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作者：Graham, John R.; Harvey, Campbell R.; Puri, Manju
作者单位：Duke University; National Bureau of Economic Research
摘要：We provide new evidence that the subjective look of competence rather than beauty is important for CEO selection and compensation. Our experiments, studying the facial traits of CEOs using nearly 2,000 subjects, link facial characteristics to both CEO compensation and performance. In one experiment, we use pairs of photographs and find that subjects rate CEO faces as appearing more competent than non-CEO faces. Another experiment matches CEOs from large firms against CEOs from smaller firms an...
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作者：Wang, Long; Murnighan, J. Keith
作者单位：City University of Hong Kong; Northwestern University
摘要：Although people generally try to avoid lying, the lure of potential monetary payoffs often leads to unethical behavior. The current research investigates whether small monetary rewards for honesty help people resist the temptations of larger incentives or whether they backfire and lead to even more dishonesty. Four experiments address these issues. Experiment 1 shows that a $1 bonus led people to act more honestly when they could have lied to obtain $4; an identical bonus, however, did not inc...
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作者：Stilger, Przemyslaw S.; Kostakis, Alexandros; Poon, Ser-Huang
作者单位：University of Manchester
摘要：This study documents a positive relationship between the option-implied riskneutral skewness (RNS) of individual stock returns' distribution and future realized stock returns during the period 1996-2012. A strategy that goes long the quintile portfolio with the highest RNS stocks and short the quintile portfolio with the lowest RNS stocks yields a Fama-French-Carhart alpha of 55 basis points per month (t-statistic of 2.47). The significant underperformance of the portfolio with the most negati...
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作者：Roels, Guillaume; Tang, Christopher S.
作者单位：University of California System; University of California Los Angeles
摘要：In some strategic alliances, a firm shares its manufacturing capacity with another, and the latter shares its distribution capacity with the former. Even though such bidirectional alliances have become more common, they remain challenging to manage because of the frequent disputes over capacity allocation, especially when demand is uncertain. In this paper, we investigate whether there exists a contractual mechanism that can mitigate the extent of these disputes while improving the profits of ...
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作者：Danilov, Anastasia; Sliwka, Dirk
作者单位：University of Cologne
摘要：We investigate whether incentive schemes signal social norms and thus affect behavior beyond their direct economic consequences. A one-shot principal-agent experiment is studied where prior to contract choice principals are informed about the past actions of other agents and thus have more information about norms of behavior. Compared with a setting in which principals are uninformed, agents exert substantially higher effort under a fixed wage contract when they are aware that an informed prin...
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作者：Bulte, Erwin; Lensink, Robert; Nhung Vu
作者单位：Wageningen University & Research; University of Groningen; Can Tho University
摘要：We use a randomized control trial to evaluate the impact of a business training for female clients of a microfinance institution in northern Vietnam, and we consider the impact on (i) business knowledge, (ii) practices, and (ii) outcomes, as well as (iv) firm entry and exit decisions. In addition, we vary the nature of the intervention by inviting husbands to participate in the trainings for a subsample of our respondents. To gauge both short-termand medium-termeffects, we combine data from tw...
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作者：Sahni, Navdeep S.; Zou, Dan; Chintagunta, Pradeep K.
作者单位：Stanford University; University of Chicago
摘要：The prevalence and widespread usage of email has given businesses a direct and cost-effective way of providing consumers with targeted discount offers. While these discounts are expected to increase the demand for the promoted products, are they effective in increasing revenues? Do they have effects beyond acting as price reductions? We study these questions using individual-level data from 70 randomized experiments run by a large online ticket resale platform. We estimate the redemption rates...
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作者：Iancu, Dan A.; Trichakis, Nikolaos; Tsoukalas, Gerry
作者单位：Stanford University; Harvard University; University of Pennsylvania
摘要：We study the inefficiencies stemming from a firm's operating flexibility under debt. We find that flexibility in replenishing or liquidating inventory, by providing risk-shifting incentives, could lead to borrowing costs that erase more than one-third of the firm's value. In this context, we examine the effectiveness of practical and widely used covenants in restoring firm value by limiting such risk-shifting behavior. We find that simple financial covenants can fully restore value for a firm ...
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作者：Danis, Andras
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：In this paper, I examine the effect of credit default swaps (CDSs) on the restructuring of distressed firms. Using a sample of U.S. distressed exchange offers during the period 2006-2011, I show that the participation rate among bondholders is significantly lower if the firm has CDSs traded on its debt. To address endogeneity concerns, I use the introduction of the Big Bang Protocol as a natural experiment. The results suggest that firms with CDSs find it difficult to reduce debt out of court....
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作者：Evers, Ellen R. K.; Inbar, Yoel; Blanken, Irene; Oosterwijk, Linda D.
作者单位：University of California System; University of California Berkeley; University of Toronto; Tilburg University
摘要：For a policy to succeed, it must not only be effective in changing behavior but must also be accepted by stakeholders. Here, we report seven sets of studies demonstrating strong framing effects on the acceptance of equivalent policies. Policies targeting desirable voluntary behavior are preferred when they are framed as advantaging those who act desirably (rather than disadvantaging those who do not). Conversely, policies targeting obligations are preferred when they are framed as disadvantagi...
