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作者：Dargnies, Marie-Pierre; Hakimov, Rustamdjan; Kuebler, Dorothea
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); University of Lausanne; Technical University of Berlin
摘要：We document experimentally how biased self-assessments affect the outcome of labor markets. In the experiments, we exogenously manipulate the self-confidence of participants in the role of workers regarding their relative performance by employing hard and easy real-effort tasks. Participants in the role of firms can make offers before information about the workers' performance has been revealed. Such early offers by firms are more often accepted by workers when the real-effort task is hard tha...
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作者：Bimpikis, Kostas; Candogan, Ozan; Ehsani, Shayan
作者单位：Stanford University; University of Chicago; Stanford University
摘要：This paper studies multitier supply chain networks in the presence of disruption risk. Firms decide how much to source from their upstream suppliers so as to maximize their expected profits, and prices of intermediate goods are set so that markets clear. We provide an explicit characterization of (expected) equilibrium profits, which allows us to derive insights into how the network structure-that is, the number of firms in each tier, production costs, and disruption risk-affect firms' profits...
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作者：Vuillemey, Guillaume
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：Empirically, bank equity value is decreasing in the interest rate. Yet (i) many banks do not hedge interest rate risk, and (ii) more than 50% of hedging banks use derivatives to increase exposure. I model a bank's capital structure and show that these facts are consistent with optimal hedging under financial frictions. Novel predictions on the characteristics of banks taking long or short interest rate derivative positions are tested and supported by the data. Therefore, banks' derivatives exp...
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作者：Morck, Randall; Yavuz, M. Deniz; Yeung, Bernard
作者单位：University of Alberta; National Bureau of Economic Research; Purdue University System; Purdue University; National University of Singapore
摘要：Within countries, individual state-run banks' lending correlates with prior money growth; similar private-sector banks' lending does not. Aggregate credit and investment growth correlate with prior money growth more where banking systems are more state-run. Size and liquidity differences between state-run and private-sector banks do not drive these results; further tests discount broad classes of alternative explanations. Tests exploiting heterogeneity in political pressure on state-run banks ...
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作者：Penman, Stephen H.; Yehuda, Nir
作者单位：Columbia University; University of Delaware
摘要：This paper modifies the standard returns-earnings regression in accounting research to show that financial reports convey both cash-flow news and discount-rate (expected-return) news. The paper points to the realization principle, associated as it is with the resolution of risk, as the accounting feature that conveys expected-return news. The modified returns-earnings regressions indicate that the information so conveyed pertains to priced risk. In corroboration, the paper also shows that the ...
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作者：Li, Xu; Lin, Chen; Zhan, Xintong
作者单位：University of Hong Kong; Chinese University of Hong Kong
摘要：Using brokerage mergers and closures as natural experiments, we examine how exogenous changes in the information environment affect a firm's financing choice. Our difference-in-differences approach shows that exogenous increases in information asymmetry lead firms to substitute away from equity and public debt toward bank debt. Firms with higher risk tend to substitute equity for bank debt, and firms with lower risk tend to substitute bonds for bank debt. The effect of the change in the inform...
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作者：Cohen, Lauren; Gurun, Umit G.; Kominers, Scott Duke
作者单位：Harvard University; National Bureau of Economic Research; University of Texas System; University of Texas Dallas; Harvard University; Harvard University
摘要：We provide the first large-sample evidence on the behavior and impact of nonpracticing entities (NPEs) in the intellectual property space. We find that, on average, NPEs appear to behave as opportunistic patent trolls. NPEs sue cash-rich firms and target cash in business segments unrelated to alleged infringement at essentially the same frequency as they target cash in segments related to alleged infringement. By contrast, cash is neither a key driver of intellectual property lawsuits by pract...
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作者：Calvo, Eduard; Cui, Ruomeng; Serpa, Juan Camilo
作者单位：University of Navarra; IESE Business School; Emory University; McGill University
摘要：In the United States, 42% of public infrastructure projects report delays or cost overruns. To mitigate this problem, regulators scrutinize project operations. We study the effect of oversight on delays and overruns with 262,857 projects spanning 71 federal agencies and 54,739 contractors. We identify our results using a federal bylaw: if the project's budget is above a cutoff, procurement officers actively oversee the contractor's operations; otherwise, most operational checks are waived. We ...
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作者：Cheng, Stephanie F.; De Franco, Gus; Jiang, Haibo; Lin, Pengkai
作者单位：Tulane University; University of Quebec; University of Quebec Montreal
摘要：This paper provides evidence on public firms' initial 8-K disclosures that mention Blockchain and investors' response to these disclosures. We categorize the description of Blockchain activities in firms' 8-Ks as Speculative (e.g., a vague future plan that involves Blockchain) or Existing (e.g., a description of Blockchain product). We document a sharp increase in the number of initial 8-K disclosures of Blockchain, particularly by Speculative firms, coinciding with the rise of Bitcoin prices ...
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作者：Guan, Yuyan; Li, Congcong; Lu, Hai; Wong, M. H. Franco
作者单位：City University of Hong Kong; Duquesne University; University of Toronto; Peking University
摘要：The Global Settlement, along with related regulations in the early 2000s, prohibits the use of investment banking revenue to fund equity research and compensate equity analysts. We find that all-star analysts from investment banks are more likely to exit the profession or move to the buy side after the regulations. The departed star analysts' earnings revisions and stack recommendations are more informative than those of the remaining analysts who followed the same companies. To the extent tha...
