the literature on the impact of team diversity on team creativity. We show how team cognitive diversity both enhances and inhibits team cognition, or the manner in which information is organized and distributed within the team. We further demonstrate that team cognition is a key mechanism through which cognitiv...
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作者：Montes, Rodrigo; Sand-Zantman, Wilfried; Valletti, Tommaso
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Imperial College London; University of Rome Tor Vergata
摘要：We investigate the effects of price discrimination on prices, profits, and consumer surplus when (a) at least one competing firm can use consumers' private information to price discriminate yet (b) consumers can prevent such use by paying a privacy cost. Unlike a monopolist, competing duopolists do not always benefit from a higher privacy cost because each firm's profit decreases-and consumer surplus increases-with that cost. Under such competition, the optimal strategy for an owner of consume...
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作者：Simchi-Levi, David
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
