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作者：Leitter, Zheng; Koonce, Lisa; White, Brian
作者单位：Nanyang Technological University; University of Texas System; University of Texas Austin; Cornell University
摘要：Disclosures about a business acquisition help investors understand what assets are acquired and how the acquiring company plans to benefit from the transaction. However, in practice, these disclosures exhibit significant variation and often fall short of providing meaningful information to investors. Our experiment provides evidence that separately identifying intangible assets acquired in a business combination (i.e., what was acquired) can compensate for shortcomings in an acquirer's disclos...
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作者：Amil, Ayoub; Makhdoumi, Ali; Wei, Yehua
作者单位：Duke University
摘要：In this work, we revisit the multi-item order fulfillment model introduced by Jasin and Sinha (2015). Specifically, we study a dynamic setting in which an e-commerce platform (or online retailer) with multiple warehouses and finite inventory faces the problem of fulfilling orders that may contain multiple items. The platform's goal is to minimize the expected cost incurred from the fulfillment process, subject to warehouses' inventory constraints. Differing from the classical literature on mul...
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作者：Dai, Yun; Bao, Te; Zhu, Jiahua
作者单位：Sun Yat Sen University; Nanyang Technological University; Inner Mongolia University; University of London; King's College London
摘要：Using a controlled laboratory experiment, we examine how financial reporting regulations-limits on earnings management and auditing-affect disclosure quality and market efficiency. Our findings indicate that a tight limit and the possibility of an audit enhance the informativeness of earnings disclosures, leading to improved pricing efficiency while a weak limit deteriorates disclosure quality and pricing efficiency. Financial reporting regulations enhance disclosure quality via both constrain...
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作者：Cici, Gjergji; Hendriock, Mario; Kempf, Alexander
作者单位：University of Kansas; University of Cologne; University of Cologne
摘要：To best utilize labor, companies need to match employees' skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. When fund managers are matched, they deliver a significantly higher risk-adjusted performance. Fund companies use this information to maximize company value by increasing assets under the management of these managers (i.e., assigning them to mo...
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作者：Cao, Wenjiao; Jia, Yuping; Zeng, Yachang
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Frankfurt School Finance & Management; Nanyang Technological University
摘要：We propose an empirical measure of the types of financial misreporting based on misreporting incentives. We identify three distinct types: (1) misreporting driven by top executives' wealth pursuits, (2) misreporting induced by capital market pressure, and (3) misreporting by subordinates due to inadequate management oversight. Our measure is developed by conducting a detailed analysis of the textual data from U.S. Securities and Exchange Commission Accounting and Auditing Enforcement Releases....
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作者：d'Avernas, Adrien; Han, Baiyang; Vandeweyer, Quentin
作者单位：Stockholm School of Economics; Stanford University; University of Chicago
摘要：This paper proposes a new model of monetary policy implementation to account for two key developments: (i) the introduction of intraday liquidity requirements and (ii) the decreasing relevance of the federal funds market in favor of repurchase agreement (repo) markets with nonbank participants. Our paper studies how liquidity requirements prevent banks from arbitraging between the fed funds and repo markets and generate large repo spikes. We propose a simple measure of excess intraday reserves...
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作者：Pyun, Sungjune
作者单位：Yonsei University
摘要：Stock and bond prices of a country move together with increasing country-specific risk. Bonds effectively hedge growth expectation risk when country-specific risk is low, resulting in a negative stock-bond correlation. However, as country-specific risk increases, hedging is less effective because (1) rising domestic prices tend to reduce a country's growth potential and (2) global growth expectation shocks are more persistent than country-specific ones. Consequently, countries with greater cou...
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作者：Fattahi, Ali
作者单位：Johns Hopkins University
摘要：Experts estimate 20 million electric vehicles will be on U.S. roads by 2030, and the majority (around 80%) of the electric vehicle drivers will use home charging. Many utilities are designing managed home charging programs to centrally manage charging times to reduce cost, avoid new and aggravated peaks and blackouts, and ensure grid stability. These managed home charging programs are either active, in which the utility continuously controls the charging while the vehicle is plugged in, or pas...
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作者：Cheng, Zhi (Aaron); Dong, Zhanyu; Pang, Min-Seok
作者单位：University of London; London School Economics & Political Science; Sun Yat Sen University; Sun Yat Sen University; University of Wisconsin System; University of Wisconsin Madison
摘要：Traffic safety poses a persistent challenge for society and public policy. Conventional law enforcement by human police is often cost-ineffective because of information asymmetry and negative externalities of unsafe driving behaviors. Automated enforcement, in the form of traffic cameras on the road, has gained prominence in recent decades, yet its effectiveness and underlying mechanisms remain debated. This study examines the impact of traffic cameras on road safety using longitudinal data fr...
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作者：Ivashina, Victoria; Vallee, Boris
作者单位：Harvard University; National Bureau of Economic Research
摘要：Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. Although negative covenants are widespread, carve-out and deductible clauses that qualify them are as frequent. We propose simple and comprehensive measures of contractual weakness based on the usage of such clauses. The economic significance of the actions allowed by these clauses and the market wide price reaction that followed the 2017 J.Crew restructuring, a high-prof...
