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作者：Chen, Shiqi; Lambrecht, Bart M.
作者单位：Lancaster University; University of Cambridge; Centre for Economic Policy Research - UK
摘要：Legal scholars highlight the tensions that exist between different classes of shareholders in startups. We model a startup owned by undiversified investors with heterogeneous capital contributions and risk preferences. A social planner runs the firm on behalf of all investors. We compare investors' expected utility with a hypothetical first-best decentralized benchmark. The startup's optimal investment policy is procyclical and a time-varying weighted average of shareholders' optimal investmen...
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作者：Benjaafar, Saif; Wang, Zicheng; Yang, Xiaotang
作者单位：University of Michigan System; University of Michigan; The Chinese University of Hong Kong, Shenzhen; University of Minnesota System; University of Minnesota Twin Cities
摘要：Tele-driving refers to a novel concept by which drivers can remotely operate vehicles (without being physically in the vehicle). By putting the human back in the loop, tele-driving has emerged recently as a more viable alternative to fully automated vehicles with ride-hailing (and other on-demand transportation-enabled services) being an important application. Because remote drivers can be operated as a shared resource (any driver can be assigned to any customer regardless of trip origin or de...
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作者：Forderer, Jens; Burtch, Gordon
作者单位：Technical University of Munich; Boston University
摘要：Many IT professionals seek to improve their job prospects by engaging as leaders of online communities, for example, by serving as a moderator or admin. We investigate whether such community leadership leads to (causal) improvements in individuals' careers. We assemble a data set, including job histories of IT professionals who have sought election as moderators (mods) in Stack Exchange question -and -answer communities, between 2010 and 2020. We estimate the career benefits of moderatorship u...
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作者：Baruffaldi, Stefano; Poege, Felix
作者单位：Polytechnic University of Milan; Bocconi University; Bocconi University
摘要：Scientific conferences are an underexplored channel by which firms can learn from science. We provide empirical evidence that firms learn from scientific conferences in which they participate but also that this is conditional on intense participation. Using data from conference papers in computer science since the 1990s, we show that corporate investments in participation are both frequent and highly skewed, with some firms contributing to a given conference scientifically, some as sponsors, a...
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作者：Elkamhi, Redouane; Li, Ruicong; Nozawa, Yoshio
作者单位：University of Toronto; Hong Kong University of Science & Technology; University of Toronto; University Toronto Scarborough
摘要：We build a benchmark for AAA -rated tranches of collateralized loan obligations (CLOs) using business development companies (BDCs), which hold a diversified portfolio of loans as CLOs do. BDCs are publicly listed, and their share price, equity volatility, and borrowing cost can be easily obtained. Applying a structural model to BDCs, we extract market -implied correlation in their loan portfolio, compare spreads on CLO tranches and BDC-implied benchmark, and find that observed large credit spr...
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作者：Song, Scarlett Xiaotong
作者单位：University System Of New Hampshire; University of New Hampshire
摘要：This paper examines how different advertising categories are associated with attributes of brand asset recognition arising in the context of acquisitions. Prior research documents that aggregate advertising is positively associated with firm sales and brand values, but it fails to consider major recent shifts in advertising from traditional channels (such as TV) to digital advertising (such as paid search and online display). Using proprietary data, I decompose advertising expenditures into th...
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作者：Bru, Alissa I.; Jacob, Martin; Schu, Harm H.
作者单位：University of Navarra; IESE Business School; Tilburg University
摘要：We investigate the association between technological changes and corporate tax policies in 34 OECD countries between 1996 and 2016. We use a shift -share design to capture the differential exposure of countries to U.S. technological advancements. Our study shows that countries' antitax avoidance rules are tightened as their exposure to U.S. technological advancements increases. The tightening is particularly concentrated in countries that are larger, more exposed to intangibles, and have highe...
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作者：Sohl, Timo; Folta, Timothy B.
作者单位：Pompeu Fabra University; University of Connecticut
摘要：The topic of related diversification is of fundamental interest to corporate strategy research. However, the understanding of how the potential for resource redeployment might encourage related diversification is limited. This paper explores the impact of the 2006 German real estate transfer tax (RETT) reform, which led to higher RETT rates but retained the exemption from RETT for corporate restructurings. We propose that firms might have reacted strategically to the threat of higher transfer ...
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作者：Deuskar, Prachi; Khatri, Aditi; Sunder, Jayanthi
作者单位：Indian School of Business (ISB); Cornerstone Research; University of Arizona
摘要：Using a uniquely constructed data set of trades by corporate insiders in all stocks, we find that, after insider trading regulations become stricter, insiders are 20% more likely to trade in peer stocks and that such trades become more profitable. The increase in both the probability and profitability of peer -stock trades is driven by the insider's information that is fungible to industry peers. Stricter insider trading laws are designed to improve liquidity and price informativeness in capit...
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作者：Palley, Asa B.; Steffen, Thomas D.; Zhang, Frank
作者单位：Indiana University System; Indiana University Bloomington; Yale University
摘要：Consensus analyst target prices are widely available online at no cost to investors. In this paper, we examine how the amount of dispersion in the individual target prices comprising the consensus affects the predictive association between the consensus target price and future returns. We find that returns implied by consensus target prices and realized future returns are positively correlated when dispersion is low, but they become highly negatively correlated when dispersion is high. Further...
