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作者：Li, Hui; Shen, Qiaowei; Bart, Yakov
作者单位：Carnegie Mellon University; Peking University; Northeastern University
摘要：We investigate the factors that affect the growth of Groupon, the leading online daily deals platform. We concentrate on the online-to-offline (O2O) aspect of the business that differentiates it from other e-commerce platforms-its strong connection to local markets. We focus on travel cost and store density, the key local characteristics that affect consumer deal demand and merchant deal offering. Using a comprehensive longitudinal data set on deal offerings and sales across local markets, and...
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作者：Rahmandad, Hazhir; Henderson, Rebecca; Repenning, Nelson P.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Recent work suggests that an excessive focus on managing the numbers-delivering quarterly earnings at the expense of longer-term performance-makes it difficult for firms to make the investments necessary to build competitive advantage. Short termism has been blamed for everything from the decline of the U.S. automobile industry to the low penetration of techniques such as total quality management and continuous improvement. Yet a significant body of research suggests that firms that sacrifice ...
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作者：Cheon, Yong-Ho; Lee, Kuan-Hui
作者单位：Incheon National University; Seoul National University (SNU)
摘要：We examine the role of cultural difference in the pricing of positive extreme returns (MAX) for 47,000 stocks from 42 countries from 1990 to 2012. We find that investors overpay for stocks with high MAX and that MAX-premium, the spread from long-short strategy based on low- and high-MAX stocks, is both statistically and economically significant worldwide. The negative relation between idiosyncratic volatility and expected returns, or idiosyncratic volatility puzzle, exists only for stocks with...
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作者：Leung, Ming D.
作者单位：University of California System; University of California Berkeley
摘要：We know a job applicant's social category affects an employer's likelihood of hiring the applicant, but we do not know whether, or how, employers update their beliefs regarding these social categories. I portray hiring as a cognitive decision and examine how prior negative and positive hiring experiences of employees from particular countries affect an employer's subsequent likelihood of hiring applicants from those countries. I hypothesize that employer reactions will reflect loss aversion-th...
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作者：Clingingsmith, David; Shane, Scott
作者单位：University System of Ohio; Case Western Reserve University
摘要：Accredited investors finance more than 75,000 U.S. startups annually. We explain how training aspiring entrepreneurs to pitch their new business ideas to these investors affects their odds of continued funding discussions. We model accredited investors' decision to continue investigation as a real option whose value is a function of their experience and the information contained in the entrepreneurs' pitches. We derive four hypotheses from the model, which we test through a field experiment th...
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作者：Illeditsch, Philipp Karl
作者单位：University of Pennsylvania
摘要：I decompose inflation risk into (i) a component that is correlated with factors that determine investors' preferences and investment opportunities and real returns on real assets with risky cash flows (stocks, corporate bonds, real estate, commodities, etc.), and (ii) a residual inflation risk component. In equilibrium, only the first component earns a risk premium. Therefore, investors should avoid exposure to the residual component. All nominal bonds, including money-market accounts, have co...
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作者：Bergman, David; Cire, Andre A.
作者单位：University of Connecticut; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：This paper investigates a decomposition approach for binary optimization problems with nonlinear objectives and linear constraints. Our methodology relies on the partition of the objective function into separate low-dimensional dynamic programming (DP) models, each of which can be equivalently represented as a shortest-path problem in an underlying state-transition graph. We show that the associated transition graphs can be related by a mixed-integer linear program (MILP) so as to produce exac...
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作者：Bolton, Gary; Greiner, Ben; Ockenfels, Axel
作者单位：University of Texas System; University of Texas Dallas; Vienna University of Economics & Business; University of Cologne
摘要：Many online markets encourage traders to make good after an unsatisfactory transaction by offering the opportunity to withdraw negative reputational feedback in a dispute resolution phase. Motivated by field evidence and guided by theoretical considerations, we use laboratory markets with two-sided moral hazard to show that this option, contrary to the intended purpose, produces an escalation of dispute. The mutual feedback withdrawal option creates an incentive to leave negative feedback, ind...
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作者：Ehling, Paul; Gallmeyer, Michael; Srivastava, Sanjay; Tompaidis, Stathis; Yang, Chunyu
作者单位：BI Norwegian Business School; University of Virginia; University System of Georgia; Georgia State University; University of Texas System; University of Texas Austin
摘要：We study portfolio choice with multiple stocks and capital gains taxation, assuming that capital losses can only offset current or future realized capital gains. We show, through backtesting using empirical distributions, that optimal equity holdings over an extended period are significantly lower on average than benchmark holdings suggested in the literature. Using value and growth or small and large portfolios, the backtests show that allocations remain persistently underdiversified. Carryov...
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作者：Sun, Peng; Tian, Feng
作者单位：Duke University; University of Michigan System; University of Michigan
摘要：We consider a basic model of a risk-neutral principal incentivizing a risk-neutral agent to exert effort to raise the arrival rate of a Poisson process. The effort is costly to the agent, is unobservable to the principal, and affects the instantaneous arrival rate. Each arrival yields a constant revenue to the principal. The principal, therefore, devises a mechanism involving payments and a potential stopping time to motivate the agent to always exert effort. We formulate this problem as a sto...
