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作者：Dou, Yiwei
作者单位：New York University
摘要：Building on incomplete contract theory, I investigate whether the likelihood of renegotiating financial covenants is affected by the debt-contracting value of borrowers' accounting numbers. The debt-contracting value captures the inherent ability of accounting numbers to predict credit quality. Using a large sample of private credit agreements, I hypothesize and find that a higher debt-contracting value gives rise to smaller ex post measurement errors in accounting numbers used in covenants, a...
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作者：He, Jie (Jack); Liu, Tingting; Netter, Jeffry; Shu, Tao
作者单位：University System of Georgia; University of Georgia; Iowa State University; The Chinese University of Hong Kong, Shenzhen
摘要：Takeover bidders in stock-for-stock mergers have strong incentives to increase their own premerger stock prices to lower their acquisition costs. We find that before announcements of stock mergers, bidders manage down analyst earnings forecasts prior to earnings releases. Such expectation management benefits bidders by increasing their own stock prices and saving on acquisition costs. Additionally, analysts who have close relations with stock bidders are more likely to participate in expectati...
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作者：Zhu, Qifei
作者单位：Nanyang Technological University
摘要：Many papers in the mutual fund literature rely on a sample that matches the Center for Research in Security Prices (CRSP) mutual fund database with the fund holdings data from Thomson Reuters (TR) s12 database. I document that about 58% of newly founded U.S. equity mutual fund share classes in the CRSP mutual fund database from 2008 to 2015 cannot be matched to the TR database. Funds that are missing from the TR database tend to be smaller, have higher turnover ratios, receive higher fund flow...
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作者：Ching, Andrew T.; Lim, Hyunwoo
作者单位：Johns Hopkins University; York University - Canada
摘要：We propose a structural model of correlated learning with indirect inference to explain late-mover advantages. Our model focuses on a class of products with the following two features: (i) products that build on a common fundamental technology (e.g., computer processor, car, smartphone, etc.) and (ii) that consumers can observe some product attributes of a product (e.g., CPU clock speed, horsepower of a car engine, screen size of a smartphone, etc.), but when making their purchase decisions, c...
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作者：Acquisti, Alessandro; Fong, Christina
作者单位：Carnegie Mellon University; Carnegie Mellon University
摘要：We investigate whether personal information posted by job candidates on social media sites is sought and used by prospective U.S. employers. We create profiles for job candidates on popular social networks, manipulating information protected under U.S. laws, and submit job applications on their behalf to more than 4,000 employers. We estimate employer search activity and bias in interview callbacks. We find evidence of employers searching online for the candidates. At the national level, we fi...
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作者：Sommer, Svenja C.; Bendoly, Elliot; Kavadias, Stylianos
作者单位：Hautes Etudes Commerciales (HEC) Paris; University System of Ohio; Ohio State University; University of Cambridge
摘要：Through a controlled two-stage experiment, we explore the performance of solution search strategies to resolve problems of varying complexity. We validate theoretical results that collaborative group structures may search more effectively in problems of low complexity but are outperformed by nominal structures at higher complexity levels. We call into question the dominance of the nominal group technique. Further close examination of search strategies reveals important insights: the number of ...
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作者：Ulku, Sezer; Hydock, Chris; Cui, Shiliang
作者单位：Georgetown University; California State University System; California Polytechnic State University San Luis Obispo
摘要：This paper investigates the relationship between waiting time and subsequent purchase decisions. The prior literature assumes that purchase decisions are independent from the waiting time. By contrast, we find that when people spend a longer time waiting in a line, they tend to consume more. We identify mental accounting for sunk costs as the underlying mechanism that drives this behavior; a larger purchase allows customers to offset the long wait suffered. Finally, we explore the effect of ma...
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作者：Hock, Stefan J.; Raithel, Sascha
作者单位：University of Connecticut; Free University of Berlin
摘要：Celebrity endorsers can cause negative publicity that can spill over to the endorsed brand. However, little is known about the economic effects of firm reactions to these events. This study fills this gap and estimates how announcements of firms' reactions (yes versus no), timing (slow versus fast), and type (maintain/suspend versus no reaction) affect daily abnormal stock returns (ARs) following negative publicity. Using 128 events of negative endorser publicity between 1988 and 2016 affectin...
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作者：Bertsimas, Dimitris; Kallus, Nathan
作者单位：Massachusetts Institute of Technology (MIT); Cornell University; Cornell University
摘要：We combine ideas from machine learning (ML) and operations research and management science (OR/MS) in developing a framework, along with specific methods, for using data to prescribe optimal decisions in OR/MS problems. In a departure from other work on data-driven optimization, we consider data consisting, not only of observations of quantities with direct effect on costs/revenues, such as demand or returns, but also predominantly of observations of associated auxiliary quantities. The main p...
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作者：Hu, Maggie Rong; Lee, Adrian D.
作者单位：Chinese University of Hong Kong; Deakin University
摘要：This paper examines how sentiment affects homebuyers' housing transaction decisions with a focus on auction sales. Utilizing housing transaction data in Sydney from 2000 to 2014, we find that transaction prices are significantly higher for auction sales compared with private sales, consistent with the notion of a winner's curse. Four sentiment proxies, including three weather-based sentiment proxies and a survey-based sentiment index, are used to derive novel measures of sentiment, revealing t...
