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作者：Yang, S. Alex; Birge, John R.; Parker, Rodney P.
作者单位：University of London; London Business School; University of Chicago
摘要：This paper examines how a firm's financial distress and the legal environment regarding the ease of bankruptcy reorganization can alter product market competition and supplier-buyer relationships. We identify three effects-predation, bail-out, and abetment-that can change firms' behavior from their actions in the absence of financial distress. The predation effect increases competition before potential bankruptcy as the nondistressed competitor behaves as if it has some first-mover advantage t...
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作者：Jia, Jayson S.; Khan, Uzma; Litt, Ab
作者单位：University of Hong Kong; Stanford University
摘要：We show that the way decision makers construct risk perceptions is systematically influenced by their level of self-control: low self-control results in greater weighting of probability and reduced weighting of consequences of negative outcomes in formulating overall threat perceptions. Seven studies demonstrate such distorted risk construction in wide-ranging risk domains. The effects hold for both chronic and manipulated levels of perceived self-control and are observed only for risks involv...
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作者：Wu, Yanhui
作者单位：University of Southern California
摘要：This paper formulates a model in which a firm simultaneously chooses its organizational structure and product position. The firm's production is knowledge intensive, requiring employees to solve problems. A vertical hierarchy, in which workers refer unsolved problems to managers facilitates the acquisition and leveraging of managers' superior knowledge. I show that a larger span of control is complementary to the provision of high-value products. Moreover, this complementarity is sustained whe...
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作者：Ockenfels, Axel; Sliwka, Dirk; Werner, Peter
作者单位：University of Cologne; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：We investigate how bonus payments affect the satisfaction and performance of managers in a large multinational company. We find that falling behind a natural reference standard for a fair bonus payment (a reference point violation) reduces satisfaction and subsequent performance. The effects are mitigated if information about one's relative standing toward the reference point is withheld. A model and a laboratory experiment provide complementary insights and additional robustness checks.
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作者：Lefgren, Lars; Platt, Brennan; Price, Joseph
作者单位：Brigham Young University
摘要：Outcome bias occurs when an evaluator considers ex post outcomes when judging whether a choice was correct ex ante. We formalize this cognitive bias in a simple model of distorted Bayesian updating. We then examine strategy changes made by professional basketball coaches. We find that they are more likely to revise their strategy after a loss than a win-even for narrow losses, which are uninformative about team effectiveness. This increased strategy revision following a loss occurs even when a...
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作者：Zhang, Kaifu; Sarvary, Miklos
作者单位：Columbia University
摘要：This paper studies competition between firms whose products (content) are generated by their customers (users). Video sharing sites, social networks, online games, etc. all rely heavily on user-generated content and have been growing significantly in the last decade. We model a Hotelling style market in which consumers have heterogeneous tastes along a circular city. In a first step, we consider two ex ante identical firms whose offerings entirely depend on user-generated content. Consumers co...
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作者：Rieger, Marc Oliver; Wang, Mei; Hens, Thorsten
作者单位：Universitat Trier; WHU - Otto Beisheim School of Management; University of Zurich; University of Zurich; Swiss Finance Institute (SFI); Norwegian School of Economics (NHH)
摘要：We present results from a large-scale international survey on risk preferences conducted in 53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of risk seeking in losses. The degree of risk aversion shows significant cross-country differences. Moreover, risk attitudes in our sample depend not only on economic conditions but also on cultural factors, as measured by the Hofstede dimensions individualism and uncertainty avoidance. The data may also serve...
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作者：Aggarwal, Rohit; Kryscynski, David; Singh, Harpreet
作者单位：Utah System of Higher Education; University of Utah; Brigham Young University; University of Texas System; University of Texas Dallas
摘要：Although much research emphasizes the importance of venture technical competence for venture success and, therefore, the importance of venture technical competence in venture capitalist (VC) investment decisions, we know little about why some VCs may be better than others at assessing the technical competence of ventures. We gathered unique and proprietary data from 33 VCs and 308 ventures that sought Series A funding from those VCs. We show that VC assessment of ventures predicts VC investmen...
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作者：Cabral, Luis; Li, Lingfang (Ivy)
作者单位：New York University; Fudan University
摘要：We run a series of controlled field experiments on eBay where buyers are rewarded for providing feedback. Our results provide little support for the hypothesis of buyers' rational economic behavior: the likelihood of feedback barely increases as we increase feedback rebate values; also, the speed of feedback, bid levels, and the number of bids are all insensitive to rebate values. By contrast, we find evidence consistent with reciprocal buyer behavior. Lower transaction quality leads to a high...
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作者：Croitoru, Benjamin; Lu, Lei
作者单位：McGill University; Peking University
摘要：In this paper, we shed new light on the role of monetary policy in asset pricing by examining the case in which investors have heterogeneous expectations about future monetary policy. This case is realistic because central banks are typically less than perfectly open about their intentions. Accordingly, surveys of economists reveal that they frequently disagree in their expectations. Under heterogeneity in beliefs, investors place speculative bets against each other on the evolution of the mon...
