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Open Price Contracts, Locked-In Buyers, and Opportunism 公开价格合约、锁定买家和机会主义
Pub Date : 2020-07-25 DOI: 10.2139/ssrn.3660650
M. Noel, Hongjie Qiang
There is a large literature on incomplete contracts, but one prominent type of incomplete contract has largely gone unnoticed. An "open price contract" is one in which a buyer commits to purchasing goods from a seller even though the price has not been agreed upon at the time of signing. Open price contracts generally give the seller the right to set prices ex post, and the buyer is then obligated to purchase from the seller at those prices. This gives rise to obvious incentives for short-run opportunistic pricing by the seller, but also obvious disincentives from long-run reputational consequences. In this article, we focus on a specific application where open price contracts are common, discuss why buyers enter into such contracts, and test for opportunistic ex-post pricing by sellers on their locked-in buyers. We find that opportunistic incentives are dominated by long-run reputational incentives and to a surprising degree.
关于不完全合同的文献很多,但有一种突出的不完全合同类型在很大程度上被忽视了。“公开价格合同”是指买方承诺从卖方购买货物,即使在签署时价格尚未商定。公开价格合同通常赋予卖方事后定价的权利,然后买方有义务以这些价格向卖方购买。这给卖方短期机会主义定价带来了明显的激励,但也给长期声誉后果带来了明显的抑制。在本文中,我们将重点关注一个公开价格合约很常见的特定应用程序,讨论为什么买家会签订这样的合约,并测试卖家对锁定买家的投机性事后定价。我们发现,机会主义激励受到长期声誉激励的支配,其程度令人惊讶。
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引用次数: 1
Network Effects in Corporate Financial Policies 企业财务政策中的网络效应
Pub Date : 2020-07-23 DOI: 10.2139/ssrn.3659634
William Grieser, Charles J. Hadlock, J. LeSage, Morad Zekhnini
We study the role of peer effects in capital structure decisions by exploiting the heterogeneous and intransitive nature of product market networks combined with spatial econometric techniques that account for these features. In contrast to prior work, this approach allows us to provide economically meaningful estimates of the magnitude of the causal role of peer effects in capital structure decisions. Our estimates indicate an initial sensitivity of a firm's leverage choice to peer average leverage on the order of .20, indicating a substantive but moderate level of strategic complementarity in capital structure decisions. Our modeling allows peer effects to vary by a firm's location in the product market network, with more central firms having relatively larger aggregate effects on their set of network peers. Our evidence appears most likely to reflect strategic behavior. Extensions of our modeling framework to related finance questions are also briefly considered.
我们通过利用产品市场网络的异质性和非传递性,结合空间计量经济学技术来研究对等效应在资本结构决策中的作用。与之前的工作相比,这种方法使我们能够对资本结构决策中同伴效应的因果作用的大小提供有经济意义的估计。我们的估计表明,公司杠杆选择对同行平均杠杆的初始敏感性约为0.20,表明资本结构决策中存在实质性但适度的战略互补性。我们的模型允许同行效应随企业在产品市场网络中的位置而变化,更多的中心企业对其网络同行的集合具有相对较大的总体效应。我们的证据似乎最有可能反映出战略行为。我们的建模框架扩展到相关的金融问题也简要考虑。
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引用次数: 14
Impact of COVID-19 on the Textile, Apparel and Fashion Manufacturing Industry Supply Chain: Case Study on a Ready-Made Garment Manufacturing Industry 新冠肺炎疫情对纺织服装服装制造业供应链的影响——以某成衣制造业为例
Pub Date : 2020-07-15 DOI: 10.2139/ssrn.3762220
Samit Chakraborty, M. Biswas
Over the past few months, the world has witnessed how COVID-19 pandemic disrupted the supply chain of the textile, apparel and fashion manufacturing (TAFM) industry in various unprecedented ways. As the global textile market is interconnected, this outbreak has a global impact due to travel restrictions and raw materials shortages. This study highlights the imminent impact of COVID-19 on the TAFM industry supply chain, focusing on root-cause analysis and statistical data on consumption of textile goods, both locally and globally. There has not been any academic research on TAFM supply chain disruption. This paper has fulfilled this research gap. Our research is a two-fold study. The first part reviews the overall impact of the pandemic on the TAFM industry and conducts a text analysis on the statements collected from business reports, academic journals, market researchers’ opinions, manufacturers’ statements and business journals, in order to identify the most frequently used terms associated with supply chain disruption. The second part is a case study on a ready-made garment (RMG) industry in Bangladesh, which showed that the supply chain disruption due to COVID-19would increase the production cost. This is alarming for garment manufacturers and exporters, as the worldwide apparel consumption is also projected to reduce during and after the pandemic. Lastly, this study forecasts the takeaways of the TAFM industry from this global pandemic and recommends a mathematical model to tackle any similar situation in future.
