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Selected recent publications in the top management and economics journals

Contextual Targeting in mHealth Apps: Harnessing Weather Information and Message Framing to Increase Physical Activity

( Kyung, Nakyung | Chan, Jason | Lim, Sanghee | Lee, Byungtae )

INFORMATION SYSTEMS RESEARCHforthcoming

Abstract

This paper addresses how real-time weather information acquired through mobile technology can be leveraged to enhance the efficacy of mobile interventions for spurring users' healthier behaviors. Through a field experiment that each participant experience different weather conditions in two different treatment periods under the gain or loss interventions, we found that the effects of gain or loss interventions across sunny and cloudy weather are not uniformly distributed. Loss intervention induces higher levels of fulfillment of exercise goals than gain intervention in sunny weather, whereas gain interventions are more effective than loss interventions in cloudy weather. We also provided empirical evidence to uncover the underlying mechanisms and rules out alternative explanations. The follow-up experiment reveals that weather-based intervention can be used repeatedly over time without losing its effectiveness. Moreover, our result suggests that the observed effect is more evident for people with a lower exercise level and living in areas of lower income. Our study provides theoretical guidance and practical implications for academics, healthcare businesses, and policymakers on the strategy of using weather based messaging for enhancing physical activity levels.

Inter-Unit Executive Redeployment in Multiunit Firms: Evidence from Korean Business Groups

( Chang, Sea-Jin | Kim, Young-Choon | Park, Sangchan )

ORGANIZATION SCIENCEforthcoming

Abstract

Building on the literature on resource reconfiguration theory, we formulate a new theoretical framework that explains how executive redeployment within a diversified firm transfers different types of human capital embodied in executives to different units facing specific business challenges. In the empirical context of Korean business groups, we find that executives with unit-specific human capital, like turnaround experience, competitive experience, and international expansion experience, are redeployed to units with corresponding business challenges like financial difficulties, intensifying competition, and early-stage international expansion, respectively. We also show that executives with unit-generic human capital, like corporate management practices and interunit coordination experiences, are redeployed to younger units seeking to establish corporate-level policies and practices. Additional analyses also show that the value of firm-specific human capital in driving the redeployment of executives is contingent on their functional orientation and seniority.

The Role of Advertising in High-Tech Medical Procedures: Evidence from Robotic Surgeries

( Yoon, Tae Jung | Kim, TI Tongil )

JOURNAL OF MARKETING2024-01

Abstract

Hospital advertising has grown more than five-fold in the last two decades. However, hospital advertising has been understudied, unlike detailing and advertising for prescription drugs. This study introduces a customer-centric view to this market by investigating the role of advertising in patients’ choice of high-tech medical procedures, with a focus on robotic surgery. The authors analyze approximately 140,000 individual patient records and television advertising data from Florida during 2011-2015 to investigate how hospital advertising of robotic surgery affects patients’ choice of robotic surgery over more conventional laparoscopic and open surgeries. Using a variation of a Designated Market Area border identification strategy, the authors find that this advertising leads to more robotic surgery choices. The advertising effect is especially strong for Medicaid patients, whose socioeconomic status tends to be lower. While robotic surgery is associated with a shortterm health benefit (i.e., reduced length-of-stay), it does not affect long-term health benefits and comes at a higher cost than other forms of surgery. Thus, understanding the effect of advertising robotic surgery has significant health, cost, and marketing implications for different stakeholders in the healthcare industry, such as patients, healthcare providers, surgical robot manufacturers, insurance providers, and policymakers.

Constrained contests with a continuum of battles

( Hwang, Sung-Ha | Koh, Youngwoo | Lu, Jingfeng )

GAMES AND ECONOMIC BEHAVIOR2023-11

Abstract

We study a contest problem in which two players compete on a continuum of battlefields by spending resources subject to some constraints on their strategies. Following Myerson (1993), we assume that each player's resource allocation on each battlefield is an independent random draw from the same distribution. Within each battlefield, the player who allocates a higher level of resources wins, but both players incur costs for resource allocation. To analyze this problem, we introduce a systematic way to identify equilibrium allocation strategies and show that any equilibrium strategy of a player renders the rival indifferent in terms of the “constraint-adjusted payoff”. Using this, we provide a complete characterization of equilibrium allocation strategies. We also show that whereas a symmetric budget constraint may induce players to spend more resources than in the case with no constraint, asymmetric budgets that are proportional to players' values of winning would eliminate this possibility.

Adaptive robust large volatility matrix estimation based on high-frequency financial data

( Shin, Minseok | Kim, Donggyu | Fan, Jianqing )

JOURNAL OF ECONOMETRICS2023-11

Abstract

Several novel statistical methods have been developed to estimate large integrated volatility matrices based on high-frequency financial data. To investigate their asymptotic behaviors, they require a sub-Gaussian or finite high-order moment assumption for observed log-returns, which cannot account for the heavy-tail phenomenon of stock -returns. Recently, a robust estimator was developed to handle heavy-tailed distributions with some bounded fourth-moment assumption. However, we often observe that log -returns have heavier tail distribution than the finite fourth-moment and that the degrees of heaviness of tails are heterogeneous across asset and over time. In this paper, to deal with the heterogeneous heavy-tailed distributions, we develop an adaptive robust integrated volatility estimator that employs pre-averaging and truncation schemes based on jump-diffusion processes. We call this an adaptive robust pre-averaging realized volatility (ARP) estimator. We show that the ARP estimator has a sub-Weibull tail concentration with only finite 2 alpha-th moments for any alpha > 1. In addition, we establish matching upper and lower bounds to show that the ARP estimation procedure is optimal. To estimate large integrated volatility matrices using the approximate factor model, the ARP estimator is further regularized using the principal orthogonal complement thresholding (POET) method. The numerical study is conducted to check the finite sample performance of the ARP estimator.

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