-
作者：Cornaggia, Jess N.; Cornaggia, Kimberly J.; Israelsen, Ryan D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; Michigan State University's Broad College of Business
摘要：This paper tests whether home bias exists among information producers. We find that credit analysts are more generous when rating issuers from their home states compared with (a) benchmark analysts from outside the state and (b) their own standards for rating issuers from other states. This home analyst effect strengthens around key rating certifications (AAA and investment grade), reduces credit spreads, and expands affected issuers' debt capacity. We conduct several tests to address the poss...
-
作者：Karehnke, Paul; de Roon, Frans
作者单位：heSam Universite; ESCP Business School; Tilburg University; Tilburg University
摘要：We draw on the skewness literature to propose regression-based performance evaluation tests designed for investments with option-like returns. These tests deliver conclusions valid for all risk-averse mean-variance-skewness investors and can better account for nonlinearities in returns than option-based factor models. Applied to mutual and hedge funds, our tests usually suggest selecting different funds than standard tests and find that a significant fraction (11%) of hedge funds adds value to...
-
作者：Shani, Yaniv; Appel, Gil; Danziger, Shai; Shachar, Ron
作者单位：Tel Aviv University; University of Southern California; University of Sydney; Reichman University
摘要：In this article, we examine whether consumers may accidentally endanger a product they own when a new version of the product is introduced. We propose that owners endanger their product when they want to upgrade to a new version but have difficulty justifying the upgrade and that owners find justification more difficult when a new version offers an improved design but does not offer a significant technological improvement. Owners endanger their product hoping that it will be fortuitously damag...
-
作者：Bakos, Yannis; Halaburda, Hanna
作者单位：New York University
摘要：A major result in the study of two-sided platforms is the strategic interdependence between the two sides of the same platform, leading to the implication that a platform can maximize its total profits by subsidizing one of its sides. We show that this result largely depends on assuming that at least one side of the market single-homes. As technology makes joining multiple platforms easier, we increasingly observe that participants on both sides of two-sided platforms multihome. The case of mu...
-
作者：Baucells, Manel; Zhao, Lin
作者单位：University of Virginia; Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS
摘要：Models in which current utility depends solely on current consumption (a.k.a. time-separable preferences) are widely acknowledged to be unrealistic, especially when attempting to describe preferences over consumption rates. Alternatively, one may stipulate that instant utility also depends on a state, for example, some stock of past consumption. Escaping the gravitational pull of time separability, however, is difficult because (1) the behavioral axioms that characterize the state and the inst...
-
作者：Labro, Eva; Stice-Lawrence, Lorien
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Southern California
摘要：This paper provides evidence on the determinants and economic outcomes of updates of accounting systems (AS) over a 24-year timespan in a large sample of U.S. hospitals. We provide evidence that hospitals update their AS in response to three types of pressures: economic pressures, such as increases in the quality of accounting information driven by vendor rollouts of improved AS; coercive pressures imposed by regulators mandating certain practices, such as internal control practices imposed by...
-
作者：Schilling, Katja; Bauer, Daniel; Christiansen, Marcus C.; Kling, Alexander
作者单位：Ulm University; University of Wisconsin System; University of Wisconsin Madison; Carl von Ossietzky Universitat Oldenburg
摘要：The decomposition of dynamic risks a company faces into components associated with various sources of risk, such as financial risks, aggregate economic risks, or industry-specific risk drivers, is of significant relevance in view of risk management and product design, particularly in (life) insurance. Nevertheless, although several decomposition approaches have been proposed, no systematic analysis is available. This paper closes this gap in literature by introducing properties for meaningful ...
-
作者：Xiao, Steven Chong
作者单位：University of Texas System; University of Texas Dallas
摘要：Using volatile and correlated liquidity shocks to investors as a source of noise trading, I show that noise in stock prices impedes real efficiency. A one-standard-deviation increase in mutual fund flow-driven volatility pressure leads to a 2.6%-4.0% decline in return on assets and a $22.6 million loss in cash flow in the subsequent two years. Noise in stock prices does not affect product market demand, but it reduces firms' total factor productivity, profit margin, and performance in research...
-
作者：Grinblatt, Mark; Jostova, Gergana; Petrasek, Lubomir; Philipov, Alexander
作者单位：University of California System; University of California Los Angeles; George Washington University; Federal Reserve System - USA; Federal Reserve System Board of Governors; George Mason University
摘要：Classifying mandatory 13F stockholding filings by manager type reveals that hedge fund strategies are mostly contrarian, and mutual fund strategies are largely trend following. The only institutional performers-the two thirds of hedge fund managers that are contrarian-earn alpha of 2.4% per year. Contrarian hedge fund managers tend to trade profitably with all other manager types, especially when purchasing stocks from momentum oriented hedge and mutual fund managers. Superior contrarian hedge...
-
作者：Yoon, Haewon
作者单位：Indiana University System; Indiana University Indianapolis; IU Kelley School of Business
摘要：Extant theories of intertemporal choice entangle two aspects of time preference: impatience and time inconsistency. Impatient people focus on present consumption without worrying too much about the future; they may spend freely and avoid exercise. An outsider might question their choices, but impatient people do not experience conflict over those choices. By contrast, people who are time-inconsistent intend to save and exercise, but they fail to do so when temptation is proximate. Such individ...
