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作者：Armstrong, Christopher; Foster, George; Taylor, Daniel
作者单位：University of Pennsylvania; Stanford University
摘要：Newly public companies tend to exhibit abnormally high accruals in the year of their initial public offering (IPO). Although the prevailing view in the literature is that these accruals are caused by opportunistic misreporting, we show that these accruals do not appear to benefit managers and instead result from the normal economic activity of newly public companies. In particular, and in contrast to the notion that managers benefit from inflating accruals through an inflated issue price, infl...
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作者：Huang, Xiao; Boyaci, Tamer; Gumus, Mehmet; Ray, Saibal; Zhang, Dan
作者单位：Concordia University - Canada; European School of Management & Technology; McGill University; University of Colorado System; University of Colorado Boulder
摘要：We study the alliance formation strategy among suppliers in a framework with one downstream firm and n upstream suppliers. Each supplier faces an exogenous random shock that may result in an order default. Each of them also has access to a recourse fund that can mitigate this risk. The suppliers can share the fund resources within an alliance, but they need to equitably allocate the profits of the alliance among the partners. In this context, suppliers need to decide whether to join larger all...
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作者：Sialm, Clemens; Tham, T. Mandy
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; Nanyang Technological University
摘要：Our paper investigates spillover effects across different business segments of publicly traded financial conglomerates. We find that the investment decisions of mutual fund shareholders do not depend only on the prior performance of the mutual funds; they also depend on the prior performance of the funds' management companies. Flows into equity and bond mutual funds increase with the prior stock price performance of the funds' management companies after controlling for fund performance and oth...
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作者：Dimmock, Stephen G.; Kouwenberg, Roy; Wakker, Peter P.
作者单位：Nanyang Technological University; Mahidol University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Using a theorem showing that matching probabilities of ambiguous events can capture ambiguity attitudes, we introduce a tractable method for measuring ambiguity attitudes and apply it in a large representative sample. In addition to ambiguity aversion, we confirm an ambiguity component recently found in laboratory studies: a-insensitivity, the tendency to treat subjective likelihoods as 50-50, thus overweighting extreme events. Our ambiguity measurements are associated with real economic decis...
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作者：Ramasubbu, Narayan; Kemerer, Chris F.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Enterprise software systems are required to be highly reliable because they are central to the business operations of most firms. However, configuring and maintaining these systems can be highly complex, making it challenging to achieve high reliability. Resource-constrained software teams facing business pressures can be tempted to take design shortcuts in order to deliver business functionality more quickly. These design shortcuts and other maintenance activities contribute to the accumulati...
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作者：Nocetti, Diego C.
作者单位：Clarkson University
摘要：The standard method for establishing the comparative statics of risk changes in optimization problems has been confined to comparing unique interior solutions, relying on strong assumptions about payoff functions and decision variables. We propose a simple and intuitive approach that hinges on considerably weaker assumptions. Merging insights from the monotone comparative statics literature with insights from the risk apportionment literature, we show that the ranking of simple lottery pairs i...
