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作者：Lowry, Michelle R.; Vance, Anthony; Vance, Marshall D.
作者单位：Virginia Polytechnic Institute & State University; Virginia Polytechnic Institute & State University
摘要：We conduct a field study of boards' emerging responsibility to oversee cybersecurity risk, a setting in which few directors have expertise. We find that, although nonexpert directors may genuinely seek to provide diligent oversight, without expertise their efforts lack substance and therefore are mostly symbolic, even when they perform the same oversight activities as expert directors. We also explore why boards do not prioritize the appointment of cybersecurity experts and show that nonexpert...
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作者：Snyder, Clare; Keppler, Samantha; Leider, Stephen
作者单位：University of Michigan System; University of Michigan
摘要：In algorithm-augmented service contexts where workers have decision authority, they face two decisions about the algorithm: whether to follow its advice and how quickly to do so. The pressure to work quickly increases with the speed of arriving customers. In this paper, we ask the following. How do workers use algorithms to manage system loads? With a laboratory experiment, we find that superior algorithm quality and high system loads increase participants' willingness to use their algorithm's...
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作者：Zhou, Hao; Zhang, Jun
作者单位：Zhejiang University of Finance & Economics; University of Technology Sydney
摘要：This paper establishes the optimal selling mechanism when a seller can incentivize an existing buyer to refer his privately known potential buyer to participate. We identify three optimal channels for providing referral incentives. First, if the existing buyer declares that no potential buyer exists, his virtual value is penalized. Second, if the existing buyer refers the potential buyer to the seller, his virtual value is boosted. Third, in some scenarios where this carrots-and-sticks-via-vir...
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作者：Loch, Christoph; Singhal, Kalyan; Tang, Christopher
作者单位：University of Navarra; IESE Business School; University of Baltimore; University System of Maryland; University of Baltimore; University of California System; University of California Los Angeles
摘要：Martin K. Starr, aged 97, passed away January 25, 2025. During his 15-year tenure as editor-in-chief of Management Science, he became the longest serving editor of any INFORMS journal. During this period, he published dozens of books and more than 100 articles. Starr made significant contributions to delineating the domain of modern operations and supply chain management, building a framework for system integration, modular design and production, and high-risk systems. This essay intends to un...
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作者：Ogura, Yoshiaki; Okui, Ryo; Saito, Yukiko Umeno
作者单位：Waseda University; University of Tokyo
摘要：This paper develops a theoretical framework for network-motivated forbearance lending, or forbearance lending to influential buyers and sellers in a supply network. Because dominant banks in a financial market internalize the negative externality of an influential firm's exit, they may continue to refinance a loss-making influential firm at an interest rate lower than the prime rate. This type of forbearance lending is distinct from other strategies such as evergreening or gambling for resurre...
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作者：Xu, Kan; Bastani, Hamsa
作者单位：Arizona State University; Arizona State University-Tempe; University of Pennsylvania
摘要：Decision makers often simultaneously face many related but heterogeneous learning problems. For instance, a large retailer may wish to learn product demand at different stores to solve pricing or inventory problems, making it desirable to learn jointly for stores serving similar customers; alternatively, a hospital network may wish to learn patient risk at different providers to allocate personalized interventions, making it desirable to learn jointly for hospitals serving similar patient popu...
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作者：Kwon, Caleb; Raman, Ananth
作者单位：University of Texas System; University of Texas Austin; Harvard University
摘要：Fair Workweek Laws (FWLs) aim to improve the predictability and stability of employee work schedules. They do so by requiring employers to provide work schedules with sufficient advance notice or to compensate workers when such notice is not provided. Despite the growing number of U.S. jurisdictions with active FWLs (currently more than 10), there is little empirical evidence of their effects on work schedules. This paper examines the impact of Los Angeles's FWL on the predictability and stabi...
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作者：Cong, Lin William; Karolyi, G. Andrew; Tang, Ke; Zhao, Weiyi
作者单位：Nanyang Technological University; Nanyang Technological University; Tsinghua University; Cornell University; Tsinghua University; Yanqi Lake Beijing Institute of Mathematical Sciences & Applications; Zhongnan University of Economics & Law; Zhongnan University of Economics & Law
摘要：In the largest data set of crypto assets to date, we uncover a significant value effect based on the active-addresses-to-market-cap ratio. The corresponding novel value factor, together with the crypto market, size, and momentum factors adapted to our sample, forms a four-factor model that explains the cross-sectional return variations better than existing benchmarks. We show that the crypto value premium is plausibly driven by compensation for on-chain activity risk. We also provide the first...
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作者：Phalippou, Ludovic
作者单位：University of Oxford
摘要：Carried interest (carry) is the main performance-based component of compensation for private capital fund managers. Using fund-level cash flows and fee terms for more than 12,000 funds, we estimate which funds are in the carry and the total amount earned. Aggregate carry exceeds one trillion dollars and accounts for 18% of investor profits, about equal the contractual value-weighted rate of 19%. The difference reflects the role of hurdle rates and the relatively smooth distribution of fund out...
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作者：Somogyi, Fabricius
作者单位：Northeastern University
摘要：Over 85% of all foreign exchange (FX) transactions involve the U.S. dollar, whereas the United States accounts for a much smaller fraction of global economic activity. My paper attributes the dominance of the dollar in FX trading to strategic avoidance of price impact. Using a novel identification strategy, I show that, on average, 13% of the volume in dollar pairs arises from using the dollar as a vehicle currency to indirectly exchange two nondollar currencies. To rationalise this result, I ...