过去几个月,全球见证了新冠肺炎疫情如何以各种前所未有的方式扰乱纺织服装和时尚制造业的供应链。由于全球纺织品市场相互关联,由于旅行限制和原材料短缺,此次疫情具有全球性影响。本研究强调了COVID-19对TAFM行业供应链的迫在眉睫的影响,重点是根本原因分析和本地和全球纺织品消费的统计数据。目前还没有关于TAFM供应链中断的学术研究。本文填补了这一研究空白。我们的研究是一项双重研究。第一部分回顾了疫情对TAFM行业的总体影响,并对从商业报告、学术期刊、市场研究人员的意见、制造商的声明和商业期刊中收集的声明进行了文本分析,以确定与供应链中断相关的最常用术语。第二部分是对孟加拉国成衣(RMG)行业的案例研究,该案例表明,由于covid -19导致的供应链中断将增加生产成本。这对服装制造商和出口商来说是令人担忧的,因为预计全球服装消费量在大流行期间和之后也将减少。最后,本研究预测了TAFM行业从这次全球大流行中得到的启示,并推荐了一个数学模型来应对未来任何类似的情况。
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引用次数: 32
Do Noisy Customer Reviews Discourage Platform Sellers? Empirical Analysis of an Online Solar Marketplace 嘈杂的客户评论会打击平台卖家吗?在线太阳能市场的实证分析
Pub Date : 2020-07-06 DOI: 10.2139/ssrn.3645605
Herbie Huang, Nur Sunar, Jayashankar M. Swaminathan
Problem definition: Customer reviews are essential to online marketplaces. However, reviews typically vary; ratings of a product or service are rarely the same. In many service marketplaces, especially the ones for solar panel installations, supply-side participants are active. That is, a seller must make a proposal to serve each customer. In such marketplaces, it is not clear how (or if) the dispersion in customer reviews affects the seller activity level and number of matches in the marketplace. Our paper examines this by considering both ratings and text reviews. Academic/Practical Relevance: To our knowledge, this is the first paper that empirically studies how the review dispersion affects a seller's activity level and the number of matches in an online marketplace with active sellers. Distinct from literature, we examine the relationship between the review dispersion and supply-side activities in an online service marketplace. Methodology: We collaborated with one of the largest online solar marketplaces in the U.S. that connects potential solar panel adopters with installers. We obtained a unique dataset from the marketplace for 2013 - 2018. We complement this with public datasets. Our analysis uses traditional econometrics methods, a clustering method, and the deep-learning-based natural-language-processing model BERT developed by Google AI. Results: We find that the dispersion in customer reviews has a significant and inverted U-shaped effect on an installer's marketplace activity level. Specifically, the installer's activity level increases with the review dispersion if and only if that dispersion is below a certain threshold. Above that threshold, more dispersion in reviews lowers the installer's activity level. Intuitively, a marketplace operator would favor having more sellers with perfect ratings. In contrast, we identify a significant and inverted U-shaped relationship between the market-level review dispersion and transactions. Managerial Implications: Our findings provide valuable insights to marketplace operators about the implications of review dispersions, and call for innovative platform design.
