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作者：Mazar, Nina; Shampanier, Kristina; Ariely, Dan
作者单位：University of Toronto; Analysis Group Inc.; Duke University
摘要：A number of retailers offer gambling-or lottery-type price promotions with a chance to receive one's entire purchase for free. Although these retailers seem to share the intuition that probabilistic free price promotions are attractive to consumers, it is unclear how they compare to traditional sure price promotions of equal expected monetary value. We compared these two risky and sure price promotions for planned purchases across six experiments in the field and in the laboratory. Together, w...
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作者：Bhojraj, Sanjeev; Sengupta, Partha; Zhang, Suning
作者单位：Cornell University; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Iowa
摘要：In this study, we examine the role of restructuring charges in the existence and subsequent weakening of the widely documented accrual anomaly. We find that prior to 2003, the significant positive abnormal hedge returns experienced by accrual based strategies were influenced by a subset of firms with high restructuring charges. After 2003, with the introduction of the Statement of Financial Accounting Standards No. 146 changing the accounting for restructuring charges, restructuring firms no l...
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作者：Gallino, Santiago; Moreno, Antonio; Stamatopoulos, Ioannis
作者单位：Dartmouth College; Northwestern University
摘要：We study the effects of the introduction of cross-channel functionalities on the overall sales dispersion of retailers and the implications of these effects for inventory management. To do that, we analyze data from a leading U.S. retailer who introduced a ship-to-store (STS) functionality that allows customers to ship products to their local store free of charge when those products are not available in their local store. Based on the fact that stores prioritize carrying products for which loc...
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作者：Li, Meng; Petruzzi, Nicholas C.; Zhang, Jun
作者单位：Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Fudan University
摘要：Overconfidence is one of the most consistent, powerful, and widespread cognitive biases affecting decision making in situations characterized by random outcomes. In this paper, we study the effects and implications of overconfidence in a competitive newsvendor setting. In this context, overconfidence is defined as a cognitive bias in which decision makers behave as though the outcome of an uncertain event is less risky than it really is. This bias unequivocally leads to a lower expected profit...
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作者：Bradley, Daniel; Kim, Incheol; Tian, Xuan
作者单位：State University System of Florida; University of South Florida; Fordham University; Indiana University System; Indiana University Bloomington; Tsinghua University
摘要：We examine the effect of unionization on firm innovation, using a regression discontinuity design that relies on locally exogenous variation generated by elections that pass or fail by a small margin of votes. Passing a union election results in an 8.7% (12.5%) decline in patent quantity (quality) three years after the election. A reduction in R&D expenditures, reduced productivity of inventors, and departures of innovative inventors appear to be plausible underlying mechanisms through which u...
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作者：Du, Zaichao; Escanciano, Juan Carlos
作者单位：Southwestern University of Finance & Economics - China; Indiana University System; Indiana University Bloomington
摘要：The Basel Committee on Banking Supervision (BIS) has recently sanctioned expected shortfall (ES) as the market risk measure to be used for banking regulatory purposes, replacing the well-known value at risk (VaR). This change is motivated by the appealing theoretical properties of ES as a measure of risk and the poor properties of VaR. In particular, VaR fails to control for tail risk. In this transition, the major challenge faced by financial institutions is the unavailability of simple tools...
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作者：Hoisl, Karin; Mariani, Myriam
作者单位：University of Mannheim; Copenhagen Business School; Bocconi University; Bocconi University
摘要：This study examines differences in income and job performance between women and men in creative, highly skilled jobs tasked with achieving technological inventions. By building on data pertaining to 9,692 inventors from 23 countries, this study shows that female inventors represent only 4.2% of total inventors, and they earn about 14% less than their male peers. The gap persists even when controlling for sources of heterogeneity, the selection of inventors into types of jobs and tasks, and pot...
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作者：Yang, Zihui; Zhou, Yinggang
作者单位：Sun Yat Sen University; Xiamen University; Xiamen University
摘要：We identify networks of volatility spillovers and examine time-varying spillover intensities with daily implied volatilities of U.S. Treasury bonds, global stock indices, and commodities. The U.S. stock market is the center of the international volatility spillover network, and its volatility spillover to other markets has intensified since 2008. Moreover, U.S. quantitative easing alone explains 40%-55% of intensifying spillover from the United States. The addition of interest rate and currenc...
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作者：Koester, Allison; Shevlin, Terry; Wangerin, Daniel
作者单位：Georgetown University; University of California System; University of California Irvine; Michigan State University; Michigan State University's Broad College of Business
摘要：Most prior studies model tax avoidance as a function of firm-level characteristics and do not consider how individual executive characteristics affect tax avoidance. This paper investigates whether executives with superior ability to efficiently manage corporate resources engage in greater tax avoidance. Our results show that moving from the lower to upper quartile of managerial ability is associated with a 3.15% (2.50%) reduction in a firm's one-year (five-year) cash effective tax rate. We ex...
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作者：Jing, Bing
摘要：In a two-period vertical duopoly, we examine how behavior-based price discrimination (BPD) affects the firms' endogenous quality differentiation and profits. The firms' relative production efficiency, defined as the ratio between their unit cost difference and quality difference, plays a crucial role. With exogenous product qualities, BPD always decreases the profits of the more efficient firm, but increases those of the sufficiently less efficient firm. Anticipating its period 2 disadvantage ...
