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作者：Kallus, Nathan
作者单位：Cornell University
摘要：Because the average treatment effect (ATE) measures the change in social welfare, even if positive, there is a risk of negative effect on, say, some 10% of the population. Assessing such risk is difficult, however, because any one individual treatment effect (ITE) is never observed, so the 10% worst-affected cannot be identified, whereas distributional treatment effects only compare the first deciles within each treatment group, which does not correspond to any 10% subpopulation. In this paper...
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作者：Bae, Joon Woo; Belo, Frederico; Li, Jun; Lin, Xiaoji; Zhao, Xiaofei
作者单位：University System of Ohio; Case Western Reserve University; INSEAD Business School; Centre for Economic Policy Research - UK; University of Texas System; University of Texas Dallas; University of Minnesota System; University of Minnesota Twin Cities; Georgetown University
摘要：We evaluate the impact of complexity and information content of 10-K filings on uncertainty dynamics following the filings. We have three main findings. First, the option-implied volatility on average increases in the first four weeks after the filings, followed by a net decrease in the subsequent six weeks. Second, this hump-shaped volatility dynamic is more pronounced for firms with larger 10-K file sizes. Third, we provide a novel decomposition of 10-K file size based on the individual sect...
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作者：Gartenberg, Claudine; Serafeim, George
作者单位：University of Pennsylvania; Harvard University
摘要：Analyzing data from approximately 1.5 million employees across 1,108 established public and private U.S. companies, we find that the strength of employee beliefs related to purpose is weaker in public companies. Among public companies, those beliefs are stronger for firms with more committed owners. These patterns are most pronounced within the salaried middle and hourly ranks rather than senior executives. Differences across firms can be attributed, in part, to differences in leadership and i...
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作者：Wang, Kemin; Yu, Xiaoyun; Zhang, Bohui
作者单位：Fudan University; Shanghai Jiao Tong University; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen
摘要：We show that firms strategically alter their disclosures when investors' access to information via search engines is interrupted. We conduct a textual analysis and exploit an exogenous event-Google's 2010 surprising withdrawal from mainland China, which significantly hampered domestic investors' ability to search for foreign information but did not affect their cost to access domestic information. Following Google's exit, Chinese firms' announcements on foreign transactions become more bullish...
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作者：Bratten, Brian; Larocque, Stephannie; Yohn, Teri Lombardi
作者单位：University of Kentucky; University of Notre Dame; Emory University
摘要：Analysts' street earnings forecasts are sometimes based on GAAP earnings and sometimes based on non-GAAP earnings, which exclude various GAAP earnings components. Therefore, differences in analysts' street earnings forecastsmay capture differences in not only expected performance but also the earnings metric forecasted. We argue that analysts who forecast non-GAAP, rather than GAAP, street earnings are more likely to separately analyze earnings components. Consistent with this argument, we fin...
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作者：Chen, Wei; Wei, Zaiyan; Xie, Karen
作者单位：University of Arizona; Purdue University System; Purdue University; University of Denver
摘要：We study professional players and their roles in peer-to-peer (P2P) markets. Most notably, P2P home-sharing platforms (e.g., Airbnb) consist of both professional hosts and nonprofessional individual hosts. What are the roles of the professionals? Should home-sharing platforms regulate their participation? Professional hosts may primarily offer properties that nonprofessional hosts would not supply and attract more guests-the differentiation effect. Or they may mostly supply similar properties ...
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作者：Dogan, Battal; Yildiz, Kemal
作者单位：University of Bristol; Ihsan Dogramaci Bilkent University
摘要：A choice rule with affirmative action decides on the recipients of a limited number of identical objects by reconciling two objectives: respecting a priority ordering over the applicants and supporting a minority group. We extend the standard formulation of a choice problem by incorporating a type function and a priority ordering and introduce monotonicity axioms on how a choice rule should respond to variations in these parameters. We show that monotonic and substitutable affirmative action r...
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作者：Guo, Liang
作者单位：Chinese University of Hong Kong
摘要：Uncertainty may exist about the desirability of trade in bilateral bargaining. For instance, buyers may not know their value perfectly and sellers may not be fully aware of their cost structure. We endogenize the expected surplus of trade by considering information gathering before price negotiation between a seller and a buyer. We show that prebargaining information acquisition can reverse standard findings in canonical bargaining models, regarding how the bargaining primitives may influence ...
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作者：Fornwagner, Helena; Pompeo, Monika; Serdarevic, Nina
作者单位：University of Regensburg; University of Exeter; University of Bologna
摘要：We extend the existing literature on gender differences in competitive behavior by investigating tournament entry choices when a principal decides for an agent. In a laboratory experiment, we randomly assign subjects the role of either principal or agent. The principal decides whether the agent performs a real-effort task under piece-rate or tournament incentives. When deciding, the principal is informed about the agent's previous performance, age, and residency. Between treatments, we vary wh...
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作者：Cao, Jie; Goyal, Amit; Xiao, Xiao; Zhand, Xintong
作者单位：Hong Kong Polytechnic University; Swiss Finance Institute (SFI); City St Georges, University of London; Fudan University
摘要：Corporate bonds with large increases in implied volatility over the past month underperform those with large decreases in implied volatility by 0.6% per month. In contrast to existing studies that show implied volatility changes carry information about fundamental news, our evidence suggests that implied volatility changes contain information about uncertainty shocks to the firm. Our results are consistent with the notion that informed traders with new information about firm risk prefer to tra...
