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作者：Li, Xiaolin; Shi, Mengze; Zhaoc, Clarice
作者单位：Hong Kong Polytechnic University; Hong Kong University of Science & Technology; McGill University
摘要：This study examines the effects of incentive plans on the quantity and quality of creative production. We examine a serial publishing platform that switched from a uniform commission (UC) plan to a quantity-based commission (QBC) plan offering a bonus commission rate when writers' production meets a preset threshold. Our analysis reveals that, for a given book, chapters published in the months when writers reached the preset threshold quantity, and thus earned bonus commission rates, exhibited...
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作者：Denicolo, Vincenzo; Panunzi, Fausto
作者单位：University of Bologna; Centre for Economic Policy Research - UK; Bocconi University; European Corporate Governance Institute
摘要：This paper presents a theoretical framework for determining the ownership stakes held by financial investors in companies competing in the same product market, commonly referred to as the level of common ownership. In our model, these investors are primarily motivated by the anticipation of capital gains resulting from the impact of common ownership on product market competition, which enhances profitability for the firms involved. However, common ownership also undermines effective corporate ...
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作者：Lee, Narae; Kaul, Aseem
作者单位：Korea Advanced Institute of Science & Technology (KAIST); University of Minnesota System; University of Minnesota Twin Cities
摘要：We empirically examine the consequences of the introduction of a cap-and-trade program in California, showing that although the program helped reduce greenhouse gas (GHG) emissions, it had the unintended consequence of increasing toxic emissions from treated facilities, as facilities cut back on their waste-treatment efforts to reduce GHG emissions. We further show that this effect was weaker for more harmful toxins, for facilities that had invested in reducing toxic waste at source, and for t...
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作者：Fulop, Andras; Li, Junye; Liu, Hening; Yan, Cheng
作者单位：ESSEC Business School; Fudan University; University of Manchester; Alliance Manchester Business School; University of Essex
摘要：We estimate and test long-run risk models using international macroeconomic and financial data. The benchmark model features a representative agent who has recursive preferences with a time preference shock, a persistent component in expected consumption growth, and stochastic volatility in fundamentals characterized by an autoregressive gamma process. We construct a comprehensive data set with quarterly frequency for 10 developed countries and employ an efficient likelihood-based Bayesian met...
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作者：Margolin, Maximilian; Reimer, Marko; Schaupp, Daniel
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; WHU - Otto Beisheim School of Management
摘要：New digital technologies allow companies to provide employees with performance feedback in real time. We investigate the causal effects of such real-time feedback on individual effort and the quality of initial (prefeedback) and final (post feedback) decisions by exploiting a natural quasi-experiment in the setting of professional soccer refereeing. Our results suggest that real-time feedback has differential effects for experienced compared with inexperienced agents. Specifically, we find som...
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作者：Aldasoro, Inaki; Huang, Wenqian; Tarashev, Nikola
作者单位：Bank for International Settlements (BIS)
摘要：Central bank liquidity backstops and bank leverage regulation interact across financial intermediaries and states of the world. A backstop is implemented only in some states to grease the wheels of bank dealers that absorb fire sales. It also incentivizes asset managers to take on excessive redemption risk. Regulation binds in other states, in which it hamstrings market making. Because this outcome increases asset managers' fire sale costs, it reins in their risk-taking. Empirically, we confir...
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作者：Lin, Xuanpu; She, Guoman
作者单位：University of Hong Kong
摘要：Regulators have increasingly mandated firms to promptly disclose material cybersecurity incidents upon discovering these incidents. We find suggestive evidence indicating that some firms manipulate the discovery date (misreport) of a cybersecurity incident to postpone the disclosure of the incident, as evidenced by a pronounced spike in insider sales before the reported discovery date. We also find that misreporting is more prevalent among firms with weak internal control systems, when firms f...
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作者：Kantak, Preetesh
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Using a measure of local long-run growth prospects, I uncover a novel link between economic fundamentals and house prices. Whereas excess housing returns are positively associated with economic growth prospects, housing valuations are negatively associated with shocks to growth prospects. I document an explanation in metro-area consumption: housing consumption is asymmetrically exposed to economic prospects in that it expands more quickly when prospects are strong than it contracts when prospe...
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作者：Kim, Chongho; Park, Jihwon; Sul, Edward
作者单位：Seoul National University (SNU); City University of New York (CUNY) System; Baruch College (CUNY); George Washington University
摘要：We examine the effect of the Markets in Financial Instruments Directive (MiFID) II's controversial unbundling provision on corporate voluntary disclosure. Although prior research has largely focused on changes in sell-side research post-MiFID II, changes in voluntary disclosure and their effects on the information environment are less known. We find that European Union (EU) firms significantly increased the propensity and frequency of management earnings guidance issuance after MiFID II enactm...
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作者：Jin, Qinglu; Ma, Hui; Schmid, Thomas; Zhang, Guochang
作者单位：Shanghai University of Finance & Economics; University of Hong Kong
摘要：We examine how parity employee representation (PER) on corporate boards affects firms' capital investments. In Germany, PER is legally mandated for firms with more than 2,000 domestic employees, but not for those below this threshold. Exploiting this discontinuity, we show that PER has heterogeneous effects on firms operating in diverse environments. For firms experiencing positive growth, PER increases their responsiveness to investment opportunities, suggesting that employee participation in...
