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作者：Wang, Liao; Yao, Jin; Zhang, Xiaowei
作者单位：University of Hong Kong; Lingnan University; Hong Kong University of Science & Technology
摘要：If a financial asset's price movement impacts a firm's product demand, the firm can respond to the impact by adjusting its operational decisions. For example, in the automotive industry, automakers decrease the selling prices of fuel-inefficient cars when the oil price rises. Meanwhile, the firm can implement a risk-hedging strategy using the financial asset jointly with its operational decisions. Motivated by this, we develop and solve a general risk-management model integrating risk hedging ...
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作者：Li, Yi; O'Hara, Maureen; Zhou, Xing (Alex)
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Cornell University; Southern Methodist University
摘要：Against the backdrop of COVID-19, we study how the interactions of mutual funds and dealers introduce fragility to the municipal bond market and induce lasting market impacts. During the crisis, trading surges, whereas dealers' liquidity provision plunges for mutual-fund-held bonds, leading to greater price depressions in these bonds. Importantly, the crisis reshapes the market's perceptions of mutual fund fragility risks, with the aftermath-yield spreads widening significantly more for bonds ...
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作者：Dyer, Travis A.; Roulstone, Darren T.; Van Buskirk, Andrew
作者单位：Brigham Young University; University System of Ohio; Ohio State University
摘要：Existing research often assumes that firms' financial reporting choices influence their return comovement with other firms. We examine the validity of that assumption. First, we provide initial evidence suggesting that similarity in two firms' disclosures not only predicts but influences future return comovement between those two firms. Second, we show that this predictive ability aggregates to the market level; disclosure similarity can be used to estimate more accurate forward-looking market...
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作者：Kim, Sehwa; Kim, Seil
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Using a unique setting where stand-alone banks submit filings to bank regulators instead of the U.S. Securities and Exchange Commission (SEC), we examine the consequences of fragmented securities regulation for information-processing costs and opportunistic insider trading. We find the market reaction to insider-trading filings on FDICconnect less timely than to those on SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, suggesting FDICconnect generates higher information...
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作者：Wang, Hongchang; Williams, Benjamin; Xie, Karen; Chen, Wei
作者单位：University of Texas System; University of Texas Dallas; University of Denver; University of Connecticut
摘要：Matching makes or breaks peer-to-peer (P2P) platforms. As the platform-based P2P markets shift from their grassroots nature toward elite offerings, will differentiating suppliers by quality increase matching performance? Can P2P markets differentiate certain suppliers without marginalizing others? We seek answers to these questions by leveraging an empirical opportunity on Airbnb, which differentiates listings that meet high quality standards from others through its Plus program in several U.S...
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作者：Wu, Di (Andrew)
作者单位：University of Michigan System; University of Michigan
摘要：Using textual analysis techniques, including seeded word embedding and bagof-words-based content analysis, I develop a firm-level measure of supply chain risk exposure from a novel source of unstructured data-the discussion between managers and equity analysts on supply chain-related topics during firms' quarterly earnings conference calls. I validate the measure by showing that (1) the measure exhibits intuitive variations over time and across firms, successfully capturing both routine and sy...
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作者：Drobner, Christoph; Goerg, Sebastian J.
作者单位：Technical University of Munich; Technical University of Munich
摘要：We study belief updating about relative performance in an ego-relevant task. Manipulating the perceived ego relevance of the task, we show that subjects substantially overweight positive information relative to negative information because they derive direct utility from holding positive beliefs. This finding provides a behavioral explanation why and how overconfidence can evolve in the presence of objective information. Moreover, we document that subjects who receive more negative information...
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作者：Kim, Song-Hee; Zheng, Fanyin; Brown, Joan
作者单位：Seoul National University (SNU); Columbia University; University of Southern California
摘要：Because a hospital is an interconnected, interdependent network of care units, allocating resources-beds, nurses, and improvement initiatives-to one unit to reduce its congestion may have spillover effects on other units. If such congestion spillover is substantial, ignoring it may lead to unintended consequences and missed opportunities. We use data collected over five years from a hospital with 16 inpatient units to empirically examine whether and how much congestion propagates through the n...
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作者：Coffman, Katherine B.; Collis, Manuela R.; Kulkarni, Leena
作者单位：Harvard University; University of Toronto
摘要：Labor market outcomes depend, in part, upon an individual's willingness to put him-or herself forward for different opportunities. We use a series of experiments to explore gender differences in willingness to apply for higher-return, more challenging work. We find that, in male-typed domains, qualified women are significantly less likely to apply than similarly well-qualified men. We provide evidence both in a controlled setting and in the field that reducing ambiguity surrounding required qu...
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作者：Bali, Turan G.; Del Viva, Luca; El Hefnawy, Menatalla; Trigeorgis, Lenos
作者单位：Georgetown University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); CUNEF Universidad; Durham University
摘要：We examine how time-series volatility of book-to-market (UNC) is priced in equity returns and the relative contributions of its book volatility (variations in earnings and book value) and market volatility components (shocks in required return). UNC captures valuation risk, so stocks with high valuation risk earn higher return. An investment strategy long in high-UNC firms and short in low-UNC firms generates 8.5% annual risk adjusted return. UNC valuation risk premium is driven by outperforma...
