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作者：Rhodes, Adrienne; Russomanno, Dan
作者单位：University of Iowa; University of Arizona
摘要：Using hand-collected data from mandatory disclosures of executive officers, we examine financial reporting outcomes associated with delegating significant accounting responsibilities to an executive accountant, not concurrently serving as the chief financial officer or chief executive officer. We find executive accountants are associated with a significant reduction in the likelihood of restatement. Moreover, we find evidence of a positive association between executive accountants and accrual ...
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作者：Wu, Wenbo; Chen, Jiaqi; Yang, Zhibin (Ben); Tindall, Michael L.
作者单位：University of Texas System; University of Texas at San Antonio; University of Oregon; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We apply four machine learning methods to cross-sectional return prediction for hedge fund selection. We equip the forecast model with a set of idiosyncratic features, which are derived from historical returns of a hedge fund and capture a variety of fund specific information. Evaluating the out-of-sample performance, we find that our forecast method significantly outperforms the four styled Hedge Fund Research indices in almost all situations. Among the four machine learning methods, we find ...
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作者：Suk, Inho; Lee, Seungwon; Kross, William
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：Although earnings persistence should have a nontrivial impact on chief executive officer (CEO) turnover decisions, prior studies have paid little attention to the role of earnings persistence in CEO turnover decisions. This study examines the effect of earnings persistence on the sensitivity (i.e., the negative relation) of CEO turnover to earnings performance. First, we find that the sensitivity of forced CEO turnovers to earnings performance is greater when earnings are more persistent. We a...
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作者：Chen, Zhanhui; Cooper, Ilan; Ehling, Paul; Xiouros, Costas
作者单位：Hong Kong University of Science & Technology; BI Norwegian Business School
摘要：Technology choice allows for substitution of production across states of nature and depends on state-dependent risk aversion. In equilibrium, endogenous technology choice can counter a persistent negative productivity shock with an increase in investment. An increase in risk aversion intensifies transformation across states, which directly leads to higher investment volatility. In our model and the data, the conditional volatility of investment correlates negatively with the price-dividend rat...
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作者：Bodnaruk, Andriy; Rossi, Marco
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We show that a firm?s ability to access the public bond market for the first time is greatly improved when habitual dual holders (HDHs)-financial conglomerates that tend to simultaneously hold both equity and bonds of their portfolio firms-are among its shareholders. HDHs are more likely to buy bonds in a bond initial public offering (IPO) and to take larger bond positions than bond investors with no equity in the firm. Greater equity ownership by HDHs is associated with a higher fraction of t...
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作者：Cohen, Maxime C.; Perakis, Georgia; Pindyck, Robert S.
作者单位：McGill University; Massachusetts Institute of Technology (MIT)
摘要：How should a firm price a new product for which little is known about demand? We propose a simple and practical pricing rule for new products where demand information is limited. The rule is simple: Set price as though the demand curve were linear. Our pricing rule can be used if three conditions hold: the firm can estimate the maximum price it can charge and still expect to sell some units, the firm need not plan in advance the quantity it will sell, and marginal cost is known and constant. W...
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作者：Shukla, Aishwarya Deep; Gao, Guodong (Gordon); Agarwal, Ritu
作者单位：Simon Fraser University; University System of Maryland; University of Maryland College Park
摘要：We use detailed clickstream data on online word-of-mouth (WOM) to uncover mechanisms underlying its influence on consumer decision making. A feature launch on a major doctor appointment booking platform allows us to examine the effects of online WOM on three dimensions of a consumer's choice process: the consideration set size, the time taken to consider alternatives (web session duration), and the geographic dispersion of the choices considered. Results indicate that the effects of WOM on dec...
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作者：Sekar, Shreyas; Vojnovic, Milan; Yun, Se-Young
作者单位：Harvard University; University of London; London School Economics & Political Science; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We study the canonical problem of maximizing a stochastic submodular function subject to a cardinality constraint, where the goal is to select a subset from a ground set of items with uncertain individual performances to maximize their expected group value. Although near-optimal algorithms have been proposed for this problem, practical concerns regarding scalability, compatibility with distributed implementation, and expensive oracle queries persist in large-scale applications. Motivated by on...
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作者：Sandvik, Jason; Saouma, Richard; Seegert, Nathan; Stanton, Christopher
作者单位：Tulane University; Michigan State University; Michigan State University's Broad College of Business; Utah System of Higher Education; University of Utah; Harvard University
摘要：What are the long-term consequences of compensation changes? Using data from an inbound sales call center, we study employee responses to a compensation change that ultimately reduced take-home pay by 7% for the average affected worker. The change caused a significant increase in the turnover rate of the firm's most productive employees, but the response was relatively muted for less productive workers. On-the-job performance changes were minimal among workers who remained at the firm. We quan...
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作者：Cheung, Yan-Leung; Rau, P. Raghavendra; Stouraitis, Aris
作者单位：Education University of Hong Kong (EdUHK); University of Cambridge; Hong Kong Baptist University
摘要：We analyze a hand-collected sample of bribery cases from around the world to describe how the payment of bribes affects shareholder value. The net present value of a bribe conditional on getting caught is close to zero for the median firm in our sample. However, controlling for industry, country, and firm characteristics, a $1 increase in the size of the bribe is associated with an ex ante $6-$9 increase in the value of the firm, suggesting a correlation between the size of bribes and the size...
