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作者：Fos, Vyacheslav
作者单位：Boston College
摘要：Using a manually collected data set of all proxy contests from 1994 through 2012, I show that proxy contests play an important role in hostile corporate governance. Target shareholders benefit from proxy contests: the average abnormal returns reach 6.5% around proxy contest announcements. Proxy contests that address firms' business strategies and undervaluation are most beneficial for shareholders. By contrast, proxy contests that aim at changing capital structure and governance do not lead to...
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作者：Serpa, Juan Camilo; Krishnan, Harish
作者单位：McGill University; University of British Columbia
摘要：The use of business insurance has been traditionally studied in a single-firmsetting, but in reality preventing operational accidents involves the (unobservable) efforts of multiple firms. We show that, in a multifirm setting, insurance can be used strategically as a commitment mechanism to prevent excessive free riding by other firms. In the presence of wealth imbalances, contracts alone leave wealth-constrained firms with inefficiently low incentives to exert effort (because of limited liabi...
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作者：Godes, David
作者单位：University System of Maryland; University of Maryland College Park
摘要：We investigate the equilibrium relationship between product quality and word-of-mouth (WOM) communication. Specifically, we ask whether firms should optimally produce better products when consumers are more likely to exchange information. The critical moderating factor in our model is the nature of the communication and what its primary impact is. We first look at WOM that expands awareness of a product. We show that quality may either increase or decrease as WOM expands. The answer depends, i...
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作者：Levi, Retsef; Perakis, Georgia; Romero, Gonzalo
作者单位：Massachusetts Institute of Technology (MIT); University of Toronto
摘要：We study the problem faced by a central planner trying to increase the consumption of a good, such as new malaria drugs in Africa. The central planner allocates subsidies to its producers, subject to a budget constraint and endogenous market response. The policy most commonly implemented in practical applications of this problem is uniform, in the sense that it allocates the same per-unit subsidy to every firm, primarily because of its simplicity and perceived fairness. Surprisingly, we identi...
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作者：Fay, Scott; Zeithammer, Robert
作者单位：Syracuse University; University of California System; University of California Los Angeles
摘要：In a name-your-own-price (NYOP) auction, consumers bid for a product or service. If a bid exceeds the concealed threshold price, the consumer receives the product at her bid price. This paper examines how to optimize the interactions between the NYOP retailer and service providers, while, at the same time, managing the bid acceptance rates in order to induce the desired consumer bidding behavior. Channel profit is impacted by how the retailer decides whether or not a given consumer bid will be...
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作者：Kutzner, Florian L.; Read, Daniel; Stewart, Neil; Brown, Gordon
作者单位：Ruprecht Karls University Heidelberg; University of Warwick; University of Warwick
摘要：Many decision makers seek to optimize choices between uncertain options such as strategies, employees, or products. When performance targets must be met, attending to observed past performance is not enough to optimize choices-option uncertainty must also be considered. For example, for stretch targets that exceed observed performance, more uncertain options are often better bets. A significant determinant of option uncertainty is sample size: for a given option, the smaller the sample of info...
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作者：Kou, Steven; Yu, Cindy; Zhong, Haowen
作者单位：National University of Singapore; National University of Singapore; Iowa State University; Columbia University
摘要：We attempt to answer two questions in this paper: (i) How did jumps in equity returns change after the 2008-2009 financial crisis-in particular, were there significant changes in jump rates or in jump sizes, or both? (ii) Can the performance of affine jump-diffusion models be improved if jump sizes are larger, i.e., jumps with tails heavier than those of the normal distribution? To answer the second question, we find that a simple affine jump-diffusion model with both stochastic volatility and...
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作者：Pan, Yihui
作者单位：Utah System of Higher Education; University of Utah
摘要：I estimate a model of executive-firm matching, in which both components of the executive labor market outcome-the assignment of managers to firms and the cross-sectional distribution of executive pay-are endogenously determined. Results in this paper reveal the importance of match specificity in productivity, driven by complementarities between firm and manager attributes. Therefore, one reason that larger, more diversified, research-intensive firms pay their executives more is because they ar...
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作者：Englmaier, Florian; Roider, Andreas; Sunde, Uwe
作者单位：University of Munich; University of Regensburg
摘要：In corporate practice, incentive schemes are often complicated even for simple tasks. Hence, the way they are communicated might matter. In a natural field experiment, we study a minimally invasive change in the communication of a well-established incentive scheme-a reminder regarding the piece rate at the beginning of the shift. The experiment was conducted in a large firm where experienced managers work in a team production setting and where incentives for both quantity and quality of output...
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作者：Larkin, Yelena; Leary, Mark T.; Michaely, Roni
作者单位：York University - Canada; Washington University (WUSTL); National Bureau of Economic Research; Cornell University
摘要：It is widely documented that managers strive to maintain smooth dividends. Yet, it is not clear if this behavior reflects investors' preferences. In this paper, we study whether investors indeed value dividend-smoothing stocks differently by exploring the implications of dividend smoothing for firms' investor clientele, stock prices, and cost of capital. We find that retail investors are less likely to hold dividend-smoothing stocks, while institutional investors, and especially mutual funds, ...
