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作者：Imrohoroglu, Ayse; Tuezel, Selale
作者单位：University of Southern California
摘要：This paper provides new evidence about the link between firm-level total factor productivity (TFP) and stock returns. We estimate firm-level TFP and show that it is strongly related to several firm characteristics such as size, the book-to-market ratio, investment, and hiring rate. Low productivity firms earn a significant premium over high productivity firms in the following year, and this premium is countercyclical. We show that a production-based asset pricing model calibrated to match the ...
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作者：Lemmon, Michael; Ni, Sophie Xiaoyan
作者单位：Utah System of Higher Education; University of Utah; Hong Kong University of Science & Technology
摘要：We find that the demand for stock options that increases exposure to the underlying is positively related to the individual investor sentiments and past market returns, whereas the demand for index options is invariant to these factors. These differences in trading patterns are also reflected in the differences in the composition of traders with different types of options-options on stocks are actively traded by individual investors, whereas trades in index options are more often motivated by ...
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作者：Kesavan, Saravanan; Staats, Bradley R.; Gilland, Wendell
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Organizations can create volume flexibility-the ability to increase capacity up or down to meet demand for a single service-through the use of flexible labor resources (e.g., part-time and temporary workers, as compared to full-time workers). Although organizations are increasingly using these resources, the relationship between flexible labor resources and financial performance has not been examined empirically in the service setting. We use two years of archival data from 445 stores of a lar...
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作者：Liu, Laura Xiaolei; Sherman, Ann E.; Zhang, Yong
作者单位：Hong Kong University of Science & Technology; DePaul University; Hong Kong Polytechnic University
摘要：The unique characteristics of the U.S. initial public offering (IPO) process, particularly the strict quiet period regulations, allow us to explore the effects of media coverage when the coverage does not contain genuine news (i.e., hard information that was previously unknown). We show that a simple, objective measure of pre-IPO media coverage is positively related to the stock's long-term value, liquidity, analyst coverage, and institutional investor ownership. Our results are robust to addi...
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作者：Li, Lingfang (Ivy); Xiao, Erte
作者单位：Fudan University; Carnegie Mellon University
摘要：Reputation systems that rely on voluntary feedback from traders are important in creating and sustaining trust in markets. Feedback nevertheless is a public good, and providing it is often costly. We combine theory with a laboratory experiment to study the effect of a seller precommitment mechanism: Sellers have an option to commit by providing a rebate to reduce the buyer's feedback reporting cost before making purchasing decisions. Our theory predicts that this mechanism induces noncooperati...
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作者：Chan, Tat Y.; Li, Jia; Pierce, Lamar
作者单位：Washington University (WUSTL); Purdue University System; Purdue University
摘要：This paper examines how compensation systems impact peer effects and competition in collocated sales teams. We use department store sales data to show that compensation systems influence worker incentives to help and compete with peers within the same firm, which in turn changes the capability of the firm to compete with rivals. Compensation also affects how salespeople impact peers at collocated competing firms, thereby impacting market competition. Moreover, compensation influences how sales...
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作者：Fernandes, Daniel; Lynch, John G., Jr.; Netemeyer, Richard G.
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Universidade Catolica Portuguesa; University of Colorado System; University of Colorado Boulder; University of Virginia
摘要：Policy makers have embraced financial education as a necessary antidote to the increasing complexity of consumers' financial decisions over the last generation. We conduct a meta-analysis of the relationship of financial literacy and of financial education to financial behaviors in 168 papers covering 201 prior studies. We find that interventions to improve financial literacy explain only 0.1% of the variance in financial behaviors studied, with weaker effects in low-income samples. Like other...
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作者：Cachon, Gerard P.
作者单位：University of Pennsylvania
摘要：The density, size, and location of stores in a retailer's network influences both the retailer's and the consumers' costs. With stores few and far between, consumers must travel a long distance to shop, whereas shopping trips are shorter with a dense network of stores. The layout of the retail supply chain is of interest to retailers who have emission reduction targets and urban planners concerned with sprawl. Are small local shops preferred over large, big-box retailers? A model of the retail...
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作者：Huang, Jing-Zhi; Wang, Ying
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; State University of New York (SUNY) System; University at Albany, SUNY; State University of New York (SUNY) System; University at Albany, SUNY
摘要：This study examines the ability of government bond fund managers to time the bond market, based on their monthly or quarterly holdings of Treasury securities during the 1997-2006 period. We find that, on average, government bond funds exhibit significantly positive timing ability at the one-month horizon under an unconditional holdings-based timing measure. However, our results indicate that managers' actions based on public information can explain the documented positive timing ability-namely...
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作者：Ho, Teck-Hua; Yeung, Catherine
作者单位：University of California System; University of California Berkeley; National University of Singapore; National University of Singapore
摘要：We examine a prevalent form of client-agent interaction through a feedback-giving game. In this game, a client undertakes a nontrivial task and is compensated based on her task performance, which is only made known to her when the client-agent interaction ends. Meanwhile, her performance is disclosed to an agent, who must then give the client feedback on her performance. Upon receiving the feedback, the client reports her happiness level, which in turn determines the agent's payoff. In eight s...
