2020

最新文章

• Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Russell 2000 Index Inclusions AI翻译
  作者：Cremers, Martijn; Pareek, Ankur; Sautner, Zacharias
  作者单位：University of Notre Dame; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Frankfurt School Finance & Management
  摘要：We document that an increase in short-horizon investors is associated with cuts to long-term investment and increased short-term earnings. This leads to temporary boosts in equity valuations that reverse over time. To estimate these effects, we use difference-in-differences regressions around firms' additions to the Russell 2000, comparing firms with large and small increases in short-term ownership. We proxy for the presence of short-term investors using ownership by transient institutions. O...
• Not in the Job Description: The Commercial Activities of Academic Scientists and Engineers AI翻译
  作者：Cohen, Wesley M.; Sauermann, Henry; Stephan, Paula
  作者单位：Duke University; National Bureau of Economic Research; University System of Georgia; Georgia State University
  摘要：Scholarly work seeking to understand academics' commercial activities often draws on abstract notions of the academic reward system and the representative scientist. Few scholars have examined whether and how scientists' motives to engage in commercial activities differ across fields. Similarly, efforts to understand academics' choices have focused on three self-interested motives-recognition, challenge, and money-ignoring the potential role of the desire to have an impact on others. Using pan...
• Capital Budgeting and Risk Taking Under Credit Constraints AI翻译
  作者：Iachan, Felipe S.
  摘要：Limited external financing creates a hedging motive that distorts resource allocation for investment projects. I study these distortions through a dynamic model with endogenous collateral constraints. The hedging motive can be broken into three components: expected future productivity, leverage capacity, and current net worth. Although constrained firms behave as if averse to transitory fluctuations in net worth, they can endogenously pursue increased exposure to both persistent factors that p...
• Appointment Scheduling Under Time-Dependent Patient No-Show Behavior AI翻译
  作者：Kong, Qingxia; Li, Shan; Liu, Nan; Teo, Chung-Piaw; Yan, Zhenzhen
  作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; City University of New York (CUNY) System; Baruch College (CUNY); Boston College; National University of Singapore; National University of Singapore; Nanyang Technological University
  摘要：This paper studies how to schedule medical appointments with time-dependent patient no-show behavior and random service times. The problem is motivated by our studies of independent datasets from countries in two continents that unanimously identify a significant time-of-day effect on patient show-up probabilities. We deploy a distributionally robust model, which minimizes the worst-case total expected costs of patient waiting and service provider's idling and overtime, by optimizing the sched...
• Crowdfunding, Financing Constraints, and Real Effects AI翻译
  作者：Kumar, Praveen; Langberg, Nisan; Zvilichovsky, David
  作者单位：University of Houston System; University of Houston; Tel Aviv University
  摘要：We study the feasibility and optimal design of presale crowdfunding contracts where participating consumers pay a premium above the future expected spot price and financially constrained entrepreneurs balance the potential product-market distortions introduced through presale crowdfunding against the cost of traditional external financing. Our analysis shows how such crowdfunding contracts enable the execution of projects that could not be otherwise undertaken and highlights novel interactions...
• Do Director Networks Matter for Financial Reporting Quality? Evidence from Audit Committee Connectedness and Restatements AI翻译
  作者：Omer, Thomas C.; Shelley, Marjorie K.; Tice, Frances M.
  作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Colorado System; University of Colorado Boulder
  摘要：This study examines the effect of audit committee connectedness through director networks on financial reporting quality, specifically the misstatement of annual financial statements. Using network analysis, we examine multiple dimensions of connectedness and find that after controlling for operating performance and corporate governance characteristics, firms with well-connected audit committees are less likely to misstate annual financial statements. In addition, our study demonstrates that a...
• Bad Greenwashing, Good Greenwashing: Corporate Social Responsibility and Information Transparency AI翻译
  作者：Wu, Yue; Zhang, Kaifu; Xie, Jinhong
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Alibaba Group; State University System of Florida; University of Florida
  摘要：With the growing popularity of corporate social responsibility (CSR), critics point out that firms tend to focus on salient CSR activities while slacking off on the unobservable ones, using CSR as a marketing gimmick. Firms' emphasis on observable aspects and negligence of the unobservable aspects are often labeled as greenwashing. This paper develops a game-theoretic model of CSR investment, in which consumers are socially minded, but they can observe only a subset of CSR initiatives. Two typ...
• Teaching Through Television: Experimental Evidence on Entrepreneurship Education in Tanzania AI翻译
  作者：Bjorvatn, Kjetil; Cappelen, Alexander W.; Sekei, Linda Helgesson; Sorensen, Erik O.; Tungodden, Bertil
  作者单位：Norwegian School of Economics (NHH)
  摘要：Can television be used to teach and foster entrepreneurship among youth in developing countries? We report from a randomized control field experiment of an edutainment show on entrepreneurship broadcasted over almost three months on national television in Tanzania. The field experiment involved more than 2,000 secondary school students, where the treatment group was incentivized to watch the edutainment show. We find some suggestive evidence of the edutainment show making the viewers more inte...
• Managerial Reliance on the Retail Shareholder Vote: Evidence from Proxy Delivery Methods AI翻译
  作者：Lee, Choonsik; Souther, Matthew E.
  作者单位：University of Rhode Island; University of South Carolina System; University of South Carolina Columbia
  摘要：Recent studies document the increasing effectiveness of shareholder voting as a monitoring mechanism. Because both directors and the market respond to shareholder votes, management has stronger incentives to influence voting outcomes. We identify one channel through which management can affect voting outcomes: increasing the turnout of (typically management-friendly) retail shareholders. Our study focuses on an observable managerial choice of how to deliver proxy materials to maximize retail t...
• Superstition, Conspicuous Spending, and Housing Market: Evidence from Singapore AI翻译
  作者：He, Jia; Liu, Haoming; Sing, Tien Foo; Song, Changcheng; Wong, Wei-Kang
  作者单位：Nankai University; National University of Singapore; National University of Singapore; Singapore Management University
  摘要：We study effect of superstition and conspicuous spending motives on housing demand and price in Singapore. We find that buyers pay less for homes with unlucky addresses and more for homes with lucky addresses. There were fewer housing transactions on inauspicious days of the lunar calendar when people are advised to avoid making major economic decisions. This suggests that superstitious belief still affects economic activities. The demand for lucky addresses is also weaker on these inauspiciou...