-
作者：Ellahie, Atif; Hshieh, Shenje; Zhang, Feng
作者单位：Utah System of Higher Education; University of Utah; City University of Hong Kong; Southern Methodist University
摘要：We develop a measure of merger and acquisition (M&A) quality using accounting theory. This measure, implied return-on-equity improvement (IRI), quantifies the minimum improvement in the target's post-acquisition return on equity (ROE) the acquirer must attain to break even on the acquisition price. Employing a large sample of M&As from 1980 to 2018, we find that a high IRI is, on average, less attainable ex post and predicts worse acquirer financial performance. The acquirer's ROE growth over ...
-
作者：Dertwinkel-Kalt, Markus; Koester, Mats
作者单位：University of Munster; Max Planck Society
摘要：Important decisions are often complex, and existing evidence suggests that complexity can affect economic behavior. It is an open question, however, exactly when and how complexity matters. We hypothesize that salient cues-standing out in the choice context-mitigate the effect of complexity on choices. We theoretically develop and experimentally test this hypothesis in the context of portfolio selection. We find that, in both simple and complex problems, subjects seek highly right -skewed port...
-
作者：Munro, Evan
作者单位：Stanford University
摘要：There is increasing interest in allocating treatments based on observed individual characteristics: examples include targeted marketing, individualized credit offers, and heterogeneous pricing. Treatment personalization introduces incentives for individuals to modify their behavior to obtain a better treatment. Strategic behavior shifts the joint distribution of covariates and potential outcomes. The optimal rule without strategic behavior allocates treatments only to those with a positive con...
-
作者：Impink, Stephen Michael; Prat, Andrea; Sadun, Raffaella
作者单位：Hautes Etudes Commerciales (HEC) Paris; Columbia University; Harvard University
摘要：This paper uses novel, firm-level communication measures derived from communications metadata several months before and after a CEO transition for 102 firms to study whether and how this organizational event is reflected in employees' communication flows. We find that CEO turnover is associated with an initial decrease in intrafirm communication (-20% relative to the pre-CEO transition period), followed by a significant increase approximately five months after the CEO turnover (+20% relative t...
-
作者：Duffy, John; Friedman, Daniel; Rabanal, Jean Paul; Rud, Olga A.
作者单位：University of California System; University of California Irvine; University of Osaka; University of California System; University of California Santa Cruz; University of Essex; Universitetet i Stavanger
摘要：We report a laboratory experiment examining how demand for exchange- traded fund (ETF) index products affects the prices and trading volume of assets. We compare an environment where the ETF index includes all assets against an environment where a redundant asset is excluded from the index. We find that (i) subjects place significant value on the ETF index asset beyond the value of its constituent assets; (ii) there is a substantial index premium for included assets; and (iii) the index premiu...
-
作者：Hsu, David H.; Tambe, Prasanna B.
作者单位：University of Pennsylvania
摘要：A significant element of managerial post-COVID job design regards remote work. In an era of renewed recognition of diversity, employers may wonder how diverse (gender and race) and experienced job applicants respond to remote job listings, especially for high -skilled technical and managerial positions. Prior work has shown that while remote work allows employee flexibility, it may limit career promotion prospects, so the net effect of designating a job as remote -eligible is not clear from an...
-
作者：Ko, Yea Hee; Baek, In Gyun
作者单位：State University of New York (SUNY) System; SUNY Delhi; Binghamton University, SUNY; National University of Singapore
摘要：When employees work from home, organizations have traditionally placed a stronger reliance on output-based controls because of the inability to physically observe its employees. Because of recent advances in technology, however, many organizations now use input-based controls. One such input-based control is computer monitoring, which records the number of hours spent working and leaves out any time in which an employee does not perform work activities. On the one hand, computer monitoring may...
-
作者：Chaboud, Alain P.; Dao, Avery; Vega, Clara; Zikes, Filip
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study the impact of two changes in the minimum tick size, a reduction and a subsequent increase, on the trading behavior of fast and slow traders in the spot foreign exchange market. We find that the most notable impact of the tick size reduction is a substantial increase in the liquidity demand of high -frequency traders (HFTs) and not the decrease in their liquidity provision discussed by prior literature. We show that this change in behavior is linked to the higher frequency of price sig...
-
作者：Nageswaran, Leela; Hwang, Elina H.; Cho, Soo-Haeng
作者单位：University of Washington; University of Washington Seattle; Carnegie Mellon University
摘要：Online shoppers often prefer to return items to stores (i.e., offline return) rather than mail them back. We study a new business practice, return partnership, wherein online retailers partner with store retailers to offer offline returns. We seek to identify when return partnerships benefit both the store and online retailers. Customers choose between the online and store channels for their purchase and decide whether, and through which channel, to return an online purchase if needed. We find...
-
作者：Loch, Christoph; Li, Chengguang
作者单位：University of Navarra; IESE Business School; Technical University of Munich
