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作者：Besbes, Omar; Lobel, Ilan
作者单位：Columbia University; New York University
摘要：We study a firm's optimal pricing policy under commitment. The firm's objective is to maximize its long-term average revenue given a steady arrival of strategic customers. In particular, customers arrive over time, are strategic in timing their purchases, and are heterogeneous along two dimensions: their valuation for the firm's product and their willingness to wait before purchasing or leaving. The customers' patience and valuation may be correlated in an arbitrary fashion. For this general f...
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作者：Kokkonen, Joni; Suominen, Matti
作者单位：Universidade Catolica Portuguesa; Aalto University
摘要：We measure misvaluation using the discounted residual income model. As shown in the literature, this measure of stocks' misvaluation significantly explains their future cross-sectional returns. We measure the market-level misvaluation (market inefficiency) by the misvaluation spread: the difference in the misvaluation of the most overvalued and undervalued shares. We show that the misvaluation spread is a strong predictor of a misvaluation-based long-short portfolio's returns, reinforcing the ...
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作者：Falato, Antonio; Li, Dan; Milbourn, Todd
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Washington University (WUSTL)
摘要：Market-based theories predict that differences in CEO skills lead to potentially large differences in pay, but it is challenging to quantify the CEO skill premium in pay. In a first step toward overcoming this empirical challenge, we code detailed biographical information for a large sample of CEOs for a panel of S&P 1500 firms between 1993 and 2005 to identify specific reputational, career, and educational credentials that are indicative of skills. Newly appointed CEOs earn up to a 5% or $280...
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作者：Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent
作者单位：National University of Singapore; University System of Ohio; Ohio State University; National Bureau of Economic Research; Federal National Mortgage Association (Fannie Mae)
摘要：Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged transactions, around critical leverage thresholds, and for transactions mediated through a broker. Mortgages with inflated valuations default more often. Lenders account for 60%-90% of the bias through pricing.
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作者：Leibbrandt, Andreas; List, John A.
作者单位：Monash University; University of Chicago
摘要：One explanation advanced for the persistent gender pay differences in labor markets is that women avoid salary negotiations. By using a natural field experiment that randomizes nearly 2,500 job seekers into jobs that vary important details of the labor contract, we are able to observe both the extent of salary negotiations and the nature of sorting. We find that when there is no explicit statement that wages are negotiable, men are more likely to negotiate for a higher wage, whereas women are ...
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作者：Roach, Michael; Sauermann, Henry
作者单位：Cornell University; University System of Georgia; Georgia Institute of Technology
摘要：Entrepreneurial ventures rely not only on founders but also on joiners-start-up employees who are attracted to entrepreneurship, but who do not want to be founders themselves. Drawing on both preference and contextual theories of entrepreneurship, we examine how individuals' interest in being a founder, a joiner, or neither forms prior to the first career transition. We find that although individuals with founder and joiner interests share similar preferences for entrepreneurial job attributes...
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作者：Wu, Jiahua; Shi, Mengze; Hu, Ming
作者单位：Imperial College London; University of Toronto
摘要：This paper studies two types of threshold-induced effects: a surge of new sign-ups around the time when the thresholds of group-buying deals are reached, and a stronger positive relation between the number of new sign-ups and the cumulative number of sign-ups before the thresholds are reached than afterward. This empirical study uses a data set that records the intertemporal cumulative number of sign-ups for group-buying deals in 86 city markets covered by Groupon, during a period of 71 days w...
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作者：Bisiere, Christophe; Decamps, Jean-Paul; Lovo, Stefano
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Centre National de la Recherche Scientifique (CNRS); Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); Hautes Etudes Commerciales (HEC) Paris
摘要：We conduct a series of experiments that simulate trading in financial markets. We find that the information content of the order flow varies with the strength of subjects' prior beliefs about fundamentals. The presence of intrinsic uncertainty about the asset's fundamentals reduces informational efficiency. This originates from subjects' risk attitudes and biases in the way some subjects update their beliefs. The behavior of approximately 63% of the subjects is consistent with the expected uti...
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作者：Cenesizoglu, Tolga
作者单位：Universite de Montreal; HEC Montreal
摘要：In good times, stock prices react negatively to good news and positively to bad news, whereas in bad times, they react positively to good news and negatively to bad news. To account for this stylized fact, we consider an asset pricing model where the dividend growth rate switches between different values depending on the underlying state of the economy. Investors never observe the true dividend growth rate, but learn about it through not only its realizations but also external signals such as ...
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作者：Herrmann, Philipp N.; Kundisch, Dennis O.; Rahman, Mohammad S.
作者单位：University of Paderborn; Purdue University System; Purdue University
摘要：We investigate the impact of delegating decision making to information technology (IT) on an important human decision bias-the sunk cost effect. To address our research question, we use a unique data set containing actual market transaction data for approximately 7,000 pay-per-bid auctions. In contrast with the laboratory experiments of previous related studies, our research presents the unique advantage of investigating the effects of IT-enabled automated bidding agents on the occurrence of a...
