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作者：Chen, Boxiao; Simchi-Levi, David; Wang, Yining; Zhou, Yuan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Massachusetts Institute of Technology (MIT); State University System of Florida; University of Florida; University of Illinois System; University of Illinois Urbana-Champaign; Yanqi Lake Beijing Institute of Mathematical Sciences & Applications
摘要：We consider the periodic review dynamic pricing and inventory control problemwith fixed ordering cost. Demand is randomand price dependent, and unsatisfied demand is backlogged. With complete demand information, the celebrated (s, S, p) policy is proved to be optimal, where s and S are the reorder point and order-up-to level for ordering strategy, and p, a function of on-hand inventory level, characterizes the pricing strategy. In this paper, we consider incomplete demand information and devel...
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作者：Liu, Bibo; Tian, Xuan
作者单位：Tsinghua University
摘要：We examine whether venture capital (VC) investors learn information contained in public market stock prices. VCs are less likely to stage finance startups and syndicate with other VCs when stock prices are more informative. An instrumental variable approach suggests that the relation is likely causal. The startup's initial public offering (IPO) prospect is the plausible information contained in stock prices learned by VCs. The effect of VC learning on staging and syndication is more pronounced...
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作者：Zhang, Chong; Yu, Man; Chen, Jian
作者单位：Tilburg University; Hong Kong University of Science & Technology; Tsinghua University
摘要：This paper examines an innovative return policy, return insurance, emerging on various shopping platforms such as Taobao.com and JD.com. Return insurance is underwritten by an insurer and can be purchased by either a retailer or a consumer. Under such insurance, the insurer partially compensates consumers for their hassle costs associated with product return. We analyze the informational roles of return insurance when product quality is the retailer's private information, consumers infer quali...
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作者：He, Eryn Juan; Goh, Joel
作者单位：National University of Singapore; National University of Singapore; Harvard University
摘要：Modern digital technology has enabled the emergence of the hybrid workforce in service organizations, where a firm uses on-demand freelancers to augment its traditional labor supply of employees. Freelancers are typically supplied by an electronic platform. How should demand be allocated between employees and freelancers? Under what conditions is the system(comprising the firm and its platform) sustainable in the long run? We investigate these questions in the context of last-mile delivery. We...
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作者：Yang, Mingwen; Zheng, Zhiqiang (Eric); Mookerjee, Vijay
作者单位：University of Washington; University of Washington Seattle; University of Texas System; University of Texas Dallas
摘要：In social trading, less experienced investors (followers) are allowed to copy the trades of experts (traders) in real time after paying a fee. Such a copy-trading mechanism often runs into a transparency-revenue tension. On the one hand, social trading platforms need to release traders' trades as transparently as possible to allow followers to evaluate traders accurately. On the other hand, complete transparency may undercut the platform's revenue because followers can free ride. That is, foll...
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作者：Murciano-Goroff, Raviv
作者单位：Boston University
摘要：This paper examines the behavior of job seekers and recruiters in the labor market for software engineers. I obtained data from a recruiting platform where individuals can self-report their computer programming skills and recruiters can message individuals they wish to contact about job opportunities. I augment this data set with measures of each individual's previous programming experience based on analysis of actual computer source code they wrote and shared within the open-source software c...
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作者：Baquero, Guillermo; Verbeek, Marno
作者单位：European School of Management & Technology; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Cash flows to hedge funds are highly sensitive to performance streaks, a streak being defined as subsequent quarters during which a fund performs above or below a benchmark, even after controlling for a wide range of common performance measures. At the same time, streaks have limited predictive power regarding future fund performance. This suggests investors weigh information suboptimally, and their decisions are driven too strongly by a belief in continuation of good performance, consistent w...
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作者：Veenman, David; Verwijmeren, Patrick
作者单位：University of Amsterdam; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Melbourne
摘要：This study examines the role of differences in firms' propensity to meet earnings expectations in explaining why firms with high analyst forecast dispersion experience relatively low future stock returns. We first demonstrate that the negative relation between dispersion and returns is concentrated around earnings announcements. Next, we show that this relation disappears when we control for ex ante measures of firms' propensity to meet earnings expectations and that the component of dispersio...
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作者：Zhu, Taozeng; Xie, Jingui; Sim, Melvyn
作者单位：Dongbei University of Finance & Economics; National University of Singapore; Technical University of Munich
摘要：Many real-world optimization problems have input parameters estimated from data whose inherent imprecision can lead to fragile solutions that may impede desired objectives and/or render constraints infeasible. We propose a joint estimation and robustness optimization (JERO) framework to mitigate estimation uncertainty in optimization problems by seamlessly incorporating both the parameter estimation procedure and the optimization problem. Toward that end, we construct an uncertainty set that i...
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作者：Millet, Fabien Curto; Lewis, Stephen; Stoddart, Paul
作者单位：Alphabet Inc.; Google Incorporated
摘要：Kim and Luca (2019) consider Google's grouped results for local businesses (the OneBox). They contend that Google made a strategic decision to exclude reviews from other platforms (like Yelp) in these results and claim that this led to a quality degradation for search users, based on a randomized controlled trial (RCT) experiment. The purpose of this Comment is to clarify the robustness of Kim and Luca's characterization of the situation and empirical findings, including in particular with res...
