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作者：Zhao, Xiaofei
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper identifies an important source of variation in U.S. firms' material information flows: their Form 8-K filing frequency. Exploiting cross-sectional variation in this novel proxy for information intensity, this paper finds that firms with higher information intensity experience lower future returns and lower future volatilities. The marginal return impact is higher at low levels of information intensity and high levels of prior volatility. On average, an information-intensity-based lo...
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作者：Denrell, Jerker; Le Mens, Gael
作者单位：University of Warwick; Pompeu Fabra University; Pompeu Fabra University
摘要：We demonstrate that a sampling-based mechanism can offer an alternative explanation for belief synchronization in social groups and the persistence of collective illusions. Our model assumes that people are more likely to sample popular alternatives than unpopular alternatives. We show that this mechanism is sufficient to explain belief synchronization: a strong majority of opinions will likely emerge in favor of one alternative. The reason is that the group is unlikely to move away from a sta...
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作者：McNally, William J.; Shkilko, Andriy; Smith, Brian F.
作者单位：Wilfrid Laurier University
摘要：We examine trading activity around insider transactions on the Toronto Stock Exchange and find evidence that some traders mimic insider positions. Our unique data set allows us to establish a direct connection between insiders, their brokerages, and the brokerages' other clients. The findings are consistent with the possibility that some brokerages tip their clients about insider trades. Insiders in our sample have good timing; returns are usually positive (negative) after insider purchases (s...
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作者：Tian, Lin; Jiang, Baojun
作者单位：Shanghai University of Finance & Economics; Washington University (WUSTL)
摘要：Anand and Goyal [Anand KS, Goyal M (2009) Strategic information management under leakage in a supply chain. Management Sci. 55(3):438-452] propose a horizontal differentiation model to study information leakage and demand signaling in a supply chain. The authors present a composite equilibrium consisting of separating and pooling outcomes in different parameter regions and claim that it satisfies the intuitive criterion. We show that their analysis for the pooling equilibrium has errors and al...
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作者：Crapis, Davide; Ifrach, Bar; Maglaras, Costis; Scarsini, Marco
作者单位：Airbnb; Columbia University; Luiss Guido Carli University
摘要：Amonopolist offers a product to a market of consumers with heterogeneous quality preferences. Although initially uninformed about the product quality, they learn by observing past purchase decisions and reviews of other consumers. Our goal is to analyze the social learning mechanism and its effect on the seller's pricing decision. Consumers follow an intuitive, non-Bayesian decision rule. Under conditions that we identify, we show that consumers eventually learn the product's quality. We show ...
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作者：DeFond, Mark; Erkens, David H.; Zhang, Jieying
作者单位：University of Southern California; University of Southern California; University of Texas System; University of Texas Dallas
摘要：This discussion presents the comments by the authors of Lawrence et al. [Lawrence A, Minutti-Meza M, Zhang P (2011) Can Big 4 versus non-Big 4 differences in audit-quality proxies be attributed to client characteristics? Accounting Rev. 86(1): 259-286] to the critique of their study in DeFond et al. [DeFond M, Erkens DH, Zhang J (2017) Do client characteristics really drive the Big N audit quality effect? New evidence from propensity score matching. Management Sci. 63(11):3628-3649] and respon...
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作者：Greenwood, Brad N.; Agarwal, Ritu; Agarwal, Rajshree; Gopal, Anandasivam
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University System of Maryland; University of Maryland College Park
摘要：Although the adoption of new technology has received significant attention in management research, investigations of abandonment have lagged. In this study, we examine differences in the rates of abandonment of medical technologies based on whether abandonment occurs in response to the emergence of a superior technology or in light of new information questioning its efficacy. We link differences in responses to underlying differences in the missions and incentives of organizations. Examining c...
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作者：McKenzie, David; Woodruff, Christopher
作者单位：The World Bank; University of Warwick
摘要：Management has a large effect on the productivity of medium and large firms. But does management matter in micro and small firms, where the majority of the labor force in developing countriesworks? We develop 26 questions that measure business practices in marketing, stock-keeping, record-keeping, and financial planning. These questions have been administered in surveys in Bangladesh, Chile, Ghana, Kenya, Mexico, Nigeria, and Sri Lanka. We show that variation in business practices explains as ...
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作者：Li, C. Wei; Tiwari, Ashish; Tong, Lin
作者单位：University of Iowa; Fordham University
摘要：We provide novel evidence on the role of ambiguity aversion in determining the response of mutual fund investors to fund performance. Our analysis is motivated by theoretical models of decision making by ambiguity-averse investors. A key implication of the models is that when investors face information signals of uncertain quality, they place a greater weight on the worst signal. We find strong empirical support for this prediction in the form of heightened sensitivity of investor fund flows t...
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作者：Zantedeschi, Daniel; Feit, Eleanor McDonnell; Bradlow, Eric T.
作者单位：University System of Ohio; Ohio State University; Drexel University; University of Pennsylvania
摘要：Advances in data collection have made it increasingly easy to collect information on advertising exposures. However, translating this seemingly rich data into measures of advertising response has proven difficult, largely because of concerns that advertisers target customers with a higher propensity to buy or increase advertising during periods of peak demand. We show how this problem can be addressed by studying a setting where a firm randomly held out customers from each campaign, creating a...
