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作者：Gong, Zheng; Huang, Jin; Chen, Yuxin
作者单位：The Chinese University of Hong Kong, Shenzhen; New York University; NYU Shanghai
摘要：We investigate how historical price information (e.g., accessed through price trackers) influences consumers' purchase decisions and thus affects a firm's dynamic pricing strategy. We first show that when consumers with heterogeneous tastes are not informed about historical prices, the monopolist charges a high regular price for most of the time and periodically holds low-price sales. Then we consider the case in which a small fraction of consumers (such as price tracker users) become informed...
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作者：Chen, Tao; Huang, Yi; Lin, Chen; Sheng, Zixia
作者单位：Nanyang Technological University; University of Hong Kong
摘要：The online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium-sized enterprises (MSMEs). Using a novel data set of daily sales and an internal credit score threshold that governs the allocation of credit, we apply a fuzzy regression discontinuity design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly reduces firm sales volatility and that the effect is stronger for fir...
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作者：Friedman, Henry L.; Hughes, John S.; Michaeli, Beatrice
作者单位：University of California System; University of California Los Angeles
摘要：The aim of general purpose financial reporting is to provide information that is useful to investors, lenders, and other creditors. With this goal, regulators have tended to mandate increased disclosure. We show that increased mandatory disclosure can weaken a firm's incentive to acquire and voluntarily disclose private information that is not amenable to inclusion in mandated reports. Specifically, we provide conditions under which a regulator, seeking to maximize the total amount of informat...
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作者：Ghamami, Samim; Glasserman, Paul; Young, H. Peyton
作者单位：University of California System; University of California Berkeley; New York University; Columbia University; University of London; London School Economics & Political Science; University of Oxford
摘要：This paper studies the spread of losses and defaults in financial networks with two interrelated features: collateral requirements and alternative contract termination rules. When collateral is committed to a firm's counterparties, a solvent firm may default if it lacks sufficient liquid assets to meet its payment obligations. Collateral requirements can, thus, increase defaults and payment shortfalls. Moreover, one firm may benefit from the failure of another if the failure frees collateral c...
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作者：Nabi, Sareh; Nassif, Houssam; Hong, Joseph; Mamani, Hamed; Imbens, Guido
作者单位：University of Washington; University of Washington Seattle; Amazon.com; Stanford University
摘要：Adding domain knowledge to a learning system is known to improve results. In multiparameter Bayesian frameworks, such knowledge is incorporated as a prior. On the other hand, the various model parameters can have different learning rates in real-world problems, especially with skewed data. Two often-faced challenges in operation management and management science applications are the absence of informative priors and the inability to control parameter learning rates. In this study, we propose a...
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作者：Tan, Liang; Ramalingegowda, Santhosh; Yu, Yong
作者单位：Virginia Polytechnic Institute & State University; University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin
摘要：This study examines the effect of managerial fiduciary duties on the likelihood of firms receiving going concern (GC) opinions from their auditors. We exploit an influential 1991 legal ruling that expanded fiduciary duties of corporate directors and officers in favor of creditors for near-insolvent Delaware firms. Our difference-in-differences test reveals an increase in GC opinions following the ruling for near-insolvent Delaware firms. Further tests indicate an increase in type I audit opini...
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作者：Harrington, Joseph E., Jr.
作者单位：University of Pennsylvania
摘要：A third party developer designs and sells a pricing algorithm that enhances a firm's ability to tailor prices to a source of demand variation, whether high-frequency demand shocks or market segmentation. The equilibrium pricing algorithm is characterized that maximizes the third party's profit given firms' optimal adoption decisions. Outsourcing the pricing algorithm does not reduce competition but does make prices more sensitive to the demand variation, and this is shown to decrease consumer ...
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作者：Law, Kelvin K. F.; Zuo, Luo
作者单位：Nanyang Technological University; Cornell University
摘要：We examine the relation between public concern about immigration and customer complaints against minority financial advisors in the United States. We find that minority advisors are more likely to receive complaints in periods of high public concern about immigration than in other periods, relative to their white colleagues from the same firm, at the same office location, and at the same point in time. This result holds for both complaints with merit and dismissed complaints and is more pronou...
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作者：Abolfathi, Niloofar; Santamaria, Simone; Williams, Charles
作者单位：National University of Singapore; Bocconi University
摘要：This paper examines the relative advantages of single-product and multiproduct firms following changes in customer switching costs. Whereas a single-product firm can closely tailor offerings to customers' needs, a multiproduct firm can create value for customers in the form of flexibility, allowing them to change between product varieties as preferences evolve without needing to switch providers. We argue that this value-creation mechanism is more effective when customers face high switching c...
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作者：Song, Yicheng; Li, Zhuoxin; Sahoo, Nachiketa
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Boston College; Boston University
摘要：We propose an approach to match returning donors to fundraising campaigns on philanthropic crowdfunding platforms. It is based on a structural econometric model of utility-maximizing donors who can derive both altruistic (from the welfare of others) and egoistic (from personal motivations) utilities from donating-a unique feature of philanthropic giving. We estimate our model using a comprehensive data set from DonorsChoose.org-the largest crowdfunding platform for K-12 education. We find that...
