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作者：Boyabatli, Onur; Leng, Tiecheng; Toktay, L. Beril
作者单位：Singapore Management University; Sun Yat Sen University; University System of Georgia; Georgia Institute of Technology
摘要：This paper studies the flexible versus dedicated technology choice and capacity investment decisions of a multiproduct firm under demand uncertainty in the presence of budget constraints. The firm operates under a capital budget for financing the capacity investment, and an operating budget, which is uncertain in the capacity investment stage, for financing the production. We investigate how the tightening of the capital budget and a lower financial flexibility in the production stage (the lik...
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作者：Buser, Thomas
作者单位：University of Amsterdam
摘要：How do people react to setbacks and successes? I use a laboratory experiment to determine the effect of winning and losing in a competition on the willingness to seek further challenges. Participants compete in two-person tournaments in an arithmetic task and are then informed of their score and the outcome of the competition. Participants then have to decide on a performance target for a second round: the higher the target, the higher the potential reward, but participants who do not reach th...
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作者：Grinblatt, Mark; Ikaheimo, Seppo; Keloharju, Matti; Knupfer, Samuli
作者单位：University of California System; University of California Los Angeles; Aalto University; Research Institute of Industrial Economics (IFN); Centre for Economic Policy Research - UK; BI Norwegian Business School
摘要：We show that cognitive ability influences mutual fund choice: high-IQ investors avoid funds with high management fees. Two competing stories can explain this phenomenon. One is that high-IQ consumers benefit less from costly services, as they find it easier to make informed financial decisions without external help. The alternative story is that these investors are less likely to overpay for the services they receive because they are either better judges of value or more capable of discerning ...
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作者：Gardete, Pedro M.
作者单位：Stanford University
摘要：Much like in other semiconductor environments, dynamic random access memory ( DRAM) manufacturers face significant demand uncertainty before production and capacity decisions can be implemented. This paper investigates the role of market information in DRAM manufacturing and the consequences of allowing information sharing in the industry. An oligopoly model of competition with correlated private information is developed in which firms make decisions about production and capacity. In this sett...
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作者：Kremer, Mirko; Debo, Laurens
作者单位：Frankfurt School Finance & Management; Dartmouth College
摘要：We study the impact of wait time on consumers' purchasing behavior when product quality is unknown to some consumers (the uninformed consumers) but known to others (the informed consumers). In a capacitated environment, wait times act as a signal of quality for uninformed consumers because, due to informed consumers in the population, low (high) quality products tend to generate shorter (longer) wait times. Hence, longer wait times may increase uninformed consumers' perceived quality, and they...
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作者：Shamir, Noam; Shin, Hyoduk
作者单位：Tel Aviv University; University of California System; University of California San Diego
摘要：Studying the operational motivation of a retailer to publicly announce his forecast information, this paper shows that by making forecast information publicly available to both his manufacturer and to the competitor, a retailer is able to credibly share his forecast information-an outcome that cannot be achieved by merely exchanging information within the supply chain. We model a market comprised of an incumbent supply chain facing the possible entry of a competing supply chain. In each supply...
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作者：Bernstein, Fernando; Li, Yang; Shang, Kevin
作者单位：Duke University; California State University System; California State University Sacramento
摘要：We study a joint inventory and pricing problem in a single-stage system with a positive lead time. We consider both additive and multiplicative demand forms. This problem is, in general, intractable due to its computational complexity. We develop a simple heuristic that resolves this issue. The heuristic involves a myopic pricing policy that generates each period's price as a function of the initial inventory level and a base-stock policy for inventory replenishment. In each period, the firm m...
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作者：Greenwood, Brad N.; Agarwal, Ritu
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University System of Maryland; University of Maryland College Park
摘要：Although recent work has examined the adverse implications of Internet-enabled matching platforms, limited attention has been paid to whom the negative externalities accrue. We examine how the entry of platforms for the solicitation of casual sex influences the incidence rate of human immunodeficiency virus (HIV) infection by race, gender, and socioeconomic status. Using a census of 12 million patients subjected to a natural experiment in Florida, we find a significant increase in HIV incidenc...
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作者：Babenko, Ilona; Sen, Rik
作者单位：Arizona State University; Arizona State University-Tempe; Hong Kong University of Science & Technology; University of Miami
摘要：Using novel data on employee stock purchase plans (ESPPs), we show that aggregate purchases of company stock by lower-level employees predict future stock returns. Firms in the top quartile of ESPP purchases outperform those in the bottom quartile by 10% in the year after purchase. The relation between ESPP purchases and future stock returns is stronger for firms with high information asymmetry. Furthermore, we find that high ESPP purchases are associated with a lower likelihood of breaks in s...
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作者：O'Doherty, Michael S.; Savin, N. E.; Tiwari, Ashish
作者单位：University of Missouri System; University of Missouri Columbia; University of Iowa; University of Iowa
摘要：The evaluation of hedge fund performance is challenging given the flexible nature of hedge funds' strategies and their lack of operational transparency. As a result, inference about skill is inevitably contaminated by the error in the benchmark model. To address this concern, we propose a model pooling approach to develop a fund-specific benchmark obtained by pooling a set of diverse attribution models. The weights assigned to the individual models in the pool are based on the log score criter...