问题定义:客户评论对在线市场至关重要。然而,评论通常各不相同;产品或服务的评级很少是相同的。在许多服务市场,尤其是太阳能电池板安装市场,供应方参与者非常活跃。也就是说,卖家必须提出服务每位顾客的建议。在这样的市场中,尚不清楚客户评论的分散如何(或是否)影响市场中卖家的活动水平和匹配数量。我们的论文通过考虑评分和文本评论来检验这一点。学术/实践相关性:据我们所知,这是第一篇实证研究评论离散度如何影响卖家的活动水平和在线市场中活跃卖家的匹配数量的论文。与文献不同的是,我们研究了在线服务市场中评论离散度与供应方活动之间的关系。方法:我们与美国最大的在线太阳能市场之一合作,将潜在的太阳能电池板采用者与安装者联系起来。我们从2013 - 2018年的市场中获得了一个独特的数据集。我们用公共数据集作为补充。我们的分析使用了传统的计量经济学方法、聚类方法和谷歌人工智能开发的基于深度学习的自然语言处理模型BERT。结果:我们发现客户评论的离散度对安装商的市场活动水平有显著的倒u型影响。具体来说,当且仅当该分散度低于某个阈值时,安装程序的活动级别会随着审查分散度而增加。超过这个阈值,审查的分散程度越高,安装程序的活动级别就越低。从直觉上讲,市场运营商会倾向于拥有更多拥有完美评级的卖家。相反,我们发现市场层面的审查分散与交易之间存在显著的倒u型关系。管理启示:我们的研究结果为市场运营商提供了关于评论分散影响的宝贵见解,并呼吁创新平台设计。
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引用次数: 4
Some Observations on Claims That Rising Market Power Is Responsible for US Economy Ills and That Lax Antitrust Is the Villain 对“市场力量上升是美国经济弊病的罪魁祸首”和“反垄断松懈是罪魁祸首”观点的一些看法
Pub Date : 2020-06-29 DOI: 10.2139/ssrn.3638500
D. Carlton
This paper evaluates the recent literature claiming that the US economy has generally become less competitive causing the US economy to perform poorly and that lax antitrust policy is one important reason for the decline in economic performance. Although there certainly are empirical facts requiring further study, I conclude that the evidence does not support calls for dramatic changes in antitrust policy.
本文评估了最近的文献,声称美国经济普遍变得不那么有竞争力,导致美国经济表现不佳,宽松的反垄断政策是经济表现下降的一个重要原因。虽然确实有经验事实需要进一步研究,但我的结论是,证据并不支持对反垄断政策进行重大改革的呼吁。
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引用次数: 3
Impact of Knowledge Management on Organizational Performance: A Case of U.S. Retail Firms 知识管理对组织绩效的影响:以美国零售企业为例
Pub Date : 2020-06-26 DOI: 10.31014/aior.1992.03.02.251
Naome A. Etori, D. Alilah
This paper investigates the influence of knowledge management on organizational performance in the case of U.S. retail firms. The paper is based on secondary data analysis, which was collected through a critical review of the literature. The analysis has shown that knowledge management has a significant impact on the performance of organizations in the case of U.S. retail firms. The study found that, when the management of a firm gives importance to the effective management of knowledge, it ultimately helps to improve the performance of that firm. Knowledge management in an effective way is considered important for ensuring long-term prosperity. Knowledge has become the most effective factor for various knowledge-based embedded elements. This is also referred to as exposed tacit due to mobile employees, and therefore its dissemination and development are considered to be significant in order to achieve sustainable competitiveness.
本文以美国零售企业为研究对象,探讨了知识管理对组织绩效的影响。本文是基于二手数据分析,这是通过文献的批判性审查收集。分析表明,以美国零售企业为例,知识管理对组织绩效有显著影响。研究发现,当企业管理层重视对知识的有效管理时,最终有助于企业绩效的提高。有效的知识管理被认为是确保长期繁荣的重要途径。知识已成为各种基于知识的嵌入式要素中最有效的因素。这也被称为暴露隐性由于流动员工,因此它的传播和发展被认为是重要的,以实现可持续的竞争力。
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引用次数: 1
What is Fueling FinTech Lending? The Role of Banking Market Structure 是什么推动了金融科技借贷?银行业市场结构的作用
Pub Date : 2020-06-23 DOI: 10.2139/ssrn.3633907
T. Balyuk, Allen N. Berger, John Hackney
FinTech growth raises questions about its competitive advantages vis-a-vis traditional providers, the relative risks of FinTech products, and real economic effects. We study FinTech platform small business lending, yielding new answers that may apply to FinTech more generally. Findings suggest that FinTech tends to replace loans by large/out-of-market banks more than small/in-market banks. This is consistent with FinTech advantages in more efficient processing of hard information, rather than hardening of soft information. Additional results suggest that FinTech loans are relatively risky, but become safer after replacing bank loans. Both FinTech and bank loans are found to benefit the real economy.
