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作者：Liao, Pei-Cheng; Radhakrishnan, Suresh
作者单位：National Taiwan University; University of Texas System; University of Texas Dallas
摘要：We examine the near-privity rule that increases the auditor's legal liability exposure by considering a debtholder who can sue the auditor and recover damages when there is an audit failure. We show that the increase in the auditor's legal liability induces the auditor to choose more informative and more conservative efforts. Although the increased informative effort has a favorable spillover effect that increases the equityholder's expected payoff, the increased conservative effort induces a ...
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作者：Simester, Duncan; Timoshenko, Artem; Zoumpoulis, Spyros I.
作者单位：Massachusetts Institute of Technology (MIT); INSEAD Business School
摘要：Champion versus challenger field experiments are widely used to compare the performance of different targeting policies. These experiments randomly assign customers to receive marketing actions recommended by either the existing (champion) policy or the new (challenger) policy, and then compare the aggregate outcomes. We recommend an alternative experimental design and propose an alternative estimation approach to improve the evaluation of targeting policies. The recommended experimental desig...
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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,...
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作者：Chu, Leon Yang; Nazerzadeh, Hamid; Zhang, Heng
作者单位：University of Southern California
摘要：Online e-commerce platforms, such as Amazon and Taobao, connect thousands of sellers and consumers every day. In this work, we study how such platforms should rank products displayed to consumers and utilize the top and most salient slots. We present a model that considers consumers' search costs and the externalities sellers im-pose on each other. This model allows us to study a multiobjective optimization, whose objective includes consumer and seller surplus as well as the sales revenue, and...
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作者：Bandi, Federico M.; Kolokolov, Aleksey; Pirino, Davide; Reno, Roberto
作者单位：Johns Hopkins University; Universite Catholique de Lille; EDHEC Business School; University of Manchester; Alliance Manchester Business School; University of Rome Tor Vergata; Scuola Normale Superiore di Pisa; University of Verona
摘要：Asset prices can be stale. We define price staleness as a lack of price adjustments yielding zero returns (i.e., zeros). The term idleness (respectively, near idleness) is, instead, used to define staleness when trading activity is absent (respectively, close to absent). Using statistical and pricing metrics, we show that zeros are a genuine economic phe-nomenon linked to the dynamics of trading volume and, therefore, liquidity. Zeros are, in general, not the result of institutional features, ...
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作者：Neururer, Thaddeus; Papadakis, George; Riedl, Edward J.
作者单位：University System of Ohio; University of Akron; U.S. Securities & Exchange Commission (SEC); Boston University
摘要：This paper predicts and finds that investor uncertainty surrounding a key information release event-the earnings announcement-is decreasing in a firm's reporting streak. We use two proxies related to investor ex ante uncertainty and corresponding pricing of such uncertainty: option-implied volatilities and variance risk premiums; both are measured with maturities surrounding the impending quarterly earnings announcement. Consistent with prior research, we measure reporting streak as the number...
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作者：Guo, Liang
作者单位：Chinese University of Hong Kong
摘要：Mental simulations such as anticipatory and/or retrospective emotions can yield higher weight for a delayed consequence than for current well-being (i.e., negative devaluing). In this research, we investigate the behavioral and welfare implications of negative devaluing for intertemporal consumptions in an intrapersonal game. Our general framework accounts for two distinctions: desired versus undesired consumptions, and naive versus sophisticated beliefs about future selves' preferences. Naive...
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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...
