Management Science

最新文章

• Morale and Debt Dynamics AI翻译
  作者：Barron, Daniel; Li, Jin; Zator, Michal
  作者单位：Northwestern University; University of Hong Kong; University of Notre Dame
  摘要：This paper shows that debt undermines relational incentives and harms worker morale. We build a dynamic model of a manager who uses limited financial resources to simultaneously repay a creditor and motivate a worker. If the manager can divert or misuse revenue, then debt makes the manager less willing to follow through on promised rewards, leading to low worker effort. In profit-maximizing equilibria, the firm prioritizes repaying its debts, leading to gradual increases in effort and wages. T...
• Hedging the Drift: Learning to Optimize Under Nonstationarity AI翻译
  作者：Cheung, Wang Chi; Simchi-Levi, David; Zhu, Ruihao
  作者单位：National University of Singapore; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Purdue University System; Purdue University
  摘要：We introduce data-driven decision-making algorithms that achieve state-of-the-art dynamic regret bounds for a collection of nonstationary stochastic bandit settings. These settings capture applications such as advertisement allocation, dynamic pricing, and traffic network routing in changing environments. We show how the difficulty posed by the (unknown a priori and possibly adversarial) nonstationarity can be overcome by an unconventional marriage between stochastic and adversarial bandit lea...
• The Willingness to Pay for Diversification AI翻译
  作者：Mahmouda, Ola
  作者单位：University of St Gallen; University of California System; University of California Berkeley
  摘要：Diversification is a fundamental concept in economics and finance. This paper argues that decision makers have an intrinsic preference for diversification that is responsive to cost and that this willingness to pay for diversification is driven by risk aversion and loss aversion. In an experiment replicating a portfolio choice problem, the value of diversification is estimated to be at 5% of the initial endowment of approximately $100. Moreover, risk-averse and loss-averse individuals are will...
• How Market Power Affects Dynamic Pricing: Evidence from Inventory Fluctuations at Car Dealerships AI翻译
  作者：Israeli, Ayelet; Scott-Morton, Fiona; Silva-Risso, Jorge; Zettelmeyer, Florian
  作者单位：Harvard University; Yale University; National Bureau of Economic Research; University of California System; University of California Riverside; Northwestern University
  摘要：This paper investigates empirically the effect of market power on dynamic pricing in the presence of inventories. Our setting is the auto retail industry; we analyze how automotive dealerships adjust prices to inventory levels under varying degrees of market power. We first establish that inventory fluctuations create scarcity rents for cars that are in short supply. We then show that dealers' ability to adjust prices in response to inventory depends on their market power, that is, the quantit...
• The Real Side of the High-Volume Return Premium AI翻译
  作者：Israeli, Doron; Kaniel, Ron; Sridharan, Suhas A.
  作者单位：Reichman University; Nazarbayev University; University of Rochester; Center for Economic & Policy Research (CEPR); Emory University
  摘要：Prior literature demonstrates that increased trading activity of a firm's stock is associated with abnormal future stock returns (the high-volume return premium) and interprets this phenomenon as evidence that increased visibility generates reductions in cost of capital. Motivated by this interpretation, we investigate whether increased trading activity entails changes in real corporate actions. We document a positive relation between abnormal trading volume, future investment expenditures, an...
• Dynamic Pricing with Demand Learning and Reference Effects AI翻译
  作者：den Boer, Arnoud, V; Keskin, N. Bora
  作者单位：University of Amsterdam; University of Amsterdam; Duke University
  摘要：We consider a seller's dynamic pricing problem with demand learning and reference effects. We first study the case in which customers are loss-averse: they have a reference price that can vary over time, and the demand reduction when the selling price exceeds the reference price dominates the demand increase when the selling price falls behind the reference price by the same amount. Thus, the expected demand as a function of price has a time-varying kink and is not differentiable everywhere. T...
• Investor Sentiment and Paradigm Shifts in Equity Return Forecasting AI翻译
  作者：Chu, Liya; He, Xue-Zhong; Li, Kai; Tu, Jun
  作者单位：East China University of Science & Technology; Xi'an Jiaotong-Liverpool University; Southwestern University of Finance & Economics - China; Macquarie University; Singapore Management University
  摘要：This study investigates the impact of investor sentiment on excess equity return forecasting. A high (low) investor sentiment may weaken the connection between fundamental economic (behavioral-based nonfundamental) predictors and market returns. We find that although fundamental variables can be strong predictors when sentiment is low, they tend to lose their predictive power when investor sentiment is high. Nonfundamental predictors perform well during high-sentiment periods while their predi...
• The Crowd Classification Problem: Social Dynamics of Binary-Choice Accuracy AI翻译
  作者：Becker, Joshua Aaron; Guilbeault, Douglas; Smith, Edward Bishop
  作者单位：University of London; University College London; University of California System; University of California Berkeley; Northwestern University
  摘要：Decades of research suggest that information exchange in groups and organizations can reliably improve judgment accuracy in tasks such as financial forecasting, market research, and medical decision making. However, we show that improving the accuracy of numeric estimates does not necessarily improve the accuracy of decisions. For binary-choice judgments, also known as classification tasks???for example, yes/no or build/buy decisions???social influence is most likely to grow the majority vote ...
• When Paid Work Gives in to Unpaid Care Work: Evidence from the Hedge Fund Industry Under COVID-19 AI翻译
  作者：Tommar, Sara Ain; Kolokolova, Olga; Mura, Roberto
  作者单位：NEOMA Business School; University of Manchester; Alliance Manchester Business School
  摘要：We examine how childcare inequalities in the home affect the work productivity of female talent, using unique data on the family structures of hedge fund managers and the exogenous shock from school closures during the early COVID-19 pandemic response. We find that female managers' ability to generate abnormal returns is curbed by 9% on average in the shock-month of school closures, providing a direct measure of the cost of unpaid care work. This effect is driven by mothers and especially moth...
• How Do MNEs and Domestic Firms Respond Locally to a Global Demand Shock? Evidence from a Pandemic AI翻译
  作者：Adbi, Arzi; Chatterjee, Chirantan; Mishra, Anant
  作者单位：National University of Singapore; University of Sussex; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad; Stanford University; University of Minnesota System; University of Minnesota Twin Cities
  摘要：Global shocks bring unanticipated changes in the business environment of foreign multinational enterprises (MNEs) and rival domestic firms. We examine whether there is a difference between how MNEs and domestic firms react in heterogeneous local or subnational markets to a global demand shock. Leveraging the 2009-2010 H1N1 influenza pandemic as a source of exogenous variation in global demand for influenza vaccines, we investigate the role of subnational heterogeneity in economic resources, in...