-
作者：Atan, Zumbul; Honhon, Dorothee; Pan, Xiajun Amy
作者单位：Eindhoven University of Technology; University of Texas System; University of Texas Dallas; State University System of Florida; University of Florida
摘要：Empirical studies have shown that consumers' purchasing behavior depends on product display, that is, how products are organized on store shelves. We explore how a retailer selling a perishable product with deteriorating quality over time can optimize product display and the discounting of soon-to-expire units to maximize profit and reduce waste. Specifically, we consider a product with a finite shelf life that is replenished periodically. The retailer optimizes the product display setting, th...
-
作者：Battalio, Robert; Jennings, Robert
作者单位：University of Notre Dame; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We obtain a proprietary data set of all marketable orders routed to one or more wholesalers in May 2022 to study wholesaler execution quality. Contrary to conventional wisdom, external liquidity is used to fill 28.6% of the shares in our sample. We find that order size, both absolute and relative to book depth, and recent order imbalance are associated with the decision to source external liquidity. Using a new benchmark, we find the value of both price and size improvement provided to sample ...
-
作者：Taylor, James W.; Meng, Xiaochun
作者单位：University of Oxford; University of Bath
摘要：When multiple forecasts are available for a probability distribution, forecast combining enables a pragmatic synthesis of the information to extract the wisdom of the crowd. The linear opinion pool has been widely used, whereby the combining is applied to the probabilities of the distributional forecasts. However, it has been argued that this will tend to deliver overdispersed distributions, prompting the combination to be applied instead to the quantiles of the distributional forecasts. Resul...
-
作者：Alyakoob, Mohammed; Rahman, Mohammad
作者单位：University of Southern California; Purdue University System; Purdue University
摘要：This study investigates the potential of market design choices, specifically quality certification, to mitigate racial discrimination in digital marketplaces. Using a regression discontinuity design (RDD) that exploits the discontinuity in Airbnb's Superhost assignment, we find that Black hosts benefit 1.5 times more from the quality certification than other hosts. Moreover, we find compelling evidence that this disproportionate increase does not come at the expense of non-Superhost Black host...
-
作者：Di Giuli, Alberta; Garel, Alexandre; Michaely, Roni; Romec, Arthur
作者单位：heSam Universite; ESCP Business School; Audencia; University of Hong Kong; European Corporate Governance Institute
摘要：This paper explores whether investors' personal experience with climate change affects their voting behavior on climate change-related proposals. We find that fund managers exposed to abnormally hot temperatures are significantly more likely to support climate proposals. We further show that the effect is persistent. We observe significant heterogeneity in the effect of hot temperatures, depending on firm-level climate risk, the quality of the proposals, fund investment strategy, and prior awa...
-
作者：Castillo, Juan Camilo; Knoepfle, Dan; Weyl, E. Glen
作者单位：University of Pennsylvania; Uber Technologies, Inc.; Microsoft
摘要：We show that ride-hailing markets are prone to a matching failure (wild goose chases) in which high demand sets off a harmful feedback cycle of few idle drivers, high pickup times, and low earnings, drastically reducing welfare. After characterizing these failures theoretically and showing empirical evidence of their relevance, we analyze how platforms can avoid them. Raising prices brings demand back under control. Platforms can thus set a uniform high price, or they can use high surge pricin...
-
作者：Li, Meng; Zhang, Shichen
作者单位：University of Houston System; University of Houston; Nankai University
摘要：Procuring essential products during disasters can save lives and livelihoods; nevertheless, limited research has explored this critical issue. In this paper, we collaborate with a buying company to run a unique B2B field experiment during the early COVID-19 outbreak that prompts an urgent need for personal protective equipment. We find that suppliers would deliver products faster by quoting a significantly shorter lead time when the buying company purchases products for donation rather than fo...
-
作者：Dai, Yun; Bao, Te; Zhu, Jiahua
作者单位：Sun Yat Sen University; Nanyang Technological University; Inner Mongolia University; University of London; King's College London
摘要：Using a controlled laboratory experiment, we examine how financial reporting regulations-limits on earnings management and auditing-affect disclosure quality and market efficiency. Our findings indicate that a tight limit and the possibility of an audit enhance the informativeness of earnings disclosures, leading to improved pricing efficiency while a weak limit deteriorates disclosure quality and pricing efficiency. Financial reporting regulations enhance disclosure quality via both constrain...
-
作者：Cici, Gjergji; Hendriock, Mario; Kempf, Alexander
作者单位：University of Kansas; University of Cologne; University of Cologne
摘要：To best utilize labor, companies need to match employees' skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. When fund managers are matched, they deliver a significantly higher risk-adjusted performance. Fund companies use this information to maximize company value by increasing assets under the management of these managers (i.e., assigning them to mo...
-
作者：Elul, Ronel; Gupta, Deeksha; Musto, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Johns Hopkins University; University of Pennsylvania
摘要：When home prices threaten to decline, large mortgage investors can benefit from fostering new lending that boosts demand. We ask whether this benefit contributed to the growth in acquisitions of risky mortgages by the Government Sponsored Enterprises (GSEs) in the first half of 2007. We find that it helps explain the variation of this growth across regions, as well as regional house price and credit changes. The growth predicted by this benefit is on top of the acquisition growth caused by the...
