Management Science

最新文章

• The Impact of Government Interventions on COVID-19 Spread and Consumer Spending AI翻译
  作者：Zhao, Nan; Yao, Song; Thomadsen, Raphael; Wang, Chong Bo
  作者单位：Washington University (WUSTL)
  摘要：We examine the impact of government interventions on the spread of COVID19 and consumer spending. We do this by first estimating models of COVID-19 spread, consumer spending, and social distancing in the United States during the early stages of the COVID-19 pandemic. Social distancing has a large effect on reducing COVID-19 spread and is responsive to national and local case numbers. Nonmask government interventions reduce COVID-19 spread, whereas the effectiveness of mask mandates is much sma...
• The Economic Value of Blockchain Applications: Early Evidence from Asset-Backed Securities AI翻译
  作者：Chen, Xia; Cheng, Qiang; Luo, Ting
  作者单位：Singapore Management University; Tsinghua University
  摘要：In this paper, we evaluate the economic value of a blockchain application. In the context of asset-backed securities (ABS) issuance in China, where some ABS are issued with blockchain technology and others are not, we find that the use of blockchain significantly reduces the coupon yield at issuance. Compared with other ABS, those issued using blockchain technology experience a decrease of 31.4 basis points in the yield spread, which corresponds to a relative decrease of 13%. We further docume...
• Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs AI翻译
  作者：Choi, Jaewon; Huh, Yesol; Shin, Sean Seunghun
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Yonsei University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Aalto University
  摘要：The convention when calculating corporate bond trading costs is to estimate bid-ask spreads that customers pay, implicitly assuming that dealers always provide liquidity to customers. We show that, contrary to this assumption, customers increasingly provide liquidity following the adoption of post-2008 banking regulations, and thus, conventional bid-ask spread measures underestimate the cost of dealers' liquidity provision. Among large trades wherein dealers use inventory capacity, customers p...
• Can Technology Startups Hire Talented Early Employees? Ability, Preferences, and Employee First Job Choice AI翻译
  作者：Roach, Michael; Sauermann, Henry
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：Early stage technology startups rely critically on talented scientists and engineers to commercialize new technologies. And yet these startups compete with established technology firms to hire the best workers. Theories of ability sorting predict that highability workers will choose jobs in established firms that offer greater complementary assets and higher pay, leaving low -ability workers to take lower paying and riskier jobs in startups. We propose an alternative view in which heterogeneit...
• The Cyber Risk Premium AI翻译
  作者：Jiang, Hao; Khanna, Naveen; Yang, Qian; Zhou, Jiayu
  作者单位：Michigan State University; Michigan State University's Broad College of Business; McMaster University; Michigan State University
  摘要：Cyber risk is an important emerging source of risk in the economy. To estimate its impact on the asset market, we use machine learning techniques to develop a firm-level measure of cyber risk. The measure aggregates information from a rich set of firm characteristics and shows superior ability to forecast future cyberattacks on individual firms. We find that firms with higher cyber risk earn higher average stock returns. When these firms underperform, cybersecurity experts tend to have higher ...
• Unifying Procedure-Dependent Preference Reversals: Theory and Experiments AI翻译
  作者：Guo, Liang
  作者单位：City University of Hong Kong
  摘要：Revealed preferences between alternatives can be systematically reversed across a variety of elicitation procedures (e.g., choice, valuation, matching, joint/separate evaluation). These puzzling findings have been usually invoked to challenge the procedure invariance principle. Yet procedure -dependent preferences can be endogenous. This paper presents a unifying theory of contextual deliberation to account for seemingly disparate phenomena of preference reversals. When attribute importance is...
• Continuity of Care Increases Physician Productivity in Primary Care AI翻译
  作者：Kajaria-Montag, Harshita; Freeman, Michael; Scholtes, Stefan
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; INSEAD Business School
  摘要：Continuity of care, defined as an ongoing therapeutic relationship between a patient and a physician, is a defining characteristic of primary care. However, arranging a consultation with one's regular doctor is increasingly difficult as practices face physician shortages. We study the effect of declining care continuity on the productivity of physicians by analyzing data of over 10 million consultations in 381 English primary care practices over a period of 11 years. Specifically, we examine w...
• STOCHASTIC MODELS AND SIMULATION AI翻译
  作者：Ata, Baris
  作者单位：University of Chicago
• 2023 Information Systems Best AE Award: Management Science AI翻译
  作者：Simchi-Levi, David
• Proximity and Knowledge Spillovers: Evidence from the Introduction of New Airline Routes AI翻译
  作者：Bai, John (Jianqiu); Jin, Wang; Zhou, Sifan
  作者单位：Northeastern University; Stanford University; Xiamen University; Xiamen University
  摘要：This paper examines the causal relationship between proximity and knowledge diffusion by estimating the elasticity of core-based statistical area (CBSA) pair-level citations to variations in travel time induced by the introduction of new flight routes. The findings reveal that decreasing travel time between U.S. cities by 20% increases knowledge flow by 0.5%, which corresponds to an increase of over 15,000 citations at the aggregate level. Rather than boosting within-firm knowledge transfer, t...