Management Science最新文献

英文中文

Number Processing Constraints and Earnings News 数字处理限制和盈利新闻

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-06-05 DOI: 10.1287/mnsc.2023.01722

Stephen Karolyi, T. Ruchti, Phong Truong

Neuroscience shows that human brains are neurologically constrained to process small numbers linearly and large numbers logarithmically, leading to underreactions to larger numbers as their perceived difference becomes smaller. We test this hypothesis in the context of earnings announcements and find that investors respond less in the short term to earnings news for stocks with high earnings per share magnitudes, exacerbating postearnings announcement drift for these stocks. These findings are distinct from and incremental to several risk-based and behavioral explanations, attenuated by robot presence and present in a quasi-experimental design using stock splits. Our evidence suggests that number processing constraints have implications for stock price efficiency. This paper was accepted by Will Cong, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.01722 .

神经科学表明，人类大脑神经受限于对小数字的线性处理和对大数字的对数处理，导致对较大数字的反应不足，因为它们的感知差异变小了。我们在盈利公告的背景下对这一假设进行了检验，结果发现，对于每股盈利幅度较高的股票，投资者在短期内对盈利新闻的反应较小，从而加剧了这些股票在盈利公告发布后的漂移。这些发现有别于若干基于风险和行为的解释，并且是对这些解释的补充，它们因机器人的存在而减弱，并且存在于使用股票拆分的准实验设计中。我们的证据表明，数字处理限制对股价效率有影响。本文已被金融学专业的 Will Cong 接受。补充材料：在线附录和数据文件请访问 https://doi.org/10.1287/mnsc.2023.01722 。

引用次数: 0

The Operational Data Analytics (ODA) for Service Speed Design 业务数据分析（ODA）促进服务速度设计

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-06-05 DOI: 10.1287/mnsc.2023.00655

Qi Feng, Zhibin Jiang, Jue Liu, J. Shanthikumar, Yang Yang

We develop the operational data analytics (ODA) framework for the classical service design problem of [Formula: see text] systems. The customer arrival rate is unknown. Instead, some historical data of interarrival times are collected. The data-integration model, specifying the mapping from the arrival data to the service rate, is formulated based on the time-scaling property of the stochastic service process. Validating the data-integration model against the long-run average service reward leads to a uniformly optimal service rate for any given sample size. We further derive the ODA-predicted reward function based on the data-integration model, which gives a consistent estimate of the underlying reward function. Our numerical experiments show that the ODA framework can lead to an efficient design of service rate and service capacity, which is insensitive to model specification. The ODA solution exhibits superior performance compared with the conventional estimation-and-then-optimization solutions in the small sample regime. This paper was accepted by David Simchi-Levi, operations management. Funding: Z. Jiang’s research is supported by the National Natural Science Foundation of China [Grant 71931007]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2023.00655 .

我们针对[公式：见正文]系统的经典服务设计问题开发了运营数据分析（ODA）框架。客户到达率是未知的。相反，我们收集了一些到达时间的历史数据。数据整合模型是根据随机服务流程的时间缩放特性制定的，它指定了从到达数据到服务速率的映射。将数据整合模型与长期平均服务回报进行验证，可得出任何给定样本量下的统一最优服务率。我们根据数据整合模型进一步推导出 ODA 预测奖励函数，该函数给出了基本奖励函数的一致估计值。我们的数值实验表明，ODA 框架可以有效设计服务率和服务容量，而且对模型规格不敏感。与传统的 "估计-优化 "解决方案相比，ODA 解决方案在小样本条件下表现出更优越的性能。本文已被运营管理专业的 David Simchi-Levi 接受。资助：Z. Jiang 的研究得到了国家自然科学基金[批准号 71931007]的支持。补充材料：在线附录见 https://doi.org/10.1287/mnsc.2023.00655 。

