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作者：Aouad, Ali; Saban, Daniela
作者单位：University of London; London Business School; Stanford University
摘要：Motivated by online labor markets, we consider the online assortment optimization problem faced by a two-sided matching platform that hosts a set of suppliers waiting to match with a customer. Arriving customers are shown an assortment of suppliers and may choose to issue a match request to one of them. After spending some time on the platform, each supplier reviews all the match requests she has received and, based on her preferences, she chooses whether to match with a customer or to leave u...
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作者：Zhang, Hao; Zhang, Weihua
作者单位：University of British Columbia
摘要：We study the maintenance of a machine that deteriorates according to a Markov process until it fails. When failure occurs (which is observable), corrective replacement is made. Otherwise, the machine can be in one of two unobservable working states, and the decision maker can choose production, inspection, or preventive replacement. The state is revealed upon inspection and is reset by corrective or preventive replacement. The objective is to minimize the expected total discounted cost over an...
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作者：Kallus, Nathan; Mao, Xiaojie
作者单位：Cornell University; Tsinghua University
摘要：We study contextual stochastic optimization problems, where we leverage rich auxiliary observations (e.g., product characteristics) to improve decision making with uncertain variables (e.g., demand). We show how to train forest decision policies for this problem by growing trees that choose splits to directly optimize the downstream decision quality rather than split to improve prediction accuracy as in the standard random forest algorithm. We realize this seemingly computationally intractable...
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作者：Chen, Novia (Xi); Chiu, Peng-Chia; Shevlin, Terry; Wang, Jiani
作者单位：University of Houston System; University of Houston; The Chinese University of Hong Kong, Shenzhen; University of California System; University of California Irvine; Yunnan University of Finance & Economics
摘要：When reporting after-tax non???generally accepted accounting principles (GAAP) earnings, firms are required to adjust for the tax effects of exclusions. Since 2010, the Securities and Exchange Commission (SEC) has issued and updated compliance and disclosure interpretations (C&DIs), which specifically require firms to disclose the tax effects of exclusions. We assemble a detailed, hand-collected data set of S&P 1500 firms??? disclosures to provide the first large-sample evidence on the reporti...
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作者：Kim, Soohun; Yoon, Aaron
作者单位：Korea Advanced Institute of Science & Technology (KAIST); Northwestern University
摘要：The United Nations Principles for Responsible Investment (PRI) is the largest global environmental, social, and governance (ESG) initiative in the asset-management industry to date. We analyze what happens after active U.S. mutual funds sign the PRI to assess whether they exhibit ESG implementation. We find that PRI signatories attract a large fund inflow, but we do not observe improvements in fund-level ESG scores or fund returns. We consider a battery of ways to proxy for funds' ESG incorpor...
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作者：Mohliver, Aharon; Ody-Brasier, Amandine
作者单位：University of London; London Business School; Yale University
摘要：We explore the relationship between organizational religious affiliation and wrongdoing using a unique data set on inspections in 16,101 nursing homes over five years. We find that violations of standards of care are more severe in religiously affiliated homes. We track this difference to a reduction in the likelihood that organizational members file complaints rather than poorer behaving caretakers or differential treatment by enforcement agents. Fewer complaints increase the time that religi...
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作者：Milgrom, Eva M. Meyersson; Milgrom, Paul; Singh, Ravi
作者单位：Stanford University; Stanford University; Stanford University
摘要：A common pattern of control in firms is for management to retain a broad set of rights, whereas the remaining stakeholders' contracts provide them with targeted veto rights over specific classes of decisions. We explain this pattern of control sharing as an efficient organizational response that balances the need to encourage management to account for stakeholders' interests against the need to prevent self-interested stakeholders from blocking valuable proposals. Enforceable obligations of go...
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作者：Wu, Jason Xianghua; Wu, Yan (Diana); Chen, Kay-Yut; Hua, Lei
作者单位：University of New South Wales Sydney; California State University System; San Jose State University; California State University System; San Jose State University; University of Texas System; University of Texas Arlington; University of Texas System; University of Texas at Tyler
摘要：The trust game, a simple two-player economic exchange, is extensively used as an experimental measure for trust and trustworthiness of individuals. We construct deep neural network-based artificial intelligence (AI) agents to participate a series of experiments based upon the trust game. These artificial agents are trained by playing with one another repeatedly without any prior knowledge, assumption, or data regarding human behaviors. We find that, under certain conditions, AI agents produce ...
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作者：Busse, Jeffrey A.; Ding, Jing; Jiang, Lei; Wu, Ke
作者单位：Emory University; Tongji University; Tsinghua University; University System of Ohio; Kent State University; Kent State University Kent; Kent State University Salem; Renmin University of China
摘要：We use the dynamic conditional correlation (DCC) model to estimate daily frequency mutual fund betas. Compared with traditional estimates, daily betas better capture changes in fund risk stemming from daily fund trading activity. Based on these beta estimates and a two-stage estimation procedure, we find significant evidence of market timing ability among actively managed U.S. equity funds that is not apparent via standard approaches. Unlike traditional measures, our timing estimates correlate...
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作者：Vasquez, Aurelio; Xiao, Xiao
作者单位：Instituto Tecnologico Autonomo de Mexico; City St Georges, University of London
摘要：This paper studies the effects of default risk on expected equity option returns. In the cross-section, expected delta-hedged equity option returns have a negative relation with default risk measured by credit ratings or default probability. In the time series, credit rating downgrades (upgrades) lead to a decrease (increase) in the firm's delta-hedged option return. Our results are consistent with a stylized capital structure model in which the negative relation between option returns and def...
