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作者：Candogan, Ozan; Pekec, Sasa
作者单位：University of Chicago; Duke University
摘要：We introduce feature valuations, a new class of valuations that compactly capture preferences of agents who value items based on the features they possess. Such preferences are relevant in many important practical settings, such as Internet advertising markets (where impressions have associated attributes), labor markets (where workers' skills/titles correspond to features), and long-term bond markets (where coupon payments can be associated with features). We focus on settings where features ...
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作者：Chemmanur, Thomas J.; Fedaseyeu, Viktar
作者单位：Boston College; Bocconi University; Bocconi University
摘要：We model a corporate board evaluating a chief executive officer (CEO) of uncertain management ability. Each director receives a noisy private signal about CEO ability, after which directors discuss this ability and vote to retain or replace the CEO. Directors care about true CEO ability, since it affects their equity holding values; however, a CEO may impose costs of dissent on a director who votes to fire but fails to oust her. We relate the equilibrium CEO firing decision to board size, boar...
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作者：Chen, Bin R.; Li, Sanxi
作者单位：Sun Yat Sen University; Renmin University of China
摘要：We study a two-stage model in which the agent's ability is initially unknown to any party, but the principal can choose a prehire screening scheme to discover the agent's ability before offering a contract. Perfect screening enables the principal to fine-tune the contract to the agent's ability, but it also prevents her from enforcing a contract that is contingent on subjective interim performance measures. Given that interim performance measures are critical for motivating first-stage effort,...
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作者：Beck, Thorsten; Ioannidou, Vasso V.; Schaefer, Larissa
作者单位：University of London; City St Georges, University of London; Lancaster University; Centre for Economic Policy Research - UK; Frankfurt School Finance & Management
摘要：Can distance-related information asymmetries in credit markets be overcome with contract design and credit scoring models? To answer this question, we explore differences in foreign and domestic banks' credit contract terms and pricing models. Using a sample of firms that borrow from both domestic and foreign banks in the same month, we show that foreign banks are more likely to demand collateral and grant shorter maturity loans than domestic banks. Foreign banks also base their pricing on int...
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作者：Maglaras, Costis; Yao, John; Zeevi, Assaf
作者单位：Columbia University
摘要：We study a multiserver queueing model of a revenue-maximizing firm providing a service to a market of heterogeneous price-and delay-sensitive customers with private individual preferences. The firm may offer a selection of service classes that are differentiated in prices and delays. Using a deterministic relaxation, which simplifies the problem by preserving the economic aspects of price-and-delay differentiation while ignoring queueing delays, we construct a solution to the fully stochastic ...
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作者：Khojandi, Anahita; Maillart, Lisa M.; Prokopyev, Oleg A.; Roberts, Mark S.; Saba, Samir F.
作者单位：University of Tennessee System; University of Tennessee Knoxville; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：When a cardiac lead fails, physicians implant a new lead and may opt to extract the failed lead and/or any previously abandoned leads. Because the risk of extraction increases in lead age, physicians may extract leads to reduce the future risk of mandatory extraction, due to either infection or limited space in the vein. We develop discrete-time semi-Markov decision process models for various types of cardiac devices to determine patient-specific, lifetime-maximizing extraction policies as a f...
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作者：Boulding, William; Guha, Abhijit; Staelin, Richard
作者单位：Duke University; University of South Carolina System; University of South Carolina Columbia
摘要：A robust finding in the escalation literature, termed as the preference effect, is that involvement in the period 1 initial project assessment decision increases the tendency for decision makers to stick with a losing course of action during the period 2 project reassessment decision. The proposed solution is to bring in a new decision maker in period 2. Across multiple studies, we show that providing period 1 information in real options format increases the tendency for decision makers to vie...
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作者：Chan, Carri W.; Farias, Vivek F.; Escobar, Gabriel J.
作者单位：Columbia University; Massachusetts Institute of Technology (MIT); Kaiser Permanente
摘要：Mainstream queueing models are frequently employed in modeling healthcare delivery in a number of settings, and they further are used in making operational decisions for the same. The vast majority of these queueing models ignore the effects of delay experienced by a patient awaiting care. However, long delays may have adverse effects on patient outcomes and can potentially lead to a longer length of stay (LOS) when the patient ultimately does receive care. This work sets out to understand the...
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作者：John, Kose; Li, Yuanzhi; Pang, Jiaren
作者单位：New York University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Tsinghua University
摘要：The effect of corporate governance may depend on a firm's financial slack. On one hand, financial slack may be spent by managers for their private benefits; a high level is likely associated with severe agency conflicts. Thus corporate governance matters more for high financial slack firms (i.e., the wasteful spending hypothesis). On the other hand, financial slack provides insurance against future uncertainties; a lowlevel may signal deviations from the best interests of shareholders. Then co...
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作者：Andersen, Steffen; Nielsen, Kasper Meisner
作者单位：Copenhagen Business School; Hong Kong University of Science & Technology
摘要：This study investigates when forced sales of real estate turn into fire sales by using a natural experiment that allows us to separate supply and demand effects: Forced sales result from sudden death of house owners and are thus unrelated to current market conditions. We find that forced sales result in fire sale discounts. Discounts increase when the sale is urgent, market conditions are poor, and the seller is financially constrained. Overall, our study identifies when forced sales lead to f...
