-
作者：Dhingra, Vibhuti; Krishnan, Harish; Serpa, Juan Camilo
作者单位：York University - Canada; University of British Columbia; McGill University
摘要：A project involves several participants-including clients, contractors, and subcontractors-that work concurrently on multiple projects and allocate resources among them. This interdependency creates a network of otherwise-unrelated projects. We map the network of U.S. government projects involving over 150,000 participants. We show that a seemingly localized disruption, affecting only one project site, eventually causes delays across unrelated projects. This is because participants opportunist...
-
作者：Ekmekci, Mehmet; White, Alexander; Wu, Lingxuan
作者单位：Boston College; Tsinghua University; Tsinghua University; Harvard University
摘要：Is more competition the key to mitigating dominance by large tech platforms? Could regulation of such markets be a better alternative? We study the effects of competi-tion and interoperability regulation in platform markets. To do so, we propose an approach of competition in net fees, which is well-suited to situations in which users pay additional charges, after joining, for on-platform interactions. Compared with existing approaches, the net fee model expands the tractable scope to allow var...
-
作者：Glossner, Simon; Matos, Pedro; Ramelli, Stefano; Wagner, Alexander F.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Virginia; European Corporate Governance Institute; University of St Gallen; Swiss Finance Institute (SFI); University of Zurich; Centre for Economic Policy Research - UK; University of Zurich
摘要：During the COVID-19 stock market crash, U.S. stocks with higher institutional ownership (IO) performed worse than those with lower IO. By studying firm-level changes, we identify two mechanisms behind this effect: a sudden downscaling of institutional capital in the equity market and a collective attempt by institutions to reposition their equity portfolios toward more COVID-resilient stocks. The stock price effects of their portfolio downscaling trades quickly reversed in the market's recover...
-
作者：Zhang, Kairen; Gao, Xiangyu; Wang, Zhanyue; Zhou, Sean X.
作者单位：Southeast University - China; Chinese University of Hong Kong; Nankai University
摘要：We study inventory management of an infinite-horizon, series system with multiple stages. Each stage orders from its immediate upstream stage, and the most upstream stage orders from an external supplier. Random demand with unknown distribution occurs at the most downstream stage. Each stage incurs inventory holding cost while the most downstream stage also incurs demand backlogging cost when it experiences inventory shortage. The objective is to minimize the expected total discounted cost ove...
-
作者：Steele, Dayton; Emadi, Seyed Morteza; Kesavan, Saravanan
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of North Carolina; University of North Carolina Chapel Hill
摘要：Product drops occur when a retailer releases a limited-edition product line on a specific date for a short period of time. Due to limited inventory of the product and the short sales horizon, a resale market emerges where products may resell at higher prices once the firm stocks out. The firm faces a central tradeoff: pricing too high may lead to a longer stockout time and future markdowns; pricing too low may lead to transfer of profits to resellers. Any firm in this position may ask, How do ...
-
作者：Luo, Chunling; Chen, Piao; Jaillet, Patrick
作者单位：Hangzhou Normal University; Zhejiang University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：In portfolio optimization, the computational complexity of implementing almost stochastic dominance has limited its practical applications. In this study, we introduce an optimization framework aimed at identifying the optimal portfolio that outperforms a specified benchmark under almost second-degree stochastic dominance (ASSD). Our approach involves discretizing the return range and establishing both sufficient and necessary conditions for ASSD. We then propose a three-step iterative procedu...
-
作者：Sammon, Marco
作者单位：Harvard University
摘要：I show that passive ownership negatively affects the degree to which stock prices anticipate earnings announcements. Estimates across several research designs imply that the rise in passive ownership over the last 30 years has caused the amount of information incorporated into prices ahead of earnings announcements to decline by approximately one-fourth of its whole-sample mean and one-sixth of its whole-sample standard deviation.
-
作者：Deuskar, Prachi; Khatri, Aditi; Sunder, Jayanthi
作者单位：Indian School of Business (ISB); Cornerstone Research; University of Arizona
摘要：Using a uniquely constructed data set of trades by corporate insiders in all stocks, we find that, after insider trading regulations become stricter, insiders are 20% more likely to trade in peer stocks and that such trades become more profitable. The increase in both the probability and profitability of peer -stock trades is driven by the insider's information that is fungible to industry peers. Stricter insider trading laws are designed to improve liquidity and price informativeness in capit...
-
作者：Jansen, Mark; Nguyen, Hieu Quang; Shams, Amin
作者单位：Utah System of Higher Education; University of Utah; Macquarie University; University System of Ohio; Ohio State University
摘要：Using a randomized experiment in auto lending, we find that algorithmic underwriting outperforms the human underwriting process, resulting in 10.2% higher loan profits and 6.8% lower default rates. The human and machine underwriters show similar performance for low-risk, less complex loans. However, the performance of human underwritten loans largely declines for riskier and more complex loans, whereas the machine performance stays relatively stable across various risk dimensions and loan char...
-
作者：Hsu, David H.; Tambe, Prasanna B.
作者单位：University of Pennsylvania
摘要：A significant element of managerial post-COVID job design regards remote work. In an era of renewed recognition of diversity, employers may wonder how diverse (gender and race) and experienced job applicants respond to remote job listings, especially for high -skilled technical and managerial positions. Prior work has shown that while remote work allows employee flexibility, it may limit career promotion prospects, so the net effect of designating a job as remote -eligible is not clear from an...
