2025

最新文章

• Nominal Prices, Retail Investor Participation, and Return Momentum AI翻译
  作者：Du, Jun; Huang, Dashan; Liu, Yu-Jane; Shi, Yushui; Subrahmanyam, Avanidhar; Zhang, Huacheng
  作者单位：Renmin University of China; Singapore Management University; Peking University; Monash University; University of California System; University of California Los Angeles; University of Edinburgh
  摘要：We employ an identification strategy for retail participation to explore the link between return momentum and investing clientele. This scheme relies on strictly enforced round-lot rules in China, which financially constrain retail investors from participating in stocks with high nominal prices. We find that there is strong momentum in high-priced stocks but no momentum on aggregate. This result supports the idea that noise trades of retail investors mask momentum, whereas other more sophistic...
• Carbon Emissions, Mutual Fund Trading, and the Liquidity of Corporate Bonds AI翻译
  作者：Cao, Jie; Li, Yi; Zhan, Xintong; Zhang, Weiming; Zhou, Linyu
  作者单位：Hong Kong Polytechnic University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Fudan University; IE University; Central University of Finance & Economics
  摘要：This paper investigates the effect of climate risks on corporate bond mutual funds' trading activities and explores its mechanism. We find that investor flows negatively respond to mutual funds' carbon exposure, using the Paris Agreement as a shock event. Such carbon-induced redemptions prompt mutual funds to sell bonds issued by highcarbon companies, especially for funds with high outflow-to-carbon sensitivity. Our findings do not support the alternative hypothesis that a fundamental shift in...
• Food Ordering and Delivery: How Platforms and Restaurants Should Split the Pie AI翻译
  作者：Oh, Jaelynn; Glaeser, Chloe Kim; Su, Xuanming
  作者单位：Wake Forest University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Pennsylvania
  摘要：Food ordering and delivery platforms generate online demand for restaurants and deliver food to customers. In return, restaurants pay platforms a commission, typically a percentage of the order amount. Platforms offer partner restaurants the choice of a range of commission rates, rewarding higher commission payments with featured display slots and discounted delivery fees, both of which stimulate demand. Unfortunately, the current environment is grim: Platforms scurry to cover delivery costs, ...
• Reshaping Corporate Boards Through Mandatory Gender Diversity Disclosures: Evidence from Canada AI翻译
  作者：Hu, Jinshuai; Hung, Mingyi; Li, Siqi
  作者单位：Xiamen University; Hong Kong University of Science & Technology; Santa Clara University
  摘要：We study whether and how standardized gender diversity disclosure requirements affect women's representation on corporate boards. Our analysis takes advantage of Canada's 2014 regulation, which requires disclosures of consistent and comparable information on boards' gender diversity policies and guidelines. Using a difference-in-differences design, we find that the disclosure regulation increases women's representation on boards. The increase is more pronounced among firms with stronger shareh...
• Improving Human Deception Detection Using Algorithmic Feedback AI翻译
  作者：Serra-Garcia, Marta; Gneezy, Uri
  作者单位：University of California System; University of California San Diego; Leibniz Association; Ifo Institut
  摘要：Can algorithms help people detect deception in high-stakes strategic interactions? Participants watching the preplay communication of contestants in the TV show Golden Balls display a limited ability to predict contestants' behavior, whereas algorithms do significantly better. To increase participants' accuracy, we provide them with algorithmic advice by flagging videos for which an algorithm predicts a high likelihood of cooperation or defection. We test how the effectiveness of flags depends...
• Algorithmic Writing Assistance on Jobseekers' Resumes Increases Hires AI翻译
  作者：Wiles, Emma; Munyikwa, Zanele; Horton, John
  作者单位：Boston University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
  摘要：There is a strong association between writing quality in resumes for new labor market entrants and whether they are ultimately hired. We show this relationship is, at least partially, causal: In a field experiment in an online labor market with nearly half a million jobseekers, treated jobseekers received nongenerative algorithmic writing assistance on their resumes. Treated jobseekers were hired 8% more often at 10% higher wages. Contrary to concerns that the assistance takes away a valuable ...
• Revisiting the CEO Effect Through a Machine Learning Lens AI翻译
  作者：Shimao, Hajime; Kim, Sung Joo; Khern-Am-Nuai, Warut; Cohen, Maxime C.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Purdue University System; Purdue University; McGill University
  摘要：An important debated topic in strategic management concerns the so-called chief executive officer (CEO) effect, which quantifies the impact that CEOs have on the performance of the firms that they lead. Prior literature has empirically investigated the CEO effect and found support for both theses: a significant effect and no effect at all. We note, however, that virtually all prior studies have relied on an empirical specification that leverages in-sample data, which could be unreliable in cer...
• The Informativeness of Balance Sheet Disaggregations: Evidence from Forecasting Operating Assets AI翻译
  作者：Noordermeer, Benjamin; Vorst, Patrick
  作者单位：Maastricht University
  摘要：We investigate the usefulness of balance sheet disaggregations in the context of forecasting operating asset growth and its implications for revenue growth. We show that models using disaggregated balance sheet information have greater accuracy than models that use only aggregate information, with the most accurate disaggregation scheme separately considering property, plant, and equipment, intangible assets, other noncurrent operating assets, and current operating assets. When investigating m...
• Managerial Ability and Labor Investment AI翻译
  作者：Anderson, Mark; Sherer, Peter; Yu, Dongning
  作者单位：University of Calgary; University of Calgary; Toronto Metropolitan University
  摘要：The capability of higher-ability managers to acquire and use resources more efficiently than lower-ability managers suggests a positive linear relation between labor investment efficiency (LIE) and managerial ability (MA). However, a puzzle emerges about how the best managers set themselves apart from their peers, calling into question the linearity of the relation between LIE and MA. We explore this puzzle by asking how the highest-ability managers achieve the highest performance levels. We t...
• Sometimes, Always, Never: Regulatory Clarity and the Development of Digital Financing AI翻译
  作者：Ran, Zhenkai; Rau, P. Raghavendra; Ziegler, Tania
  作者单位：University of Cambridge
  摘要：This study examines how the level of detail in legal regulations impacts crowdfunding. We find that clear, explicit regulations significantly boost crowdfunding volumes in a global sample of digital finance. Using proxies to measure regulatory detail in three types of countries-countries that sometimes, always, or never had regulation-in a series of difference-in-difference regressions, we show a significant positive relation between regulatory clarity and the level of debt crowdfunding. There...