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作者：Cui, Xinyu; Kolokolova, Olga; Wang, Jiaguo (George)
作者单位：University of Bristol; University of Manchester; Alliance Manchester Business School; Lancaster University
摘要：Hedge funds earn positive ex post abnormal returns and avoid negative abnormal returns on their equity portfolios when trading in the opposite direction of highly diversified low -turnover institutional investors (quasi indexers). This pattern seems to be driven by the preferences of quasi indexers for high -market -beta stocks together with the ability of hedge funds to identify subsets of especially profitable trades. It remains pronounced when accounting for other determinants of hedge fund...
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作者：Koren, Moran
作者单位：Ben-Gurion University of the Negev
摘要：We study the problem of screening in decision -making processes under uncertainty, while focusing on the impact of adding an additional screening stage, commonly known as a gatekeeper. Although our main analysis is rooted in the context of job market hiring, the principles and findings are broadly applicable to areas such as educational admissions, patient healthcare selection, and financial loan approvals. The gatekeeper's role is to assess applicant suitability before significant costs are i...
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作者：Gao, Buqu; Guo, Liang
作者单位：Hunan University; City University of Hong Kong
摘要：In many markets (e.g., cell phones, video games), firms offer menus of contracts that include some tariffs charging per-use prices above marginal cost and others below marginal cost. We term this puzzling phenomenon as two-sided deviations from marginal cost pricing and present a potential explanation based on two well-recognized consumer characteristics. The first one is that consumers' actual consumptions may depart systematically from their initial plans (i.e., time-inconsistent preferences...
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作者：Flammer, Caroline; Loch, Christoph
作者单位：Columbia University; University of Cambridge
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作者：Kavadias, Stylianos; Marx, Matt; Mihm, Jurgen
作者单位：University of Cambridge; Cornell University; INSEAD Business School
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作者：To, Thuy-Duong; Tran, Ngoc-Khanh
作者单位：University of New South Wales Sydney; Virginia Polytechnic Institute & State University
摘要：Output fluctuations in nontraded sectors are an important country-specific risk factor because nontraded outputs are only consumed domestically. In interest rate markets, countries with higher nontraded output growth risks are associated with stronger motives for precautionary savings and lower interest rates. In currency markets, strategies with higher exposures to nontraded output growth risks offer higher average excess returns. Economic sizes play an important role in exacerbating the pric...
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作者：Chen, Zhiqiang; Xu, Shengshuo; Zhou, Fangkezi; Li, Yongjun
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; Chinese Academy of Sciences; University of Science & Technology of China, CAS
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作者：Brogaard, Jonathan; Engelberg, Joseph E.; Eswar, Sapnoti K.; Van Wesep, Edward D.
作者单位：Utah System of Higher Education; University of Utah; University of California System; University of California San Diego; University of St Andrews; University of Colorado System; University of Colorado Boulder
摘要：Papers published in finance and economics journals whose first authors are famous have more citations than papers whose second or third authors are famous. As a paper ages, its citation rate varies most with variation in the fame of the first author and less so with the fame of second and third authors. Author order is alphabetical, so these patterns are unrelated to underlying quality. The magnitudes we find are large; a threeauthor paper written by the most prolific author in economics and h...
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作者：Crego, Julio A.; Gider, Jasmin
作者单位：Tilburg University
摘要：We propose a method to identify the informativeness of a future scheduled announcement at the daily level, exploiting the discontinuity it creates in the term structure of option volatility. We implement the strategy in a panel data model to estimate the relation between prior signals and the future announcement. This method allows us to separate substitutes from complements, it can isolate multiple signals within the same quarter, and it can condition on the timing and signal characteristics....
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作者：Kolasinski, Adam; Yang, Nan
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Hong Kong Polytechnic University
摘要：Although prior research suggests strict, fair value-based securities accounting rules cause banks to sell securities into negative liquidity shocks, a value-destroying behavior called liquidity feedback trading, the mechanism is uncertain. We find the sooner chief executive officers (CEOs) are permitted to cash out of their stock and option grants, the more prone are their banks to feedback trading. Furthermore, the sooner CEOs can cash out, the more positive their banks' stock price reaction ...
