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作者：Zhang, Hao; Kong, Guangwen; Rajagopalan, Sampath
作者单位：University of British Columbia; University of Minnesota System; University of Minnesota Twin Cities
摘要：We investigate the performance of two commonly used pricing schemes-hourly-rate contract and two-part tariff-in service environments where the buyer's valuation is invisible to the service provider and the provider's effort may not be visible to the buyer. In the private effort environment, we further distinguish between situations where the contract may be based on the outcome or on the effort reported by the provider. We show that under the two-part tariff, when effort is private, the provid...
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作者：Nicolaou, Nicos; Patel, Pankaj C.; Wolfe, Marcus T.
作者单位：University of Warwick; University of Cyprus; Villanova University; University of Oklahoma System; University of Oklahoma - Norman
摘要：Does testosterone increase the tendency to engage in self-employment? The results presented to date have been mixed. Using three different studies, we provide additional evidence on the relationship between testosterone and self-employment. Drawing on a cross section of 2,146 individuals (1,178 males and 968 females) from the National Health and Nutrition Examination Surveys' 2011-2012 sample, and controlling for endogeneity (with red blood cell count, percentage hematocrit, and zinc supplemen...
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作者：Bolton, Gary E.; Katok, Elena
作者单位：University of Texas System; University of Texas Dallas
摘要：What is the most credible way to convey the risk in expert forecasts to the nonexpert decision makers who use the forecast? We test two ways to communicate this information: provide an unequivocal recommendation or equivocate by providing the probability of the uncertain event of interest. We use a simple game in which human subjects (the forecast users) decide whether to take a risk of a loss or pay a cost to avoid the risk. We find that the influence of forecast information differs depending...
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作者：Baldiga, Nancy R.; Coffman, Katherine B.
作者单位：College of the Holy Cross; Harvard University
摘要：Sponsorship programs have been proposed as one way to promote female advancement in competitive career fields. A sponsor is someone who advocates for a protege, and in doing so, takes a stake in her success. We use a laboratory experiment to explore two channels through which sponsorship has been posited to increase advancement in a competitive workplace. In our setting, being sponsored provides a vote of confidence and/or creates a link between the protege's and sponsor's payoffs. We find tha...
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作者：Hirshleifer, David; Jian, Ming; Zhang, Huai
作者单位：University of California System; University of California Irvine; Nanyang Technological University
摘要：In Chinese culture, certain digits are lucky and others unlucky. We test how such numerological superstition affects financial decision in the China initial public offering (IPO) market. We find that the frequency of lucky numerical stock listing codes exceeds what would be expected by chance. Also consistent with superstition effects, newly listed firms with lucky listing codes experience inferior post-IPO abnormal returns. Further tests suggest that our conclusions are not driven by endogene...
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作者：Keck, Steffen; Tang, Wenjie
作者单位：University of Vienna; National University of Singapore; National University of Singapore
摘要：We explore the joint effects of group decision making and group gender composition on the calibration of confidence judgments. Participants in two laboratory experiments, individually and in groups of three, stated confidence interval estimates for general-knowledge questions and for financial forecasts. Across both studies, our results reveal that groups with at least one female member are significantly better calibrated than all-male groups. This effect is mediated by the extent to which gro...
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作者：Melkonyan, Tigran; Zeitoun, Hossam; Chater, Nick
作者单位：University of Warwick
摘要：How do firms manage to collude without communicating? Why do we find more collusion in price competition than in quantity competition? Why is collusion so hard to detect? We examine strategic behavior in competitive interactions by developing and applying the concept of virtual bargaining. When decision makers virtually bargain, they mentally simulate, and choose among, agreements that they could reach if they were able to explicitly negotiate with each other. Virtual bargainers focus on agree...
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作者：Bouvard, Matthieu; Levy, Raphael
作者单位：McGill University; Hautes Etudes Commerciales (HEC) Paris
摘要：In a market where sellers solicit certification to overcome asymmetric information, we show that the profit of a monopolistic certifier can be hump-shaped in its reputation for accuracy: a higher accuracy attracts high-quality sellers but sometimes repels low-quality sellers. As a consequence, reputational concerns may induce the certifier to reduce information quality, thus depressing welfare. The entry of a second certifier impacts reputational incentives: when sellers only solicit one certi...
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作者：Bali, Turan G.; Bodnaruk, Andriy; Scherbina, Anna; Tang, Yi
作者单位：Georgetown University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of California System; University of California Davis; Brandeis University; Fordham University
摘要：We document that stocks that experience sudden increases in idiosyncratic volatility underperform otherwise similar stocks in the future, and we propose that this phenomenon can be explained by the Miller conjecture [Miller E (1977) Risk, uncertainty, and divergence of opinion. J. Finance 32(4): 1151-1168]. We show that volatility shocks can be traced to unusual firm-level news flow, which temporarily increases the level of investor disagreement about the firm value. At the same time, volatili...
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作者：Li, Jun
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper proposes a unified risk-based explanation for momentum profits and the value premium in a neoclassical investment-based model. Winner firms have higher short-term productivity and hence more negative exposures to the price of investment goods than loser firms as a result of greater investment plans. Value firms have lower long-term productivity and higher operating leverage and hence higher sensitivities to neutral productivity shocks than growth firms. The model reproduces the coex...
