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作者：Brown, Alexander L.; Kim, Hwagyun
作者单位：Texas A&M University System; Texas A&M University College Station; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Recent financial studies often assume that agents have Epstein-Zin preferences-preferences that require agents to care about when uncertainty is resolved. Under this recursive-preference framework, the preference for uncertainty resolution is entirely determined by an agent's preferences for risk and intertemporal substitution. To test the implications of this model, this paper presents an experiment designed to elicit subject preferences on risk, time, intertemporal substitution, and uncertai...
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作者：Alan, Yasin; Gao, George P.; Gaur, Vishal
作者单位：Vanderbilt University; Cornell University
摘要：We find that inventory productivity strongly predicts future stock returns among a sample of publicly listed U. S. retailers during the period from 1985 to 2010. A zero-cost portfolio investment strategy, which consists of buying from the two highest and selling from the two lowest quintiles formed on inventory turnover, earns more than 1% average monthly abnormal return benchmarked to the Fama-French-Carhart four-factor model. Our results are robust to different measures of inventory producti...
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作者：Taylor, Terry A.; Xiao, Wenqiang
作者单位：University of California System; University of California Berkeley; New York University
摘要：In countries that bear the heaviest burden of malaria, most patients seek medicine for the disease in the private sector. Because the availability and affordability of recommended malaria drugs provided by the private-sector distribution channel is poor, donors (e. g., the Global Fund) are devoting substantial resources to fund subsidies that encourage the channel to improve access to these drugs. A key question for a donor is whether it should subsidize the purchases and/or the sales of the p...
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作者：Kocabiyikoglu, Ayse; Popescu, Ioana; Stefanescu, Catalina
作者单位：Ihsan Dogramaci Bilkent University; INSEAD Business School; European School of Management & Technology
摘要：The integration of systems for pricing and revenue management must trade off potential revenue gains against significant practical and technical challenges. This dilemma motivates us to investigate the value of coordinating decisions on prices and capacity allocation in a stylized setting. We propose two pairs of sequential policies for making static decisions-on pricing and revenue management-that differ in their degree of integration (hierarchical versus coordinated) and their pricing inputs...
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作者：Gamba, Andrea; Triantis, Alexander J.
作者单位：University of Warwick; University System of Maryland; University of Maryland College Park
摘要：We analyze the value created by a dynamic integrated risk management strategy involving liquidity management, derivatives hedging, and operating flexibility, in the presence of several frictions. We show that liquidity serves a critical and distinct role in risk management, justifying high levels of cash. We find that the marginal value associated with derivatives hedging is likely to be low, though we explain why some empirical studies find a higher value. We explore the complex interactions ...
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作者：Jiang, Hao; Verbeek, Marno; Wang, Yu
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Texas System; University of Texas Austin
摘要：The consensus wisdom of active mutual fund managers, as reflected in their average over- and underweighting decisions, contains valuable information about future stock returns. Analyzing a comprehensive sample of active U.S. equity funds from 1984 to 2008, we find that stocks heavily overweighted by active funds out-perform their underweighted counterparts by more than 7% per year, after adjustments for their loadings on the market, size, value, and momentum factors. This large premium dissipa...
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作者：Ovchinnikov, Anton; Boulu-Reshef, Beatrice; Pfeifer, Phillip E.
作者单位：University of Virginia; University of Virginia
摘要：This paper discusses the interaction between revenue management and customer relationship management for a firm that operates in a customer retention situation but faces limited capacity. We present a dynamic programming model for how the firm balances investments in customer acquisition and retention, as well as retention across multiple customer types. We characterize the optimal policy and discuss how the policy changes depending on capacity limitations. We then contrast the modeling result...
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作者：Tan, Tom Fangyun; Netessine, Serguei
作者单位：Southern Methodist University; INSEAD Business School
摘要：we analyze a large, detailed operational data set from a restaurant chain to shed new light on how workload (defined as the number of tables or diners that a server simultaneously handles) affects servers' performance (measured as sales and meal duration). We use an exogenous shock-the implementation of labor scheduling software-and time-lagged instrumental variables to disentangle the endogeneity between demand and supply in this setting. We show that servers strive to maximize sales and spee...
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作者：Achtziger, Anja; Alos-Ferrer, Carlos
作者单位：Zeppelin University; University of Cologne
摘要：We present a simple model for decision making under uncertainty building on dual-process theories from psychology, and use it to illustrate a possible component of intuitive decision making of particular relevance for managerial settings. Decisions are the result of the interaction between two decision processes. The first one captures optimization based on Bayesian updating of beliefs. The second corresponds to a form of reinforcement learning capturing the tendency to rely on past performanc...
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作者：Niederle, Muriel; Segal, Carmit; Vesterlund, Lise
作者单位：Stanford University; National Bureau of Economic Research; University of Zurich; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Affirmative action is often criticized for causing reverse discrimination and lowering the qualifications of those hired under the policy. However, the magnitude of such adverse effects depends on whether the best suited candidate is hired absent the policy. Indeed affirmative action may compensate for the distortion discrimination imposes on the selection of candidates. This paper asks whether affirmative action can have a similar corrective impact when qualified individuals fail to apply for...
