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作者：Olivares, Marcelo; Cachon, Gerard P.
作者单位：Columbia University; University of Pennsylvania
摘要：We study the following question: How does competition influence the inventory holdings of General Motors' dealerships operating in isolated U. S. markets? We wish to disentangle two mechanisms by which local competition influences a dealer's inventory: (1) the entry or exit of a competitor can change a retailer's demand (a sales effect); and (2) the entry or exit of a competitor can change the amount of buffer stock a retailer holds, which influences the probability that a consumer finds a des...
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作者：Massa, Massimo; Simonov, Andrei
作者单位：INSEAD Business School; Michigan State University; Michigan State University's Broad College of Business
摘要：In this paper, we use a unique data set on the Italian interdealer bond market to empirically estimate the process of strategic experimentation. The results show how the information generated in the process of interdealer trading affects the incentive to experiment. Upon receipt of an order, dealers deliberately engage in trade with other dealers either to exploit the information contained in the order they receive or, if they are uncertain about its quality, to assess it by actively experimen...
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作者：Christen, Markus; Boulding, William; Staelin, Richard
作者单位：INSEAD Business School; Duke University
摘要：This paper extends the theoretical literature on firms' optimal information strategies to the situation when a firm's management attention capacity to process available data is scarce. In this case, a firm's optimal market intelligence strategy must trade off learning a little about a broad range of markets (a broad strategy) with gaining a very deep understanding of one or a few markets (a focused strategy). This trade-off is not present when data are scarce, an assumption made in most of the...
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作者：Fosfuri, Andrea; Giarratana, Marco S.
作者单位：Universidad Carlos III de Madrid
摘要：We investigate the impact of rivals' product innovation and new advertising on a firm's financial market value in mature product markets. Our test bed is the carbonated soft drink market between 1999 and 2003, a period characterized by a near duopoly between Coca-Cola and Pespi. Empirically, we focus on new product announcements as a proxy of product innovation and on filed trademarks as a measure of new advertising. We find that rival product announcements decrease a firm's financial market v...
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作者：Birbil, S. Ilker; Frenk, J. B. G.; Gromicho, Joaquim A. S.; Zhang, Shuzhong
作者单位：Sabanci University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Vrije Universiteit Amsterdam; Chinese University of Hong Kong
摘要：In this paper, we introduce robust versions of the classical static and dynamic single-leg seat allocation models. These robust models take into account the inaccurate estimates of the underlying probability distributions. As observed by simulation experiments, it turns out that for these robust versions the variability compared to their classical counterparts is considerably reduced with a negligible decrease in average revenue.
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作者：Narayanan, Sriram; Balasubramanian, Sridhar; Swaminathan, Jayashankar M.
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of North Carolina; University of North Carolina Chapel Hill
摘要：Specialization at work has been recognized as a key driver of learning and productivity since the days of Adam Smith. More recently, researchers have noted that exposure to task variety can enhance learning. We examine how exposure to specialization and variety jointly drive employee productivity in a real-life setting. We analyze a data set covering 88 individuals who worked on 5,711 maintenance tasks in an offshore software support services operation. We find that, as expected, specializatio...
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作者：Zhang, Chu
作者单位：Hong Kong University of Science & Technology
摘要：This paper develops a test of the asymptotic arbitrage pricing theory (APT) via the maximum squared Sharpe ratio of the factors extracted from individual stocks using the Connor-Korajczyk method. The test treats the beta pricing relation as approximate without predetermining the systematic factors, unlike the existing tests that take the relationship as exact and systematic factors as given. This paper also examines the magnitude of pricing errors bounded partly by the maximum squared Sharpe r...
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作者：Allon, Gad; Federgruen, Awi
作者单位：Northwestern University; Columbia University
摘要：We develop a model for the competitive interactions in service industries where firms cater to multiple customer classes or market segments with the help of shared service facilities or processes so as to exploit pooling benefits. Different customer classes typically have distinct sensitivities to the price of service as well as the delays encountered. In such settings firms need to determine (i) the prices charged to all customer classes; (ii) the waiting time standards, i. e., expected stead...
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作者：Christoffersen, Peter; Heston, Steven; Jacobs, Kris
作者单位：McGill University; Copenhagen Business School; CREATES; Aarhus University; University System of Maryland; University of Maryland College Park; University of Houston System; University of Houston
摘要：State-of-the-art stochastic volatility models generate a volatility smirk that explains why out-of-the-money index puts have high prices relative to the Black-Scholes benchmark. These models also adequately explain how the volatility smirk moves up and down in response to changes in risk. However, the data indicate that the slope and the level of the smirk fluctuate largely independently. Although single-factor stochastic volatility models can capture the slope of the smirk, they cannot explai...
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作者：Kc, Diwas S.; Terwiesch, Christian
作者单位：Emory University; University of Pennsylvania
摘要：Much of prior work in the area of service operations management has assumed service rates to be exogenous to the level of load on the system. Using operational data from patient transport services and cardiothoracic surgery-two vastly different health-care delivery services-we show that the processing speed of service workers is influenced by the system load. We find that workers accelerate the service rate as load increases. In particular, a 10% increase in load reduces length of stay by two ...
