-
作者：Kaustia, Markku; Knupfer, Samuli; Torstila, Sami
作者单位：Aalto University; BI Norwegian Business School; Centre for Economic Policy Research - UK
摘要：A setting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous increase in stock ownership. We use this shock to identify the effect of ownership of publicly listed shares on political behavior. Using instrumental variable regressions, difference-in-differences analyses, and matching methods, we find the shock changed the way people vote in the affected areas, with the demutualizations being followed by a 1.7-2.7- percentage-point increase i...
-
作者：Popescu, Dana G.; Crama, Pascale
作者单位：INSEAD Business School; Singapore Management University
摘要：In live broadcasting, the break lengths available for commercials are not always fixed and known in advance (e.g., strategic and injury time-outs are of variable duration in live sports transmissions). Broadcasters actively manage their advertising revenue by jointly optimizing sales and scheduling policies. We characterize the optimal dynamic schedule in a simplified setting that incorporates stochastic break durations and advertisement lengths of 15 and 30 seconds. The optimal policy is a gr...
-
作者：Kwon, H. Dharma; Xu, Wenxin; Agrawal, Anupam; Muthulingam, Suresh
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Texas A&M University System; Texas A&M University College Station; Mays Business School; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We investigate the interplay between learning effects and externalities in the problem of competitive investments with uncertain returns. We examine a game theoretic duopoly investment model in which (i) a firm can learn about the profitability of the investment by observing the performance of the first mover and (ii) externalities exist between the investments of two firms. We find a region of a war of attrition between the two firms in which the interplay between externalities and learning g...
-
作者：Mantovani, Andrea; Ruiz-Aliseda, Francisco
作者单位：University of Bologna; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We provide a rationale for the recent burst in the amount of collaborative activities among firms selling complementary products, highlighting factors that may result in a lower profitability for such firms overall. To this end, we examine a game-theoretic model in which firms can collaborate with producers of complementary goods to enhance the quality of the systems formed by their components. Collaboration makes it cheaper to enhance such quality, so building innovation ecosystems results in...
-
作者：Doskeland, Trond; Pedersen, Lars Jacob Tynes
作者单位：Norwegian School of Economics (NHH)
摘要：Socially responsible investment is increasingly prevalent in financial markets and is characterized by the integration of financial and nonfinancial objectives. This paper investigates the influence of wealth concerns and moral concerns on individual investors' decisions to invest responsibly. We conduct a unique natural field experiment of investors in an online banking context, wherein we frame responsible investment with regard to either wealth or morality and study investors' subsequent be...
-
作者：Jappelli, Tullio; Padula, Mario
作者单位：University of Naples Federico II; Center for Economic & Policy Research (CEPR); Universita della Svizzera Italiana
摘要：In 2000, Italy replaced its traditional system of severance pay for public employees with a new system. Under the old regime, severance pay was proportional to the final salary before retirement; under the new regime it is proportional to lifetime earnings. This reform entails substantial losses for future generations of public employees, in the range of (sic)20,000-(sic)30,000, depending on seniority. Using a difference-in-difference framework, we estimate the impact of this unanticipated cha...
-
作者：Peysakhovich, Alexander; Rand, David G.
作者单位：Harvard University; Yale University; Yale University
摘要：What explains variability in norms of cooperation across organizations and cultures? One answer comes from the tendency of individuals to internalize typically successful behaviors as norms. Different institutional structures can cause different behavioral norms to be internalized. These norms are then carried over into atypical situations beyond the reach of the institution. Here, we experimentally demonstrate such spillovers. First, we immerse subjects in environments that do or do not suppo...
-
作者：Senot, Claire; Chandrasekaran, Aravind; Ward, Peter T.; Tucker, Anita L.; Moffatt-Bruce, Susan D.
作者单位：Tulane University; University System of Ohio; Ohio State University; Brandeis University; University System of Ohio; Ohio State University
摘要：To investigate the opportunity for hospitals to achieve better care at lower cost, we examine two key process quality measures, conformance quality and experiential quality, and two measures of performance, readmission rate and cost per discharge. Conformance quality represents a hospital's level of adherence to evidence-based standards of care, whereas experiential quality represents the level of interaction between hospital's caregivers and patients. Analyzing six years of data from 3,474 U....
-
作者：Fischer, Marc; Shin, Hyun S.; Hanssens, Dominique M.
作者单位：University of Cologne; University of Technology Sydney; Ewha Womans University; University of California System; University of California Los Angeles
摘要：Although volatile marketing spending, as opposed to even-level spending, may improve a brand's financial performance, it can also increase the volatility of performance, which is not a desirable outcome. This article analyzes how revenue and cash-flow volatility are influenced by own and competitive marketing spending volatility, by the level of marketing spending, by the responsiveness to own marketing spending, and by competitive response. From market response theory, we derive propositions ...
-
作者：Kim, Michael Jong; Lim, Andrew E. B.
作者单位：University of Toronto; National University of Singapore; National University of Singapore
摘要：The multiarmed bandit problem is a popular framework for studying the exploration versus exploitation trade-off. Recent applications include dynamic assortment design, Internet advertising, dynamic pricing, and the control of queues. The standard mathematical formulation for a bandit problem makes the strong assumption that the decision maker has a full characterization of the joint distribution of the rewards, and that arms under this distribution are independent. These assumptions are not sa...