{"title":"The Operational Data Analytics (ODA) for Service Speed Design","authors":"Qi Feng, Zhibin Jiang, Jue Liu, J. Shanthikumar, Yang Yang","doi":"10.1287/mnsc.2023.00655","DOIUrl":"https://doi.org/10.1287/mnsc.2023.00655","url":null,"abstract":"We develop the operational data analytics (ODA) framework for the classical service design problem of [Formula: see text] systems. The customer arrival rate is unknown. Instead, some historical data of interarrival times are collected. The data-integration model, specifying the mapping from the arrival data to the service rate, is formulated based on the time-scaling property of the stochastic service process. Validating the data-integration model against the long-run average service reward leads to a uniformly optimal service rate for any given sample size. We further derive the ODA-predicted reward function based on the data-integration model, which gives a consistent estimate of the underlying reward function. Our numerical experiments show that the ODA framework can lead to an efficient design of service rate and service capacity, which is insensitive to model specification. The ODA solution exhibits superior performance compared with the conventional estimation-and-then-optimization solutions in the small sample regime. This paper was accepted by David Simchi-Levi, operations management. Funding: Z. Jiang’s research is supported by the National Natural Science Foundation of China [Grant 71931007]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2023.00655 .","PeriodicalId":49890,"journal":{"name":"Management Science","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141385653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Do Firms Proactively Build Internal Markets for Redeployment? Evidence from a Natural Experiment 企业会主动建立内部市场进行重新部署吗？来自自然实验的证据

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-06-05 DOI: 10.1287/mnsc.2021.02396

Timo Sohl, Tim Folta

The topic of related diversification is of fundamental interest to corporate strategy research. However, the understanding of how the potential for resource redeployment might encourage related diversification is limited. This paper explores the impact of the 2006 German real estate transfer tax (RETT) reform, which led to higher RETT rates but retained the exemption from RETT for corporate restructurings. We propose that firms might have reacted strategically to the threat of higher transfer taxes by combining related businesses into a portfolio, providing an efficient internal market for reallocating property assets in the event of business-specific shocks. Consistent with a dynamic perspective on relatedness, difference-in-differences analyses of the European retail market show that the probability of related diversification increased significantly for firms that were affected by the reform, relative to control firms. This finding contributes to the literature that links firm boundary choices to intertemporal economies of scope and offers new insights into the real effects of transfer tax policies. This paper was accepted by Alfonso Gambardella, business strategy. Funding: This work was supported by the Ministerio de Ciencia, Innovación y Universidades [Grant PID2020-115660GB-I00]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2021.02396 .

相关多元化是企业战略研究的一个重要课题。然而，人们对资源重新配置的潜力如何鼓励相关多元化的理解却很有限。本文探讨了 2006 年德国房地产转让税（RETT）改革的影响，改革导致了更高的 RETT 税率，但保留了对企业重组的 RETT 豁免。我们认为，企业可能会通过将相关业务组合成一个投资组合来对较高转让税的威胁做出战略反应，从而提供一个有效的内部市场，以便在特定业务受到冲击时重新分配房地产资产。与关联性的动态视角相一致，对欧洲零售市场的差异分析表明，受改革影响的企业与对照企业相比，关联多元化的概率显著增加。这一发现有助于将企业边界选择与跨期范围经济联系起来的文献，并为了解流转税政策的实际效果提供了新的视角。本文由阿方索-甘巴代拉（Alfonso Gambardella）接受，商业战略。资助：这项工作得到了科技、创新和大学部[Grant PID2020-115660GB-I00]的支持。补充材料：在线附录和数据文件见 https://doi.org/10.1287/mnsc.2021.02396 。

{"title":"Do Firms Proactively Build Internal Markets for Redeployment? Evidence from a Natural Experiment","authors":"Timo Sohl, Tim Folta","doi":"10.1287/mnsc.2021.02396","DOIUrl":"https://doi.org/10.1287/mnsc.2021.02396","url":null,"abstract":"The topic of related diversification is of fundamental interest to corporate strategy research. However, the understanding of how the potential for resource redeployment might encourage related diversification is limited. This paper explores the impact of the 2006 German real estate transfer tax (RETT) reform, which led to higher RETT rates but retained the exemption from RETT for corporate restructurings. We propose that firms might have reacted strategically to the threat of higher transfer taxes by combining related businesses into a portfolio, providing an efficient internal market for reallocating property assets in the event of business-specific shocks. Consistent with a dynamic perspective on relatedness, difference-in-differences analyses of the European retail market show that the probability of related diversification increased significantly for firms that were affected by the reform, relative to control firms. This finding contributes to the literature that links firm boundary choices to intertemporal economies of scope and offers new insights into the real effects of transfer tax policies. This paper was accepted by Alfonso Gambardella, business strategy. Funding: This work was supported by the Ministerio de Ciencia, Innovación y Universidades [Grant PID2020-115660GB-I00]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2021.02396 .","PeriodicalId":49890,"journal":{"name":"Management Science","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141385682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Estimating Career Benefits from Online Community Leadership: Evidence from Stack Exchange Moderators 估算在线社区领导的职业收益：来自 Stack Exchange 版主的证据

