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作者：Singh, Jasjit; Agrawal, Ajay
作者单位：INSEAD Business School; University of Toronto; National Bureau of Economic Research
摘要：When firms recruit inventors, they acquire not only the use of their skills but also enhanced access to their stock of ideas. But do hiring firms actually increase their use of new recruits' prior inventions? Our estimates suggest they do, quite significantly in fact, by approximately 219% on average. However, this does not necessarily reflect widespread learning by hiring. In fact, we estimate that a recruit's exploitation of her own prior ideas accounts for almost half of the above effect, w...
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作者：Chakravarty, Anindita; Grewal, Rajdeep
作者单位：University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：The budgets for research and development (R&D) and marketing should be determined by managers to attain product market advantages. However, in response to investor expectations for short-term stock returns, managers may modify these budgets myopically to avoid unexpected short-term earnings shortfalls, at the cost of long-term profitability. We propose that the past behavior of firm stock returns and volatility may create investor expectations of short-term financial performance, which drives ...
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作者：Goh, Khim-Yong; Hui, Kai-Lung; Png, Ivan P. L.
作者单位：National University of Singapore; Hong Kong University of Science & Technology; National University of Singapore
摘要：Despite annual expenditures on public relations exceeding $19.42 billion, U.S. businesses lack practical guidance about the effectiveness of publicity in mass media. Here, we assemble a rich and novel data set to gauge the impact of news reports on consumer sign-ups with the U.S. Do Not Call (DNC) Registry. Using multiple identification strategies, we found robust evidence that news reports increased consumer registrations. Specifically, a 1% increase in the number of news reports increased DN...
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作者：Glasserman, Paul; Wang, Zhenyu
作者单位：Columbia University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：T he Capital Assistance Program (CAP) was created by the U. S. government in February 2009 to provide backup capital to large financial institutions unable to raise sufficient capital from private investors. Under the terms of the CAP, a participating bank receives contingent capital by issuing preferred shares to the Treasury combined with embedded options for both parties: The bank gets the option to redeem the shares or convert them to common equity, with conversion mandatory after seven ye...
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作者：Moldoveanu, Mihnea C.; Baum, Joel A. C.
作者单位：University of Toronto
摘要：We investigate the epistemology of trust in social networks. We posit trust as a special epistemic state that depends on actors' beliefs about each others' beliefs as well as about states of the world. It offers new ideas and tools for representing the core elements of trust both within dyads and larger groups and presents an approach that makes trust measurable in a noncircular and predictive, rather than merely postdictive, fashion. After advancing arguments for the importance of interactive...
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作者：Islegen, Oezge; Reichelstein, Stefan
作者单位：Stanford University
摘要：For fossil fuel power plants to be built in the future, carbon capture and storage (CCS) technologies offer the potential for significant reductions in carbon dioxide (CO2) emissions. We examine the break-even value for CCS adoptions, that is, the critical value in the charge for CO2 emissions that would justify investment in CCS capabilities. Our analysis takes explicitly into account that the supply of electricity at the wholesale level (generation) is organized competitively in some U. S. j...
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作者：Cai, Ning; Kou, S. G.
作者单位：Hong Kong University of Science & Technology; Columbia University
摘要：This paper aims to extend the analytical tractability of the Black-Scholes model to alternative models with arbitrary jump size distributions. More precisely, we propose a jump diffusion model for asset prices whose jump sizes have a mixed-exponential distribution, which is a weighted average of exponential distributions but with possibly negative weights. The new model extends existing models, such as hyperexponential and double-exponential jump diffusion models, because the mixed-exponential...
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作者：Salinger, Michael; Ampudia, Miguel
作者单位：Boston University; Boston University
摘要：The Lerner relationship linking the profit-maximizing price to marginal cost and the elasticity of demand generalizes to the price-setting newsvendor, and the result resolves the puzzle over the different effects of additive and multiplicative uncertainty on the solution. Multiplicative uncertainty increases the optimal price because it increases the marginal cost of a unit sold and does not affect the markup factor. Additive uncertainty has no effect on the marginal cost of a unit sold and lo...
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作者：Buell, Ryan W.; Norton, Michael I.
作者单位：Harvard University
摘要：A ubiquitous feature of even the fastest self-service technology transactions is the wait. Conventional wisdom and operations theory suggest that the longer people wait, the less satisfied they become; we demonstrate that because of what we term the labor illusion, when websites engage in operational transparency by signaling that they are exerting effort, people can actually prefer websites with longer waits to those that return instantaneous results-even when those results are identical. In ...
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作者：Simcoe, Timothy S.; Waguespack, Dave M.
作者单位：Boston University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：How much are we influenced by an author's identity when evaluating his or her work? This paper exploits a natural experiment to measure the impact of status signals in the context of open standards development. For a period of time, e-mails announcing new submissions to the Internet Engineering Task Force would replace individual author names with et al. if submission volumes were unusually high. We measure the impact of status signals by comparing the effect of obscuring high-versus low-statu...
