-
作者：Cheng, Zhuo (June); Rai, Arun; Tian, Feng; Xu, Sean Xin
作者单位：Hong Kong Polytechnic University; University System of Georgia; Georgia State University; University System of Georgia; Georgia State University; Tsinghua University
摘要：We use a social learning perspective to extend our understanding of information technology (IT) investment and return. Specifically, we investigate social learning in the context of interlocks between corporate boards, which allow firms to share knowledge and experiences with respect to their IT investments. Using a large data set of firm-years from 2001-2008, we find (a) a positive relationship exists between a focal firm's IT investment and that of its interlocked firms; (b) this positive re...
-
作者：Baker, Steven D.
作者单位：University of Virginia
摘要：I solve a dynamic equilibrium model of commodity spot and futures prices, incorporating an active futures market, heterogeneous risk-averse participants, and storage. When calibrated to data from the crude oil market, the model implies that financialization reduces the futures risk premium and increases correlation between futures open interest and the spot price level. However, there is no long-run increase in the mean spot price, and speculative storage generally attenuates financialization'...
-
作者：Hermosilla, Manuel
作者单位：Johns Hopkins University
摘要：We study the drug licensing behavior (acquisition of rights for developing drugs) of large pharmaceutical firms in the aftermath of large negative shocks to their pipelines, phase 3 failures (P3Fs). We find that P3Fs lead to increased licensing within a year of the event. This result is significant, because one year is a short window given the usual timelines-licensing is a lengthy process that requires extensive planning and careful execution. Supported by a series of additional results, we i...
-
作者：Mao, Connie X.; Song, Wei-Ling
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Louisiana State University System; Louisiana State University
摘要：Reciprocity is a subtle but influential factor in maintaining business relationships. We examine the stock recommendations, earnings forecasts, and target prices issued by reciprocity-pressured analysts affiliated with securities underwriters who rely on other major underwriters' invitations to be in syndicates. Consistent with the reciprocal pressure hypothesis, we find that reciprocity-pressured analysts delay releasing negative information on other major underwriters' clients despite the fa...
-
作者：Webb, Ryan; Glimcher, Paul W.; Louie, Kenway
作者单位：University of Toronto; NYU Langone Medical Center; New York University; New York University
摘要：Consumer valuations are shaped by choice sets, exemplified by patterns of substitution between alternatives as choice sets are varied. Building on recent neuroeconomic evidence that valuations are transformed during the choice process, we incorporate the canonical divisive normalization computation into a discrete choice model and characterize how choice behaviour depends on both size and composition of the choice set. We then examine evidence for such behaviour from two choice experiments tha...
-
作者：Cziraki, Peter; Mondria, Jordi; Wu, Thomas
作者单位：University of Toronto
摘要：This paper constructs a new measure of attention allocation by local investors relative to nonlocals using aggregate search volume from Google. We first present a conceptual framework in which local investors optimally choose to focus their attention on local stocks when they receive private news, leading to an asymmetric allocation of attention between local and nonlocal investors. Consistent with the main prediction of this framework, we find that firms attracting abnormally high asymmetric ...
-
作者：Gupta, Vishal; Rusmevichientong, Paat
作者单位：University of Southern California
摘要：Optimization applications often depend on a huge number of uncertain parameters. Inmany contexts, however, the amount of relevant data per parameter is small, and hence, we may only have imprecise estimates. We term this setting-in which the number of uncertainties is large but all estimates have low precision-the small-data, large-scale regime. We formalize a model for this new regime, focusing on optimization problems with uncertain linear objectives. We show that common data-driven methods,...
-
作者：Moon, S. Katie; Phillips, Gordon M.
作者单位：University of Colorado System; University of Colorado Boulder; Dartmouth College; National Bureau of Economic Research
摘要：We examine firm and industry characteristics associated with outsourcing and the relation between outsourcing and capital structure using a unique database of outsourcing purchase contracts. We find that highly valued, profitable firms with high-value added per employee and suppliers farther away with higher competition are more likely to outsource using purchase contracts. In addition, we document that firms that operate in industries with more severe import penetration and fewer fixed assets...
-
作者：Baucells, Manel; Chen, Yan; Ockenfels, Axel; Rottenstreich, Yuval; Tsetlin, Ilia
作者单位：University of Virginia; University of Michigan System; University of Michigan; University of Cologne; University of California System; University of California San Diego; INSEAD Business School
-
作者：Choi, Dong Beom; Choi, Hyun-Soo
作者单位：Seoul National University (SNU); Korea Advanced Institute of Science & Technology (KAIST)
摘要：We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the supply of retail deposits, banks attempt to substitute wholesale funding for deposit outflows to smooth their lending. Because of financial frictions, banks have varying degrees of access to wholesale funding. Therefore, large banks, or those with greater reliance on wholesale funding, increase their wholesale funding more. Consequently, monetary tightening increases both th...
