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作者：Evangelidis, Ioannis; Levav, Jonathan; Simonson, Itamar
作者单位：Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Stanford University
摘要：In this research we reexamine and update prior research on the association between decision conflict and choice deferral. Decision conflict has featured prominently in psychology literature, going back to the seminal work of Lewin (1933), Miller (1944), and Janis and Mann (1977). Building on this earlier work and the assumption of conflict as an inhibitor of choice, Tversky and Shafir (1992; see also Dhar 1997) argued that the tendency to defer a decision can increase when decision makers expe...
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作者：Ferrer, Rosa; Perrone, Helena
作者单位：Pompeu Fabra University; Barcelona School of Economics; University of Mannheim
摘要：This paper exploits a major food safety crisis to estimate a full demand model for the unsafe product and its substitutes, recovering consumers' preference parameters for different product characteristics. Counterfactual exercises quantify the relevance of different mechanisms driving consumers' responses, such as changes in safety perceptions, idiosyncratic taste, product characteristics, and price. We find that consumers' reactions are limited by their preferences for the product's observabl...
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作者：Eliaz, Kfir; Spiegler, Ran
作者单位：Tel Aviv University; Utah System of Higher Education; University of Utah; University of London; University College London
摘要：In order to thrive, organizations need to build and maintain an ability to meet unexpected external challenges. Yet many organizations are sluggish: their capabilities can only undergo incremental changes over time. What are the stochastic processes governing routinely occurring challenges that best prepare a sluggish organization for unexpected challenges? We address this question with a stylized principal-agent model. The agent represents a sluggish organization that can only change its capa...
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作者：Zhang, Mengxia; Luo, Lan
作者单位：Western University (University of Western Ontario); University of Southern California
摘要：Despite the substantial economic impact of the restaurant industry, large-scale empirical research on restaurant survival has been sparse. We investigate whether consumer-posted photos can serve as a leading indicator of restaurant survival above and beyond reviews, firm characteristics, competitive landscape, and macroconditions. We employ machine learning techniques to extract features from 755,758 photos and 1,121,069 reviews posted on Yelp between 2004 and 2015 for 17,719 U.S. restaurants....
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作者：Shakhnov, Kirill; Zaccaria, Luana
作者单位：University of Surrey
摘要：We examine digital product markets in which consumers are heterogeneous in their propensity to actively interact with other users and valuations increase with the share of active users (e.g., social network platforms). We propose a model in which entrepreneurs can issue digital claims (tokens) to promise exclusive access to benefits that specifically enhance the utility of active users. This allows entrepreneurs to extract consumer surplus through price discrimination. Because there is an ince...
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作者：Battalio, Robert; Hatch, Brian; Saglam, Mehmet
作者单位：University of Notre Dame; University System of Ohio; University of Cincinnati
摘要：We use a novel data set to examine the impact of exposing institutional orders to electronic liquidity providers (ELPs). We present empirical evidence that marketable pieces of large parent orders are routed to ELPs seemingly to avoid paying liquidity fees on exchanges. This routing decision results in lower net effective spreads for these child orders but leads to higher execution shortfall for the parent order. We provide evidence suggestive of a causal relation by utilizing the parent order...
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作者：Au, Shiu-Yik; Dong, Ming; Zhou, Xinyao
作者单位：University of Manitoba; York University - Canada; Ontario Tech University
摘要：We study how social connectedness affected active mutual fund manager trading behavior in the first half of 2020. In the first quarter during which the coronavirus disease 2019 (COVID-19) outbreak occurred, fund managers located in or socially connected to COVID-19 hotspots sold more stock holdings compared with a control group of unconnected managers. The economic impact of social connectedness on stock holdings was comparable with that of COVID-19 hotspots and was elevated among epicenter st...
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作者：Pankratz, Nora; Bauer, Rob; Derwall, Jeroen
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Maastricht University; Utrecht University
摘要：We link records of firm performance, equity analyst forecast errors, and stock returns around companies' earnings announcements to firm-specific measures of heat exposure for more than 17,000 firms in 93 countries from 1995 to 2019. We find that increased exposure to extremely high temperatures reduces firms' revenues and operating income. A one-standard-deviation increase in the number of hot days decreases revenues (operating income) by 0.6% (1.8%) of the average quarterly revenue (operating...
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作者：Walters, Daniel J.; Ulkumen, Gulden; Tannenbaum, David; Erner, Carsten; Fox, Craig R.
作者单位：INSEAD Business School; University of Southern California; Utah System of Higher Education; University of Utah; University of California System; University of California Los Angeles
摘要：We provide evidence that investor behavior is sensitive to two dimensions of subjective uncertainty concerning future asset values. Investors vary in the extent to which they attribute market uncertainty to (1) missing knowledge, skill, or information (epistemic uncertainty) and (2) chance or stochastic processes (aleatory uncertainty). Investors who view stock market uncertainty as higher in epistemicness (knowability) are more likely to reduce uncertainty by seeking guidance from experts and...
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作者：Barnett, Michael
摘要：Climate change and uncertainty about its potential consequences has become a central concern for economists, investors, and policymakers alike. I use a stochastic, dynamic general equilibrium model where final output is produced using a mix of cheap, dirty inputs and expensive, clean inputs and preferences incorporate aversion to climate model misspecification to analyze the implications of climate change and climate model uncertainty on economic and financial market outcomes. I find that clim...
