Management Science

最新文章

• Design of Off-Grid Lighting Business Models to Serve the Poor: Field Experiments and Structural Analysis AI翻译
  作者：Uppari, Bhavani Shanker; Netessine, Serguei; Popescu, Ioana; Clarke, Rowan P.
  作者单位：Singapore Management University; University of Pennsylvania; INSEAD Business School; Harvard University
  摘要：A significant proportion of the world's population has no access to grid-based electricity and so relies on off-grid lighting solutions. Rechargeable lamp technology is gaining popularity as an alternative off-grid lighting model in developing countries. In this paper, we explore consumer behavior and the operational inefficiencies that result under this model. Specifically, we are interested in (i) measuring the impact of inconvenience (of traveling to recharge the lamp) along with the impact...
• Managing Multirooming: Why Uniform Price Can Be Optimal for a Monopoly Retailer and Can Be Uniformly Lower AI翻译
  作者：Chen, Yuxin; Dai, Yue; Zhang, Zhe; Zhang, Kun
  作者单位：New York University; NYU Shanghai; Fudan University; Nanjing University of Science & Technology
  摘要：Retailers managing both online and offline channels have to decide whether to adopt the uniform (i.e., charging the same price online and offline) or dual (i.e., charging different prices online and offline) pricing strategy. This decision is made even more challenging as consumers are increasingly multirooming as they may search offline and then purchase online (showrooming) or the other way around (webrooming). In this paper, we develop an analytical model to examine such a decision. The mod...
• The Endowment Model and Modern Portfolio Theory AI翻译
  作者：Dimmock, Stephen G.; Wang, Neng; Yang, Jinqiang
  作者单位：National University of Singapore; Columbia University; National Bureau of Economic Research; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
  摘要：We develop a dynamic portfolio choice model with illiquid alternative assets to analyze the endowment model, widely adopted by institutional investors, such as pension funds, university endowments, and sovereign wealth funds. In the model, the alternative asset has a lockup but can be liquidated at any time by paying a proportional cost. We model how investors can engage in liquidity diversification by investing in multiple illiquid alternative assets with staggered lockup expirations and show...
• Asymmetric Information and R&D Disclosure: Evidence from Scientific Publications AI翻译
  作者：Baruffaldi, Stefano; Simeth, Markus; Wehrheim, David
  作者单位：Polytechnic University of Milan; University of Bath; Copenhagen Business School; University of Navarra; IESE Business School
  摘要：We examine how asymmetric information in financial markets affects voluntary research and development (R&D) disclosure, considering scientific publications as a disclosure channel. Difference-in-differences regressions around brokerage house mergers and closures, which increase information asymmetry through reductions in analyst coverage, indicate a quick and sustained increase in scientific publications from treated firms relative to the number of publications from control firms. The treatmen...
• Dog Eat Dog: Balancing Network Effects and Differentiation in a Digital Platform Merger AI翻译
  作者：Farronato, Chiara; Fong, Jessica; Fradkin, Andrey
  作者单位：Harvard University; University of Michigan System; University of Michigan; Boston University
  摘要：Network effects are often used to justify platform strategies such as acquisitions and subsidies that aggregate users to a single dominant platform. However, when users have heterogeneous preferences, a single platform may not be as effective as multiple platforms from both a strategic perspective and an antitrust perspective. We study the role of network effects and platform differentiation in the context of a merger between the two largest platforms for pet-sitting services. To obtain causal...
• Bank Competition and Risk-Taking Under Market Integration AI翻译
  作者：Dam, Kaniska; Sengupta, Rajdeep
  作者单位：Centro de Investigacion y Docencia Economicas A.C. (CIDE); Federal Reserve System - USA
  摘要：Linkages between bank competition and risk-taking are analyzed in a model where market integration is the principal driver of increased competition. Risk implications of across-market competition under banking market integration are significantly different from that of within-market competition. Although both modes of competition increase the number of competitor banks, across-market competition yields a bank-customer effect that can potentially reverse any relation that prevails between withi...
• The Co-Production of Service: Modeling Services in Contact Centers Using Hawkes Processes AI翻译
  作者：Daw, Andrew; Castellanos, Antonio; Yom-Tov, Galit B.; Pender, Jamol; Gruendlinger, Leor
  作者单位：University of Southern California; University of Chicago; Technion Israel Institute of Technology; Cornell University
  摘要：In customer support contact centers, every service interaction involves a messaging dialogue between a customer and an agent; together, they exchange information, solve problems, and collectively co -produce the service. Because the service progression is shaped by the history of conversation thus far, we propose a bivariate marked Hawkes process cluster model of the customer -agent interaction. To evaluate our stochastic model of service, we apply it to an industry contact center data set con...
• The Cost of Exposing Large Institutional Orders to Electronic Liquidity Providers AI翻译
  作者：Battalio, Robert; Hatch, Brian; Saglam, Mehmet
  作者单位：University of Notre Dame; University System of Ohio; University of Cincinnati
  摘要：We use a novel data set to examine the impact of exposing institutional orders to electronic liquidity providers (ELPs). We present empirical evidence that marketable pieces of large parent orders are routed to ELPs seemingly to avoid paying liquidity fees on exchanges. This routing decision results in lower net effective spreads for these child orders but leads to higher execution shortfall for the parent order. We provide evidence suggestive of a causal relation by utilizing the parent order...
• Voluntary Disclosure, Moral Hazard, and Default Risk AI翻译
  作者：Fu, Shiming; Trigilia, Giulio
  作者单位：Shanghai University of Finance & Economics; University of Rochester
  摘要：We study a dynamic moral hazard setting where the manager has private evidence that predicts the firm's cash flows. Bad -news disclosure is rewarded by a lower borrowing cost relative to the no -evidence case, whereas no disclosure leads to higher borrowing costs. For a given capital structure, disclosure reduces the firm's default risk by lowering its pay -for -performance sensitivity. However, for a set of low -profitability firms, the anticipation of future disclosure of information by mana...
• Inventory as a Financial Instrument: Evidence from China's Metal Industries AI翻译
  作者：Hsu, Vernon; Wu, Jing
  作者单位：Chinese University of Hong Kong
  摘要：Classic inventory theory suggests that inventory plays a vital role in matching demand and supply. This paper provides both country- and firm-level evidence that inventory can be used as a financial instrument to take advantage of arbitrage opportunities in financial markets with limited capital mobility. Using data from China customs' metal imports and firm-level inventory from metal processing industries, we show that firms can utilize the inventory of an imported product to carry lower cost...