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作者：Huang, Dayong; Lei, Lijun; Wang, Mengmeng; Xing, Yuhang
作者单位：University of North Carolina; University of North Carolina Greensboro; Rice University
摘要：Corporate managers overextrapolate past earnings in their earnings guidance, and this behavior is robust after including extensive controls, such as expectation management, earnings management, and overconfidence. The degree of overextrapolation is driven by the persistence of the underlying earnings process and other factors that affect representativeness heuristics, including trend, salience, and volatility. Experience and value diversity among corporate managers help mitigate this bias, whe...
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作者：Ahn, Changhyun; Houston, Joel F.; Kim, Sehoon
作者单位：Lingnan University; State University System of Florida; University of Florida
摘要：We show that public charities with corporate directors on their boards are more likely to lobby on behalf of connected corporate interests. We document this result using granular fixed effects and alternative measures, excluding donor firms, focusing on specific legislation bills, and shocks to board connections. The effects of connections are stronger when firms face more competition, have better corporate governance, and are more exposed to political risks. Through connected charity lobbying...
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作者：Ribas, Rafael P.; Sampaio, Breno; Trevisan, Giuseppe
作者单位：Boise State University; Universidade Federal de Pernambuco
摘要：The ranking system within academic environments may impact future professional trajectories. Examining the influence of class rank on college students' managerial attainment is crucial for understanding some determinants of career advancement. This paper estimates the effect of a low rank in a high-performing class on the probability of college students attaining a managerial position in the future. Our data combine administrative records from a highly selective university in Brazil and employ...
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作者：Zou, Tianxin; Zhou, Bo
作者单位：State University System of Florida; University of Florida; University System of Maryland; University of Maryland College Park
摘要：Recent regulations on search neutrality prohibit retail platforms from selfpreferentially prioritizing their first-party products over those of third-party sellers in consumers' search rankings. This paper shows that, despite its good intention, search neutrality may unintendedly harm consumers and third-party sellers because of the strategic decisions of the platform and third-party sellers. In the short term, search neutrality can weaken the price competition between the platform and third-p...
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作者：Kim, Dongwoo; Pal, Pallavi
作者单位：Simon Fraser University; Stevens Institute of Technology
摘要：This paper presents an empirical model of sponsored search auctions where advertisers are ranked by bid and ad quality. Our model is developed under the incomplete information setting with a general quality scoring rule. We establish nonparametric identification of the advertiser's valuation and its distribution given observed bids and introduce novel nonparametric estimators. Using Yahoo! search auction data, we estimate value distributions and study the bidding behavior across product catego...
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作者：Xing, Wei; Liu, Liming; Zhang, Fuqiang; Zhao, Qian
作者单位：China University of Petroleum; Southern University of Science & Technology; Washington University (WUSTL); Universita di Modena e Reggio Emilia
摘要：This paper studies two competing firms' choices between the contingent-price contract (CPC) and fixed-price contract (FPC) in global commodity procurement. The FPC price is determined when signing the contract, whereas the CPC price is pegged to an underlying index and remains open until the delivery date. Under both contracts, each firm determines its order quantity based on the updated belief about the market demand. The unrealized CPC price correlates with the market demand, allowing a firm...
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作者：Xu, Sheng-Jun
作者单位：University of Alberta
摘要：We study how periodic uncertainty about skilled labor supply affects corporate investment using the H-1B visa program for skilled workers as an empirical setting. Exploiting cross-regional variation in H-1B labor flows based on historical immigrant enclaves, we find that firms in regions that attract more H-1B workers concentrate their investments in the quarter after uncertainty about visa access is resolved by the H-1B lottery. Consistent with a skilled labor uncertainty channel, we find tha...
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作者：Amiram, Dan; Lyandres, Evgeny; Rabetti, Daniel
作者单位：Tel Aviv University; National University of Singapore
摘要：How competition affects manipulation by firms of information about important attributes of their products and how such information manipulation impacts firms' shortterm and long-term performance are open empirical questions. We use a setting that is especially suitable for answering these questions-centralized crypto exchanges, on which information manipulation takes the form of inflated trading volume. We find that static and dynamic competition measures are positively associated with volume ...
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作者：Ghazi, Soroush; Schneider, Mark; Strauss, Jack
作者单位：University of Alabama System; University of Alabama Tuscaloosa; University of Denver
摘要：A positive relation between the conditional mean and conditional volatility of aggregate stock returns, although viewed as a fundamental law of finance, has been challenging to find empirically. We consider a representative agent asset pricing model with Knightian uncertainty and demonstrate that this risk-return trade-off depends on the agent's ambiguity attitude (reflecting the agent's degree of optimism or pessimism). The model predicts that the conditional equity premium is increasing in m...
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作者：Park, Sanghyun; Gonzalez, Cleotilde; Puranam, Phanish
作者单位：National University of Singapore; Carnegie Mellon University; INSEAD Business School
摘要：Organizational learning often involves groups that learn from feedback on their decisions over time (also known as learning by doing or learning from experience). Although organizational learning is frequently assumed to resemble individual learning from experience, there is limited evidence to validate this assumption. Furthermore, groups in organizations often have centralized rather than decentralized decision making, but we know little about how they differ in learning from experience. Usi...