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-06-05 DOI: 10.1287/mnsc.2019.03252

Jens Forderer, Gordon Burtch

Many IT professionals seek to improve their job prospects by engaging as leaders of online communities, for example, by serving as a moderator or admin. We investigate whether such community leadership leads to (causal) improvements in individuals’ careers. We assemble a data set, including job histories of IT professionals who have sought election as moderators (mods) in Stack Exchange question-and-answer communities, between 2010 and 2020. We estimate the career benefits of moderatorship under two complementary identification strategies: difference-in-differences (DID) and regression discontinuity (RD). We observe qualitatively consistent results under each design, finding that election to a moderator role has a significant, causal, positive effect on job mobility. We estimate that moderatorship increases the probability of a job change by between 4.7 and 12.3 percentage points over the two years following the election. We also report a series of secondary analyses that speak to associated salary increases and show evidence consistent with the notion that social capital and signaling play a role. Our findings help us understand the benefits of online community leadership, and they extend our understanding of the motivations for online community engagement. This paper was accepted by Chris Forman, information systems. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2019.03252 .

许多 IT 专业人员试图通过担任在线社区的领导者（例如，担任版主或管理员）来改善自己的就业前景。我们研究了这种社区领导力是否会导致个人职业生涯的（因果）改善。我们建立了一个数据集，其中包括在 2010 年至 2020 年间寻求当选 Stack Exchange 问答社区版主（mods）的 IT 专业人士的工作经历。我们采用两种互补的识别策略：差分法（DID）和回归不连续法（RD）来估算版主的职业收益。在每种设计下，我们都观察到了定性一致的结果，发现当选为主持人对工作流动性具有显著的、因果性的积极影响。我们估计，在当选主持人后的两年内，职位变动的概率会增加 4.7 到 12.3 个百分点。我们还报告了一系列与薪资增长相关的辅助分析，并显示出与社会资本和信号传递发挥作用这一观点相一致的证据。我们的研究结果有助于我们了解在线社区领导力的益处，并扩展了我们对在线社区参与动机的理解。本文已被信息系统专业的 Chris Forman 接受。补充材料：在线附录和数据文件请访问 https://doi.org/10.1287/mnsc.2019.03252 。

{"title":"Estimating Career Benefits from Online Community Leadership: Evidence from Stack Exchange Moderators","authors":"Jens Forderer, Gordon Burtch","doi":"10.1287/mnsc.2019.03252","DOIUrl":"https://doi.org/10.1287/mnsc.2019.03252","url":null,"abstract":"Many IT professionals seek to improve their job prospects by engaging as leaders of online communities, for example, by serving as a moderator or admin. We investigate whether such community leadership leads to (causal) improvements in individuals’ careers. We assemble a data set, including job histories of IT professionals who have sought election as moderators (mods) in Stack Exchange question-and-answer communities, between 2010 and 2020. We estimate the career benefits of moderatorship under two complementary identification strategies: difference-in-differences (DID) and regression discontinuity (RD). We observe qualitatively consistent results under each design, finding that election to a moderator role has a significant, causal, positive effect on job mobility. We estimate that moderatorship increases the probability of a job change by between 4.7 and 12.3 percentage points over the two years following the election. We also report a series of secondary analyses that speak to associated salary increases and show evidence consistent with the notion that social capital and signaling play a role. Our findings help us understand the benefits of online community leadership, and they extend our understanding of the motivations for online community engagement. This paper was accepted by Chris Forman, information systems. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2019.03252 .","PeriodicalId":49890,"journal":{"name":"Management Science","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141383753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Innovation Strategy After IPO: How AI Analytics Spurs Innovation After IPO 上市后的创新战略：上市后人工智能分析如何推动创新

IF 5.4 2区管理学 Q1 MANAGEMENT

Management Science

Pub Date : 2024-06-05 DOI: 10.1287/mnsc.2022.01559

Lynn Wu, Bowen Lou, Lorin M. Hitt

Management Science, Ahead of Print.

管理科学》，印刷版前。

引用次数: 0

Information Search Within a Web Page: Modeling the Full Sequence of Eye Movement Decisions, Subjective Value Updating, and First Clicks 网页内的信息搜索：眼动决策、主观价值更新和首次点击全过程建模

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-06-03 DOI: 10.1287/mnsc.2022.02983

Joy Lu, J. Wesley Hutchinson

Management Science, Ahead of Print.

