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作者：He, Junnan
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Classic theories show that choices can be represented by a stable utility function when they satisfy consistency axioms, such as transitivity and the independence of irrelevant alternatives. Empirical choice data, however, display several contextual choice effects that violate these axioms. We study a choice model with a fixed underlying utility function and explain contextual choices with a novel type of information friction: the agent's perception of the options is affected by attribute-spec...
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作者：Chen, Huafeng (Jason); Chen, Jason Victor; Li, Feng
作者单位：Fudan University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Shanghai Jiao Tong University
摘要：This study quantifies the number of estimates involved in firms' accruals and examines whether it is informative about the relation between accruals and future earnings. We measure the number of estimates using the frequency of the use of the word estimate in the qualitative portions of a firm's Notes to the Financial Statements (footnotes). Motivated by arguments regarding the impact of estimation errors in accruals, we hypothesize and find that the accruals of firms that have more estimates ...
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作者：Grigoris, Fotis; Segalb, Gill
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of North Carolina; University of North Carolina Chapel Hill
摘要：We study the interaction of flexible capital utilization and depreciation for expected returns and investment of firms. Empirically, an investment strategy that buys (sells) equities with low (high) utilization rates earns 5% per annum. Utilization predicts excess returns beyond other production-based variables. We reconcile this novel utilization premium quantitatively using a production model. The model suggests that flexible utilization is important for matching the cross-sectional distribu...
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作者：Li, Yuexin; Ma, Xiaoyin; Renneboog, Luc
作者单位：Renmin University of China; Ant Group; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tilburg University
摘要：Whereas trust is the cornerstone of any market's functioning, it is of particular importance in markets that are unregulated, illiquid, and opaque, such as the art market. This study examines the role of authenticity, as captured by provenance information in auction catalogs, on the probability of auctioned oil paintings, watercolors, and prints being sold; their price formation; and returns. Auction catalogs include four authenticity dimensions: pedigree (ownership blockchain, descendance inf...
