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作者：Burtch, Gordon; Ghose, Anindya; Wattal, Sunil
作者单位：University of Minnesota System; University of Minnesota Twin Cities; New York University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Online crowdfunding has received a great deal of attention as a promising avenue to fostering entrepreneurship and innovation. Because online settings bring increased visibility and traceability of transactions, many crowdfunding platforms provide mechanisms that enable a campaign contributor to conceal his or her identity or contribution amount from peers. We study the impact of these information (privacy) control mechanisms on crowdfunder behavior. Employing a randomized experiment at one of...
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作者：Liu, Yu-Jane; Zhang, Zheng; Zhao, Longkai
作者单位：Peking University
摘要：This paper demonstrates that speculative activities can be contagious and spill over across markets. Specifically, we test the hypothesis that during China's warrants bubble period, speculative activities in the warrants market grabbed investors' attention and caused them to trade more speculatively in the underlying stocks. Consistent with this hypothesis, we find that turnover and return volatility of the underlying stocks are positively associated with the warrants' unexpected turnover and ...
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作者：Branzoli, Nicola; Decarolis, Francesco
作者单位：European Central Bank; Bank of Italy; Boston University
摘要：We empirically study how the interplay between entry and subcontracting choices is affected by the use of different auction formats in public procurement. The difference-in-differences strategy used exploits a data set of auctions for public works run alternately under first price and average bid auctions. We find that the use of first price auctions causes a marked decline in both entry and subcontracting. We also find that the type of firms entering first price auctions changes with firms be...
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作者：Sriram, S.; Chintagunta, Pradeep K.; Manchanda, Puneet
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：We investigate the roles of the level and variability in quality in driving customer retention for a new service. We present model-free evidence that whereas high average quality helps in retaining customers, high variability leads to higher termination rates. Apart from these main effects, we use model-free evidence to document the presence of (a) an interaction effect between average service quality and its variability on termination rates, (b) customer learning about service quality over ti...
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作者：Phillips, Robert; Simsek, A. Serdar; van Ryzin, Garrett
作者单位：Columbia University; Cornell University
摘要：In many markets, it is common for headquarters to create a price list but grant local salespeople discretion to negotiate prices for individual transactions. How much (if any) pricing discretion headquarters should grant is a topic of debate within many firms. We investigate this issue using a unique data set from an indirect lender with local pricing discretion. We estimate that the local sales force adjusted prices in a way that improved profits by approximately 11% on average. A counterfact...
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作者：Qian, Yi; Xie, Hui
作者单位：University of British Columbia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Databases play a central role in evidence-based innovations in business, economics, social, and health sciences. In modern business and society, there are rapidly growing demands for constructing analytically valid databases that also are secure and protect sensitive information to meet customer and public expectations, to minimize financial losses, and to comply with privacy regulations and laws. We propose new data perturbation and shuffling (DPS) procedures, named MORE, for this purpose. As...
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作者：Prince, Jeffrey T.; Simon, Daniel H.
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Indiana University System; Indiana University Bloomington
摘要：We examine if and how incumbent firms respond to entry and entry threats using nonprice modes of competition. Our analysis focuses on airline service quality. We find that incumbent on-time performance (OTP) actually worsens in response to entry, and even entry threats, by Southwest Airlines. Since Southwest is both a top-performing airline in OTP and a low-cost carrier (LCC), we conjecture that this response by incumbents may be due to a cost-cutting strategy that allows for intense postentry...
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作者：Zhou, Guofu; Zhu, Yingzi
作者单位：Washington University (WUSTL); Tsinghua University
摘要：In this paper, motivated by existing and growing evidence on multiple macroeconomic volatilities, we extend the long-run risks model by allowing both a long-and a short-run volatility components in the evolution of economic fundamentals. With this extension, the new model not only is consistent with the volatility literature that the stock market is driven by two, rather than one, volatility factors, but also provides significant improvements in fitting various patterns, such as the size of ma...
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作者：Hopkins, Justin J.; Maydew, Edward L.; Venkatachalam, Mohan
作者单位：University of Virginia; University of North Carolina; University of North Carolina Chapel Hill; Duke University
摘要：We examine the role of general counsel (GC) in firms' financial reporting quality. GCs have a broad oversight role within the firm, including keeping the firm in compliance with laws and regulations and dealing with potential violations with respect to financial reporting. Several high-profile U.S. Securities and Exchange Commission (SEC) investigations have resulted in lawsuits or indictments against GCs for perpetrating financial fraud and caused many to ask: where were the gatekeepers? As s...
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作者：Asparouhova, Elena; Bossaerts, Peter; Copic, Jernej; Cornell, Brad; Cvitanic, Jaksa; Meloso, Debrah
作者单位：Utah System of Higher Education; University of Utah; University of California System; University of California Los Angeles; California Institute of Technology; Bocconi University
摘要：We explore theoretically and experimentally the general equilibrium price and allocation implications of delegated portfolio management when the investor-manager relationship is nonexclusive. Our theory predicts that competition forces managers to promise portfolios that mimic Arrow-Debreu (AD) securities, which investors then combine to fit their preferences. A weak version of the capital asset pricing model (CAPM) obtains, where state prices (relative to state probabilities) implicit in pric...
