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作者：Wong, Yu Ting Forester
作者单位：University of Southern California
摘要：Most investor coordination remains undisclosed. I provide empirical evidence on the extent and consequences of investor coordination in the context of hedge fund activism, in which potential benefits and costs from coordination are especially pronounced. In particular, I examine whether hedge fund activists orchestrate wolf packs-that is, groups of investors willing to acquire shares in the target firm before the activist's campaign is publicly disclosed via a 13D filing-as a way to support th...
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作者：Peeters, Thomas L. P. R.; Salaga, Steven; Juravich, Matthew
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University System of Georgia; University of Georgia; University System of Ohio; University of Akron
摘要：We investigate the joint impact of managers at different hierarchical levels on firm performance in Major League Baseball. We separately quantify the contribution of upper and middle managers and the impact of their match quality-the degree to which managers cooperate effectively across layers to impact firm success. We establish that match quality is a statistically significant and economically meaningful driver of firm performance. Higher-quality managers tend to be matched together across l...
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作者：Bergantinos, Gustavo; Moreno-Ternero, Juan D.
作者单位：Universidade de Vigo; Universidad Pablo de Olavide
摘要：We study the problem of sharing the revenues from broadcasting sport league events among participating teams. We provide direct, axiomatic, and game-theoretical foundations for two focal rules: the equal-split rule and concede-and-divide. The former allocates the revenues generated from broadcasting each game equally among the participating teams in the game. The latter concedes each team the revenues from its fan base and divides equally the residual. We also provide an application studying t...
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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...
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作者：Flores-Szwagrzak, Karol; Treibich, Rafael
作者单位：Copenhagen Business School; University of Southern Denmark
摘要：We propose a new method to disentangle individual from team productivity, CoScore. CoScore uses the varying membership and levels of success of all teams to simultaneously infer an individual's productivity and her credit for each of her teams' successes. Crucially, the productivities of all individuals are determined endogenously via the solution of a fixed point problem. We show that CoScore is well defined, and we provide axiomatic foundations for the inferred credit allocation. We illustra...
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作者：Eisdorfer, Assaf; Misirli, Efdal Ulas
作者单位：University of Connecticut; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We partially explain the well-documented distress anomaly by studying the risk/return relation of distressed stocks across market states. We show that the anomaly does not hold in market downturns. The asset beta and financial leverage of distressed stocks rise significantly during bear markets, resulting in a dramatic increase in their equity beta. Hence, a long/short healthy-minus-distressed trading strategy leads to significant losses when the market rebounds. Managing this risk mitigates t...
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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...
