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作者：Hegde, Deepak; Luo, Hong
作者单位：New York University; Harvard University
摘要：In this paper, we study the effect of invention disclosure through patent publication on the market for ideas. We do so by analyzing the effects of the American Inventor's Protection Act of 1999 (AIPA)-which required U.S. patent applications to be published 18 months after their filing date rather than at patent grant-on the timing of licensing deals in the biomedical industry. We find that post-AIPA U.S. patent applications are significantly more likely to be licensed before patent grant and ...
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作者：Lawrence, Alastair; Sloan, Richard; Sun, Estelle
作者单位：University of California System; University of California Berkeley; Boston University
摘要：It is well documented that losses are less persistent than profits and that stock prices anticipate the lower persistence of losses. Yet the underlying explanation for these results is unclear. One explanation lies in the abandonment option, whereby firms with losses are more likely to curtail operations (e.g., Hayn [Hayn C (1995) The information content of losses. J. Accounting Econom. 20(2):125-153]). Another explanation involves timely loss recognition stemming from conservative accounting ...
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作者：Tereyagoglu, Necati; Fader, Peter S.; Veeraraghavan, Senthil
作者单位：University System of Georgia; Georgia Institute of Technology; University of Pennsylvania
摘要：We study the prevalence of multiattribute loss aversion and reference effects in a revenue management setting based on data of individual-level purchases over a series of concert performances. The reference dependence that drives consumer choice is not only based on the price but also on observed sales (as a fraction of the seating capacity) during their past visits. We find that consumers suffer from loss aversion on both prices and seats sold: consumers incur significant utility loss when pr...
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作者：Khurana, Inder K.; Li, Yinghua; Wang, Wei
作者单位：University of Missouri System; University of Missouri Columbia; Arizona State University; Arizona State University-Tempe; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We examine the impact of hedge fund interventions on target firms' strategic behavior, specifically their voluntary disclosure and earnings management strategies. We find a decrease in both the likelihood and the frequency of management earnings forecasts conveying bad news and an increase in the level of real earnings management following interventions by hedge fund activists. Additional evidence suggests that managers substitute between voluntary disclosure and earnings management strategies...
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作者：Song, Hummy; Tucker, Anita L.; Murrell, Karen L.; Vinson, David R.
作者单位：University of Pennsylvania; Boston University; Permanente Medical Groups; Kaiser Permanente
摘要：Public relative performance feedback (RPF) on an individual worker's productivity metrics is used in various organizations with the hopes of improving worker productivity, but its effects are not well understood. We examine whether public RPF could be leveraged to facilitate adoption of best practices in an organization by enabling the validation of best practices shared by identifiable top performers. We use data from two emergency departments, both of which shared best practices for improvin...
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作者：Gurvich, Itai; Van Mieghem, Jan A.
作者单位：Northwestern University
摘要：Motivated by the trend toward more collaboration in workflows, we study networks where some tasks require the simultaneous processing by multiple types of multitasking human or indivisible resources. The capacity of such networks is generally smaller than the bottleneck capacity. In Gurvich and Van Mieghem [Gurvich I, Van Mieghem JA (2015) Collaboration and multitasking in networks: Architectures, bottlenecks, and capacity. Manufacturing Service Oper. Management 17(1): 16-33], we proved that b...
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作者：Bernhardt, Dan; Liu, Tingjun; Marquez, Robert
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Hong Kong; Renmin University of China; University of California System; University of California Davis
摘要：We integrate heterogeneity and uncertainty in investor valuations into a model of takeovers. Investors have dispersed valuations, holding shares in firms they value more highly, and a successful offer must win approval from the median target shareholder. We derive the consequences for an acquiring firm's takeover offer-its size and cash/equity structure-and implications for takeover premia, firm returns, share price dynamics, the probability that a takeover succeeds, and shareholder welfare. W...
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作者：Johnson, Travis L.; So, Eric C.
作者单位：University of Texas System; University of Texas Austin; Massachusetts Institute of Technology (MIT)
摘要：We develop and implement a new measure of information asymmetry among traders. Our measure is based on the intuition that informed traders are more likely than uninformed traders to generate abnormal volume in options or stock markets. We formalize this intuition theoretically and compute the resulting multimarket information asymmetry measure (MIA) for firm-days as a function of unsigned volume totals and without estimating a structural model. Empirically, MIA has many desirable properties: i...
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作者：Agnew, Julie R.; Bateman, Hazel; Eckert, Christine; Iskhakov, Fedor; Louviere, Jordan; Thorp, Susan
作者单位：William & Mary; University of New South Wales Sydney; University of Technology Sydney; Australian National University; University of New South Wales Sydney; University of South Australia; University of Sydney
摘要：We explore how individuals assess the quality of financial advice they receive and how they form judgments about advisers. Using an incentivized discrete choice experiment, we show that first impressions matter: consumers more often follow advisers who dispense good advice before bad. We demonstrate how clients' opinions of adviser quality can be manipulated by using an easily replicated confirmation strategy that depends on the quality of the advice and the difficulty and order of the advice ...
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作者：Schneider, Mark; Day, Robert
作者单位：Chapman University System; Chapman University; University of Connecticut
摘要：Experimental tests of expected-utility theory (EU) have accumulated empirical observations in which the predictions of EU are systematically violated. The cumulative prospect theory (CPT) explains violations such as the Allais paradoxes and fourfold pattern of risk attitudes as resulting from nonlinear probability transformations. Here we show that the classical paradoxes for decisions under risk can be explained with preferences that are linear in probabilities for any choice set and that max...
