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作者：Davis, Andrew M.; Katok, Elena; Santamaria, Natalia
作者单位：Cornell University; University of Texas System; University of Texas Dallas
摘要：In this paper we experimentally investigate how the allocation of inventory risk in a two-stage supply chain affects channel efficiency and profit distribution. We first evaluate two common wholesale price contracts that differ in which party incurs the risk associated with unsold inventory: a push contract in which the retailer incurs the risk and a pull contract in which the supplier incurs the risk. Our experimental results show that a pull contract achieves higher channel efficiency than t...
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作者：Indjejikian, Raffi; Lu, Hai; Yang, Liyan
作者单位：University of Michigan System; University of Michigan; University of Toronto
摘要：Empirical evidence suggests that information leakage in capital markets is common. We present a trading model to study the incentives of an informed trader (e. g., a well-informed insider) to voluntarily leak information about an asset's value to one or more independent traders. Our model shows that, although leaking information dissipates the insider's information advantage about the asset's value, it enhances his information advantage about the asset's execution price relative to other infor...
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作者：Baldiga, Katherine
作者单位：University System of Ohio; Ohio State University
摘要：We present the results of an experiment that explores whether women are less willing than men to guess on multiple-choice tests. Our test consists of practice questions from SAT II history tests; we vary whether a penalty is imposed for a wrong answer and the salience of the evaluative nature of the task. We find that when no penalty is assessed for a wrong answer, all test takers answer every question. But, when there is a penalty for wrong answers, women answer significantly fewer questions ...
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作者：Gartenberg, Claudine
作者单位：New York University
摘要：It is widely acknowledged that the 2007 mortgage crisis was preceded by a broad deterioration in underwriting diligence. This paper shows that this deterioration varied by the industry affiliation of mortgage lenders. Loans issued by homebuilders and stand-alone lenders were significantly less likely to default than loans issued by depository banks and affiliates of major financial institutions. I argue that homebuilders and stand-alone lenders had the least financial capacity to hold mortgage...
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作者：Kesavan, Saravanan; Staats, Bradley R.; Gilland, Wendell
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Organizations can create volume flexibility-the ability to increase capacity up or down to meet demand for a single service-through the use of flexible labor resources (e.g., part-time and temporary workers, as compared to full-time workers). Although organizations are increasingly using these resources, the relationship between flexible labor resources and financial performance has not been examined empirically in the service setting. We use two years of archival data from 445 stores of a lar...
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作者：Corgnet, Brice; Hernan Gonzalez, Roberto
作者单位：Chapman University System; Chapman University; Chapman University System; Chapman University; University of Granada
摘要：We study the effect of consultative participation in an experimental principal-agent game, where the principal can consult the agent's preferred option regarding the cost function of the transfer to be implemented in the final stage of the game. We show that consulting the agent was beneficial to principals as long as they followed the agent's choice. Ignoring the agent's choice was detrimental to the principal because it engendered negative emotions and low levels of transfers. Nevertheless, ...
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作者：Drexler, Alejandro; Schoar, Antoinette
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Texas System; University of Texas Austin; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We show that the cost of employee turnover in firms that rely on decentralized knowledge and personal relationships depends on the firms' planning horizons and the departing employees' incentives to transfer information. Using exogenous shocks to the relationship between borrowers and loan officers, we document that borrowers whose loan officers are on leave are less likely to receive new loans from the bank, are more likely to apply for credit from other banks, and are more likely to miss pay...
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作者：Christoffersen, Peter; Dorion, Christian; Jacobs, Kris; Karoui, Lotfi
作者单位：University of Toronto; Copenhagen Business School; CREATES; Universite de Montreal; HEC Montreal; University of Houston System; University of Houston
摘要：The extended Kalman filter, which linearizes the relationship between security prices and state variables, is widely used in fixed-income applications. We investigate whether the unscented Kalman filter should be used to capture nonlinearities and compare the performance of the Kalman filter with that of the particle filter. We analyze the cross section of swap rates, which are mildly nonlinear in the states, and cap prices, which are highly nonlinear. When caps are used to filter the states, ...
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作者：Liu, Laura Xiaolei; Sherman, Ann E.; Zhang, Yong
作者单位：Hong Kong University of Science & Technology; DePaul University; Hong Kong Polytechnic University
摘要：The unique characteristics of the U.S. initial public offering (IPO) process, particularly the strict quiet period regulations, allow us to explore the effects of media coverage when the coverage does not contain genuine news (i.e., hard information that was previously unknown). We show that a simple, objective measure of pre-IPO media coverage is positively related to the stock's long-term value, liquidity, analyst coverage, and institutional investor ownership. Our results are robust to addi...
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作者：Abdellaoui, Mohammed; Kemel, Emmanuel
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); heSam Universite; Universite Pantheon-Sorbonne
摘要：We elicited the prospect theory components (utility, probability weighting, and loss aversion) when consequences are expressed as the time dedicated to a specific task or activity. A similar elicitation was performed for monetary consequences to allow an across-attribute (time/money) comparison of the elicited components (at the individual level). We obtained less concave utility and smaller loss aversion for time than for money. Moreover, while the probability weighting was predominantly inve...
