Racehorse trainers operate asset management businesses in which the assets owned by outside clients compete with those owned by managers for the latter's time, care and attention. Although this potentially leads to serious conflicts of interest, we find no evidence of an agency problem: in a...

This paper empirically examines the impact of online reputation on investment in hotel industry. Recent theory suggests that reputation could have ambiguous effects on investments. Using detailed firm-level data on investment expenditures, and online consumer ratings from Taiwanese hotels, I...

En este artículo se analiza el presente y futuro de la intermediación en el sector turístico, prestando especial atención en los tour operadores. El análisis se lleva a cabo después de años en los que ha habido toda una serie de importantes cambios en el sector, entre ellos el...

This article analyzes the characteristics and incentive effects of contractual practices in professional boxing. A boxer's "purse" is linked to post rather than contemporaneous performance, thereby creating an incentives problem. Although consumption-smoothing considerations alleviate this...

This paper analyzes issues associated with network effects and two-sidedness in the market for professional team sports. Teams in professional sports leagues have to compete both for players (inputs) and fans (consumers). In this setting, we construct a theoretical framework where fans are more...

In this paper we discuss the present and future role of tour operators (and intermediation in general) after the advent of internet and other information and communication technologies (ICTs). We adopt the transaction costs economics framework so as to be able to analyse the role that tour...

The stage business and existing at this time development proposes to companies the challenge function and coexist in the environment of organizational systems partner, thanks to its impact on the business development, specifically for the micro, small and medium-sized enterprises, and their...

This work explores the determinants of decisions by former apprentices to present product offerings similar to those of their masters. Using a quantitative study of 194 international chefs, this article argues that there is a negative association between the degree to which a master rebels...

Reputation systems are used by nearly every digital marketplace, but designs vary and the effects of these designs are not well understood. We use a large-scale experiment on Airbnb to study the causal effects of one particular design choice — the timing with which feedback by one user about...

We look at the tournament organizer and its equilibrium adaptation of the tournament structure in the face of competition from other organizers. The data examined come from the motorcycle racing industry. Bikers in a single race compete for the awards of several sponsors and many sponsors are in...