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作者：Sialm, Clemens; Tham, T. Mandy
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; Nanyang Technological University
摘要：Our paper investigates spillover effects across different business segments of publicly traded financial conglomerates. We find that the investment decisions of mutual fund shareholders do not depend only on the prior performance of the mutual funds; they also depend on the prior performance of the funds' management companies. Flows into equity and bond mutual funds increase with the prior stock price performance of the funds' management companies after controlling for fund performance and oth...
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作者：Fugger, Nicolas; Katok, Elena; Wambach, Achim
作者单位：University of Cologne; University of Texas System; University of Texas Dallas
摘要：Although binding reverse auctions have attracted a good deal of interest in the academic literature, in practice, dynamic nonbinding reverse auctions are the norm in procurement. In those, suppliers submit price quotes and can respond to quotes of their competitors during a live auction event. However, the lowest quote does not necessarily determine the winner. The buyer decides after the contest, taking further supplier information into account, on who will be awarded the contract. We show, b...
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作者：Goel, Sharad; Anderson, Ashton; Hofman, Jake; Watts, Duncan J.
作者单位：Stanford University; Microsoft
摘要：Viral products and ideas are intuitively understood to grow through a person-to-person diffusion process analogous to the spread of an infectious disease; however, until recently it has been prohibitively difficult to directly observe purportedly viral events, and thus to rigorously quantify or characterize their structural properties. Here we propose a formal measure of what we label structural virality that interpolates between two conceptual extremes: content that gains its popularity throu...
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作者：Pigors, Mark; Rockenbach, Bettina
作者单位：University of Cologne
摘要：We investigate the emergence of socially responsible (SR) production through consumer decisions. Our experimental treatments vary market competitiveness and consumers' information on social responsibility in production. We show that-irrespective of consumers' information-SR production reduces monopolistic supplier's profit and is therefore unlikely to emerge. With supplier competition, SR production positively influences consumers' buying decisions and suppliers offering SR products achieve si...
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作者：Dimmock, Stephen G.; Kouwenberg, Roy; Wakker, Peter P.
作者单位：Nanyang Technological University; Mahidol University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Using a theorem showing that matching probabilities of ambiguous events can capture ambiguity attitudes, we introduce a tractable method for measuring ambiguity attitudes and apply it in a large representative sample. In addition to ambiguity aversion, we confirm an ambiguity component recently found in laboratory studies: a-insensitivity, the tendency to treat subjective likelihoods as 50-50, thus overweighting extreme events. Our ambiguity measurements are associated with real economic decis...
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作者：Bhat, Gauri; Callen, Jeffrey L.; Segal, Dan
作者单位：Southern Methodist University; University of Toronto; Reichman University
摘要：This study tests whether international financial reporting standards (IFRS) adoption increased accounting transparency based on model-driven hypotheses. Duffie and Lando [Duffie D, Lando D (2001) Term structures of credit spreads with incomplete accounting information. Econometrica 69(3):633-644] show that changes to accounting transparency affect the spread/maturity relation of credit default swap (CDS) instruments in very specific ways. Consistent with their model, we find that CDS spreads a...
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作者：Atkinson, Scott E.; Ramdas, Kamalini; Williams, Jonathan W.
作者单位：University System of Georgia; University of Georgia; University of London; London Business School; University of North Carolina; University of North Carolina Chapel Hill
摘要：Airlines use robust scheduling to mitigate the impact of unforeseeable disruptions on profits. We examine how effectively three common practices-flexibility to swap aircraft, flexibility to reassign gates, and scheduled aircraft downtime-accomplish this goal. We first estimate a multiple-input, multiple-outcome production frontier, which defines the attainable set of outcomes from given inputs. We then recover unobserved input costs and calculate how expenditure on inputs affects outcomes and ...
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作者：Myers, Brett W.; Saretto, Alessio
作者单位：Texas Tech University System; Texas Tech University; University of Texas System; University of Texas Dallas
摘要：We use contract negotiation data to study how leverage affects the interaction between firms and an important nonfinancial stakeholder, labor unions. Consistent with the idea that leverage diminishes the bargaining position of labor, we find that unions are less likely to strike when a firm has high leverage or increases leverage prior to a contract negotiation. We also find large leverage increases after a strike, consistent with the idea that firms intentionally use leverage to improve their...
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作者：Brandts, Jordi; Cooper, David J.; Fatas, Enrique; Qi, Shi
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); State University System of Florida; Florida State University; University of East Anglia; University of East Anglia
摘要：We present experiments studying how high-ability individuals use help to foster efficient coordination. After an initial phase that traps groups in a low-productivity equilibrium, incentives to coordinate are increased, making it possible to escape this performance trap. The design varies whether high-ability individuals can offer help and, if so, whether they must commit to help for an extended period. If help is chosen on a round-by-round basis, the probability of escaping the performance tr...
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作者：de Matos, Miguel Godinho; Ferreira, Pedro; Smith, Michael D.; Telang, Rahul
作者单位：Universidade Catolica Portuguesa; Carnegie Mellon University; Carnegie Mellon University
摘要：Peer ratings have become increasingly important sources of product information, particularly in markets for information goods. However, in spite of the increasing prevalence of this information, there are relatively few academic studies that analyze the impact of peer ratings on consumers transacting in real-world marketplaces. In this paper, we partner with a major telecommunications company to analyze the impact of peer ratings in a real-world video-on-demand market where consumer participat...
