2020

最新文章

• The Real Effects of Financial Statement Recognition: Evidence from Corporate Credit Ratings AI翻译
  作者：Basu, Riddha; Naughton, James P.
  作者单位：George Washington University; University of Virginia
  摘要：We examine whether the recognition versus disclosure of identical accounting information affects the credit rating process and ultimately corporate credit ratings. The primary input into corporate credit ratings is adjusted financial statements, which the rating agencies create by modifying reported financial statements to reflect credit-relevant items not recognized under U.S. Generally Accepted Accounting Principles. The rating agencies have claimed that this process means that accounting ch...
• Do Politicians Put Their Money Where Their Mouth Is? Ideology and Portfolio Choice AI翻译
  作者：Aiken, Adam L.; Ellis, Jesse A.; Kang, Minjeong
  作者单位：Elon University; North Carolina State University; Heriot Watt University
  摘要：We examine the role of political ideology in portfolio formation by studying a unique set of investors whose ideology can be precisely captured by a well-defined, continuous measure and whose personal asset allocation decisions are mandatorily disclosed, namely, the members of the U.S. Congress. As such, we overcome important methodological issues facing previous work in this area. We find that politicians with similar beliefs hold similar portfolios and that more liberal members engage in mor...
• Conditional Life Cycle: An Examination of Operating Performance for Leaders and Laggards AI翻译
  作者：Cantrell, Brett W.; Dickinson, Victoria
  作者单位：University of Mississippi
  摘要：The economics and management literature provides theoretical support for both leader and laggard firms to earn higher future operating returns. However, prior empirical research lacks a generalizable proxy to capture leader versus laggard behavior, thus limiting prior findings to specific contexts. This study utilizes a combination of firm-specific and industry life cycle identification to categorize leaders and laggards and validates the designation against constructs established in prior lit...
• Discontinuous Demand Functions: Estimation and Pricing AI翻译
  作者：den Boer, Arnoud, V; Keskin, N. Bora
  作者单位：University of Amsterdam; University of Amsterdam; Duke University
  摘要：We consider a dynamic pricing problem with an unknown and discontinuous demand function. There is a seller who dynamically sets the price of a product over a multiperiod time horizon. The expected demand for the product is a piecewise continuous and parametric function of the charged price, allowing for possibly multiple discontinuity points. The seller initially knows neither the locations of the discontinuity points nor the parameters of the demand function but can infer them by observing st...
• Regulatory Spillovers in Common Audit Markets AI翻译
  作者：Duguay, Raphael; Minnis, Michael; Sutherland, Andrew
  作者单位：University of Chicago; Massachusetts Institute of Technology (MIT)
  摘要：We find that Sarbanes-Oxley (SOX) had two significant effects on the audit market for nonpublic entities. The first short-run effect stems from inelastic labor supply coupled with an audit demand shock from public companies. As a result, private com-panies reduced their use of attested financial reports in bank financing by 12%, and audit fee increases for nonprofit organizations (NPOs) more than doubled. The second long-run effect was a transformation in the audit supply structure. After SOX,...
• Index Policies and Performance Bounds for Dynamic Selection Problems AI翻译
  作者：Brown, David B.; Smith, James E.
  作者单位：Duke University; Dartmouth College
  摘要：We consider dynamic selection problems, where a decision maker repeatedly selects a set of items from a larger collection of available items. A classic example is the dynamic assortment problem with demand learning, where a retailer chooses items to offer for sale subject to a display space constraint. The retailer may adjust the assortment over time in response to the observed demand. These dynamic selection problems are naturally formulated as stochastic dynamic programs (DPs) but are diffic...
• Default Ambiguity: Credit Default Swaps Create New Systemic Risks in Financial Networks AI翻译
  作者：Schuldenzucker, Steffen; Seuken, Sven; Battiston, Stefano
  作者单位：University of Zurich; University of Zurich; Swiss Finance Institute (SFI)
  摘要：We study financial networks and reveal a new kind of systemic risk arising from what we call default ambiguity-that is, a situation where it is impossible to decide which banks are in default. Specifically, we study the clearing problem: given a network of banks interconnected by financial contracts, determine which banks are in default and what percentage of their liabilities they can pay. Prior work has shown that when banks can only enter into debt contracts with each other, this problem al...
• Jumping the Line, Charitably: Analysis and Remedy of Donor-Priority Rule AI翻译
  作者：Dai, Tinglong; Zheng, Ronghuo; Sycara, Katia
  作者单位：Johns Hopkins University; University of Texas System; University of Texas Austin; Carnegie Mellon University
  摘要：The ongoing shortage of organs for transplantation has generated an expanding literature on efficient and equitable allocation of the donated cadaveric organs. By contrast, organ donation has been little explored. In this paper, we develop a parsimonious model of organ donation to analyze the welfare consequences of introducing the donor-priority rule, which grants registered organ donors priority in receiving organs should they need transplants in the future. We model an individual's decision...
• Dynamic Matching in School Choice: Efficient Seat Reassignment After Late Cancellations AI翻译
  作者：Feigenbaum, Itai; Kanoria, Yash; Lo, Irene; Sethuraman, Jay
  作者单位：City University of New York (CUNY) System; Lehman College (CUNY); City University of New York (CUNY) System; Columbia University; Stanford University; Columbia University
  摘要：In the school choice market, where scarce public school seats are assigned to students, a key operational issue is how to reassign seats that are vacated after an initial round of centralized assignment. Practical solutions to the reassignment problem must be simple to implement, truthful, and efficient while also alleviating costly student movement between schools. We propose and axiomatically justify a class of reassignment mechanisms, the permuted lottery deferred acceptance (PLDA) mechanis...
• Calculative Trust and Interfirm Contracts AI翻译
  作者：Susarla, Anjana; Holzhacker, Martin; Krishnan, Ranjani
  作者单位：Michigan State University
  摘要：Interfirm contracts are plagued by opportunism arising from exchange hazards that increase the seller's gains from holdup in fixed price contracts. These exchange hazards are higher when the seller can engage in unverifiable deliberate obfuscation. Although cost-plus contracts reduce holdup losses, they suffer from cost inefficiency. Past research has underscored the importance of trust as a control instrument to mitigate losses from exchange hazards, especially social relational trust that de...