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作者：Bhattacharya, Utpal; Kuo, Wei-Yu; Lin, Tse-Chun; Zhao, Jing
作者单位：Hong Kong University of Science & Technology; National Chengchi University; National Chengchi University; University of Hong Kong; Hong Kong Polytechnic University
摘要：Do superstitious traders lose money? We answer this question in the context of trading in the Taiwan Futures Exchange, where we exploit the Chinese superstition that the number 8 is lucky and the number 4 is unlucky. We find that individual investors, but not institutional investors, submit disproportionately more limit orders at 8 than at 4. This imbalance, defined as the superstition index for each investor, is positively correlated with trading losses. Superstitious investors lose money mai...
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作者：Xu, Linli; Silva-Risso, Jorge M.; Wilbur, Kenneth C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of California System; University of California Riverside; University of California System; University of California San Diego
摘要：In light of recent calls for further validation of structural models, this paper evaluates the popular dynamic quality ladder (DQL) model using a nonrandom holdout approach. The model is used to predict data following a regime shift-that is, a change in the environment that produced the estimation data. The prediction performance is evaluated relative to a benchmark vector autoregression (VAR) model across three automotive categories and multiple prediction horizons. Whereas the VAR model perf...
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作者：Kuruzovich, Jason; Etzion, Hila
作者单位：Rensselaer Polytechnic Institute; University of Michigan System; University of Michigan
摘要：The Internet enables sellers to offer products through multiple channels simultaneously. In particular, many sellers utilize online auctions in parallel to an offline channel in which they offer the item for a fixed price. Using search theory, we develop an analytical model for studying sellers' pricing decisions and auction outcomes in the context of such multichannel retailing. Our analytical model provides a framework for studying how characteristics of the demand in an offline retail sales...
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作者：Cai, Jiatu; Chen, Xinfu; Dai, Min
作者单位：Universite Paris Cite; Sorbonne Universite; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National University of Singapore; National University of Singapore
摘要：Capital gains taxation has important implications for investors' portfolio choice decisions. To explore these implications, we develop a continuous time investment and consumption model with capital gains tax, Epstein-Zin recursive utility, and regime switching. We find that various factors, such as tax rate, risk aversion, interest rate, stock return, and volatility, jointly affect optimal portfolio allocation, whereas intertemporal substitution does not. In a regime switching market, investo...
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作者：Lam, Henry
作者单位：University of Michigan System; University of Michigan
摘要：Procedures in assessing the impact of serial dependency on performance analysis are usually built on parametrically specified models. In this paper, we propose a robust, nonparametric approach to carry out this assessment, by computing the worst-case deviation of the performance measure due to arbitrary dependence. The approach is based on optimizations, posited on the model space, that have constraints specifying the level of dependency measured by a nonparametric distance to some nominal ind...
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作者：Markopoulos, Panos M.; Hosanagar, Kartik
作者单位：University of Cyprus; University of Pennsylvania
摘要：New technologies such as product simulators and virtual reality now allow firms to provide realistic product usage experiences and reduce buyer uncertainty about product quality. We argue that today's firms should view product design and investments to reduce buyer uncertainty as an integrated process, which is in turn influenced by how much information buyers can obtain from third-party infomediaries. We introduce a game-theoretic model of a competitive market where both quality production an...
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作者：Starr, Evan; Balasubramanian, Natarajan; Sakakibara, Mariko
作者单位：University System of Maryland; University of Maryland College Park; Syracuse University; University of California System; University of California Los Angeles
摘要：This paper examines how the enforceability of noncompete covenants affects the creation, growth, and survival of spinouts and other new entrants. The impact of noncompete enforceability on new firms is ambiguous, since noncompetes reduce knowledge leakage but impose hiring costs. However, we posit that enforceability screens formation of within-industry spinouts (WSOs) relative to non-WSOs by dissuading founders with lower human capital. Using data on 5.5 million new firms, we find greater enf...
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作者：Shunko, Masha; Niederhoff, Julie; Rosokha, Yaroslav
作者单位：University of Washington; University of Washington Seattle; Syracuse University; Purdue University System; Purdue University
摘要：Using behavioral experiments, we study the impact of queue design on worker productivity in service systems that involve human servers. Specifically, we consider two queue design features: queue structure, which can be either parallel queues (multiple queues with a dedicated server per queue) or a single queue (a pooled queue served by multiple servers), and queue-length visibility, which can provide either full or blocked visibility. We find that (1) the single-queue structure slows down the ...
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作者：Zhang, Laurina
作者单位：Western University (University of Western Ontario)
摘要：Digitization has impacted firm profitability in many media industries by lowering the cost of copying and sharing creative works. I examine the impact of digital rights management (DRM), a prevalent strategy used by firms in media industries to address piracy concerns, on music sales. I exploit a natural experiment, where different labels remove DRM from their entire catalogue of music at different times, to examine whether relaxing an album's sharing restrictions increases sales. Using a larg...
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作者：Westermann, Ramona
作者单位：Copenhagen Business School
摘要：This paper investigates the joint effects of manager-shareholder agency conflicts and macroeconomic risk on corporate policies and firm value. I first derive the implications of a structural model of a firm with assets in place and an investment opportunity, run by a self-interested manager who captures part of the firm's net income as private benefits. The model implies that dynamic aggregate agency costs are driven by firms in the upper half of the distribution of private benefits. Managers ...
