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作者：Liu, Crocker H.; Nowak, Adam D.; Smith, Patrick S.
作者单位：Cornell University; West Virginia University; California State University System; San Diego State University
摘要：We provide a new framework for using text as data in empirical models. The framework identifies salient information in unstructured text that can control for multidimensional heterogeneity among assets. We demonstrate the efficacy of the framework by reexamining principal-agent problems in residential real estate markets. We show that the agent-owned premiums reported in the extant literature dissipate when the salient textual information is included. The results suggest the previously reporte...
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作者：Detemple, Jerome; Kitapbayev, Yerkin
作者单位：Boston University; Massachusetts Institute of Technology (MIT)
摘要：We study investments in exclusive projects with different cost structures. Our analysis incorporates the possibility of producing a stochastic revenue stream from two alternative technologies with a stochastic variable cost and a fixed cost, respectively, and accounts for project managers' endogenous operating decisions. The optimal investment decision is characterized by two possibly nonmonotone boundaries. We examine the effect of operating leverage on managerial policies, investment decisio...
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作者：Daniel, Naveen D.; Li, Yuanzhi; Naveen, Lalitha
作者单位：Drexel University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：In this study, we take a comprehensive look at asymmetry in pay for luck, which is the finding that CEOs are rewarded for good luck, but are not penalized to the same extent for bad luck. Our main takeaway, which is based on over 200 different specifications, is that there is no asymmetry in pay for luck. Our finding is important given that the literature widely accepts the idea of asymmetry in pay for luck and typically points to this as evidence of rent extraction.
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作者：Kalda, Ankit
作者单位：Indiana University System; Indiana University Bloomington
摘要：Using health shocks to identify financial distress situations, I document that peer distress leads to a decline in individual leverage and debt on average. Individual leverage declines by 5.7% and remains deflated for at least five years following peer distress. This decline occurs as individuals borrow less on the intensive margin, pay higher fractions of their debt and save more while their income remains unchanged. As a result, individuals are less likely to default during the period follow...
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作者：Berg, Tobias; Burg, Valentin; Gombovic, Ana; Puri, Manju
作者单位：Frankfurt School Finance & Management; Humboldt University of Berlin; Technical University of Darmstadt; Duke University; National Bureau of Economic Research
摘要：We analyze the information content of a digital footprint-that is, information that users leave online simply by accessing or registering on a Web site-for predicting consumer default. We show that even simple, easily accessible variables from a digital footprint match the information content of credit bureau scores. A digital footprint complements rather than substitutes for credit bureau information and affects access to credit and reduces default rates. We discuss the implications for finan...
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作者：Spiegel, Matthew; Tookes, Heather
作者单位：Yale University
摘要：IPO firms' rivals tend to experience performance declines following an IPO in the industry. Why? We estimate a dynamic structural oligopoly model to distinguish between alternative theories that can explain an industry's evolution post-IPO. We find that most changes in rivals' performance are due to industry trends that also drive IPOs. However, we also find some competitive IPOs where the IPO enhances the IPO firm's performance at the expense of competitors. These findings help reconcile prio...
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作者：Decaire, Paul H.; Gilje, Erik P.; Taillard, Jerome P.
作者单位：University of Pennsylvania; National Bureau of Economic Research; Babson College
摘要：We study when and why firms exercise real options. Using detailed project-level investment data, we find that the likelihood that a firm exercises a real option is strongly related to peer exercise behavior. Peer exercise decisions are as important in explaining exercise behavior as variables commonly associated with standard real option theories, such as volatility. We identify peer effects using localized exogenous variation in peer project exercise decisions and find evidence consistent wit...
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作者：Fresard, Laurent; Hoberg, Gerard; Phillips, Gordon M.
作者单位：Swiss Finance Institute (SFI); Universita della Svizzera Italiana; University of Southern California; Dartmouth College; National Bureau of Economic Research
摘要：We examine the determinants of vertical acquisitions using product text linked to product vocabulary from input-output tables. We find that the innovation stage is important in understanding vertical integration. R&D-intensive firms are less likely to become targets of vertical acquisitions. In contrast, firms with patented innovation are more likely to sell to vertically related buyers. Firms' R&D intensity is a more important deterrent to their vertical acquisitions when the provision of inn...
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作者：Pan, Yihui; Siegel, Stephan; Wang, Tracy Yue
作者单位：Utah System of Higher Education; University of Utah; University of Washington; University of Washington Seattle; University of Minnesota System; University of Minnesota Twin Cities
摘要：We examine the role of cultural heritage in shaping U.S. CEOs' attitudes toward uncertainty, in the context of their corporate acquisition decisions. We find that CEOs with a more uncertainty-avoiding cultural heritage are less likely to engage in acquisitions. Conditional on making an acquisition, uncertainty-averse CEOs prefer targets in familiar industries and targets that can be more easily integrated. The emphasis on cultural identity by CEOs' parents and the ethnic composition of CEOs' e...
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作者：Li, Qingyuan; Lin, Chen; Xu, Li
作者单位：Wuhan University; University of Hong Kong; Washington State University
摘要：Using a large panel of more than 140,000 state-owned enterprises (SOEs), this study examines SOEs' investment behavior surrounding 82 national elections in 25 European countries between 2001 and 2015. We find that SOEs increase their corporate investment by about 29% of the sample average during national election years. This effect is more pronounced in fixed timing and closely contested elections. The effect is also stronger in countries with low institutional quality, more centralized politi...
