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作者：Golrezaei, Negin; Yao, Evan
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness inclusion of an advertisement in this article, neither constitutes nor implies a guaran...
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作者：Billett, Matthew; Freeman, Kayla; Gao, Janet
作者单位：Indiana University System; Indiana University Bloomington; University System of Georgia; University of Georgia; Georgetown University
摘要：We examine how access to debt markets affects firms' incentives to provide trade credit. Using hand-collected trade credit data between customer-supplier pairs and two exogenous shocks to firms' debt capacity, we show that better access to debt reduces firms' provision of trade credit per dollar of sales. The decline in trade credit is concentrated on ex ante powerful customers, but absent for weak ones, suggesting that better access to debt improves firms' bargaining position relative to powe...
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作者：Kim, Gi H.; Massa, Massimo
作者单位：University of Warwick; INSEAD Business School
摘要：We examine how variations in nonfinancial terms across bonds from the same issuer, referred to as issuer term variability (ITV), relate to bond yield spreads, returns, and investor bases. Our findings show that ITV is positively associated with yield spreads, even after accounting for the issuer's credit ratings and other credit risk proxies. Additionally, bonds with high ITV exhibit greater default risk but deliver lower risk-adjusted returns compared with those with low ITV. We also find tha...
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作者：Gao, Chao; Hu, Grace Xing; Zhang, Xiaoyan
作者单位：Australian National University; Tsinghua University
摘要：Data show that 72% of the earnings announcement premium is realized before, rather than after, earnings releases. We propose that uncertainty risk resolution before the announcement leads to large pre-announcement returns and test the uncertainty risk resolution hypothesis in the cross section. Compelling empirical evidence supports this hypothesis: an interquartile increase in the firm's uncertainty level is associated with a 6.3% greater uncertainty reduction and 0.65% higher market-adjusted...
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作者：Fradkin, Andrey; Bhole, Monica; Horton, John J.
作者单位：Boston University; Massachusetts Institute of Technology (MIT)
摘要：Information about the number of applicants to a job vacancy might simultaneously signal the degree of competition and vacancy quality. We study how this information affects job search. To do so, we conduct three experiments on a large online job platform in which the treatment varies what information is shown to job seekers. Information about the number of prior applicants to a vacancy increases the number of applications and redirects them to vacancies with few prior applications. Information...
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作者：Lee, Sunkee; Sosa, Manuel E.
作者单位：Carnegie Mellon University; INSEAD Business School
摘要：Companies are adopting unconventional workspaces-often characterized by bright or oddly colored walls, unique light fixtures, unusual office furniture, vibrant artwork, the display of atypical non-work-related objects, and casual and playful atmospheres-to foster creativity. Yet empirical evidence on the causal effect of such unconventional workspaces on creativity has been lacking. Across four experiments involving a total sample of 1,133 participants, we tested the effect of unconventional w...
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作者：Bonaparte, Yosef; Korniotis, George M.; Kumar, Alok; Michaelides, Alexander; Zhang, Yuxin
作者单位：Children's Hospital Colorado; University of Colorado System; University of Colorado Anschutz Medical Campus; University of Colorado Denver; University of Miami; Imperial College London; University of Nottingham Ningbo China
摘要：A significant portion of U.S. households enters and exits investment accounts. Empirically, income and wealth changes are related to these transitions, with income changes not affecting the retired. A life cycle model with participation costs cannot match the observed ownership dynamics, but an extension with stock market crash better fits the average participation rate and ownership transitions of the middle-aged and retired. This extended model does not match the ownership dynamics of the yo...
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作者：Hirshman, Samuel D.; Willen, Alexander
作者单位：Norwegian School of Economics (NHH)
摘要：We isolate the causal effect of changing the riskiness of choices on the gender gap in real world outcomes. We do so by exploiting a national reform to the regrade system of Norwegian universities that generated exogenous variation in the probabilities of the outcome of regrade requests. Using unique individual-level administrative data, we show that both the expected value of a regrade request, as well as the downside risk, increased substantially as a result of the policy. We then show how t...
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作者：Borgonovo, Emanuele; Figalli, Alessio; Plischke, Elmar; Savare, Giuseppe
作者单位：Bocconi University; Bocconi University; Swiss Federal Institutes of Technology Domain; ETH Zurich; TU Clausthal
摘要：We examine the construction of variable importance measures for multivariate responses using the theory of optimal transport. We start with the classical optimal transport formulation. We show that the resulting sensitivity indices are well-defined under input dependence, are equal to zero under statistical independence, and are maximal under fully functional dependence. Also, they satisfy a continuity property for information refinements. We show that the new indices encompass Wagner's varian...
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作者：Cappelen, Alexander W.; Meissner, Stefan; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH)
摘要：Consumers can sometimes be exploited because they make mistakes in their valuation of products. We present the results from a large-scale experimental study that examines whether third-party spectators from the general population in the United States cancel a voluntary deal where a buyer has made a mistake in the valuation of a product and agreed to pay more for the product than the seller knows it is worth. We find that the majority of the spectators cancel such deals, even when the seller's ...
