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作者：Gaertner, Fabio B.; Hoopes, Jeffrey L.; Kelley, Stacie O.; Pflitsch, Max
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Dortmund University of Technology
摘要：The Inflation Reduction Act establishes a new 15% corporate minimum tax on the adjusted financial accounting income for large U.S. corporations. Although the minimum tax is estimated to raise $222 billion over 10 years, some fear firms will manipulate their accounting earnings to reduce their tax liabilities, resulting in less revenue raised. Using an event study, we examine the extent to which investors believe this tax will reduce firm value. We examine stock market reactions around key legi...
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作者：Jain, Kalash; Rajgopal, Shivaram; Rappaport, Alfred; Song, M. J.
作者单位：Columbia University; Northwestern University
摘要：This study revisits the CEO pay-for-performance relation using two methodological innovations designed to address well-known measurement challenges. First, we aggregate pay and performance over the CEO's entire tenure, allowing us to account for ex post settling up in pay. Second, we use realized compensation rather than ex ante estimates to better capture the actual economic rewards that CEOs receive. We find strong evidence of pay for performance in the full sample with a magnitude 2-10 time...
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作者：Liang, Hao; Wang, Rong; Zhu, Haikun
作者单位：Singapore Management University; China Europe International Business School
摘要：We provide firm-level evidence on how politicians' ideologies shape economic outcomes, using a unique setting of ideological discontinuity in China, transitioning from Maoism to Dengism around 1978. We find that ideological exposure during a politician's early adulthood has a lasting impact on contemporary firm policies in their city. Firms governed by Maoist mayors show greater stakeholder spending, lower pay inequality, and less internationalization compared with those governed by Dengist ma...
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作者：Hamdi, Naser; Kalda, Ankit; Sovich, David
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Kentucky
摘要：We examine the effects of student loan forbearance on job search outcomes. Our experimental setting is the 2020 federal student loan moratorium that provided some borrowers with forbearance by pausing the payments on their student loans. We use data on unemployment insurance claims, payroll records, and credit histories to compare unemployed borrowers who received forbearance to unemployed borrowers who had to continue making payments. We find that the payment pause did not have any economical...
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作者：Shehu, Edlira; Zantedeschi, Daniel; Naik, Prasad A.
作者单位：University of Groningen; State University System of Florida; University of South Florida; University of California System; University of California Davis
摘要：Many time series data evolve asynchronously. In marketing, for example, we observe ad liking every second, hourly clickstreams, daily sales, weekly brand awareness, or monthly ad expenditures. Thus, the question arises: how to estimate dynamic models when metrics evolve at different frequencies? To this end, we develop a new method for estimation and inference of state space models for asynchronous data. In contrast to existing approaches, the proposed method does not require any data preproce...
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作者：Li, Minwen; Makaew, Tanakorn; Winton, Andrew
作者单位：Tsinghua University; University of Southern California; University of Minnesota System; University of Minnesota Twin Cities
摘要：We propose a model of bank monitoring and borrower financial misreporting. Using the staggered liberalization of the banking sector in China as a natural experiment, we find that, consistent with the model's prediction, entry by more efficient foreign banks reduces corporate misreporting fraud. Fraud reduction is greatest among borrowers of foreign banks, but fraud also drops among borrowers of domestic banks, suggesting a spillover effect. As predicted by the model, fraud reduction is greates...
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作者：Bazley, William; Cuculiza, Carina; Pisciotta, Kevin
作者单位：University of Kansas; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：Despite evidence of the importance of sleep for cognitive performance, prior research finds limited effects of sleep disruptions on financial markets. This is puzzling because financial decisions rely on higher-order cognitive processes that are typically affected by sleep. We reconcile this dissonance by examining forecasts of corporate earnings by nonprofessional and professional forecasters. We find that nonprofessional forecasters exhibit a significant decline in their forecast accuracy fo...
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作者：Jiang, Zhaohui (Zoey); Li, Jun; Zhang, Dennis
作者单位：Carnegie Mellon University; University of Michigan System; University of Michigan; Washington University (WUSTL)
摘要：Online retailers are facing an increasing variety of product choices and diversified consumer decision journeys. To improve many operations decisions for online retailers, such as demand forecasting and inventory management and pricing, an important first step is to obtain an accurate estimate of the substitution patterns among a large number of products offered in the complex online environment. Classic choice models either do not account for these substitution patterns beyond what is reflect...
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作者：Lahaie, Sebastien; Lubin, Benjamin
作者单位：Alphabet Inc.; Google Incorporated; Boston University
摘要：We introduce the first adaptively priced iterative combinatorial auction design, which gradually extends price expressiveness as the rounds progress. This mechanism achieves both high efficiency and fast convergence across a wide range of valuation domains. We implement our auction design using polynomial prices, show how to detect when the current price structure is insufficient to clear the market, and show how to correctly expand the polynomial structure to guarantee progress. An experiment...
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作者：Peura, Heikki; Yang, S. Alex
作者单位：Aalto University; University of London; London Business School
摘要：Service platforms connect consumers to independent providers, who typically deliver the service using their own assets (e.g., ride-hailing with suitable vehicles). To expand their services, platforms have introduced programs aimed at attracting prospective providers who lack the requisite assets. These programs diverge in terms of asset ownership and contract structures. In platform financing, the platform offers to finance providers' asset investments, serving as an alternative to bank loans....
