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作者：Byun, Seong K.; Oh, Jong-Min; Xia, Han
作者单位：Virginia Commonwealth University; Sungkyunkwan University (SKKU); University of Texas System; University of Texas Dallas
摘要：We show that technology spillovers shift the composition of corporate research and development by promoting innovation based on the exploitation of existing knowledge while disincentivizing innovation that explores new areas and breaks new ground. Accordingly, firms facing large technology spillovers attain fewer superstar inventors among their human capital, who are important drivers of breakthrough technology advancement. These findings complement the existing studies documenting the positiv...
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作者：De Franco, Gus; Edwards, Alexander; Liao, Scott
作者单位：Tulane University; University of Toronto
摘要：This study examines how product market peers affect lending relationships. We contend that firms are more likely to borrow from a bank that has previously lent to a peer to mitigate information asymmetry with the bank when potential information processing efficiencies are greater (i.e., information efficiency hypothesis), but there will be a decreased propensity to borrow from a shared lender when the costs of leaking proprietary information are greater (i.e., proprietary information leakage h...
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作者：Sharpe, Steven A.; Suarez, Gustavo A.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using recent chief financial officer surveys, we examine the sensitivity of investment plans to interest rate expectations and find that, for most firms, investment is extremely insensitive to interest rate decreases and only modestly more responsive to increases. Firms cite ample cash holdings as the most frequent reason to explain their lack of sensitivity. This result is consistent with dynamic models of corporate behavior in which firms build cash buffers in anticipation of potential chang...
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作者：List, John A.; Momeni, Fatemeh
作者单位：University of Chicago
摘要：This paper uses a natural field experiment to connect corporate social responsibility (CSR) to an important but often neglected behavior: employee misconduct and shirking. Through employing more than 1,500 workers, we find that our use of CSR increases employee misbehavior-24% more employees act detrimentally toward our firm by shirking on their primary job duties when we introduce CSR. Observed data patterns across the treatments are consonant with a model of moral licensing, whereby the doin...
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作者：Bai, John (Jianqiu)
作者单位：Northeastern University
摘要：This paper studies how firms' internal organization shapes the impact of international trade. Using establishment-level data from the U.S. Census and a difference-in-difference specification, I find that, relative to standalone firms, conglomerates are more likely to restructure after trade liberalization episodes, focusing on their core competency and improving firm productivity and product market performance. Adjustments through the extensive margin account for the majority of the productivi...
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作者：Li, Jonathan Yu-Meng
作者单位：University of Ottawa
摘要：The theory of convex risk functions has now been well established as the basis for identifying the families of risk functions that should be used in risk-averse optimization problems. Despite its theoretical appeal, the implementation of a convex risk function remains difficult, because there is little guidance regarding how a convex risk function should be chosen so that it also well represents a decision maker's subjective risk preference. In this paper, we address this issue through the len...
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作者：Manian, Shanthi; Sheth, Ketki
作者单位：Washington State University; Washington State University; University of California System; University of California Merced
摘要：A person's success often depends on whether others believe what they say. Growing evidence suggests that people are less likely to believe statements made by women rather than men. We consider whether assertive cheap talk, an important and widely used tool for increasing credibility, is a mechanism for this gender gap. If women face negative returns to assertive cheap talk, then they have less access to an effective tool for increasing their credibility. We provide evidence using a laboratory ...
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作者：Mishkin, Elizabeth
作者单位：Uber Technologies, Inc.
摘要：This project uses gender and sibling dynamics to explore the intergenerational transmission of entrepreneurship. I find that the transmission of self-employment from fathers to daughters is significantly reduced when there are sons in the family. I interpret this as evidence that the intergenerational transmission of entrepreneurship is driven, at least in part, by costly investments by parents, which can be crowded out by or redirected toward brothers. I investigate specific types of parental...
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作者：Bazley, William J.; Cronqvist, Henrik; Mormann, Milica
作者单位：University of Kansas; University of Miami; Southern Methodist University
摘要：The visual communication of financial information is commonplace and involves numerous facets, including the use of color. At the same time, perception of color influences behavior. Through eight experiments, we show that using red color to represent financial data impacts individuals' risk preferences, expectations of future stock returns, and trading decisions. The effects are not present in colorblind individuals and are muted in China, where red represents prosperity. Other colors, includi...
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作者：Chen, Deqiu; Gao, Huasheng; Ma, Yujing
作者单位：University of International Business & Economics; Fudan University; Hong Kong Polytechnic University
摘要：We present evidence that the desire to gain human capital is an important motive for corporate acquisitions. Our tests exploit the staggered recognition of the Inevitable Disclosure Doctrine (IDD) by U.S. state courts, which prevents employees with trade secret knowledge from working for other firms. We find a significant increase in the likelihood of being acquired for firms headquartered in states that recognize such a doctrine relative to firms headquartered in states that do not. Our resul...
