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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：Fung, William; Hsieh, David; Naik, Narayan; Teo, Melvyn
作者单位：Duke University; University of London; London Business School; Singapore Management University
摘要：We investigate the growth strategies of hedge fund firms. We find that firms with successful first funds are able to launch follow-on funds that charge higher performance fees, set more onerous redemption terms, and attract greater inflows. Motivated by the aforementioned spillover effects, first funds outperform follow-on funds, after adjusting for risk. Consistent with the agency view, greater incentive alignment moderates the performance differential between first and follow-on funds. Moreo...
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作者：Gan, Jingxing (Rowena); Tsoukalas, Gerry; Netessine, Serguei
作者单位：Southern Methodist University; University of Pennsylvania
摘要：Initial coin offerings (ICOs) are an emerging form of fundraising for blockchain-based startups. We examine how ICOs can be leveraged in the context of asset tokenization, whereby firms issue tokens backed by future assets (i.e., inventory) to finance growth. We (i) make suggestions on how to design such asset-backed ICOs-including optimal token floating and pricing for both utility and equity tokens (a.k.a. security token offerings)-taking into account moral hazard (cash diversion), product c...
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作者：Han, Bing; Li, Gang
作者单位：Southwestern University of Finance & Economics - China; Chinese University of Hong Kong
摘要：Aggregate implied volatility spread (IVS), defined as the cross-sectional average difference in the implied volatilities of at-the-money call and put equity options, is significantly and positively related to future stock market returns at daily, weekly, and monthly to semiannual horizons. This return predictive power is incremental to existing return predictors, and it is significant both in sample and out of sample. Furthermore, IVS can forecast macroeconomic news up to one year ahead. The r...
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作者：Hassidim, Avinatan; Romm, Assaf; Shorrer, Ran, I
作者单位：Bar Ilan University; Hebrew University of Jerusalem; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Organizations often require agents' private information to achieve critical goals such as efficiency or revenue maximization, but frequently it is not in the agents' best interest to reveal this information. Strategy-proof mechanisms give agents incentives to truthfully report their private information. In the context of matching markets, they eliminate agents' incentives to misrepresent their preferences. We present direct field evidence of preference misrepresentation under the strategy-proo...
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作者：Dai, Min; Jin, Hanqing; Kou, Steven; Xu, Yuhong
作者单位：National University of Singapore; National University of Singapore; University of Oxford; Boston University; Soochow University - China; Soochow University - China
摘要：We propose a dynamic portfolio choice model with the mean-variance criterion for log returns. The model yields time-consistent portfolio policies and is analytically tractable even under some incomplete market settings. The portfolio policies conform with conventional investment wisdom (e.g., richer people should invest more absolute amounts of money in risky assets; the longer the investment time horizon, the more proportional amount of money should be invested in risky assets; and for long-t...
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作者：Gibbons, Brian; Iliev, Peter; Kalodimos, Jonathan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Oregon State University
摘要：We identify analysts' information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts' brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates with an average of eight filings viewed. We document that analysts' attention to public information is driven by the demand for information and the analysts' incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant ...
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作者：Adida, Elodie
作者单位：University of California System; University of California Riverside
摘要：The price of new brand-name prescription drugs has been rising fast in the United States. For example, the Amgen cholesterol drug Repatha had an initial list price of $14,523 per year. Patients, even with insurance coverage, must pay out of pocket a significant portion of this price. The treatment might not be successful, and this possibility reduces risk-sensitive patients' incentives to purchase the drug. The high price together with the chance of negative treatment outcomes may lead payers ...
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作者：Fitzgerald, Tristan; Balsmeier, Benjamin; Fleming, Lee; Manso, Gustavo
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Luxembourg; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：Because of the intangible and highly uncertain nature of innovation, investors may have difficulty processing information associated with a firm's innovation search strategy. Due to cognitive and strategic biases, investors are likely to pay more attention to unfamiliar explorative patents rather than incremental exploitative patents. We find that innovative firms focusing on exploitation rather than exploration tend to generate superior subsequent short-term operating performance. Analysts do...
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作者：Sun, Tianshu; Viswanathan, Siva; Zheleva, Elena
作者单位：University of Southern California; University System of Maryland; University of Maryland College Park; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We study whether and how a firm can enhance social contagion simply by varying the message shared by customers with their friends. We focus on two key com- ponents of information contained in the message-information about the sender's purchase status prior to referral and information about the existence of referral rewards-and their impacts on the recipient's purchase decision and further referral behavior. In collaboration with an online daily-deal platform, we design and conduct a large-scal...
