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作者：Allen, Abigail; Wahid, Aida Sijamic
作者单位：Brigham Young University; University of Toronto
摘要：Do gender diversity quotas enhance firm value? This broad question has sparked significant debate because, whereas diversity is generally thought to improve board functioning, prior research in international settings suggests mandating diversity may have adverse consequences if it moves firms away from market equilibrium. Exploiting the political events leading up to the passage of California Senate Bill (SB) 826 as an exogenous shock to assess the market implications of board gender compositi...
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作者：Bhui, Rahul; Jiao, Peiran
作者单位：Massachusetts Institute of Technology (MIT); Maastricht University
摘要：Many decision makers are thought to economize on attention by processing information at the simpler level of a category. We directly test whether such category focus reflects an adaptive response to attention constraints, in five preregistered experiments using an information sampling paradigm with mouse tracking. Consistent with rational principles, participants focus more on category-level information when individual differences are small, when the category contains more members, and when ti...
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作者：Guo, Liang
作者单位：Chinese University of Hong Kong
摘要：In many markets, buyers sign advance contracts before actual decisions on transactions or consumptions are made. Therefore, a buyer may have private information on expected payoff at the contracting stage, and as time moves on, new information on other components of payoff may arrive. However, prior information can be losable, forgettable, or unattended. In this paper, we investigate how limited memory may influence the optimal design of contracts for sequential screening. Despite memory loss,...
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作者：Hui, Xiang; Liu, Zekun; Zhang, Weiqing
作者单位：Washington University (WUSTL); New York University
摘要：Quality certification is ubiquitously used in markets with asymmetric information, but little is known about the impact of the number of certification tiers on market outcomes. Exploiting a field experiment on a large e-commerce marketplace with an existing two-tier certification, we study the impact of introducing a new certification tier that is less history dependent and less demanding than the existing top tier. Consistent with the theoretical literature on information design, we find that...
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作者：Seifert, Matthias; Ulu, Canan; Guha, Sreyaa
作者单位：IE University; Georgetown University; Universidade Nova de Lisboa
摘要：In environments with impending regime shifts, previous research studies probability judgments of decision makers (DMs) regarding a regime shift and finds evidence for the system neglect hypothesis: In unstable environments with precise signals, DMs exhibit relatively more underreaction in their probability judgments, and in stable environments with noisy signals, they exhibit relatively more overreaction. In the present paper we focus on pricing decisions and study how risk attitudes, as well ...
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作者：Li, Yuefeng; Khouja, Moutaz J.; Pan, Jingming; Zhou, Jing
作者单位：University of Electronic Science & Technology of China; University of North Carolina; University of North Carolina Charlotte
摘要：Buy-one-get-one (BOGO) promotions have become popular. With BOGO, the first unit is sold for the regular price, and the second unit is discounted. We analyze BOGO in manufacturer-retailer supply chains. We identify conditions under which BOGO outper-forms price reduction (PR) and everyday low price (EDLP) policies. We find that, for some products, whether consumers stockpile or not, if BOGO and PR have the same market size, BOGO has a larger retailer profit and the same or larger manufacturer ...
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作者：Huang, Sheng; Ringgenberg, Matthew C.; Zhang, Zhe
作者单位：China Europe International Business School; Utah System of Higher Education; University of Utah; Singapore Management University
摘要：Asset prices remain depressed for years following mutual fund fire sales, but little is known about the causes of these price drops. We show that asymmetric information generates price pressure during fire sales. We separate trades into expected trades, which assume fund managers scale down their portfolio, and discretionary trades. We find that discretionary trades contain fundamental information, whereas expected trades do not. Moreover, other traders cannot distinguish between discretionary...
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作者：La Forgie, Ambar
作者单位：University of California System; University of California Berkeley
摘要：Mergers and acquisitions in healthcare are increasingly leading to changes in firm management. This paper studies how a change in firm management impacts clinical performance using data on an understudied phenomenon: medical practice acquisitions by physician practice management companies (PPMCs). PPMCs market themselves as off-loading the administrative burden of running a medical practice without compromising physician autonomy over clinical decisions. However, a PPMC's management strategy a...
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作者：Hsu, Alex; Palomino, Francisco; Qian, Liang
作者单位：University System of Georgia; Georgia Institute of Technology; Federal Reserve System - USA; Federal Reserve System Board of Governors; Citigroup Incorporated
摘要：We document and examine a significant shift in the comovement of asset returns and macroeconomic volatility during the Great Moderation. Strong US. stock and bond return predictability from several macroeconomic volatility series before 1982 was followed by a significant predictability decline during the Great Moderation (1982-2008). These findings are robust to alternative empirical specifications and out-of-sample tests. In a calibrated equilibrium model with time-varying volatility, the pre...
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作者：Bu, Jinzhi; Gong, Xiting; Chao, Xiuli
作者单位：Hong Kong Polytechnic University; Chinese University of Hong Kong; Amazon.com; University of Michigan System; University of Michigan
摘要：We consider periodic review perishable inventory systems with a fixed product lifetime. Unsatisfied demand can be either lost or backlogged. The objective is to minimize the long-run average holding, penalty, and outdating cost. The optimal policy for these systems is notoriously complex and computationally intractable because of the curse of dimensionality. Hence, various heuristic replenishment policies are proposed in the literature, including the base-stock policy, which raises the total i...
