Management Science

最新文章

• Multidimensional Signaling with Supplier Credit Guarantees AI翻译
  作者：Liu, Huihui; Song, Haotian; Xiao, Wenqiang
  作者单位：Beihang University; Zhejiang University; New York University
  摘要：This paper investigates credit guarantees in a supply chain setting involving a supplier, a capital-constrained buyer, and a bank. We find that under complete information, credit guarantees increase order quantities but paradoxically raise wholesale prices, overall rendering the credit guarantee not useful for improving the operational efficiency. However, under information asymmetry, either a partial or full guarantee emerges in equilibrium, with the wholesale price maintained at its optimal ...
• Chasing Market Growth and Matching Performance in Two-Sided Platforms: Evidence from the Lazy-Minting Policy in an NFT Marketplace AI翻译
  作者：Zhang, Hong; Wang, Hongchang; Mehra, Amit; Zheng, Zhiqiang (Eric)
  作者单位：University of Arizona; University of Arizona; University of Texas System; University of Texas Dallas
  摘要：A common challenge faced by two-sided marketplaces is to expand the market while ensuring satisfactory matching of the two sides. We study a new platform growth strategy that increases market thickness with free entry while allowing suppliers to discretionarily signal product quality to buyers, thus forming a tiered market structure that maintains matching performance. We consider such an example with nonfungible token (NFT) markets where suppliers could choose to delay the entry cost of the N...
• From Food Deserts to Fresh Food: The Role of Digital Accessibility in Nutrition Assistance Programs AI翻译
  作者：He, Cheng; Li, Zhuoxin
  作者单位：University of Wisconsin System; University of Wisconsin Madison
  摘要：One in 10 U.S. households experience food insecurity, with millions of lowincome families lacking access to fresh food. In response, federal and state governments recently launched the Supplemental Nutrition Assistance Program (SNAP) Online Purchasing Pilot (SNAP Online), enabling SNAP benefits to cover online food purchases. Although prior research suggests that the SNAP Online program may increase overall food consumption, its impact on fresh food consumption remains unclear. This research l...
• Can Digital Aid Deliver During Humanitarian Crises? AI翻译
  作者：Callen, Michael; Fajardo-Steinhauser, Miguel; Findley, Michael G.; Ghani, Tarek
  作者单位：University of London; London School Economics & Political Science; University of Texas System; University of Texas Austin; Washington University (WUSTL)
  摘要：Can digital payments help reduce extreme hunger? Humanitarian needs are at their highest since 1945, aid budgets are falling behind, and hunger is concentrating in fragile states where repression and aid diversion present major obstacles. In such contexts, partnering directly with governments is often neither feasible nor desirable, making private digital payment platforms a potentially useful means of delivering assistance. We experimentally evaluated digital payments to extremely poor, femal...
• Takeover Threats and Mandatory Disclosure Avoidance: Evidence from Contract Redactions AI翻译
  作者：Bao, Dichu; Su, Lixin (Nancy); Zhao, Chris X.; Zhou, Gaoguang (Stephen)
  作者单位：Lingnan University; Hong Kong Polytechnic University; Hong Kong Baptist University
  摘要：Mandatory disclosure is a primary source of public information available to acquirers, yet little is known about how potential target managers respond to takeover threats by avoiding mandatory disclosure. This study focuses on redactions in material contracts as a setting of mandatory disclosure avoidance. We find that managers facing takeover threats are more likely to redact material contracts than other managers. To better differentiate the motives for redactions, we classify redacted contr...
• The Consequences to Directors for Deploying Poison Pills AI翻译
  作者：Johnson, William C.; Karpoff, Jonathan M.; Wittry, Michael D.
  作者单位：University of Massachusetts System; University of Massachusetts Lowell; University of Washington; University of Washington Seattle; University System of Ohio; Ohio State University
  摘要：Using director-specific, within-firm variation in poison pills, we find that pilladopting nonexecutive directors experience a decrease in shareholder votes, an increase in termination rates across all their directorships, and a decrease in the likelihood of new board appointments. These consequences are not because of poor firm performance, active bid resistance, or hedge fund activism, and accrue especially when the adopted pill is relatively costly to the firm. Firms have positive stock pric...
• Infrastructure Investment with Public and Private Product Development AI翻译
  作者：Joshi, Yogesh V.; Singh, Shubhranshu
  作者单位：University System of Maryland; University of Maryland College Park; Johns Hopkins University
  摘要：Private firms often develop new products by utilizing substantial infrastructure investments made by government agencies. We construct a mixed oligopoly model to study the interactions between the government's infrastructure quality decision and the subsequent public and private product development decisions. We have five main results: First, the government permits firm entry in the product market only when the firm is sufficiently more efficient at product development than the government. Wit...
• Efficient Switchback Experiments with Surrogate Variables: Estimation and Experimental Design AI翻译
  作者：Chen, Hongyu; Simchi-Levi, David
  作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
  摘要：Switchback experiments, in which experimental units are assigned to control and treatment interchangeably over time, have gained increasing popularity in recent years due to their ability to mitigate interference across units. Despite their wide adoption in the technology sector, drawing reliable inferences from such experiments remains challenging due to temporal interference. In this paper, we address this challenge by examining a special causal structure commonly found in a wide range of ap...
• Rethinking the Value and Emission Implications of Green Bonds AI翻译
  作者：Aswani, Jitendra; Rajgopal, Shivaram
  作者单位：Massachusetts Institute of Technology (MIT); Columbia University
  摘要：Our analysis of green bonds issued between 2013 and 2022 reveals a distinctive shareholder preference for such assets, particularly among financial institutions. In the secondary market, the green bonds issued by financial firms' trade at a greenium of 8.2 basis points compared with matched samples, which is attributed potentially to the financial firms' efforts in channeling funds to green loans. Past work documenting a positive stock price reaction to the issuance of green bonds is isolated ...
• Social Audience Size as a Reference Point: Evidence from a Field Experiment AI翻译
  作者：Xu, Xingchen; Wang, Qili; Liu, Yizhi; Qiu, Liangfei
  作者单位：University of Washington; University of Washington Seattle; State University System of Florida; University of Florida; University System of Maryland; University of Maryland College Park
  摘要：In the dynamic landscape of the digital economy, social trading platforms are experiencing rapid growth. Our study delves into the impact of changes in social audience size-measured by the number of followers-on traders' performance and behaviors. Utilizing data from a company-led randomized field experiment conducted on a prominent cryptocurrency social trading platform, we unearth intriguing findings. Traders garnering increased social audience size exhibit tendencies to trade more frequentl...