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作者：Degryse, Hans; Ioannidou, Vasso; von Schedvin, Erik
作者单位：KU Leuven; Centre for Economic Policy Research - UK; Lancaster University; Sveriges Riksbank
摘要：We study how a bank's willingness to lend to a previously exclusive firm changes once the firm obtains a loan from another bank (outside loan) and breaks an exclusive relationship. Using a difference-indifference analysis and a setting where outside loans are observable, we document that an outside loan triggers a decrease in the initial bank's willingness to lend to the firm, i.e., outside loans are strategic substitutes. Consistent with concerns about coordination problems and higher indebte...
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作者：Longarela, Inaki R.
作者单位：Stockholm University; UiT The Arctic University of Tromso
摘要：In this paper, the set of all second-order stochastic dominance (SSD)-efficient portfolios is characterized by using a series of mixed-integer linear constraints. Our derivation employs a combination of the first-order conditions of the utility maximization problem together with a judicious use of binary variables. This result opens the door to the formulation of optimizations whose objective function is free to select a particular portfolio out of the entire SSD-efficient set.
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作者：Boudreau, Kevin J.; Guinan, Eva C.; Lakhani, Karim R.; Riedl, Christoph
作者单位：University of London; London Business School; Harvard University; Harvard University; Harvard University Medical Affiliates; Dana-Farber Cancer Institute; Northeastern University
摘要：Selecting among alternative projects is a core management task in all innovating organizations. In this paper, we focus on the evaluation of frontier scientific research projects. We argue that the intellectual distance between the knowledge embodied in research proposals and an evaluator's own expertise systematically relates to the evaluations given. To estimate relationships, we designed and executed a grant proposal process at a leading research university in which we randomized the assign...
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作者：Chatterji, Aaron K.; de Figueiredo, Rui J. P., Jr.; Rawley, Evan
作者单位：Duke University; University of California System; University of California Berkeley; Columbia University
摘要：We present a new mechanism by which prior employment can influence transitions to other firms. We propose that some employees divert effort toward unproductive activities to learn about their own fitness for alternative employment. Based on the results of this costly learning experience, or experiment, some employees will transition into other firms or launch their own ventures, whereas others will remain at the incumbent firm. We develop a theoretical model to explicate these propositions and...
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作者：Dellarocas, Chrysanthos; Sutanto, Juliana; Calin, Mihai; Palme, Elia
作者单位：Boston University; Lancaster University; Boston Consulting Group (BCG)
摘要：News aggregators have emerged as an important component of digital content ecosystems, attracting traffic by hosting curated collections of links to third-party content, but also inciting conflict with content producers. Aggregators provide titles and short summaries (snippets) of articles they link to. Content producers claim that their presence deprives them of traffic that would otherwise flow to their sites. In light of this controversy, we conduct a series of field experiments whose objec...
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作者：Parker, Chris; Ramdas, Kamalini; Savva, Nicos
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of London; London Business School
摘要：Access to information and communication technologies (ICTs) such as mobile phone networks is widely known to improve market efficiency. In this paper, we examine whether access to timely and accurate information provided through ICT applications has any additional impact. Using a detailed data set from Reuters Market Light (RML), a text message service in India that provides daily price information to market participants, we find that this information reduces the geographic price dispersion of...
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作者：Zhang, Yinghao; Donohue, Karen; Cui, Tony Haitao
作者单位：University System of Maryland; Salisbury University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Prior theory claims that buyback and revenue-sharing contracts achieve equivalent channel-coordinating solutions when applied in a dyadic supplier-retailer setting. This suggests that a supplier should be indifferent between the two contracts. However, the sequence and magnitude of costs and revenues (i.e., losses and gains) vary significantly between the contracts, suggesting the supplier's preference of contract type, and associated contract parameter values, may vary with the level of loss ...
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作者：Wang, Chia-Li
作者单位：National Dong Hwa University
摘要：Suppose customers arrive at an observable queueing system for service with a utility function of reward and waiting cost. The self-(customer) decision is whether to queue or balk, and the social (system administrator) goal is to maximize the profit of the whole system. Whereas the self-optimal policy is relatively easy to obtain, the socially optimal policy, which is of more practical importance, often requires a tedious and ad hoc analysis as a result of external effects. We will introduce a ...
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作者：Houston, Joel F.; Lin, Chen; Zhu, Zhongyan
作者单位：State University System of Florida; University of Florida; University of Hong Kong; Monash University
摘要：We examine how a firm's bankruptcy affects the bank financing costs of its key suppliers. We do so by using an extensive, hand-collected data set that captures the supply chain relationships of bankrupt firms over the time period 1990-2009. Looking at a sample of more than 2,000 loan contracts, we compare the average borrowing cost of suppliers in the two years prior to the bankruptcy of a key customer to the average cost in the two years following the announced bankruptcy. We find the average...
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作者：Kuppuswamy, Venkat; Villalonga, Belen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; New York University
摘要：We show that the value of corporate diversification increased during the 2007-2009 financial crisis. Diversification gave firms both financing and investment advantages. First, conglomerates became significantly more leveraged relative to comparable focused firms. Second, conglomerates' access to internal capital markets became more valuable, not just because external capital markets became more costly but also because the efficiency of internal capital allocation increased significantly durin...
