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作者：Ertimur, Yonca; Ferri, Fabrizio; Oesch, David
作者单位：University of Colorado System; University of Colorado Boulder; Columbia University; University of Zurich
摘要：We examine the determinants and consequences of voting outcomes in uncontested director elections. Exploiting a unique hand-collected data set of the rationale behind proxy advisors' recommendations-the primary driver of voting outcomes-we document the director and board characteristics on which voting shareholders focus (as well as those that they neglect), their evolution over time, and their relative importance. Absent a negative recommendation, high votes withheld are infrequent, highlight...
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作者：Tham, Wing Wah; Sojli, Elvira; Skjeltorp, Johannes A.
作者单位：University of New South Wales Sydney
摘要：We study the empirical relevance of the participation externality between liquidity suppliers (makers) and demanders (takers), i.e., whether liquidity demand attracts or reduces liquidity supply, and vice versa. We use exogenous shocks to exchange fees and technology as experiments to identify cross-sided complementarities between liquidity suppliers and demanders in the U.S. equity market. We find that the externality is large and positive, on average. However, the externality is negative in ...
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作者：Banal-Estanol, Albert; Macho-Stadler, Ines; Perez-Castrillo, David
作者单位：Pompeu Fabra University; City St Georges, University of London; Autonomous University of Barcelona
摘要：We use a two-sided matching framework to analyze collaboration between heterogeneous academics and firms. We consider both horizontal and vertical characteristics-those related to affinity (e.g., preferences for a type of scientific research) and those related to ability (e.g., capacity to produce high-quality scientific output). We build a unique data set based on the teams of academics and firms that proposed research projects to the UK's Engineering and Physical Sciences Research Council. O...
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作者：Joslin, Scott
作者单位：University of Southern California
摘要：In fixed income markets, volatility is unspanned if volatility risk cannot be hedged with bonds. We first show that all affine term structure models with state space R-+(M) x RN-M can be drift normalized and show when the standard variance normalization can be obtained. Using this normalization, we find conditions for a wide class of affine term structure models to exhibit unspanned stochastic volatility (USV). We show that the USV conditions restrict both the mean reversions of risk factors a...
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作者：Lee, Hau L.; Tang, Christopher S.
作者单位：Stanford University; University of California System; University of California Los Angeles
摘要：By examining the state of operations management (OM) research from 1980 to 2015 and by considering three new industry trends, we propose new OM research directions in socially and environmentally responsible value chains that fundamentally expand existing OM research in three dimensions: (a) contexts (emerging and developing economies); (b) objectives (economic, environmental, and social responsibility); and (c) stakeholders (producers, consumers, shareholders, for-profit/nonprofit/social ente...
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作者：[Anonymous]
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作者：Kalay, Alon; Nallareddy, Suresh; Sadka, Gil
作者单位：Columbia University; Duke University; University of Texas System; University of Texas Dallas
摘要：This study predicts and finds that the interaction of firm-level and aggregate-level shocks explains a significant portion of shocks to macroeconomic activity. Specifically, we hypothesize that the relation between uncertainty and economic growth is most pronounced when both firm-level and aggregate-level uncertainty are high simultaneously. Similarly, we hypothesize that aggregate performance affects unemployment most when both firm-level dispersion is high and aggregate performance is low, b...
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作者：Li, Di; Li, X. N.
作者单位：University System of Georgia; Georgia State University
摘要：We propose and test an alternative explanation for the existence of the positive governance-return relation in the 1990s and its disappearance in the 2000s: The governance-return relation is positive under good states of the economy and negative under bad states. Corporate governance mitigates investment distortions so that firms with strong governance have more valuable investment options during booms and more valuable divestiture options during busts than the ones with weak governance. Becau...
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作者：Anderson, Joshua D.; Core, John E.
作者单位：Boston University; Massachusetts Institute of Technology (MIT)
摘要：We measure a manager's risk-taking incentives as the total sensitivity of the manager's debt, stock, and option holdings to firm volatility. We compare this measure with the option vega and with the relative measures used by the prior literature. Vega does not capture risk-taking incentives from managers' stock and debt holdings and does not reflect the fact that employee options are warrants. The relative measures do not incorporate the sensitivity of options to volatility. Our new measure ex...
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作者：Lin, Hai; Wu, Chunchi; Zhou, Guofu
作者单位：Victoria University Wellington; State University of New York (SUNY) System; University at Buffalo, SUNY; Washington University (WUSTL)
摘要：Using a comprehensive return data set and an array of 27 macroeconomic, stock, and bond predictors, we find that corporate bond returns are highly predictable based on an iterated combination model. The large set of predictors outperforms traditional predictors substantially, and predictability generated by the iterated combination is both statistically and economically significant. Stock market and macroeconomic variables play an important role in forming expected bond returns. Return forecas...
