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作者：Danks, Nicholas P.; Ray, Soumya; Shmueli, Galit
作者单位：Trinity College Dublin; National Tsing Hua University
摘要：Construct-based models have become a mainstay of management and information systems research. However, these models are likely overfit to the data samples upon which they are estimated, making them risky to use in explanatory, prescriptive, or predictive ways outside a given sample. Empirical researchers currently lack tools to analyze why and how their models may not generalize out of sample. We propose a composite overfit analysis (COA) framework that applies predictive tools to describe the...
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作者：Gallego, Guillermo; Berbeglia, Gerardo
作者单位：The Chinese University of Hong Kong, Shenzhen; University of Melbourne
摘要：For a large class of demand models that allow for multiple consumer types, we present performance guarantees for simple nonpersonalized pricing heuristics relative to optimal personalized pricing. Our results demonstrate that in a general setting, the effectiveness of pricing along a positive vector depends on how the price vector aligns with optimal personalized price vectors. We propose two positive direction vectors: the economic and robust directions. The economic direction is a convex com...
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作者：Pathak, Parag A.; Sonmez, Tayfun; Unver, M. Utku; Yenmez, M. Bumin
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Boston College; Deakin University
摘要：A priority system has traditionally been the protocol of choice for the allocation of scarce life-saving resources during public health emergencies. COVID-19 revealed the limitations of this allocation rule. Many argue that priority systems abandon ethical values, such as equity, by discriminating against disadvantaged communities. We show that a restrictive feature of the traditional priority system largely drives these limitations. Following minimalist market design, an institution design pa...
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作者：Proudfoot, Devon; Berry, Zachariah; Chang, Edward H.; Kay, Min B.
作者单位：Cornell University; Cornell University; Harvard University
摘要：Despite mixed evidence for the relationship between demographic diversity and creativity, we propose that observers hold a lay belief that demographic diversity increases creativity and apply this lay belief in judgments about teams and their creative work. Across eight preregistered studies (n 5,530), we find that observers judge teams diverse in terms of race and gender to be more creative than teams homogeneous in terms of race and gender, including in incentive-compatible predictions made ...
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作者：Yang, Jeremy; Eckles, Dean; Dhillon, Paramveer; Aral, Sinan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：Decision makers often want to target interventions so as to maximize an outcome that is observed only in the long term. This typically requires delaying decisions until the outcome is observed or relying on simple short-term proxies for the long-term outcome. Here, we build on the statistical surrogacy and policy learning literatures to impute the missing long-term outcomes and then approximate the optimal targeting policy on the imputed outcomes via a doubly robust approach. We first show tha...
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作者：Bisetti, Emilio
作者单位：Hong Kong University of Science & Technology
摘要：While conventional wisdom suggests that financial supervision is costly for bank shareholders, agency theory suggests that supervisors' audits can reduce shareholder monitoring costs. I study this trade-off in the context of an unexpected decrease in off -site surveillance intensity by the U.S. Federal Reserve. Banks subject to reduced surveillance experience a 1% loss in bank Tobin's q and a 7% loss in equity market -to -book. These banks engage in more earnings management, and appear to comp...
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作者：Ashraf, Musaib; Choudhary, Preeti; Jaggi, Jacob
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Arizona; Washington State University
摘要：Audit committee (AC) responsibilities have increased over time, prompting concerns that overloading the AC with too many duties may impair the AC's ability to oversee financial reporting. Using new AC charter -based proxies to measure AC responsibilities, we find that an emphasis on the AC overseeing financial risk management (which is a noncore AC duty) is associated with worse financial reporting quality, as proxied by restatements-consistent with the argument of AC overload by distraction. ...
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作者：Eisdorfer, Assaf; Morellec, Erwan; Zhdanov, Alexei
作者单位：University of Connecticut; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; University of Geneva; Centre for Economic Policy Research - UK; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the effects of takeover feasibility on asset prices and returns in a unified framework. We show theoretically that takeover protections increase equity risk, stock returns, and bond yields by removing a valuable put option to sell the firm, notably for firms approaching distress. We investigate these claims empirically and find that distressed firms experience a significant decrease in value and increase in returns and market betas after the passage of antitakeover laws, in line with ...
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作者：Adida, Elodie
作者单位：University of California System; University of California Riverside
摘要：Many pharmaceutical drugs have multiple indications, for which they offer a varying degree of benefit for patients. Yet, in the current U.S. pricing system, the price of the drug is the same regardless of the indication for which it is prescribed. This uniform pricing policy can deter the payer from providing coverage for low-value indications, if the price is high relative to the potential benefit for patients, which can reduce patients' access to the drug. It can also deter the drug manufact...
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作者：Cui, Liyuan; Hong, Yongmiao; Li, Yingxing; Wang, Junhui
作者单位：City University of Hong Kong; Chinese Academy of Sciences; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Cornell University; Xiamen University; Chinese University of Hong Kong
摘要：This paper proposes a novel large-dimensional positive definite covariance estimator for high-frequency data under a general factor model framework. We demonstrate an appealing connection between the proposed estimator and a weighted group least absolute shrinkage and selection operator (LASSO) penalized least-squares estimator. The proposed estimator improves on traditional principal component analysis by allowing for weak factors, whose signal strengths are weak relative to idiosyncratic com...
