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作者：Gamba, Andrea; Saretto, Alessio
作者单位：University of Warwick; University of Texas System; University of Texas Dallas
摘要：We calibrate a dynamic model of credit risk and analyze the relation between growth options and credit spreads. Our model features real and financing frictions, a technology with decreasing returns to scale, and endogenous investment options driven by both systematic and idiosyncratic shocks. We find a negative relation between credit spreads and growth options after controlling for determinants of credit risk. This negative relation is a result of the current decision to invest and the associ...
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作者：Liu, Yuanyuan; Heath, Timothy B.; Onculer, Ayse
作者单位：Xi'an Jiaotong University; State University System of Florida; University of South Florida; ESSEC Business School
摘要：Increasing a current payoff's ambiguity from a precise value (e.g., $150) to a range (e.g., $140-$160) generally reduces the payoff's appeal, as does delaying the payoff from, for example, now to one year from now. However, we report five studies in which adding small ranges to future payoffs increases future payoff appeal, an emergent property designated the future ambiguity effect. This effect generalizes across various choice sets, payoff levels, and delays, and it prevails even when a futu...
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作者：Li, Jun; Wu, Di (Andrew) Di (Andrew)
作者单位：University of Michigan System; University of Michigan
摘要：We construct an event-based outcome measure of firm-level environmental, social, and governance (ESG) impact for public and private firms globally from 2007 to 2015 using data from RepRisk. Then we measure the societal impact of corporate social responsibility (CSR) engagements using participation in the United Nations Global Compact (UNGC) as a proxy. We demonstrate a robust and striking difference between public and private firms: whereas private firms significantly reduce their negative ESG...
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作者：Barron, Daniel; Gibbons, Robert; Gil, Ricard; Murphy, Kevin J.
作者单位：Northwestern University; Massachusetts Institute of Technology (MIT); Queens University - Canada; University of Southern California
摘要：We study relationships between parties who have different preferences about how to tailor decisions to changing circumstances. Our model suggests that relational contracts supported by formal contracts may achieve relational adaptation that improves on adaptation decisions achieved by formal or relational contracts alone. Our empirics consider revenue-sharing contracts between movie distributors and an exhibitor. The exhibitor has discretion about whether and when to show a movie, and the part...
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作者：Kong, Lei
作者单位：University of Alabama System; University of Alabama Tuscaloosa
摘要：I study the impact of government spending on corporate innovation. Using changes in U.S. Senate committee chairmanships as a source of exogenous variation in state-level federal government expenditures, I find that firms headquartered in states with increases in government spending significantly reduce their innovation output, as measured by their number of patents and the citations to these patents. These reductions are mostly concentrated in labor-intensive industries, in firms headquartered...
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作者：Gryglewicz, Sebastian; Hartman-Glaser, Barney; Zheng, Geoffery
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of California System; University of California Los Angeles
摘要：Pay-performance sensitivity is a common proxy for the strength of incentives. We show that growth options create a wedge between expected-pay-effort sensitivity, which determines actual incentives, and pay-performance sensitivity, which is the ratio of expected-pay-effort to performance-effort sensitivity. An increase in growth option intensity can increase performance-effort sensitivity more than expected-pay-effort sensitivity so that, as incentives increase, pay-performance sensitivity decr...
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作者：Sherman, Eliot L.
作者单位：University of London; London Business School
摘要：Because mothers remain disproportionately responsible for childcare, the daily requirement for physical presence at work disadvantages them compared with otherwise equivalent men and childless women. Relaxing this requirement may therefore enhance the well-being and productivity of working mothers. I tested this idea with a randomized field experiment, using a within-subjects analysis from a repeated crossover design. The 187 participants in the experiment, which ran for four weeks and yielded...
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作者：Butler, Jeffrey, V; Serra, Danila; Spagnolo, Giancarlo
作者单位：University of California System; University of California Merced; Southern Methodist University; Stockholm School of Economics; University of Rome Tor Vergata; Centre for Economic Policy Research - UK
摘要：Law-breaking activities within firms are widespread but difficult to uncover, making whistleblowing by employees desirable. We investigate if and how monetary incentives and expectations of social approval or disapproval from the public, and their interactions, affect an employee's decision to blow the whistle when the social damage from the reported misbehavior is more or less salient. Our analysis also has implications for the design and management of firms' internal whistleblowing channels.
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作者：Adam, Tim R.; Burg, Valentin; Scheinert, Tobias; Streitz, Daniel
作者单位：Humboldt University of Berlin; Copenhagen Business School; Danish Finance Institute
摘要：We examine whether managerial overconfidence impacts the use of performance-pricing provisions in loan contracts (performance-sensitive debt [PSD]). Managers with biased views may issue PSD because they consider this form of debt to be mispriced. Our evidence shows that overconfident managers are more likely to issue rate-increasing PSD than regular debt. They choose PSD with steeper performance-pricing schedules than those chosen by rational managers. We reject the possibility that overconfid...
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作者：Piatti, Ilaria; Trojani, Fabio
作者单位：University of Oxford; University of Geneva; University of Geneva
摘要：Asymptotic tests over-reject the null of no predictability in present-value models. We develop a nonparametric testing approach in state-space models, implying reliable finite sample inference under weak assumptions on price-dividend ratio and dividend shocks. We find sharp evidence of return predictability in postwar U.S. data but less consistent evidence of dividend predictability, which is significant only using cash-flow proxies reflecting information from mergers and acquisitions. These f...
