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作者：Cohen-Hillel, Tamar; Panchamgam, Kiran; Perakisc, Georgia
作者单位：University of British Columbia; Massachusetts Institute of Technology (MIT)
摘要：In-store promotions are a highly effective marketing tool that can have a significant impact on revenue. In this research, we study the question of dynamic promotion planning in the face of Bounded-Memory Peak-End demandmodels. In order to determine promotion strategies, we establish that a High-Low pricing policy is optimal under diagonal dominance conditions (so that the current period price dominates both past period price effects and competitive product price effects on the demand), as wel...
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作者：Dergunov, Ilya; Meinerding, Christoph; Schlag, Christian
作者单位：Australian National University; Deutsche Bundesbank; Goethe University Frankfurt
摘要：In a parsimonious regime switching model, we find strong evidence that expected consumption growth varies over time. Adding inflation as a second variable, we uncover two states in which expected consumption growth is low, one with high and one with negative expected inflation. Embedded in a general equilibrium asset pricing model with learning, these dynamics replicate the observed time variation in stock return volatilities and stock-bond return correlations. They also provide an alternative...
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作者：Schmid, Thomas; Urban, Daniel
作者单位：University of Hong Kong; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper examines how female directors (FDs) affect firm value in the absence of mandatory gender quotas. Using a newly collected data set on director deaths around the globe, we find that stock prices decrease approximately 2% more when an FD passes away, compared with a male director. What explains this negative capital market reaction? We find evidence that finding successors for deceased FDs is challenging for firms: Succession delays are longer, and although firms try to replace FDs wit...
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作者：Choudhury, Prithwiraj (Raj); Khanna, Tarun; Sevcenko, Victoria
作者单位：Harvard University; INSEAD Business School
摘要：Firm-induced migration typically entails firms relocating workers to fill value-creating positions at destination locations. But such relocated workers are often exposed to external employment opportunities at their destinations, possibly triggering turnover. We conceptualize the firm induced migration path, consisting of the relocated workers' place of origin and destination, as relevant in determining worker performance and turnover post-relocation. Using a unique data set from a large India...
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作者：Shin, Dongwook; Vaccari, Stefano; Zeevi, Assaf
作者单位：Hong Kong University of Science & Technology; Columbia University
摘要：This paper investigates how the pricing policy of a revenue-maximizing monopolist is influenced by the social learning dynamics of customers who use online reviews to estimate the quality of the product. A salient feature of our problem is that the customers' willingness to pay, and hence the demand function, evolves over time in conjunction with the online reviews. The monopolist strives to maximize its total expected revenue over a finite horizon by adjusting prices in response to these dyna...
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作者：Bazhutov, Dmitry; Betzer, Andre; Brochet, Francois; Doumet, Markus; Limbach, Peter
作者单位：University of Wuppertal; Boston University; University of Bielefeld
摘要：Using annual survey-based investor relations (IR) data for a panel of European companies, we document that the supply and effectiveness of IR varies with country- and firm-level demand. Relative to their industry peers, firms from insider-oriented countries have larger IR staff, which predicts better IR rankings. Better IR is associated with greater visibility, information assimilation, and valuation, with visibility and assimilation being significantly greater for firms from insider-oriented ...
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作者：Cong, Lin William; Hui, Xiang; Tucker, Catherine; Zhou, Luofeng
作者单位：Cornell University; Washington University (WUSTL); Massachusetts Institute of Technology (MIT); New York University
摘要：Blockchain-based smart contracts can potentially replace certain traditional contracts through decentralized enforcement and reduced transaction costs. However, scalability is a key bottleneck hindering their broader application and adoption, often leading to concentrated or exclusive networks. To avoid falling short of the original promise of the technology, firms actively explore layer-2 methods for scaling. We provide some initial evidence on the economic implications of a layer-2 scaling s...
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作者：Sautner, Zacharias; van Lent, Laurence; Vilkov, Grigory; Zhang, Ruishen
作者单位：Shanghai University of Finance & Economics
摘要：We estimate the risk premium for firm-level climate change exposure among S&P 500 stocks and its time-series evolution between 2005 to 2020. Exposure reflects the attention paid by market participants in earnings calls to a firm's climate-related risks and opportunities. When extracted from realized returns, the unconditional risk premium is insignificant but exhibits a period with a positive risk premium before the financial crisis and a steady increase thereafter. Forward-looking expected re...
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作者：Bai, Yicheng; El Housni, Omar; Jin, Billy; Rusmevichientong, Paat; Topaloglu, Huseyin; Williamson, David P.
作者单位：Cornell University; University of Southern California
摘要：One of the most prevalent demand models in the revenue management literature is based on dividing the selling horizon into a number of time periods such that there is at most one customer arrival at each time period. This demand model is equivalent to using a discrete-time approximation to a Poisson process, but it has an important shortcoming. If the mean number of customer arrivals is large, then the coefficient of variation of the number of customer arrivals has to be small. In other words,...
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作者：He, Cheng; Ozturk, O. Cem; Gu, Chris; Chintagunta, Pradeep K.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of South Carolina System; University of South Carolina Columbia; University System of Georgia; Georgia Institute of Technology; University of Chicago
摘要：Governments worldwide have spent billions of dollars on monetary incentives for consumers to encourage the adoption of eco-friendly (green) products. However, there is little consensus on the effectiveness of delayed monetary incentives with complex structures, such as tax credits in increasing green product adoption and reducing carbon emissions. The literature is also limited on the mechanisms through which monetary incentives work in general. We address these issues by studying the impact o...
