2017

最新文章

• Judgment Extremity and Accuracy Under Epistemic vs. Aleatory Uncertainty AI翻译
  作者：Tannenbaum, David; Fox, Craig R.; Ulkumen, Gulden
  作者单位：Utah System of Higher Education; University of Utah; University of California System; University of California Los Angeles; University of Southern California
  摘要：People viewuncertain events as knowable in principle (epistemic uncertainty), as fundamentally random (aleatory uncertainty), or as some mixture of the two. We showthat people make more extreme probability judgments (i. e., closer to 0 or 1) for events they view as entailing more epistemic uncertainty and less aleatory uncertainty. We demonstrate this pattern in a domain where there is agreement concerning the balance of evidence (pairings of teams according to their seed in a basketball tourn...
• Evidence on the Presence of Representativeness Bias in Investor Interpretation of Consistency in Sales Growth AI翻译
  作者：Ahmed, Anwer S.; Safdar, Irfan
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of North Carolina; University of North Carolina Greensboro
  摘要：We document that consistent patterns of high or low sales growth that are incongruent with underlying fundamentals are followed by significant stock price reversals. In contrast, no stock return reversals are found for firms that achieve the same level of sales growth in an inconsistent manner. Furthermore, future earnings announcement returns mimic the pattern of abnormal stock returns documented for the Consistent- and Inconsistent-Growth portfolios, respectively, corroborating our main find...
• Learning to Manage and Managing to Learn: The Effects of Student Leadership Service AI翻译
  作者：Anderson, Michael L.; Lu, Fangwen
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Renmin University of China
  摘要：Employers and colleges value individuals with leadership service, but there is limited evidence on whether leadership service itself creates skills. Identification in this context has proved difficult because settings in which leadership service accrues to individuals for ostensibly random reasons are rare. In this study we estimate the effects of random assignment to classroom leadership positions in a Chinese secondary school. We find that leadership service increases test scores, increases ...
• Costly Control: An Examination of the Trade-off Between Control Investments and Residual Risk in Interfirm Transactions AI翻译
  作者：Anderson, Shannon W.; Dekker, Henri C.; Van den Abbeele, Alexandra
  作者单位：University of California System; University of California Davis; Vrije Universiteit Amsterdam; KU Leuven
  摘要：Transaction cost economics predicts that investments in management control will enable risky interfirm transactions. Risk is rarely eliminated, because firms trade off costs of management control and expected costs of control loss (together, the cost of control). The resultant solution typically comprises a mix of control investments with residual performance and residual relational risks. Transaction cost economics also predicts that the control-residual risk trade-off will vary with the cost...
• Internationalization and Bank Risk AI翻译
  作者：Berger, Allen N.; El Ghoul, Sadok; Guedhami, Omrane; Roman, Raluca A.
  作者单位：University of South Carolina System; University of South Carolina Columbia; University of Pennsylvania; University of Alberta; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
  摘要：This paper documents a positive relation between internationalization and bank risk. This is consistent with the empirical dominance of the market risk hypothesis, whereby internationalization increases banks' risk due to market-specific factors in foreign markets, over the diversification hypothesis, whereby internationalization allows banks to reduce risk through diversification of their operations. The results continue to hold following a variety of robustness tests, including those for end...
• Consistency as a Signal of Skills AI翻译
  作者：Falk, Armin; Zimmermann, Florian
  作者单位：University of Bonn; University of Zurich
  摘要：This paper studies the role of consistency as a signaling device. We propose a two-period model that highlights the informativeness of consistency as a signal of skills and allows for the analysis of consequences for behavior. In a simple principal-agent experiment, we test the basic intuition of the model. We show that consistency is indeed associated with skills. Consequently, consistency is valued by others, inducing people to act consistently.
• The International Diversification of Banks and the Value of Their Cross-Border M&A Advice AI翻译
  作者：Rajamani, Anjana; van der Poel, Marieke; de Jong, Abe; Ongena, Steven
  作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Groningen; University of Zurich; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK
  摘要：We examine the impact of the international diversification of banks on the value of their advice in 1,705 cross-border merger and acquisition (M&A) transactions. We find that bidders engaging internationally diversified advisors face lower announcement returns. An increase of one standard deviation in advisor diversification is associated with an announcement return lower by 92 basis points for a bidder acquiring a listed target. The lower bidder returns are attributable to the lower synergies...
• Managerial Ability and Credit Risk Assessment AI翻译
  作者：Bonsall, Samuel B.; Holzman, Eric R.; Miller, Brian P.
  作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Indiana University System; Indiana University Bloomington
  摘要：Research on the credit rating process has primarily focused on how rating agencies incorporate firm characteristics into their rating opinions. We contribute to this literature by examining the impact of managerial ability on the credit rating process. Given debt market participants' interest in assessing default risk, we begin by documenting that higher managerial ability is associated with lower variability in future earnings and stock returns. We then show that higher managerial ability is ...
• Do People Anticipate Loss Aversion? AI翻译
  作者：Imas, Alex; Sadoff, Sally; Samek, Anya
  作者单位：Carnegie Mellon University; University of California System; University of California San Diego; University of Southern California
  摘要：There is growing interest in the use of loss contracts that offer performance incentives as up-front payments that employees can lose. Standard behavioral models predict a trade-off in the use of loss contracts: employees will work harder under loss contracts than under gain contracts, but, anticipating loss aversion, they will prefer gain contracts to loss contracts. In a series of experiments, we test these predictions by measuring performance and preferences for payoff-equivalent gain and l...
• Frenemies: How Do Financial Firms Vote on Their Own Kind? AI翻译
  作者：Keswani, Aneel; Stolin, David; Tran, Anh L.
  作者单位：City St Georges, University of London; Universite Federale Toulouse Midi-Pyrenees (ComUE); Universite de Toulouse; TBS Education
  摘要：The financial sector is unique in being largely self-governed: the majority of financial firms' shares are held by other financial institutions. This raises the possibility that the monitoring of financial firms is especially undermined by conflicts of interest as a result of personal and professional links between these firms and their shareholders. To investigate this possibility, we scrutinize the aspect of the financial sector's self-governance that is directly observable: mutual fund comp...