Prior studies recognize that information transfers associated with a firm's earnings announcement occur due to shifts in industry's competition balance. In this paper, we examine whether market assigns a lower reward (greater penalty) to a firm meeting (missing) earnings expectations (therefore...

The paper examines whether firms are more likely to meet or beat analysts' expectations (MBE) when there are more rivals with non-negative earnings surprises. First, we find that after controlling for rival firms earnings information for the period, firms are more likely to meet analysts'...

We propose a randomized method for solving linear programs with a large number of columns but a relatively small number of constraints. Since enumerating all the columns is usually unrealistic, such linear programs are commonly solved by column generation, which is often still computationally...

In this paper, we extend the stability notion and Bayesian efficiency notion of Liu (2020) to local ones, as well as his result—that under certain intuitive conditions, stable matchings are Bayesian efficient—to an analogous one for local notions. Furthermore, the extended stability notion,...

This paper studies a matching algorithm which is termed incomplete-information deferred acceptance (DA). We show that DA is finite and that it produces a stable market state. We also compare DA with algorithms in the literature, including the complete-information Gale-Shapley algorithm, the...

Customer behavior is often assumed to follow weak rationality, which implies that adding a product to an assortment will not increase the choice probability of another product in that assortment. However, an increasing amount of research has revealed that customers are not necessarily rational...

For different purposes, economists may use different topologies on types. We characterize the relationship among these various topologies. First, we show that for any general types, convergence in the uniform-weak topology implies convergence in both the strategic topology and the uniform...