管理科学》，印刷版前。

引用次数: 0

Stars in Their Constellations: Great Person or Great Team? 星座中的星星伟大的个人还是伟大的团队？

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-05-30 DOI: 10.1287/mnsc.2021.01969

Denisa Mindruta, Janet Bercovitz, Vlad Mares, Maryann Feldman

Management Science, Ahead of Print.

管理科学》，印刷版前。

引用次数: 0

Investor-Paid Credit Ratings and Managerial Information Disclosure 投资者付费信用评级和管理信息披露

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-05-30 DOI: 10.1287/mnsc.2021.01914

Wei Li

Management Science, Ahead of Print.

管理科学》，印刷版前。

引用次数: 0

Does Mining Fuel Bubbles? An Experimental Study on Cryptocurrency Markets 挖矿是否助长泡沫？加密货币市场实验研究

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-05-30 DOI: 10.1287/mnsc.2022.01238

Marco Lambrecht, Andis Sofianos, Yilong Xu

We investigate how key features associated with the Proof-of-Work consensus mechanism of Bitcoin (commonly referred to as mining) affect pricing. In a controlled laboratory experiment, we observe that price bubble formation can be attributed to mining. Moreover, overpricing is more pronounced if the mining capacity is centralized to a small group of individuals. The order book data reveal that miners seem to play a crucial role in bubble formation. Further probing the mechanism in a second study, we find that both mining costs and decisions jointly with the sluggish rate of supply of the asset contribute to the bubble formation. Our results demonstrate that erratic pricing is an inherent feature of cryptocurrencies based on a mining protocol, thus seriously limiting any prospects for such assets becoming a medium of exchange.

This paper was accepted by Yan Chen, behavioral economics and decision analysis.

Funding: The funding provided by the University of Heidelberg, Hanken Foundation [Grant 271-6250], and Durham University is gratefully acknowledged.

Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01238.

我们研究了与比特币工作证明共识机制（通常称为挖矿）相关的关键特征如何影响定价。在一个受控实验室实验中，我们观察到价格泡沫的形成可归因于挖矿。此外，如果挖矿能力集中在一小部分人身上，定价过高的现象会更加明显。订单数据显示，矿工似乎在泡沫形成中扮演了关键角色。在第二项研究中，我们进一步探究了这一机制，发现采矿成本和决策以及资产供应速度缓慢共同促成了泡沫的形成。我们的研究结果表明，定价不稳定是基于挖矿协议的加密货币的固有特征，从而严重限制了此类资产成为交易媒介的前景：感谢海德堡大学、汉肯基金会（Hanken Foundation [Grant 271-6250]）和杜伦大学提供的资助：在线附录和数据文件见 https://doi.org/10.1287/mnsc.2022.01238。

{"title":"Does Mining Fuel Bubbles? An Experimental Study on Cryptocurrency Markets","authors":"Marco Lambrecht, Andis Sofianos, Yilong Xu","doi":"10.1287/mnsc.2022.01238","DOIUrl":"https://doi.org/10.1287/mnsc.2022.01238","url":null,"abstract":"We investigate how key features associated with the Proof-of-Work consensus mechanism of Bitcoin (commonly referred to as mining) affect pricing. In a controlled laboratory experiment, we observe that price bubble formation can be attributed to mining. Moreover, overpricing is more pronounced if the mining capacity is centralized to a small group of individuals. The order book data reveal that miners seem to play a crucial role in bubble formation. Further probing the mechanism in a second study, we find that both mining costs and decisions jointly with the sluggish rate of supply of the asset contribute to the bubble formation. Our results demonstrate that erratic pricing is an inherent feature of cryptocurrencies based on a mining protocol, thus seriously limiting any prospects for such assets becoming a medium of exchange.This paper was accepted by Yan Chen, behavioral economics and decision analysis.Funding: The funding provided by the University of Heidelberg, Hanken Foundation [Grant 271-6250], and Durham University is gratefully acknowledged.Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01238.","PeriodicalId":49890,"journal":{"name":"Management Science","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141190647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Strategic Behavior with Tight, Loose, and Polarized Norms 严格、宽松和两极化规范下的战略行为

IF 5.4 2区管理学 Q1 Decision Sciences

Management Science

Pub Date : 2024-05-30 DOI: 10.1287/mnsc.2023.01022

Eugen Dimant, Michele Gelfand, Anna Hochleitner, Silvia Sonderegger

Management Science, Ahead of Print.

管理科学》，印刷版前。

引用次数: 0

首页上一页

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

Management Science

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