Management Science

最新文章

• The Effect of Medicaid Expansion on Wait Time in the Emergency Department AI翻译
  作者：Wang, Guihua
  作者单位：University of Texas System; University of Texas Dallas
  摘要：We study the effect ofMedicaid expansion on wait time in the emergency department (ED), using a difference-in-differences approach, where the treatment group includes the states that expandedMedicaid at the beginning of 2014 and the control group includes the states that did not expandMedicaid before 2016. We first focus on the average treatment effect and find that Medicaid expansion increases ED wait time by 10.4% (or 3.5 minutes). We then develop a first-difference causal forest (FDCF) appr...
• Board Committee Overlap and the Use of Earnings in CEO Compensation Contracts AI翻译
  作者：Carter, Mary Ellen; Lynch, Luann J.; Martin, Melissa A.
  作者单位：Boston College; University of Virginia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：Using proxy statement data describing the terms of compensation contracts, we examine how overlapping membership between compensation and audit committees influences the use of earnings metrics in compensation. Although research predicts that such overlap could either increase or decrease the reliance on earnings, we find that firms with overlapping directors rely less on earnings-based performance measures in incentive contracts without altering the overall level of performance-contingent cas...
• Managerial Learning from Analyst Feedback to Voluntary Capex Guidance, Investment Efficiency, and Firm Performance AI翻译
  作者：Bae, Jihun; Biddle, Gary C.; Park, Chul W.
  作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Melbourne
  摘要：We test predictions that managers issuing voluntary capex guidance learn from analyst feedback and that this learning enhances investment efficiency and firm performance. Our findings are consistent with these predictions. First, we find that managers' capex adjustments and capex guidance revisions relate positively with analyst feedback measured by differences between postguidance analyst capex forecasts and managerial capex guidance. Second, changes in investment efficiency relate positively...
• Small Business Lending and Regulation for Small Banks AI翻译
  作者：Srivastav, Abhishek; Vallascas, Francesco
  作者单位：University of Edinburgh; Durham University
  摘要：Since May 2015 several U.S. Bank Holding Companies (BHCs) have been newly classified as small banks by regulators, thus benefiting from a friendlier regulatory capital environment. Using a difference-in-differences setting, we show that less regulation on small BHCs boosts small business lending of the affiliated commercial banks. We employ various tests to demonstrate that these findings are attributable to a capital channel where increases in lending are driven by the preferential capital tr...
• Customer Review Provision Policies with Heterogeneous Cluster Preferences AI翻译
  作者：Xiao, Shihong; Chen, Ying-Ju; Tang, Christopher S.
  作者单位：Fudan University; Hong Kong University of Science & Technology; University of California System; University of California Los Angeles
  摘要：Companies often post user-generated reviews online so that potential buyers in different clusters (age, geographic region, occupation, etc.) can learn from existing customers about the quality of an experience good and cluster preferences before purchasing. In this paper, we evaluate two common user-generated review provision policies for selling experience goods to customers in different clusters with heterogeneous preferences. The first policy is called the association-based policy (AP) unde...
• Brand Capital and Stock Price Crash Risk AI翻译
  作者：Hasan, Mostafa Monzur; Taylor, Grantley; Richardson, Grant
  作者单位：Macquarie University; Curtin University
  摘要：We examine the relationship between brand capital and stock price crash risk. Crash risk, defined as the negative skewness in the distribution of returns for individual stocks, captures asymmetry in risk, and has important implications for investment choices and risk management. Using a sample of 39,685 publicly listed U.S. firm-year observations covering 1975 to 2018, we show that brand capital is significantly and negatively related to crash risk. We also use an advanced machine learning app...
• The Unintended Consequence of Land Finance: Evidence from Corporate Tax Avoidance AI翻译
  作者：Chen, Tao; Tan, Youchao; Wang, Jinghua; Zeng, Cheng (Colin)
  作者单位：Nanyang Technological University; Jinan University; Nanjing Audit University; Nanjing Audit University; Hong Kong Polytechnic University
  摘要：Using a large sample of unlisted industrial firms in China, we find that a decrease in local governments' land transfer revenues leads to lower tax avoidance by firms within their jurisdiction. Our cross-sectional variation tests suggest that the tax-avoidance-reduction effect is stronger in cities with higher land finance dependence and government intervention, as well as where the political leaders have stronger promotion incentives. However, the effect is moderated for politically connected...
• Optimal Management of Evolving Hierarchies AI翻译
  作者：Hougaard, Jens Leth; Moreno-Ternero, Juan D.; Osterdald, Lars Peter
  作者单位：University of Copenhagen; New York University; NYU Shanghai; Universidad Pablo de Olavide; Copenhagen Business School
  摘要：We study the optimal management of evolving hierarchies of revenue-generating agents. The initiator invests into expanding the hierarchy by adding another agent, who will bring revenues to the joint venture and who will invest herself into expanding the hierarchy further, and so on. The higher the investments (which are private information), the higher the probability of expanding the hierarchy. An allocation scheme specifies how revenues are distributed, as the hierarchy evolves. We obtain sc...
• Estimating Substitution and Basket Effects in Retail Stores: Implications for Assortment Planning AI翻译
  作者：Mani, Vidya; Thomas, Douglas J.; Bansal, Saurabh
  作者单位：University of Virginia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：Many retailers are reducing store footprint and downsizing their assortments accordingly to improve store productivity. Some of the revenue for items removed from the assortment may be recouped by substitution, but also some of the revenue for items kept in the assortment may be lost due to basket abandonment. For a practical setting where baskets may contain any subset of items from thousands of products, estimating both substitution and basket effects is a challenge. To address this, we deve...
• Bayesian Sequential Learning for Clinical Trials of Multiple Correlated Medical Interventions AI翻译
  作者：Chick, Stephen E.; Gans, Noah; Yapar, Ozge
  作者单位：INSEAD Business School; University of Pennsylvania; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
  摘要：We propose and analyze the first model for clinical trial design that integrates each of three important trends intending to improve the effectiveness of clinical trials that inform health-technology adoption decisions: adaptive design, which dynamically adjusts the sample size and allocation of interventions to different patients; multiarm trial design, which compares multiple interventions simultaneously; and value based design, which focuses on cost-benefit improvements of health interventi...