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作者：Minson, Julia A.; Mueller, Jennifer S.; Larrick, Richard P.
作者单位：Harvard University; University of San Diego; Duke University
摘要：We evaluate the effect of discussion on the accuracy of collaborative judgments. In contrast to prior research, we show that discussion can either aid or impede accuracy relative to the averaging of collaborators' independent judgments, as a systematic function of task type and interaction process. For estimation tasks with a wide range of potential estimates, discussion aided accuracy by helping participants prevent and eliminate egregious errors. For estimation tasks with a naturally bounded...
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作者：Catalini, Christian
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I provide novel empirical evidence grounded in an original theoretical framework to explain why colocation matters for the rate, direction, and quality of scientific collaboration. To address endogeneity concerns due to selection into colocation and matching, I exploit the constraints imposed on the spatial allocation of labs on the Jussieu campus of Paris by the removal of asbestos from its buildings. Consistent with search costs constituting a major friction to collaboration, colocation incr...
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作者：Lundholm, Russell; Rahman, Nafis; Rogo, Rafael
作者单位：University of British Columbia; University of Hong Kong; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We study how misaligned language between the investor and the firm contributes to the underweighting of foreign securities in an international portfolio. In particular, we document a significant U.S. institutional investor bias against firms located in Quebec relative to firms located in the rest of Canada (ROC). The differential bias is surprising given that (i) Quebec and the other Canadian provinces share the same nationality, federal law, stock exchange, and accounting standards; (ii) thei...
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作者：Deguest, Romain; Martellini, Lionel; Milhau, Vincent
作者单位：Universite Catholique de Lille; EDHEC Business School
摘要：In a continuous-time portfolio selection model with N risky assets and K state variables driving their risk and return parameters, we derive simple expressions for the allocation to each asset in the K + 1 risky funds of the (K + 2)-fund separation theorem. We show that the allocation to any given risky asset in each fund can be written in terms of the parameters of a regression of the excess returns of this asset on those of the N - 1 remaining assets. We also use these parameters to provide ...
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作者：Esteves-Sorenson, Constanca
作者单位：Yale University
摘要：Tests of gift exchange, wherein agents receive excess wages which are noncontingent on performance in one-shot settings, have yielded contradictory evidence: they sometimes find effort boosts, consistent with gift exchange, whereas they sometimes find no effort increases, consistent with a standard model. We identify eight confounds that could have led to the mixed evidence-agent disutility from being viewed as selfish, small samples, insufficient wage raises, an effort ceiling, fatigue, selec...
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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...
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作者：Bali, Turan G.; Bodnaruk, Andriy; Scherbina, Anna; Tang, Yi
作者单位：Georgetown University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of California System; University of California Davis; Brandeis University; Fordham University
摘要：We document that stocks that experience sudden increases in idiosyncratic volatility underperform otherwise similar stocks in the future, and we propose that this phenomenon can be explained by the Miller conjecture [Miller E (1977) Risk, uncertainty, and divergence of opinion. J. Finance 32(4): 1151-1168]. We show that volatility shocks can be traced to unusual firm-level news flow, which temporarily increases the level of investor disagreement about the firm value. At the same time, volatili...
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作者：Li, Jun
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper proposes a unified risk-based explanation for momentum profits and the value premium in a neoclassical investment-based model. Winner firms have higher short-term productivity and hence more negative exposures to the price of investment goods than loser firms as a result of greater investment plans. Value firms have lower long-term productivity and higher operating leverage and hence higher sensitivities to neutral productivity shocks than growth firms. The model reproduces the coex...
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作者：Bolton, Gary; Greiner, Ben; Ockenfels, Axel
作者单位：University of Texas System; University of Texas Dallas; Vienna University of Economics & Business; University of Cologne
摘要：Many online markets encourage traders to make good after an unsatisfactory transaction by offering the opportunity to withdraw negative reputational feedback in a dispute resolution phase. Motivated by field evidence and guided by theoretical considerations, we use laboratory markets with two-sided moral hazard to show that this option, contrary to the intended purpose, produces an escalation of dispute. The mutual feedback withdrawal option creates an incentive to leave negative feedback, ind...
