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作者：Man, Kasing; Wang, Junbo; Wu, Chunchi
作者单位：Western Illinois University; City University of Hong Kong; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：This paper examines the contribution to price discovery by electronic and voice-based trading systems in the U.S. Treasury market. Evidence shows that the electronic trading system has more price discovery and that trading automation increases the speed of incorporating information into prices. However, human trading generates significant price discovery, though its volume is low. The relative contribution of a trading system to price discovery depends on liquidity, volatility, volume, trade s...
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作者：Dellarocas, Chrysanthos; Katona, Zsolt; Rand, William
作者单位：Boston University; University of California System; University of California Berkeley; University System of Maryland; University of Maryland College Park
摘要：A defining property of the World Wide Web is a content site's ability to place virtually costless hyperlinks to third-party content as a substitute or complement to its own content. Costless hyperlinking has enabled new types of players, usually referred to as content aggregators, to successfully enter content ecosystems, attracting traffic and revenue by hosting links to the content of others. This, in turn, has sparked a heated controversy between content creators and aggregators regarding t...
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作者：Gopal, Anandasivam; Goyal, Manu; Netessine, Serguei; Reindorp, Matthew
作者单位：University System of Maryland; University of Maryland College Park; Utah System of Higher Education; University of Utah; INSEAD Business School; Eindhoven University of Technology
摘要：Product launch-an event when a new product debuts for production in a plant-is an important phase in product development. But launches disrupt manufacturing operations, resulting in productivity losses. Using data from North American automotive plants from years 1999-2007, we estimate that a product launch entails an average productivity loss of 12%-15% at the plant level. This translates to a monetary loss of $42-$53 million per launch in lost productivity. We identify several ways to mitigat...
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作者：Obukhova, Elena; Lan, George
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Although it is intuitively plausible that a job seeker benefits by using contacts in her job search, the literature is plagued by theoretical disagreements and inconclusive empirical evidence. Single-firm studies consistently find that job seekers applying through referrals achieve better labor-market outcomes than job seekers applying without referrals, but the evidence from job-seeker studies is mixed. To solve this puzzle, we clarify the distinction between having social capital and using c...
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作者：Yang, Jian; Zhou, Yinggang
作者单位：Children's Hospital Colorado; University of Colorado System; University of Colorado Anschutz Medical Campus; University of Colorado Denver; Nankai University; Chinese University of Hong Kong
摘要：Using credit default swap data, we propose a novel empirical framework to identify the structure of credit risk networks across international major financial institutions around the recent global credit crisis. Specifically, we identify three groups of players, including prime senders, exchange centers, and prime receivers of credit risk information. Leverage ratios and, particularly, the short-term debt ratio appear to be significant determinants of the roles of financial institutions in cred...
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作者：Groysberg, Boris; Healy, Paul; Serafeim, George; Shanthikumar, Devin
作者单位：Harvard University; University of California System; University of California Irvine
摘要：Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research, and their analysts face different stock selection and recommendation incentives than their sell-side peers. We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts from mid-1997 to 2004. We find that the buy-side firm's a...
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作者：Kong, Guangwen; Rajagopalan, Sampath; Zhang, Hao
作者单位：University of Southern California; University of British Columbia
摘要：This work explores the potential of revenue-sharing contracts to facilitate information sharing in a supply chain and mitigate the negative effects of information leakage. We consider a supplier who offers a revenue-sharing contract to two competing retailers, one of whom has private information about uncertain market potential and orders first. This order information may be leaked to the uninformed retailer by the supplier to realize higher profits. We show that the incentives of the supplier...
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作者：Haran, Uriel
作者单位：Ben-Gurion University of the Negev
摘要：Most legal systems in the world follow the principle of corporate personhood, which grants organizations the same legal status as natural persons. Although debate over the notion of corporate personhood has been fierce, whether and how this principle is applied in people's beliefs and intuitions has yet to be empirically examined. This work addresses the gap in the literature, in the context of formal contracts. While contracts are typically seen as either morally binding promises or morally n...
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作者：Baucells, Manel; Borgonovo, Emanuele
作者单位：RAND Corporation; Pompeu Fabra University; Bocconi University; Bocconi University
摘要：In evaluating opportunities, investors wish to identify key sources of uncertainty. We propose a new way to measure how sensitive model outputs are to each probabilistic input (e.g., revenues, growth, idiosyncratic risk parameters). We base our approach on measuring the distance between cumulative distributions (risk profiles) using a metric that is invariant to monotonic transformations. Thus, the sensitivity measure will not vary by alternative specifications of the utility function over the...
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作者：Dai, Tinglong; Jerath, Kinshuk
作者单位：Johns Hopkins University; Columbia University
摘要：We study a scenario in which a firm designs the compensation contract for a salesperson who exerts unobservable effort to increase the level of uncertain demand and, jointly, the firm also decides the inventory level to be stocked. We use a newsvendor-type model in which actual sales depend on the realized demand but are limited by the inventory available, and unfulfilled demand cannot be observed. In this setup, under the optimal contract, the agent is paid a bonus for meeting a sales quota. ...