金融科技的增长引发了人们对其相对于传统供应商的竞争优势、金融科技产品的相对风险以及实际经济影响的质疑。我们研究了金融科技平台的小企业贷款,得出了可能适用于更普遍的金融科技的新答案。研究结果表明,金融科技倾向于取代大型/市场外银行的贷款,而不是小型/市场内银行。这与金融科技在更有效地处理硬信息而不是硬化软信息方面的优势是一致的。其他研究结果表明,金融科技贷款风险相对较高,但在取代银行贷款后变得更安全。金融科技和银行贷款都有利于实体经济。
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引用次数: 42
Mutual Fund Tournaments and Fund Active Share 共同基金锦标赛和基金活跃份额
Pub Date : 2020-06-11 DOI: 10.2139/ssrn.3074720
C. W. Li, Ashish Tiwari, Lin Tong
We study the impact of the tournament-like competition in the mutual fund industry by examining the Active Share choices of funds. Funds with relatively poor performance by the end of the third quarter in a calendar year tend to increase their Active Share during the last quarter. The increase in the trailing funds' Active Share is accompanied by an increase in the funds' downside risk exposure. The evidence suggests that the strategic shifts in Active Share we document are not information/skill motivated.
我们通过考察基金的主动股票选择来研究锦标赛式竞争对共同基金行业的影响。在一个日历年度的第三季度末,业绩相对较差的基金往往会在最后一个季度增加其活跃份额。跟踪基金活跃份额的增加,伴随着基金下行风险敞口的增加。证据表明,我们所记录的主动分享的战略转变不是由信息/技能驱动的。
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引用次数: 0
Capacity Rights and Full Cost Transfer Pricing 容量权和全成本转移定价
Pub Date : 2020-05-21 DOI: 10.1287/MNSC.2019.3477
S. Dutta, S. Reichelstein
This paper examines the theoretical properties of full-cost transfer prices in multidivisional firms. In our model, divisional managers are responsible for the initial acquisition of productive capacity and the utilization of that capacity in subsequent periods, once operational uncertainty has been resolved. We examine alternative variants of full-cost transfer pricing with the property that the discounted sum of transfer payments is equal to the initial capacity acquisition cost and the present value of all subsequent variable costs of output supplied to a division. Our analysis identifies environments where particular variants of full-cost transfer pricing induce efficiency in both the initial investments and the subsequent output levels. Our findings highlight the need for a proper integration of intracompany pricing rules and divisional control rights over capacity assets. This paper was accepted by Suraj Srinivasan, accounting.
本文研究了多部门企业全成本转移价格的理论性质。在我们的模型中,一旦解决了运营的不确定性,部门经理负责最初获得生产能力,并在随后的时期利用该能力。我们研究了全成本转移定价的其他变体,其性质是转移支付的贴现总额等于初始产能获取成本和向一个部门提供的所有后续产出可变成本的现值。我们的分析确定了全成本转移定价的特定变体在初始投资和随后的产出水平上都能产生效率的环境。我们的研究结果强调需要适当整合公司内部定价规则和部门对产能资产的控制权。这篇论文被会计Suraj Srinivasan接受。
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引用次数: 5
Product Market Competition and Firms’ Disclosure of Cross-Segment Differences in Performance 产品市场竞争与企业跨部门绩效差异披露
Pub Date : 2020-05-14 DOI: 10.2139/ssrn.3600763
Roland Königsgruber, Pietro Perotti, Oliver Schinnerl, Fanis Tsoligkas, David Windisch
This study examines how product market competition affects firms’ disclosures of their individual segments’ performance. We explicitly account for different types of product market competition by distinguishing between competitors who are already active in a particular market and potential competitors who are considering entering the market. Arguably, firms that are subject to intensive existing competition have lower incentives to conceal information because they are less likely to exhibit abnormal profitability. By contrast, a high level of potential competition constitutes a threat to profitability and hence provides incentives to conceal segment performance. In line with these proprietary cost arguments, we find that potential competition is negatively associated with the disclosure of cross-segment differences in performance, whereas existing competition is positively associated with the disclosure of cross-segment differences in performance. Our results remain robust to a number of sensitivity tests.
本研究探讨产品市场竞争如何影响企业对其个别细分市场绩效的披露。我们通过区分已经活跃在特定市场的竞争对手和正在考虑进入市场的潜在竞争对手,明确地说明了不同类型的产品市场竞争。可以说,面临激烈竞争的公司隐瞒信息的动机较低,因为它们不太可能表现出异常的盈利能力。相比之下,高水平的潜在竞争构成了对盈利能力的威胁,因此提供了隐瞒部门业绩的动机。根据这些专有成本论点,我们发现潜在竞争与跨部门业绩差异的披露呈负相关,而现有竞争与跨部门业绩差异的披露呈正相关。我们的结果在许多敏感性测试中仍然是可靠的。
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引用次数: 2
期刊
IO: Empirical Studies of Firms & Markets eJournal
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