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作者：Amaldoss, Wilfred; He, Chuan
作者单位：Duke University; University of Colorado System; University of Colorado Boulder
摘要：Products such as Nike running shoes, Gillette razors, and Gatorade sports drink serve as the standard against which consumers evaluate other members of the category. Empirical evidence suggests that consumers care about not only the consumption utility derived from a product, but also the gain-loss utility in comparison to the reference product of the category. This paper examines how reference-dependent utility affects price competition in a horizontally differentiated market where consumers'...
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作者：Nadler, Amos; Jiao, Peiran; Johnson, Cameron J.; Alexander, Veronika; Zak, Paul J.
作者单位：Western University (University of Western Ontario); University of Oxford; Claremont Colleges; Claremont Graduate University; Claremont Colleges; Claremont Graduate University; Loma Linda University
摘要：Growing evidence shows that biological factors affect individual financial decisions that could be reflected in financial markets. Testosterone, a chemical messenger especially influential in male physiology, has been shown to affect economic decision making and is taken as a performance enhancer among some financial professionals. This is the first experimental study to test how testosterone causally affects trading and prices. We exogenously elevated testosterone in male traders and tested t...
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作者：Meng, Juanjuan; Weng, Xi
作者单位：Peking University
摘要：There has been recent debate about whether prospect theory can explain the disposition effect. Using both theory and simulation, this paper shows that prospect theory often predicts the disposition effect when lagged expected final wealth is the reference point under the principle of preferred personal equilibrium, regardless of whether the reference point is updated or not. When initial wealth is the reference point, however, there is often no disposition effect. Models that use a reference p...
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作者：Ben Rhouma, Tarek; Zaccour, Georges
作者单位：Universite de Montreal; Universite de Montreal; HEC Montreal
摘要：In this paper, we propose a diffusion model for a subscription service. The evolution over time of the number of subscribers is governed by a differential equation combining two processes-namely, a customer acquisition process and a customer attrition process. Assuming profit-maximization behavior of the firm, we use dynamic programming to optimize the customer equity and determine optimal customer relationship marketing expenditures. We implement an augmented Kalman filter with continuous sta...
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作者：Ferreira, Miguel A.; Massa, Massimo; Matos, Pedro
作者单位：Universidade Nova de Lisboa; INSEAD Business School; University of Virginia
摘要：We investigate whether mutual funds whose investors and stocks are decoupled (i.e., investor location does not coincide with that of the stock holdings) benefit from a natural hedge as they have fewer outflows during market downturns and fewer inflows during upturns. Using a sample of equity mutual funds from 26 countries, we find that funds with higher investor-stock decoupling exhibit higher performance, and this is more pronounced during the 2007-2008 financial crisis. We also find that dec...
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作者：Balasubramanian, Natarajan; Lee, Jeongsik; Sivadasan, Jagadeesh
作者单位：Syracuse University; Drexel University; University of Michigan System; University of Michigan
摘要：Deadlines are often used to manage the time of valuable human capital. In this multimethod paper, we propose a theoretical framework grounded in a formal model that encapsulates the key drivers and consequences of deadline-related time pressures on workflows, task sorting, and work quality. We use large-scale data on patent filings, along with insights from primary data collection, to test our hypotheses. In line with our predictions, we find clustering of patent filings around month-ends, wit...
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作者：Behr, Patrick; Kisgen, Darren J.; Taillard, Jerome P.
作者单位：Boston College; Babson College
摘要：Securities and Exchange Commission (SEC) regulations in 1975 gave select rating agencies increased market power by increasing both barriers to entry and the reliance on ratings for regulations. We test whether these regulations led to ratings inflation. We find that defaults and negative financial changes are more likely for firms given the same rating if the rating was assigned after the SEC action. Furthermore, firms initially rated Baa in the post-regulation period are 19% more likely to be...
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作者：Huffman, David; Bognanno, Michael
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; IZA Institute Labor Economics; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：A previous literature cautions that paying workers for performance might crowd out nonmonetary motives towork hard. Empirical evidence from the field, however, has been based on between-subjects designs that are best suited for detecting crowding out due to low-powered incentives. High-powered incentives in the workplace tend to increase output, but it is unknown whether this masks crowding out. This paper uses a within-subject experimental design and finds evidence that crowding out also exte...
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作者：Kausar, Asad
作者单位：Nanyang Technological University
摘要：This paper examines whether earnings levels predict future returns distinct from earnings changes. I find that the predictive ability of earnings levels is subsumed by and is not incremental to the predictive ability of earnings changes. Specifically, I find that trading strategies based on net income, operating profitability, and gross profitability do not earn significant abnormal returns after controlling for earnings changes. My evidence suggests that these anomalies are an artifact of pos...
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作者：LaRiviere, Jacob; McMahon, Matthew; Neilson, William
作者单位：Microsoft; University of Arkansas System; University of Arkansas Little Rock; University of Arkansas Fayetteville; University of Tennessee System; University of Tennessee Knoxville
摘要：Two competing principal-agent models explain why firms pay dividends. The substitute model proposes that corporate insiders pay dividends to signal and build trust with outside shareholders who lack legal protection. The outcome model, in contrast, surmises that when shareholders have legal protection, they demand dividends from insiders to prevent them from expropriating corporate funds. Either way, dividends represent an agency cost paid to align the interests of shareholders and insiders. E...
