The unicorn quest: Deriving empirical predictions from theory

• 成果类型: Article
• 署名作者: Beyer, Anne; Jeong, Junyoung
• 署名单位: Stanford University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2024.101736
• 发表日期: 2024
• 关键词: breakthroughs

摘要

We discuss Feng et al. (2024), which studies a dynamic model of delegated investment. The paper provides novel insights into the optimal contract between a principal and an agent who obtains private information about both the timing and profitability of investment opportunities. While the analytical analysis provides interesting findings, we have concerns about the validity of the paper's empirical predictions. We extend the conceptualand operationallevels of Libby boxes by adding an analyticallevel to offer a tool for assessing and developing the link between theoretical models and empirical tests.