Management Science

最新文章

• Breadth of Ownership and the Cross-Section of Corporate Bond Returns AI翻译
  作者：Huang, Jing-Zhi; Qin, Nan; Wang, Ying
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Northern Illinois University; State University of New York (SUNY) System; University at Albany, SUNY; State University of New York (SUNY) System; University at Albany, SUNY
  摘要：Using breadth of corporate bond fund ownership to proxy for the combination of short-sale constraints and divergence of opinions in the corporate bond market, this paper investigates whether and to what extent Miller's overpricing theory holds for corporate bonds. Consistent with the theory, we document a significant and positive relation between changes in breadth and the cross-section of future corporate bond returns. Because of the bounded upside of debt, the ability of changes in breadth t...
• Disclosure Similarity and Future Stock Return Comovement AI翻译
  作者：Dyer, Travis A.; Roulstone, Darren T.; Van Buskirk, Andrew
  作者单位：Brigham Young University; University System of Ohio; Ohio State University
  摘要：Existing research often assumes that firms' financial reporting choices influence their return comovement with other firms. We examine the validity of that assumption. First, we provide initial evidence suggesting that similarity in two firms' disclosures not only predicts but influences future return comovement between those two firms. Second, we show that this predictive ability aggregates to the market level; disclosure similarity can be used to estimate more accurate forward-looking market...
• Fragmented Securities Regulation, Information-Processing Costs, and Insider Trading AI翻译
  作者：Kim, Sehwa; Kim, Seil
  作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：Using a unique setting where stand-alone banks submit filings to bank regulators instead of the U.S. Securities and Exchange Commission (SEC), we examine the consequences of fragmented securities regulation for information-processing costs and opportunistic insider trading. We find the market reaction to insider-trading filings on FDICconnect less timely than to those on SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, suggesting FDICconnect generates higher information...
• Quality Differentiation and Matching Performance in Peer-to-Peer Markets: Evidence from Airbnb Plus AI翻译
  作者：Wang, Hongchang; Williams, Benjamin; Xie, Karen; Chen, Wei
  作者单位：University of Texas System; University of Texas Dallas; University of Denver; University of Connecticut
  摘要：Matching makes or breaks peer-to-peer (P2P) platforms. As the platform-based P2P markets shift from their grassroots nature toward elite offerings, will differentiating suppliers by quality increase matching performance? Can P2P markets differentiate certain suppliers without marginalizing others? We seek answers to these questions by leveraging an empirical opportunity on Airbnb, which differentiates listings that meet high quality standards from others through its Plus program in several U.S...
• The Impact of Input and Output Farm Subsidies on Farmer Welfare, Income Disparity, and Consumer Surplus AI翻译
  作者：Tang, Christopher S.; Wang, Yulan; Zhao, Ming
  作者单位：University of California System; University of California Los Angeles; Hong Kong Polytechnic University; University of Electronic Science & Technology of China
  摘要：Because of a growing population and shrinking arable land, the world is facing a global food crisis. One important solution could be to subsidize farmers to sustain their production so that they can produce more food for consumers and earn more money for themselves. An efficient subsidy program should also aim to reduce income inequality among farmers, as measured by the Gini coefficient of farmers' income. In this paper, we examine and compare the effects of input and output farm subsidy prog...
• Evaluating the Efficacy of Connected Healthcare: An Empirical Examination of Patient Engagement Approaches and Their Impact on Readmission AI翻译
  作者：Lekwijit, Suparerk; Terwiesch, Christian; Asch, David A.; Volpp, Kevin G.
  作者单位：Arizona State University; Arizona State University-Tempe; University of Pennsylvania; University of Pennsylvania
  摘要：Connected healthcare is a form of health delivery that connects patients and providers through connected health devices, allowing providers to monitor patient behavior and proactively intervene before an adverse event occurs. Unlike the costs, the benefits of connected healthcare in improving patient behavior and health outcomes are usually difficult to determine. In this study, we examine the efficacy of a connected health system that aimed to reduce readmissions through improved medication a...
• Shipment Consolidation with Multiple Shipping Methods Under Nonlinear Cost Structures AI翻译
  作者：Xu, Zhou; Li, Feng; Chen, Zhi-Long
  作者单位：Hong Kong Polytechnic University; Huazhong University of Science & Technology; University System of Maryland; University of Maryland College Park
  摘要：We study a shipment consolidation problem commonly faced by companies that outsource logistics operations and operate in a commit-to-delivery mode. It involves delivering a given set of orders to their destinations by their committed due times using multiple shipping methods at the minimum total shipping and inventory cost. The shipping cost is generally nonlinear in shipping quantity and can be represented by a subadditive piecewise linear function. We investigate two shipping scenarios, one ...
• Human and Machine: The Impact of Machine Input on Decision Making Under Cognitive Limitations AI翻译
  作者：Boyaci, Tamer; Canyakmaz, Caner; de Vericourt, Francis
  作者单位：Ozyegin University
  摘要：The rapid adoption of artificial intelligence (AI) technologies by many organizations has recently raised concerns that AI may eventually replace humans in certain tasks. In fact, when used in collaboration, machines can significantly enhance the complementary strengths of humans. Indeed, because of their immense computing power, machines can perform specific tasks with incredible accuracy. In contrast, human decision makers (DMs) are flexible and adaptive but constrained by their limited cogn...
• Fiscal Limits and the Pricing of Eurobonds AI翻译
  作者：Pallara, Kevin; Renne, Jean-Paul
  作者单位：European Central Bank; Bank of Italy; University of Lausanne
  摘要：This paper proposes a methodology to price bonds jointly issued by a group of countries-Eurobonds in the euro-area context. We consider two types of bonds; the first is backed by several and joint guarantees (SJGs), and the second features several but not joint guarantees (SNJGs). The pricing of SJG and SNJG bonds reflects different assumptions regarding the pooling of debtors' fiscal resources. We estimate fiscal limits for the six largest euro-area economies over 2008-2021 and deduce counter...
• Learning from Their Daughters: Family Exposure to Gender Disparity and Female Representation in Male-Led Ventures AI翻译
  作者：Wu, Zhiyan; Naldi, Lucia; Wennberg, Karl; Uman, Timur
  作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Jonkoping University; Stockholm School of Economics
  摘要：We build on recent studies on daughter-to-father influence to explore how male founders' fatherhood of daughters impacts female representation in their ventures. We find that, conditional on the total number of children, fathering an additional daughter ver-sus a son is associated with a 4% (11%) increase in female director (employee) representa-tion. This daughter-to-father effect gradually matures as daughters grow up and socialize in schools and workplaces, and it increases as daughters age...