学术前沿速递 |《Management Science》论文精选

 

本文精选了管理学国际顶刊《Management Science》近期发表的论文,提供管理学研究领域最新的学术动态。

 

The Causal Impact of Distance on Bank Lending

原刊和作者:

Management Science Volume 69 Issue 2

Christoph Herpfer (Emory University)

Aksel Mjøs (Norwegian School of Economics)

Cornelius Schmidt (Norwegian School of Economics)

Abstract

We investigate the role of physical distance in corporate lending by exploiting infrastructure improvements as shocks to travel time. Lower travel time increases the likelihood of initiating a new banking relationship, consistent with an economic surplus from lower transaction costs. In existing lending relationships, banks capture part of this surplus by increasing interest rates, in particular, if banks have higher bargaining power. Reductions in travel time to competing banks have the opposite effects. Banks benefit from improved infrastructure through an increase in clients, and lenders that rely more on technology do not exhibit sensitivity to changes in distance.

Link: https://doi.org/10.1287/mnsc.2022.4346

 

 

Analyzing Active Fund Managers’ Commitment to ESG: Evidence from the United Nations Principles for Responsible Investment

原刊和作者:

Management Science Volume 69 Issue 2

Soohun Kim (KAIST)

Aaron Yoon (Northwestern University)

Abstract

The United Nations Principles for Responsible Investment (PRI) is the largest global environmental, social, and governance (ESG) initiative in the asset-management industry to date. We analyze what happens after active U.S. mutual funds sign the PRI to assess whether they exhibit ESG implementation. We find that PRI signatories attract a large fund inflow, but we do not observe improvements in fund-level ESG scores or fund returns. We consider a battery of ways to proxy for funds’ ESG incorporation (e.g., entry/exit, screening, engagement, voting for pro-ESG proposals), but fail to observe evidence of meaningful on average follow-through. Next, we explore cross-sectional fund characteristics and find that only quant funds exhibit small improvements in ESG performance versus other funds, mainly through buying high-ESG-performing stocks. Furthermore, we note that signatories are not superior performers in ESG issues prior to joining the PRI relative to non-PRI funds, but PRI affiliation tends to be widely advertised on company websites, marketing materials, and fund documents. Overall, a reasonable reader may perceive our findings as consistent with PRI funds’ greenwashing. We note, however, that what we uncover is based only on outcome-based measures and may miss some actual efforts of signatories.

Link: https://doi.org/10.1287/mnsc.2022.4394

 

 

A Practical End-to-End Inventory Management Model with Deep Learning

原刊和作者:

Management Science Volume 69 Issue 2

Meng Qi (Cornell University)

Yuanyuan Shi (University of California–San Diego,)

Yongzhi Qi (JD.com Smart Supply Chain Y)

Chenxin Ma (JD.com Silicon Valley Research Center)

Rong Yuan (JD.com Silicon Valley Research Center)

Di Wu (JD.com Silicon Valley Research Center)

Zuo-Jun (Max) Shen (University of California–Berkeley)

Abstract

We investigate a data-driven multiperiod inventory replenishment problem with uncertain demand and vendor lead time (VLT) with accessibility to a large quantity of historical data. Different from the traditional two-step predict-then-optimize (PTO) solution framework, we propose a one-step end-to-end (E2E) framework that uses deep learning models to output the suggested replenishment amount directly from input features without any intermediate step. The E2E model is trained to capture the behavior of the optimal dynamic programming solution under historical observations without any prior assumptions on the distributions of the demand and the VLT. By conducting a series of thorough numerical experiments using real data from one of the leading e-commerce companies, we demonstrate the advantages of the proposed E2E model over conventional PTO frameworks. We also conduct a field experiment with JD.com, and the results show that our new algorithm reduces holding cost, stockout cost, total inventory cost, and turnover rate substantially compared with JD’s current practice. For the supply chain management industry, our E2E model shortens the decision process and provides an automatic inventory management solution with the possibility to generalize and scale. The concept of E2E, which uses the input information directly for the ultimate goal, can also be useful in practice for other supply chain management circumstances.

Link: https://doi.org/10.1287/mnsc.2022.4564

 

 

Order Protection Through Delayed Messaging

原刊和作者:

Management Science Volume 69 Issue 2

Eric M. Aldrich (Amazon)

Daniel Friedman (University of Essex)

Abstract

Several financial exchanges (e.g., IEX and NYSE American) recently introduced messaging delays to protect ordinary investors from high-frequency traders who exploit stale orders. To capture the impact of such delays, we propose a simple parametric model of the continuous double auction market format. The model examines the dynamics of midpoint pegged order queues and finds their steady states. It shows how messaging delays can protect pegged orders and improve investor welfare, but typically increase queuing costs. Recently available field data show that the empirical distribution of queued pegged orders is highly leptokurtotic and resembles the discrete Laplace distribution predicted by the model.

Link: https://doi.org/10.1287/mnsc.2022.4370

 

 

The Effects of Health Information Exchange Access on Healthcare Quality and Efficiency: An Empirical Investigation

Management Science Volume 69 Issue 2

Ramkumar Janakiraman (University of South Carolina)

Eunho Park (California State University Long Beach)

Emre M. Demirezen (University of Florida)

Subodha Kumar (Temple University)

Abstract

Health information exchanges (HIEs) are designed to improve the quality and efficiency of healthcare by facilitating improved information sharing between health entities. This study systematically examines the impact of HIE use in emergency departments (EDs) on the quality and efficiency of medical care. We focus on the length of stay (LOS) and the 30-day readmission rate to capture healthcare efficiency and quality, respectively. We also examine whether the breadth of patient health information and physicians’ experience with the HIE moderates these effects. We leverage a unique panel data that tracks actual HIE access by physicians who practice in a set of hospitals that participate in the focal HIE. The patient-level encounter data set—which involves more than 80,000 ED encounters attended by more than 300 physicians over a 19-month period—comprises detailed medical provider information, patient-level medical information, and various other information related to procedures that were performed. After controlling for a battery of patient-specific, physician-specific, disease-specific, and ED visit-specific variables, our results show that HIE access in information-intensive environments (such as EDs) reduces LOS and 30-day readmission rate. We find that breadth of patient health information and physicians’ HIE experience amplify these benefits. We account for endogeneity issues and perform additional falsification tests and robustness checks. We document that benefits of HIE access are amplified for noninjury, chronic condition, and uncommon diagnoses related patient visits. Based on our results, we offer insights to practitioners and academicians alike on how HIEs can yield better patient-level and provider-level outcomes.

Link: https://doi.org/10.1287/mnsc.2022.4378

发布日期:2023-02-28浏览次数:
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