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作者：Juelsrud, Ragnar E.; Wold, Ella Getz
作者单位：Norges Bank; BI Norwegian Business School
摘要：In this paper, we use a novel natural experiment and Norwegian tax data to quantify the causal impact of unemployment risk on individual savings. By comparing individuals who live in the same area but face different increases in risk, we show that a one-percentage-point increase in unemployment rates increases safe assets by 1.3%. Reassuringly, this effect is driven by low-tenured workers, who face the highest increase in risk. Savings in risky financial assets remain unaffected, implying a de...
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作者：Aretz, Kevin; Gazi, Adnan
作者单位：University of Manchester; Alliance Manchester Business School; University of Liverpool
摘要：We study the asset pricing implications of being able to optimally early exercise plain vanilla puts, contrasting expected raw and delta -hedged returns across equivalent American and European puts. Our theory suggests that American puts yield less negative raw but more negative delta -hedged expected returns than equivalent European puts. The raw (delta -hedged) spread widens with a higher early exercise probability as induced through, for example, moneyness, time to maturity, and underlying ...
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作者：Buser, Thomas; Van Veldhuizen, Roel; Zhong, Yang
作者单位：University of Amsterdam; Tinbergen Institute; Lund University
摘要：Many professional and educational settings require individuals to be willing and able to perform under time pressure. We use a laboratory experiment and survey data to study preferences for working under time pressure. We make three main contributions. First, we develop an incentivized method to measure preferences for working under time pressure and document that participants in our laboratory experiment are averse to working under time pressure on average. Second, we show that there is subst...
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作者：Brodback, Daniel; Guenster, Nadja; Pouget, Sebastien; Wang, Ruichen
作者单位：University of Munster; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：We present an experimental study of investors' willingness to pay for socially responsible assets. In our initial public offering experiment, various assets share identical financial risk-return profiles but differ in the intensity and timing of societal benefits, represented by charitable donations. We find that subjects value societal benefits positively and prefer a positive correlation between financial returns and these societal benefits. We offer implications for the design of corporate ...
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作者：Adams, Renee B.; Licht, Amir N.
作者单位：University of Oxford; Reichman University
摘要：We provide the first comprehensive analysis of directors' shareholderism: their principled stance toward shareholders and stakeholders in forming strategy. We develop an analytical framework that links shareholderism to individual and institutional factors and test our theoretical predictions using a sample of more than 900 directors originating from 55 countries and serving in 23 countries. Directors' shareholderism varies according to their individual values; their cultural heritage of egali...
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作者：Yang, Mu-Jeung; Christensen, Michael; Bloom, Nicholas; Sadun, Raffaella; Rivkin, Jan
作者单位：University of Colorado System; University of Colorado Boulder; University of Pennsylvania; Stanford University; Harvard University
摘要：We survey 262 chief executive officer (CEO) alumni of Harvard Business School and gather evidence on three aspects of each executive's strategy practice: how formalized it is, how it is developed, and how it is implemented. We report three main results. First, firms with higher adoption of structured strategy practices outperform their peers; they grow faster and are more profitable, especially in industries with greater strategic complexity. Second, the appointment of CEOs with more structure...
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作者：Colacito, R.; Croce, M. M.; Liu, Y.; Shaliastovich, I.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; National Bureau of Economic Research; Bocconi University; Centre for Economic Policy Research - UK; Bocconi University; University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison
摘要：Lack of comovement between consumption differentials and real exchange rates is a traditional indicator of a disconnect of foreign exchange markets from economic fundamentals. We present novel empirical evidence for the disconnect between the volatilities, as opposed to the levels, of these variables. The volatility correlations are below one, but they are larger than the level correlations. We discuss the economics of volatility disconnect anomaly in settings with complete and incomplete mark...
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作者：Cho, DuckKi; Choi, Lyungmae; Hertzel, Michael; Wang, Jessie Jiaxu
作者单位：University of Sydney; University of Newcastle; Arizona State University; Arizona State University-Tempe
摘要：We show that the social capital embedded in employees' networks contributes to firm performance. Using novel, individual-level network data, we measure a firm's social capital derived from employees' connections with external stakeholders. Our directed network data allow for differentiating those connections that know the employee and those that the employee knows. Results show that firms with more employee social capital perform better; the positive effect stems primarily from employees being...
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作者：Schwaiger, Rene; Strucks, Markus; Zeisberger, Stefan
作者单位：University of Innsbruck; Montpellier Business School; Radboud University Nijmegen; University of Zurich
摘要：Narrow bracketing in combination with loss aversion has been shown to reduce individual risk taking. This is known as myopic loss aversion (MLA) and has been corroborated by many studies. Recent evidence has contested this notion, indicating that MLA's applicability is confined to highly artificial settings. Given the impact of these findings, we reevaluated the evidence on MLA with substantially higher statistical power than in almost all previous studies. We systematically modified the semin...
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作者：Kosilova, Natalia; Alptekinoglu, Aydin
作者单位：Oracle; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Essentially every choice involves an information collection or search phase prior to a decision-making phase that culminates in a choice. To study the information collection phase within an important class of search problems and understand how it influences the final choice, we embed an analytically tractable discrete choice model in a classical model of sequential search with perfect recall. Although significant progress has been made in the theory literature in analyzing consumers' discrete ...
