-
作者：Liu, Xiaotao (Kelvin); Wu, Biyu
作者单位：Northeastern University; U.S. Securities & Exchange Commission (SEC); University of Nebraska System; University of Nebraska Lincoln
摘要：This study investigates whether initial public offering (IPO) firms inflate core earnings through classification shifting (i.e., misclassifying core expenses as income-decreasing special items) immediately prior to IPOs. We provide initial evidence that IPO firms engage in classification shifting in the pre-IPO period. Using hand-collected price and share information from IPO prospectuses, we find that pre-IPO classification shifting is positively associated with a price revision from the midp...
-
作者：Qu, Zhan; Raff, Horst
作者单位：University of Gottingen; University of Kiel; University of Kiel
摘要：This paper shows that decentralized supply chains, in which upstream firms use linear wholesale prices, may experience lower upstream production and downstream sales volatility than vertically integrated supply chains and may be less susceptible to the bullwhip effect by which the variance of upstream production exceeds the variance of downstream sales. The reason is that decentralized supply chains exhibit a price effect, whereby upstream producers raise wholesale prices in the case of positi...
-
作者：Baiman, Stanley; Heinle, Mirko S.; Saouma, Richard
作者单位：European School of Management & Technology; University of Pennsylvania; Michigan State University; Michigan State University's Broad College of Business
摘要：The literature on resource allocation under adverse selection has focused on models in which the resource being allocated is such that the privately informed agent always prefers more of it to less. We analyze a firm's optimal resource allocation mechanism when this assumption does not hold and show that the resulting mechanism has a number of novel characteristics. For example, first best may be achievable even with nontrivial information asymmetry; when first best cannot be achieved, it is a...
-
作者：Greenstein, Shane; Gu, Grace; Zhu, Feng
作者单位：Harvard University; Boston College
摘要：Online communities bring together participants from diverse backgrounds and often face challenges in aggregating their opinions. We infer lessons from the experience of individual contributors to Wikipedia articles about U.S. politics. We identify two factors that cause a tendency toward moderation in collective opinion: Either biased contributors contribute less, which shifts the composition of participants, or biased contributors moderate their own views. Our findings show that shifts in the...
-
作者：Berger, Loic; Eeckhoudt, Louis
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Lille; IESEG School of Management; Universite de Lille; IESEG School of Management
摘要：Diversification is a basic economic principle that helps to hedge against uncertainty. It is, therefore, intuitive that both risk aversion and ambiguity aversion should positively affect the value of diversification. In this paper, we show that this intuition (1) is true for risk aversion but (2) is not necessarily true for ambiguity aversion. We derive sufficient conditions, showing that, contrary to the economic intuition, ambiguity and ambiguity aversion may actually reduce the diversificat...
-
作者：Kondo, Jiro; Li, Danielle; Papanikolaou, Dimitris
作者单位：McGill University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northwestern University
摘要：We propose a macroeconomic model in which variation in the level of trust leads to higher innovation, investment, and productivity growth. The key feature in the model is a hold-up friction in the creation of new capital. Innovators generate ideas but are inefficient at implementing them into productive capital on their own. Firms can help innovators implement their ideas efficiently but cannot ex ante commit to compensating them appropriately. Rather, firms are disciplined only by the value o...
-
作者：Abernethy, Margaret A.; Dekker, Henri C.; Grafton, Jennifer
作者单位：University of Melbourne; Vrije Universiteit Amsterdam
摘要：We draw on a five-year longitudinal data set to investigate the influence of performance measurement in the processual dynamics of strategic change, particularly in enacting effective strategic change. Our model examines the role of performance measurement in driving strategy-consistent operational changes and in ensuring that the desired objectives of the strategic change process are achieved. We investigate these roles for performance measurement over time and empirically document lags betwe...
-
作者：Chiu, Peng-Chia; Lourie, Ben; Nekrasov, Alexander; Teoh, Siew Hong
作者单位：The Chinese University of Hong Kong, Shenzhen; University of California System; University of California Irvine; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We study how institutional investor attention to a firm affects the timeliness of analysts' forecasts for that firm. We measure abnormal institutional attention (MA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely forecasts when AIA is high on the earnings announcement day. Analyst responsiveness to AIA is stronger when analysts have more resources and experience and weaker when the AIA of other covered firms is high. Ana...
-
作者：Bernard, Darren; Ge, Weili; Matsumoto, Dawn; Toynbee, Sara
作者单位：University of Washington; University of Washington Seattle; University of Texas System; University of Texas Austin
摘要：We present evidence that although individuals with accounting expertise bring key skills to the financial reporting responsibilities of the chief financial officer (CFO) position, they tend to lack educational and career experiences relevant to nonaccounting responsibilities (e.g., operations and strategy). Assuming boards' perceptions of CFO accounting expertise are correct on average, we provide evidence of tradeoffs of CFO accounting expertise by examining how differences in CFO backgrounds...
-
作者：Chen, Yingshan; Dai, Min; Goncalves-Pinto, Luis; Xu, Jing; Yan, Cheng
作者单位：South China University of Technology; National University of Singapore; National University of Singapore; University of New South Wales Sydney; Chinese University of Hong Kong; Renmin University of China; University of Essex
摘要：We examine the problem of an investor who trades in a market with unobservable regime shifts. The investor learns from past prices and is subject to transaction costs. Our model generates significantly larger liquidity premia compared with a benchmark model with observable market shifts. The larger premia are driven primarily by suboptimal risk exposure, as turnover is lower under incomplete information. In contrast, the benchmark model produces (mechanically) high turnover and heavy trading c...
