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作者：Adebambo, Biljana N.; Yan, Xuemin (Sterling)
作者单位：University of San Diego; University of Missouri System; University of Missouri Columbia
摘要：Behavioral theory predicts that investor overconfidence leads to overpricing because overconfident investors overestimate the quality of their information and underestimate risk. We test this prediction by using a measure of investor overconfidence derived from the characteristics and holdings of U.S. equity mutual fund managers. We find that firms with more overconfident investors are relatively overvalued based on the market-to-book ratio and a misvaluation measure. The result is stronger am...
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作者：Gubler, Timothy; Larkin, Ian; Pierce, Lamar
作者单位：University of California System; University of California Riverside; University of California System; University of California Los Angeles; Washington University (WUSTL)
摘要：This paper investigates the impact of a corporate wellness program on worker productivity using a panel of objective health and productivity data from 111 workers in five laundry plants. Although almost 90% of companies use wellness programs, existing research has focused on cost savings from insurance and absenteeism. We find productivity improvements based both on program participation and postprogram health changes. Sick and healthy individuals who improved their health increased productivi...
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作者：Teodoridis, Florenta
作者单位：University of Southern California
摘要：Teamwork is an increasingly important aspect of knowledge production. In particular, factors influencing team formation relative to the composition of expertise are crucial for both organizational performance and for informing policy. In this paper, I draw attention to technology access as a highly influential factor impacting expertise in team formation. I examine the hack of Microsoft Kinect as an exogenous event that suddenly reduced motion-sensing technology costs. I show that great reduct...
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作者：Hernandez, Exequiel; Menon, Anoop
作者单位：University of Pennsylvania
摘要：We explore a novel mechanism of network change that occurs when a firm acquires another one and inherits its network ties. Such node collapse can radically restructure the network in one transaction, constituting a revolutionary change compared with the incremental effect of tie additions and deletions, which have been the focus of prior research. We explore several properties of node collapses: their efficacy in helping firms achieve superior network positions, the externalities they impose o...
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作者：Li, Hui; Shen, Qiaowei; Bart, Yakov
作者单位：Carnegie Mellon University; Peking University; Northeastern University
摘要：We investigate the factors that affect the growth of Groupon, the leading online daily deals platform. We concentrate on the online-to-offline (O2O) aspect of the business that differentiates it from other e-commerce platforms-its strong connection to local markets. We focus on travel cost and store density, the key local characteristics that affect consumer deal demand and merchant deal offering. Using a comprehensive longitudinal data set on deal offerings and sales across local markets, and...
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作者：Rahmandad, Hazhir; Henderson, Rebecca; Repenning, Nelson P.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Recent work suggests that an excessive focus on managing the numbers-delivering quarterly earnings at the expense of longer-term performance-makes it difficult for firms to make the investments necessary to build competitive advantage. Short termism has been blamed for everything from the decline of the U.S. automobile industry to the low penetration of techniques such as total quality management and continuous improvement. Yet a significant body of research suggests that firms that sacrifice ...
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作者：Cheon, Yong-Ho; Lee, Kuan-Hui
作者单位：Incheon National University; Seoul National University (SNU)
摘要：We examine the role of cultural difference in the pricing of positive extreme returns (MAX) for 47,000 stocks from 42 countries from 1990 to 2012. We find that investors overpay for stocks with high MAX and that MAX-premium, the spread from long-short strategy based on low- and high-MAX stocks, is both statistically and economically significant worldwide. The negative relation between idiosyncratic volatility and expected returns, or idiosyncratic volatility puzzle, exists only for stocks with...
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作者：Leung, Ming D.
作者单位：University of California System; University of California Berkeley
摘要：We know a job applicant's social category affects an employer's likelihood of hiring the applicant, but we do not know whether, or how, employers update their beliefs regarding these social categories. I portray hiring as a cognitive decision and examine how prior negative and positive hiring experiences of employees from particular countries affect an employer's subsequent likelihood of hiring applicants from those countries. I hypothesize that employer reactions will reflect loss aversion-th...
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作者：Clingingsmith, David; Shane, Scott
作者单位：University System of Ohio; Case Western Reserve University
摘要：Accredited investors finance more than 75,000 U.S. startups annually. We explain how training aspiring entrepreneurs to pitch their new business ideas to these investors affects their odds of continued funding discussions. We model accredited investors' decision to continue investigation as a real option whose value is a function of their experience and the information contained in the entrepreneurs' pitches. We derive four hypotheses from the model, which we test through a field experiment th...
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作者：Illeditsch, Philipp Karl
作者单位：University of Pennsylvania
摘要：I decompose inflation risk into (i) a component that is correlated with factors that determine investors' preferences and investment opportunities and real returns on real assets with risky cash flows (stocks, corporate bonds, real estate, commodities, etc.), and (ii) a residual inflation risk component. In equilibrium, only the first component earns a risk premium. Therefore, investors should avoid exposure to the residual component. All nominal bonds, including money-market accounts, have co...
