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作者：Young, Spencer
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：I examine whether financial statements are more comparable when accounting standards restrict managers' discretion. My evidence suggests that restricting managers' discretion is associated with reduced comparability, on average. This effect is strongest when transactions are dissimilar. To explore this relation, I develop novel measures of two distinct types of incomparability. I find that restricting managers' discretion is associated with an increase in incomparability stemming from dissimil...
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作者：Jiang, Xu; Yang, Ming
作者单位：Duke University; University of London; University College London; University of London; University College London
摘要：We study optimal accounting rules that alleviate inefficiencies caused by managerial private benefits. Accounting signals generated by the accounting rules guide the continuation decision at an interim project stage. The entrepreneur enjoys private benefits from continuation, which may induce inefficient decisions. The optimal accounting rule is characterized by a threshold, with a higher threshold representing more conservative accounting. The first-best is achieved under small private benefi...
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作者：Della Corte, Pasquale; Krecetovs, Aleksejs
作者单位：Imperial College London; Imperial College London
摘要：We empirically study the relationship between currency excess returns and current account uncertainty, measured as forecast dispersion. We find that investment currencies deliver low returns, whereas funding currencies offer a hedge when current account uncertainty is unexpectedly high. Moreover, an increase in current account uncertainty is associated with higher expected future excess returns on investment currencies. This mechanism is consistent with the recent advances in exchange rate the...
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作者：Glasserman, Paul; Mamaysky, Harry; Shen, Yiwen
作者单位：Columbia University; Hong Kong University of Science & Technology
摘要：We develop a model of investor information choices and asset prices in which the availability of information about fundamentals is time-varying and responds to investor demand for information. A competitive research sector produces more information when more investors are willing to pay for that research. This feedback, from investor willingness to pay for information to more information production, generates two regimes in equilibrium, one having high prices and low volatility, the other the ...
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作者：Gong, Xiao-Yue; Simchi-Levi, David
作者单位：Carnegie Mellon University; Massachusetts Institute of Technology (MIT)
摘要：Motivated by a long-standing gap between inventory theory and practice, we study online inventory models with unknown cyclic demand distributions. We design provably efficient reinforcement learning (RL) algorithms that leverage the structure of inventory problems to achieve optimal theoretical guarantees that surpass existing results. We apply the standard performance measure in online learning literature, regret, which is defined as the difference between the total expected cost of our polic...
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作者：Hwang, JiHoon; Kahle, Kathleen M.
作者单位：University of Arizona
摘要：Compared with regular employees, independent contractors (ICs) offer labor flexibility and cost savings to their employers. Using a difference-in-differences design around the 2004 Massachusetts law that discourages IC usage, we find that this exogenous decrease in IC usage makes treated firms' earnings more sensitive to changes in sales, increases labor-related expenses, and reduces profitability. Firms subsequently reduce share repurchases. The decrease is more pronounced for firms with high...
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作者：Wang, Weiguang; Gao, Guodong (Gordon); Agarwal, Ritu
作者单位：University of Rochester; Johns Hopkins University
摘要：As artificial intelligence (AI) applications become more pervasive, it is critical to understand how knowledge workers with different levels and types of experience can team with AI for productivity gains. We focus on the influence of two major types of human work experience (narrow experience based on the specific task volume and broad experience based on seniority) on the human-AI team dynamics. We developed an AI solution for medical chart coding in a publicly traded company and conducted a...
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作者：Cho, Chihoon; Frankel, Richard; Martin, Xiumin
作者单位：Washington University (WUSTL)
摘要：We study the used car market to understand how public enforcement that intends to increase information reliability affects disclosure, pricing, and liquidity. In 1986, federal rules mandated the creation of odometer records, and states enforced the law in a staggered fashion. We find that used car asking-price sensitivity to mileage increases by 32.6%, and mileage disclosure in classified ads increases by 23.4%. The findings suggest that strengthened law enforcement increases odometer credibil...
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作者：Alfitian, Jakob; Sliwka, Dirk; Vogelsang, Timo
作者单位：University of Cologne; Frankfurt School Finance & Management
摘要：Monetary incentives are widely used to align employee actions with employer objectives. We conducted a field experiment in a retail chain to evaluate whether an attendance bonus could reduce employee absenteeism. Apprentices in 232 stores were randomly assigned to a control group or one of two treatment groups in which a monetary or time-off attendance bonus was introduced for one year. We find that neither variant of the attendance bonus led to a systematic reduction in absenteeism. On the co...
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作者：Portocarrero, Florencio F.; Burbano, Vanessa C.
作者单位：Columbia University
摘要：Short-term corporate social impact activities, wherein employees participate in firm-sponsored prosocial initiatives, are becoming increasingly common. However, it remains unclear whether short-term social impact activities affect employee behavior in a manner of relevance to the firm. Theoretically, arguments could be made in favor of or against the likelihood that such short-term activities would increase firm-benefitting employee behavior. We utilized data from a randomized field experiment...
