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作者：Clark, Jonathan R.; Huckman, Robert S.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Harvard University; National Bureau of Economic Research
摘要：The long-standing argument that focused operations outperform others stands in contrast to claims about the benefits of broader operational scope. The performance benefits of focus are typically attributed to reduced complexity, lower uncertainty, and the development of specialized expertise; the benefits of greater breadth are linked to the economies of scope achieved by sharing common resources, such as advertising or production capacity, across activities. Within the literature on corporate...
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作者：Allon, Gad; Bassamboo, Achal; Cil, Eren B.
作者单位：Northwestern University; University of Oregon
摘要：Recently, large-scale, Web-based service marketplaces, where many small service providers compete among themselves in catering to customers with diverse needs, have emerged. Customers who frequent these marketplaces seek quick resolutions and thus are usually willing to trade prices with waiting times. The main goal of this paper is to discuss the role of the moderating firm in facilitating information gathering, operational efficiency, and communication among agents in service marketplaces. S...
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作者：Litov, Lubomir P.; Moreton, Patrick; Zenger, Todd R.
作者单位：University of Arizona; Duke University; Washington University (WUSTL)
摘要：In this paper, we argue that managers confront a paradox in selecting strategy. On one hand, capital markets systematically discount uniqueness in the strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's future value. These greater costs in strategy evaluation discourage the collection and analysis of information regarding the firm, and result in a valuation discount. On the other hand, uniqueness in strategy is a nec...
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作者：Ching, Andrew T.; Ishihara, Masakazu
作者单位：University of Toronto; New York University
摘要：In the pharmaceutical industry, measuring the importance of informative and persuasive roles of detailing is crucial for both drug manufacturers and policy makers. However, little progress has been made in disentangling these two roles of detailing in empirical research. In this paper, we provide a new identification strategy to address this problem. Our key identification assumptions are that the informative component of detailing is chemical specific and the persuasive component is brand spe...
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作者：Boyle, Phelim; Garlappi, Lorenzo; Uppal, Raman; Wang, Tan
作者单位：Wilfrid Laurier University; University of British Columbia; Universite Catholique de Lille; EDHEC Business School
摘要：We develop a model of portfolio choice to nest the views of Keynes, who advocates concentration in a few familiar assets, and Markowitz, who advocates diversification. We use the concepts of ambiguity and ambiguity aversion to formalize the idea of an investor's familiarity toward assets. The model shows that for any given level of expected returns, the optimal portfolio depends on two quantities: relative ambiguity across assets and the standard deviation of the expected return estimate for e...
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作者：Seybert, Nicholas; Yang, Holly I.
作者单位：University System of Maryland; University of Maryland College Park; University of Pennsylvania
摘要：This paper shows that an important link between investor sentiment and firm. overvaluation is optimistic earnings expectations, and that management earnings guidance helps resolve sentiment-driven overvaluation. Using previously identified firm characteristics, we find that most of the negative returns to uncertain firms in months following high-sentiment periods fall within the three-day window around the issuance of management earnings guidance. Comparisons of guidance months to nonguidance ...
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作者：Apesteguia, Jose; Azmat, Ghazala; Iriberri, Nagore
作者单位：ICREA; Pompeu Fabra University
摘要：We investigate whether the gender composition of teams affects their economic performance. We study a large business game, played in groups of three, in which each group takes the role of a general manager. There are two parallel competitions, one involving undergraduates and the other involving MBA students. Our analysis shows that teams formed by three women are significantly outperformed by all other gender combinations, both at the undergraduate and MBA levels. Looking across the performan...
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作者：Tereyagoglu, Necati; Veeraraghavan, Senthil
作者单位：University System of Georgia; Georgia Institute of Technology; University of Pennsylvania
摘要：Consumers often purchase goods that are hard to find to conspicuously display their exclusivity and social status. Firms that produce such conspicuously consumed goods such as designer apparel, fashion goods, jewelry, etc., often face challenges in making optimal pricing and production decisions. Such firms are confronted with precipitous trade-off between high sales volume and high margins, because of the highly uncertain market demand, strategic consumer behavior, and the display of conspicu...
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作者：McWilliams, Bruce
作者单位：Instituto Tecnologico Autonomo de Mexico
摘要：Existing literature, based on signaling theory, suggests that money-back guarantees (MBGs) will be utilized by high-quality firms, where high quality is defined as a low likelihood of product return. However, in today's world, MBGs are ubiquitous among major retailers, even when the likelihood of product return varies greatly between them. To understand this phenomenon, we explore a competitive environment between high- and low-quality retailers where consumers are fully informed and risk neut...
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作者：Shenoy, Jaideep
作者单位：Tulane University
摘要：We investigate the efficiency, foreclosure, and collusion rationales for vertical integration in a large sample of vertically related takeovers. The efficiency rationale, as discussed under the transaction cost economics and property rights theories, posits that vertical integration mitigates contractual inefficiencies between suppliers and customers (termed as holdup) and provides incentives to undertake relationship-specific investments. In contrast, the foreclosure and collusion rationales ...
