10期

最新文章

• Reexamining How Utility and Weighting Functions Get Their Shapes: A Quasi-Adversarial Collaboration Providing a New Interpretation AI翻译
  作者：Alempaki, Despoina; Canic, Emina; Mullett, Timothy L.; Skylark, William J.; Starmer, Chris; Stewart, Neil; Tufano, Fabio
  作者单位：University of Warwick; University of Warwick; University of Cambridge; University of Nottingham
  摘要：In a paper published in Management Science in 2015, Stewart, Reimers, and Harris (SRH) demonstrated that shapes of utility and probability weighting functions could be manipulated by adjusting the distributions of outcomes and probabilities on offer as predicted by the theory of decision by sampling. So marked were these effects that, at face value, they profoundly challenge standard interpretations of preference theoretic models in which such functions are supposed to reflect stable propertie...
• Does Price Fixing Benefit Corporate Managers? AI翻译
  作者：Gonzalez, Tanja Artiga; Schmid, Markus; Yermack, David
  作者单位：Vrije Universiteit Amsterdam; University of St Gallen; New York University; European Corporate Governance Institute; National Bureau of Economic Research
  摘要：We study the effects of cartel participation on top corporate managers. Although a strong public interest exists in regulating price fixing, we find little evidence that either corporate governance or the legal system holds managers of cartel firms accountable. Instead, managers of cartel firms enjoy greater job security, receive higher cash bonuses, and more aggressively take profits from appreciated stock option awards. Legal sanctions against individual managers are infrequent, with enforce...
• Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence AI翻译
  作者：Albuquerque, Rui; Koskinen, Yrjo; Zhang, Chendi
  作者单位：Boston College; Center for Economic & Policy Research (CEPR); Boston College; University of Calgary; University of Warwick
  摘要：This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR decreases systematic risk and increases firm value and that these effects are stronger for firms with high product differentiation. We find supporting evidence for our predictions. We address a potential endo...
• When Anomalies Are Publicized Broadly, Do Institutions Trade Accordingly? AI翻译
  作者：Calluzzo, Paul; Moneta, Fabio; Topaloglu, Selim
  作者单位：Queens University - Canada
  摘要：This paper studies whether institutional investors trade on 14 well documented stock market anomalies. We show that there is an increase in anomaly-based trading when information about the anomalies is readily available through academic publications and the release of necessary accounting data. This finding is more pronounced among hedge funds and institutions with high turnover, that is, the subset of investors who likely have the abilities and incentives to act on the anomalies. We directly ...
• The Effect of the Say-on-Pay Vote in the United States AI翻译
  作者：Iliev, Peter; Vitanova, Svetla
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：The Dodd-Frank Act mandated advisory shareholder votes on executive compensation. To isolate the effect of holding a Say-on-Pay vote we use an exemption provided to a group of firms based on their public float. We find that the regulation increased the level of CEO pay and the fraction of performance-linked pay in the companies that had to comply with the new rule. This increase was larger for CEOs with higher ownership and longer tenure. Moreover, the market reacted negatively to the exemptio...
• Corporate Provision of Public Goods AI翻译
  作者：Morgan, John; Tumlinson, Justin
  作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; Loughborough University; University of Munich
  摘要：Milton Friedman famously suggested that firms ought not divert profits toward public goods because shareholders can better make these contributions themselves. Despite this, activist shareholders are increasingly successful in persuading firms to be socially responsible. We study firm behavior when shareholders care about public goods as well as profits and when managerial contracts reflect these concerns. Under these ideal conditions, managers redirect more profits toward public goods than sh...
• Manufacturers' Competition and Cooperation in Sustainability: Stable Recycling Alliances AI翻译
  作者：Tian, Fang; Sosic, Greys; Debo, Laurens
  作者单位：Pepperdine University; University of Southern California; Dartmouth College
  摘要：Rather than organizing disposal of consumer-generated waste themselves, many states and countries have passed legislation that makes producers responsible for the proper disposal (i.e., recycling) of the products that they bring to the market. We study the stability of producers' strategies emerging under such legislation. In our paper, the producers compete with multiple differentiated products in consumer markets but may consider cooperating when recycling those products to benefit from econ...
• Penalties, Manipulation, and Investment Efficiency AI翻译
  作者：Nan, Lin; Wen, Xiaoyan
  作者单位：Purdue University System; Purdue University; Texas Christian University
  摘要：In this study, we examine whether imposing a penalty based on an earlier positive signal and a bad realized outcome can be welfare-improving. We find that imposing a penalty helps to improve investment efficiency, but it also brings a deadweight cost of potential penalty for entrepreneurs with good projects. We show that when a good project has a much larger chance to achieve a good outcome than a bad project or when a large proportion of the penalty can be reimbursed to the investor, it is op...
• Markov Decision Processes with Exogenous Variables AI翻译
  作者：Bray, Robert L.
  作者单位：Northwestern University
  摘要：I present two algorithms for solving dynamic programs with exogenous variables: endogenous value iteration and endogenous policy iteration. These algorithms are always at least as fast as relative value iteration and relative policy iteration, and they are faster when the endogenous variables converge to their stationary distributions sooner than the exogenous variables.
• A New Predictor of US Real Economic Activity: The S&P 500 Option Implied Risk Aversion AI翻译
  作者：Faccini, Renato; Konstantinidi, Eirini; Skiadopoulos, George; Sarantopoulou-Chiourea, Sylvia
  作者单位：University of London; Queen Mary University London; University of Manchester; Alliance Manchester Business School; University of Piraeus; City St Georges, University of London; University of Warwick
  摘要：We propose a new predictor of U.S. real economic activity (REA)-namely, the representative investor's implied relative risk aversion (IRRA) extracted from S&P 500 option prices. IRRA is forward-looking and hence is expected to be related to future economic conditions. We document that U.S. IRRA predicts U.S. REA both in- and out-of-sample once we control for well-known REA predictors and take into account their persistence. An increase (decrease) in IRRA predicts a decrease (increase) in REA. ...