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作者：Caskey, Judson; Laux, Volker
作者单位：University of California System; University of California Los Angeles; University of Texas System; University of Texas Austin
摘要：We develop a model to analyze how board governance affects firms' financial reporting choices and managers' incentives to manipulate accounting reports. In our setting, ceteris paribus, conservative accounting is desirable because it allows the board of directors to better oversee the firm's investment decisions. This feature of conservatism, however, causes the manager to manipulate the accounting system to mislead the board and distort its decisions. Effective reporting oversight curtails ma...
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作者：Bartram, Sohnke M.
作者单位：University of Warwick
摘要：This paper shows that the real investment by nonfinancial firms is systematically related to the size of their defined-benefit plan. In particular, these plans allow research and development (R&D)-intensive firms to retain and borrowfrom their employees, which is attractive since they have high adjustment costs, require a stable cash flow, have less collateral, have assets that are harder to value, and have high asymmetric information and agency costs. By contrast, capital expenditures benefit...
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作者：Paravisini, Daniel; Rappoport, Veronica; Ravina, Enrichetta
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Columbia University
摘要：We estimate risk aversion from investors' financial decisions in a person-to-person lending platform. We develop a method that obtains a risk-aversion parameter from each portfolio choice. Since the same individuals invest repeatedly, we construct a panel data set that we use to disentangle heterogeneity in attitudes toward risk across investors, from the elasticity of risk aversion to changes in wealth. We find that wealthier investors are more risk averse in the cross section and that invest...
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作者：Cho, Soo-Haeng; Wang, Xin
作者单位：Carnegie Mellon University
摘要：This paper studies a merger between price-setting newsvendors in an oligopolistic market. It is well known that inventory pooling can greatly reduce inventory costs in a centralized distribution system because it helps reduce aggregate demand uncertainty. Although such statistical economies of scale are important benefits of a retail merger, the extant literature models cost savings from a merger only through reduction in a postmerger firm's marginal cost. In this paper, we develop a model of ...
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作者：Wan, Zhixi; Wu, Brian
作者单位：University of Oregon; University of Michigan System; University of Michigan
摘要：Although offshore outsourcing has become an important strategy to lower production costs among Western firms, it gives rise to the phenomenon of value chain climbing-suppliers in emerging markets can develop capabilities by supplying, with aspirations to compete with the buyers in the product market. We build an analytical model to study the impact of value chain climbing on value distribution in vertical relationships. The analysis identifies a set of dominant relationships, characterizes how...
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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...
