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作者：Hilscher, Jens; Wilson, Mungo
作者单位：University of California System; University of California Davis; University of Oxford; University of Oxford
摘要：This paper investigates the information in corporate credit ratings. If ratings are to be informative indicators of credit risk, they must reflect what a risk-averse investor cares about: both raw default probability and systematic risk. We find that ratings are relatively inaccurate measures of raw default probability-they are dominated as predictors of failure by a simple model based on publicly available financial information. However, ratings do contain relevant information since they are ...
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作者：Ang, Erjie; Iancu, Dan A.; Swinney, Robert
作者单位：Facebook Inc; Stanford University; Duke University
摘要：We study sourcing in a supply chain with three levels: a manufacturer, tier 1 suppliers, and tier 2 suppliers prone to disruption from, e.g., natural disasters such as earthquakes or floods. The manufacturer may not directly dictate which tier 2 suppliers are used but may influence the sourcing decisions of tier 1 suppliers via contract parameters. The manufacturer's optimal strategy depends critically on the degree of overlap in the supply chain: if tier 1 suppliers share tier 2 suppliers, re...
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作者：Briceno-Arias, Luis; Correa, Jose R.; Perlroth, Andres
作者单位：Universidad Tecnica Federico Santa Maria; Universidad de Chile
摘要：An important economic problem is that of finding optimal pricing mechanisms to sell a single item when there are a random number of buyers who arrive over time. In this paper, we combine ideas from auction theory and recent work on pricing with strategic consumers to derive the optimal continuous time pricing scheme in this situation. Under the assumption that buyers are split among those who have a high valuation and those who have a low valuation for the item, we obtain the price path that m...
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作者：Ibrahim, Rouba; Armony, Mor; Bassamboo, Achal
作者单位：University of London; University College London; New York University; Northwestern University
摘要：Motivated by the recent interest in making delay announcements in large service systems, such as call centers, we investigate the accuracy of announcing the waiting time of the last customer to enter service (LES). In practice, customers typically respond to delay announcements by either balking or by becoming more or less impatient, and their response alters system performance. We study the accuracy of the LES announcement in single-class, multiserver Markovian queueing models with announceme...
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作者：Schmidt, William; Buell, Ryan W.
作者单位：Cornell University; Harvard University
摘要：Operational decisions under information asymmetry can signal a firm's prospects to less informed parties, such as investors, customers, competitors, and regulators. Consequently, managers in these settings often face a trade-off between making an optimal decision and sending a favorable signal. We provide experimental evidence on the choices made by decision makers in such settings. Equilibrium assumptions that are commonly applied to analyze these situations yield the least cost separating ou...
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作者：Tong, Jordan; Feiler, Daniel
作者单位：University of Wisconsin System; University of Wisconsin Madison; Dartmouth College
摘要：Most operations models assume individuals make decisions based on a perfect understanding of random variables or stochastic processes. In reality, however, individuals are subject to cognitive limitations and make systematic errors. We leverage established psychology on sample naivete to model individuals' forecasting errors and biases in a way that is portable to operations models. The model has one behavioral parameter and embeds perfect rationality as a special case. We use the model to mat...
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作者：Jiang, Juncai; Kumar, Nanda; Ratchford, Brian T.
作者单位：Virginia Polytechnic Institute & State University; University of Texas System; University of Texas Dallas
摘要：Price-matching guarantees (PMGs) are offered in a wide array of product categories in retail markets. PMGs offer consumers the assurance that, should they find a lower price elsewhere within a specified period after purchase the retailer will match that price and refund the price difference. The goal of this study is to explain the following stylized facts: (1) many retailers that operate both online and offline implement PMG offline but not online; (2) the practices of PMG vary considerably a...
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作者：Li, Zhuoxin; Agarwal, Ashish
作者单位：Boston College; University of Texas System; University of Texas Austin
摘要：Social media platform owners often choose to provide tighter integration with their own complementary applications (i.e., first-party applications) as compared to that with other complementary third-party applications. We study the impact of such integration on consumer demand for first-party applications and competing third-party applications by exploring Facebook's integration of Instagram, an application in its photo-sharing application ecosystem. We find that consumers obtain additional va...
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作者：Gong, Binglin; Pan, Deng; Shi, Donghui
作者单位：East China Normal University; Fudan University; Xiamen University; Fudan University
摘要：This paper provides an analysis of the impact of new investors on the bubble surrounding the Baosteel call warrant, the first derivative traded in China after a nine-year suspension. We empirically show that new investors initiated the bubble at the opening call auction and were the key driving force to sustain the bubble until the maturity of the warrant.
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作者：Rhee, Ki-Eun; Thomadsen, Raphael
作者单位：Korea Advanced Institute of Science & Technology (KAIST); Washington University (WUSTL)
摘要：We study behavior-based pricing (BBP) in a vertically differentiated model. Vertical differentiation is innately asymmetric because all customers prefer the higher-quality product when prices are equal. This asymmetry causes BBP to have different properties than symmetric horizontally differentiated models. We highlight two dimensions that affect the analysis: the role of quality-adjusted cost differences between the firms and the role of consumer discounting relative to firm discounting. In t...
