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作者：Danilov, Anastasia; Sliwka, Dirk
作者单位：University of Cologne
摘要：We investigate whether incentive schemes signal social norms and thus affect behavior beyond their direct economic consequences. A one-shot principal-agent experiment is studied where prior to contract choice principals are informed about the past actions of other agents and thus have more information about norms of behavior. Compared with a setting in which principals are uninformed, agents exert substantially higher effort under a fixed wage contract when they are aware that an informed prin...
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作者：Bulte, Erwin; Lensink, Robert; Nhung Vu
作者单位：Wageningen University & Research; University of Groningen; Can Tho University
摘要：We use a randomized control trial to evaluate the impact of a business training for female clients of a microfinance institution in northern Vietnam, and we consider the impact on (i) business knowledge, (ii) practices, and (ii) outcomes, as well as (iv) firm entry and exit decisions. In addition, we vary the nature of the intervention by inviting husbands to participate in the trainings for a subsample of our respondents. To gauge both short-termand medium-termeffects, we combine data from tw...
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作者：Sahni, Navdeep S.; Zou, Dan; Chintagunta, Pradeep K.
作者单位：Stanford University; University of Chicago
摘要：The prevalence and widespread usage of email has given businesses a direct and cost-effective way of providing consumers with targeted discount offers. While these discounts are expected to increase the demand for the promoted products, are they effective in increasing revenues? Do they have effects beyond acting as price reductions? We study these questions using individual-level data from 70 randomized experiments run by a large online ticket resale platform. We estimate the redemption rates...
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作者：Iancu, Dan A.; Trichakis, Nikolaos; Tsoukalas, Gerry
作者单位：Stanford University; Harvard University; University of Pennsylvania
摘要：We study the inefficiencies stemming from a firm's operating flexibility under debt. We find that flexibility in replenishing or liquidating inventory, by providing risk-shifting incentives, could lead to borrowing costs that erase more than one-third of the firm's value. In this context, we examine the effectiveness of practical and widely used covenants in restoring firm value by limiting such risk-shifting behavior. We find that simple financial covenants can fully restore value for a firm ...
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作者：Danis, Andras
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：In this paper, I examine the effect of credit default swaps (CDSs) on the restructuring of distressed firms. Using a sample of U.S. distressed exchange offers during the period 2006-2011, I show that the participation rate among bondholders is significantly lower if the firm has CDSs traded on its debt. To address endogeneity concerns, I use the introduction of the Big Bang Protocol as a natural experiment. The results suggest that firms with CDSs find it difficult to reduce debt out of court....
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作者：Evers, Ellen R. K.; Inbar, Yoel; Blanken, Irene; Oosterwijk, Linda D.
作者单位：University of California System; University of California Berkeley; University of Toronto; Tilburg University
摘要：For a policy to succeed, it must not only be effective in changing behavior but must also be accepted by stakeholders. Here, we report seven sets of studies demonstrating strong framing effects on the acceptance of equivalent policies. Policies targeting desirable voluntary behavior are preferred when they are framed as advantaging those who act desirably (rather than disadvantaging those who do not). Conversely, policies targeting obligations are preferred when they are framed as disadvantagi...
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作者：Jiang, Baojun; Narasimhan, Chakravarthi; Turut, Ozge
作者单位：Washington University (WUSTL); Sabanci University
摘要：When a firm introduces a product with new features, some consumers may find it difficult to assess their valuations for these new attributes. Their purchase decisions made under such uncertainty may lead to postpurchase regret. It has been experimentally shown that consumers may anticipate their potential postpurchase regret and make their current choices to mitigate or minimize it. That is, a consumer's anticipated regret can significantly impact his purchase decision. Given the trend that fi...
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作者：Bali, Turan G.; Engle, Robert F.; Tang, Yi
作者单位：Georgetown University; New York University; Fordham University
摘要：This paper presents evidence for a significantly positive link between the dynamic conditional beta and the cross section of daily stock returns. An investment strategy that takes a long position in stocks in the highest conditional beta decile and a short position in stocks in the lowest conditional beta decile produces average returns and alphas in the range of 0.60%-0.80% per month. We provide an investor attention-based explanation of this finding. We show that stocks with high conditional...
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作者：Hellmann, Thomas; Wasserman, Noam
作者单位：University of Oxford; Harvard University; University of Southern California
摘要：We examine the trade-off between efficiency and equality within the context of entrepreneurial founding teams. Using a formal theory where founders may have preferences over relative outcomes, we derive predictions about the antecedents and consequences of dividing equity equally among all founders. Using proprietary survey data, we empirically test the predictions. Our central finding is that teams that split equity equally are less likely to raise funds from outside investors. The relationsh...
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作者：Bodur, Merve; Luedtke, James R.
作者单位：University of Toronto; University of Wisconsin System; University of Wisconsin Madison
摘要：We study server scheduling in multiclass service systems under uncertainty in the customer arrival volumes. Common practice in such systems is to first identify staffing levels and then determine schedules for the servers that cover these levels. We propose a new stochastic integer programming (SIP) model that integrates these two decisions, which can yield lower scheduling costs by exploiting the presence of alternative server configurations that yield similar quality of service. We find that...
