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作者：Wei, Kelsey D.; Wermers, Russ; Yao, Tong
作者单位：University of Texas System; University of Texas Dallas; University System of Maryland; University of Maryland College Park; University of Iowa
摘要：Motivated by extant theories of herding behavior, this paper empirically identifies contrarian mutual funds as those trading most frequently against the crowd. We find that contrarian funds generate superior performance both when they trade against and with the herd, indicating that they possess superior private information. Furthermore, contrarians do not trade in a particularly correlated fashion with each other, consistent with these funds having disparate information. Our fund-level contra...
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作者：Goldman, Eitan Moshe; Huang, Peggy Peiju
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Tulane University
摘要：Using hand-collected data, we document the details of the ex ante severance contracts and the ex post separation pay given to S&P 500 chief executive officers (CEOs) upon departing from their companies. We analyze what determines whether or not a CEO receives separation pay in excess of the amount specified in the severance contract. We find that discretionary separation pay is given to about 40% of departing CEOs and is, on average, $8 million, which amounts to close to 242% of a CEO's annual...
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作者：Feng, Qi; Lai, Guoming; Lu, Lauren Xiaoyuan
作者单位：Purdue University System; Purdue University; University of Texas System; University of Texas Austin; University of North Carolina; University of North Carolina Chapel Hill
摘要：We analyze a dynamic bargaining game in which a seller and a buyer negotiate over quantity and payment to trade for a product. Both firms are impatient, and they make alternating offers until an agreement is reached. The buyer is privately informed about his type, which can be high or low: the high type's demand is stochastically larger than the low type's. In the dynamic negotiation process, the seller can screen, whereas the buyer can signal information through their offers, and the buyer ha...
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作者：Wang, Yudong; Wu, Chongfeng; Yang, Li
作者单位：Shanghai Jiao Tong University; University of New South Wales Sydney
摘要：This paper investigates out-of-sample performance of the naive hedging strategy relative to that of the minimum variance hedging strategy, in which the covariance parameters are estimated from 18 econometric models. Hedging performance is compared across 24 futures markets. Our main findings suggest that it is difficult to find a strategy under the minimum variance framework that outperforms the naive hedging strategy both consistently and significantly. Our findings are robust to different sa...
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作者：Mihm, Juergen; Sting, Fabian J.; Wang, Tan
作者单位：INSEAD Business School; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Which, if any, of a firm's inventions should it patent? Should it patent at all? Many companies engaged in an innovation race seek a patenting strategy that balances protection of their intellectual property against the knowledge spillovers resulting from disclosure requirements. Not much is known about factors that determine the patenting strategy best able to resolve this trade-off. Although scholars in various management, economics, and engineering disciplines have researched patents and pa...
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作者：Sutter, Matthias; Glaetzle-Ruetzler, Daniela
作者单位：University of Cologne; University of Innsbruck
摘要：Gender differences in the willingness to compete have been identified as one important factor in explaining gender differences in labor markets and within organizations. We present three experiments with a total of 1,570 subjects, ages three to 18 years, to investigate the origins of this gender gap. In a between-subjects design we find that boys are more likely to compete than girls as early as kindergarten and that this gap prevails throughout adolescence. Re-examining the behavior of 316 su...
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作者：Long, Xiaoyang; Nasiry, Javad
作者单位：Hong Kong University of Science & Technology
摘要：Current understanding in operations management is that prospect theory, as a theory of decision making under uncertainty, cannot systematically explain the ordering behavior observed in experiments on the newsvendor problem. We suggest this is because the newsvendor's reference point is assumed to be the status quo, i.e., zero payoff. We propose an alternative based on newsvendor's salient payoffs and show that prospect theory can, in fact, account for experimental results.
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作者：Brandts, Jordi; Cooper, David J.; Weber, Roberto A.
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); State University System of Florida; Florida State University; University of East Anglia; University of Zurich
摘要：We study the effectiveness of leaders for inducing coordinated organizational change to a more efficient equilibrium, i.e., a turnaround. We compare communication from leaders to incentive increases and also compare the effectiveness of randomly selected and elected leaders. Although all interventions yield shifts to more efficient equilibria, communication from leaders has a greater effect than incentives. Moreover, leaders who are elected by followers are significantly better at improving th...
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作者：Flammer, Caroline
作者单位：Western University (University of Western Ontario)
摘要：This study examines the effect of shareholder proposals related to corporate social responsibility (CSR) on financial performance. Specifically, I focus on CSR proposals that pass or fail by a small margin of votes. The passage of such close call proposals is akin to a random assignment of CSR to companies and hence provides a quasi-experiment to study the effect of CSR on performance. I find that the adoption of close call CSR proposals leads to positive announcement returns and superior acco...
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作者：Dorn, Anne Jones; Dorn, Daniel; Sengmueller, Paul
作者单位：Drexel University; Tilburg University
摘要：This paper offers evidence from three different samples consistent with investors substituting between playing the lottery and gambling in financial markets. In the United States, increases in the jackpots of the multistate lotteries Powerball and Mega Millions are associated with significant reductions in small trade participation in the stock market. California-based discount brokerage clients and German discount brokerage clients are significantly less likely to trade during weeks with larg...
