Management Science

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• Market Design, Human Behavior, and Management AI翻译
  作者：Chen, Yan; Cramton, Peter; List, John A.; Ockenfels, Axel
  作者单位：University of Michigan System; University of Michigan; Tsinghua University; University of Cologne; University of Chicago
  摘要：We review past research and discuss future directions on how the vibrant re-search areas of market design and behavioral economics have influenced and will continue to impact the science and practice of management in both the private and public sectors. Using examples from various auction markets, reputation and feedback systems in online markets, matching markets in education, and labor markets, we demonstrate that com-bining market design theory, behavioral insights, and experimental methods...
• Optimization: From Its Inception AI翻译
  作者：Magnanti, Thomas L.
  作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
  摘要：Optimization has been one of the most fundamental and extensive contributions of management science/operations research, with an enormous number of contributions and subfields developed by many researchers and practitioners. When the journal Management Science launched in 1954, little was known about optimization, including some results in nonlinear optimization and the simplex method and duality developed for linear programming. However, linear programming computations were limited to problem...
• Integrating Practice into Accounting Research AI翻译
  作者：Rajgopal, Shiva
  作者单位：Columbia University
  摘要：I argue that academic research in accounting has strayed from producing work that is useful to either practitioners or policy makers. I use three criteria to arrive at that assessment: (i) How many products and processes have accounting research produced in the last 50 years? (ii) How much overlap do we observe between issues that Chief Financial Officers (CFOs) and Chief Executive Officers (CEOs) worry about and our published research? (iii) Is the science or the knowhow in academe in a parti...
• Asset Volatility and Capital Structure: Evidence from Corporate Mergers AI翻译
  作者：Levine, Oliver; Wu, Youchang
  作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Oregon
  摘要：We exploit cross-sectional variation in the predictable changes in asset volatility following corporate acquisitions to identify the effect of business risk on capital structure. We find that postmerger changes in leverage and cash holdings are strongly predicted by expected asset volatility changes estimated using premerger information. These capital structure adjustments are partly achieved through the choice of payment method. Our findings provide direct evidence for the coinsurance effect ...
• Cross-Regional Differences in News Tone and Local Stock Ownership AI翻译
  作者：Mavruka, Taylan
  作者单位：University of Gothenburg
  摘要：This study examines cross-regional differences in news tone for the same news event and relates it to local stock ownership of individual investors using a combination of detailed investor and media data. The results show that news tone amplifies the overall attention effect and decreases the difference between the trading activities of local and nonlocal investors when locally sourced news is republished across regions. In general, trading activity decreases for given republished news, but it...
• Tacit Collusion and Voluntary Disclosure: Theory and Evidence from the US Automotive Industry AI翻译
  作者：Bertomeu, Jeremy; Evans, John Harry, III; Feng, Mei; Tseng, Ayung
  作者单位：University of California System; University of California San Diego; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
  摘要：We develop a model of voluntary disclosure and production decisions and use it to establish that firms will tacitly collude by disclosing when current market demand is low and when the decision horizon is long. Low demand helps sustain tacit collusion, because deviation from tacit collusion yields only a limited increase in profit when demand is low. Similarly, longer decision horizons give firms incentive to receive the benefits of collusion over a longer period. Using monthly production fore...
• An Axiomatic Foundation for the Expected Shortfall AI翻译
  作者：Wang, Ruodu; Zitikis, Ricardas
  作者单位：University of Waterloo; Western University (University of Western Ontario)
  摘要：In the recent Basel Accords, the expected shortfall (ES) replaces the value-at-risk (VaR) as the standard risk measure for market risk in the banking sector, making it the most popular risk measure in financial regulation. Although ES is-in addition to many other nice properties-a coherent risk measure, it does not yet have an axiomatic foundation. In this paper, we put forward four intuitive economic axioms for portfolio risk assessment-monotonicity, law invariance, prudence, and no reward fo...
• Investment in a Smaller World: The Implications of Air Travel for Investors and Firms AI翻译
  作者：Da, Zhi; Gurun, Umit G.; Li, Bin; Warachka, Mitch
  作者单位：University of Notre Dame; University of Texas System; University of Texas Dallas; University of Oklahoma System; University of Oklahoma - Norman; Chapman University System; Chapman University
  摘要：A large literature reports that proximity influences investment. We extend the measurement of proximity beyond distance and report that air travel reduces local investment bias. This result is confirmed using the initiation of connecting flights through recently opened air hubs because investment at destinations served by these connecting flights increases after, not before, their initiation. Air travel also broadens the investor base of firms and lowers their cost of equity by approximately 1...
• The Effects of Menu Costs on Retail Performance: Evidence from Adoption of the Electronic Shelf Label Technology AI翻译
  作者：Stamatopoulos, Ioannis; Bassamboo, Achal; Moreno, Antonio
  作者单位：University of Texas System; University of Texas Austin; Northwestern University; Harvard University
  摘要：We use the adoption of electronic shelf labels (ESLs) by an international grocery retailer in 2015 to identify the effects of physical menu costs (i.e., labor and material costs of price adjustment) on retail performance. We find that the installation of ESLs increased gross margins substantially, which implies profit gains that go far beyond labor cost savings. We also explore the mechanism behind this effect. We find that the lift in gross margins was associated with an increase in quantity ...
• Newspaper Censorship in China: Evidence from Tunneling Scandals AI翻译
  作者：Hope, Ole-Kristian; Li, Yi; Liu, Qiliang; Wu, Han
  作者单位：University of Toronto; BI Norwegian Business School; Hunan University; Jiangxi University of Finance & Economics
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