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作者：Li, Xing; Hartmann, Wesley R.; Amano, Tomomichi
作者单位：Peking University; Stanford University; Harvard University
摘要：This paper compares two estimators-the Border Approach and an Instrumental Variable (IV) estimator-using a unified framework where identifying variation arises from preference externalities, following the intuition in Waldfogel (2003). We highlight two dimensions in favor of the IV approach. First, an econometric model of the data-generating process reveals that the border approach requires a set of identification assumptions that are not easily satisfied in practice: the ignorance of some pay...
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作者：Amorim, Pedro; Dehoratius, Nicole; Eng-Larsson, Fredrik; Martins, Sara
作者单位：INESC TEC; Universidade do Porto; University of Chicago; Stockholm University; Instituto Politecnico do Porto
摘要：Retailers face increasing competitive pressure to determine how best to deliver products purchased online to the end customer. Grocery retailers often require attended home delivery where the customer must be present to receive the delivery. For attended home delivery to function, the retailer and customer must agree on a delivery time slot that works for both parties. Using online data from a grocery retailer, we observe customer preferences for three delivery service attributes associated wi...
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作者：Arisoy, Y. Eser; Bali, Turan G.; Tang, Yi
作者单位：Georgetown University; Fordham University
摘要：We introduce a measure of regret for stock market investors and investigate its cross-sectional asset pricing implications. According to our regret-based framework, investors experience regret due to not achieving the highest possible return from a similar set of stock investments, and equity portfolios with high regret generate 6.84% more annualized alpha than portfolios with low regret. Using investor-trading activity of 78,000 households at a large U.S.-based brokerage firm, we develop an i...
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作者：Young, Spencer
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：I examine whether financial statements are more comparable when accounting standards restrict managers' discretion. My evidence suggests that restricting managers' discretion is associated with reduced comparability, on average. This effect is strongest when transactions are dissimilar. To explore this relation, I develop novel measures of two distinct types of incomparability. I find that restricting managers' discretion is associated with an increase in incomparability stemming from dissimil...
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作者：Atasu, Atalay; Ciocan, Dragos Florin; Desir, Antoine
作者单位：INSEAD Business School
摘要：Many firms delegate pricing decisions to sales agents that directly interact with customers. A premise behind this practice is that sales agents can gather informative signals about the customer's valuation for the good of interest. The information acquired through this interaction with the customer can then be used to make better pricing decisions. We study the underlying principal-agent problem that arises in such situations. In this setting, the agent can exert costly effort to learn a cust...
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作者：Wei, Junyu; Sun, Wei
作者单位：University of Texas System; University of Texas Austin; International Business Machines (IBM); IBM USA
摘要：Due to the sheer number of available choices, online retailers frequently use tiered assortment to present products. In this case, groups of products are arranged across multiple pages or stages, and a customer clicks on next or load more to access them sequentially. Despite the prevalence of such assortments in practice, this topic has not received much attention in the existing literature. In this work, we focus on a sequential choice model that captures customers' behavior when product reco...
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作者：Gerritzen, Marc; Jackwerth, Jens; Plazzi, Alberto
作者单位：University of Konstanz; Universita della Svizzera Italiana; Swiss Finance Institute (SFI)
摘要：Mandatory filings for UK hedge funds suggest that managers having worked at the same prior employer invest more similarly in terms of distances of returns. If they overlapped in employment, increasing the chance of social ties, investments become even more similar. The joint effect accounts for up to two thirds of the difference in investing behavior. Results are robust to fund-and manager-level controls as well as to identification concerns. With controls, the same-employer effect is concentr...
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作者：Bao, Weining; Ni, Jian; Singh, Shubhranshu
作者单位：University of Connecticut; Virginia Polytechnic Institute & State University; Johns Hopkins University
摘要：Educational inequality undermines the pivotal role of education in increasing the ability of the poor to move up the income ladder. This paper investigates educational inequality that arises from low-income students' lack of monetary resources that higherincome students invest in education. We show low-income students' inability to make monetary investments in education reduces their incentive to study and contributes to educational inequality. In the context of developing markets, we study im...
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作者：Bae, Joon Woo; Da, Zhi; Zurita, Virgilio
作者单位：University System of Ohio; Case Western Reserve University; University of Notre Dame; Baylor University
摘要：We provide novel evidence that equity investors react to currency shocks with a delay. Using the cross-section of currency returns and the relative presence of U.S. firms in foreign economies, we compute a foreign operations-related exchange shock (FOREXS) measure. We find FOREXS to predict firms' future cash flows and stock returns, driving much of the previously documented underreaction to foreign information. An FOREXS- based long-short strategy yields a 6.74% annualized abnormal return. FO...
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作者：Hilpert, Christian; Hirth, Stefan; Szimayer, Alexander
作者单位：Sun Yat Sen University; Aarhus University; Danish Finance Institute; University of Hamburg
摘要：We propose a novel framework for investigating learning dynamics on the debt market. Observing a firm's survival of apparently distressed periods, the market eliminates asset value estimates that are too low to be consistent with the observed survival. Therefore, the firm's cost of debt becomes lower for given financials. Relative to a perfect information setting, the firm strategically delays default to benefit from a subsequently lower cost of debt. Default comes as a surprise, as it reveals...
