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作者：Shenoy, Jaideep
作者单位：Tulane University
摘要：We investigate the efficiency, foreclosure, and collusion rationales for vertical integration in a large sample of vertically related takeovers. The efficiency rationale, as discussed under the transaction cost economics and property rights theories, posits that vertical integration mitigates contractual inefficiencies between suppliers and customers (termed as holdup) and provides incentives to undertake relationship-specific investments. In contrast, the foreclosure and collusion rationales ...
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作者：Kuhnen, Camelia M.; Niessen, Alexandra
作者单位：Northwestern University; University of Mannheim
摘要：We investigate whether public opinion influences the level and structure of executive compensation. During 1992-2008, the negativity of press coverage of chief executive officer (CEO) pay varied significantly, with stock options being the most criticized pay component. We find that after more negative press coverage of CEO pay, firms reduce option grants and increase less contentious types of pay such as salary, although overall compensation does not change. The reduction in option pay after i...
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作者：Erat, Sanjiv; Gneezy, Uri
作者单位：University of California System; University of California San Diego
摘要：In this paper we distinguish between two types of white lies: those that help others at the expense of the person telling the lie, which we term altruistic white lies, and those that help both others and the liar, which we term Pareto white lies. We find that a large fraction of participants are reluctant to tell even a Pareto white lie, demonstrating a pure lie aversion independent of any social preferences for outcomes. In contrast, a non-negligible fraction of participants are willing to te...
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作者：O'Doherty, Michael S.
作者单位：University of Missouri System; University of Missouri Columbia
摘要：Several recent articles find that stocks with high probabilities of bankruptcy or default earn anomalously low returns and negative unconditional capital asset pricing model (CAPM) alphas in the post-1980 period. I show that the conditional CAPM resolves the performance difference between high- and low-distress stocks. In particular, financially distressed stocks have relatively low exposure to market risk during bad economic times. I help to explain these findings through a theoretical model ...
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作者：Staats, Bradley R.; Gino, Francesca
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Harvard University
摘要：Sustaining operational productivity in the completion of repetitive tasks is critical to many organizations' success. Yet research points to two different work-design-related strategies for accomplishing this goal: specialization to capture the benefits of repetition and variety (i.e., working on different tasks) to keep workers motivated and provide them opportunities to learn. In this paper, we investigate how these two strategies may bring different productivity benefits over time. For our ...
