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作者：Kim, Soohun; Yoon, Aaron
作者单位：Korea Advanced Institute of Science & Technology (KAIST); Northwestern University
摘要：The United Nations Principles for Responsible Investment (PRI) is the largest global environmental, social, and governance (ESG) initiative in the asset-management industry to date. We analyze what happens after active U.S. mutual funds sign the PRI to assess whether they exhibit ESG implementation. We find that PRI signatories attract a large fund inflow, but we do not observe improvements in fund-level ESG scores or fund returns. We consider a battery of ways to proxy for funds' ESG incorpor...
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作者：Mohliver, Aharon; Ody-Brasier, Amandine
作者单位：University of London; London Business School; Yale University
摘要：We explore the relationship between organizational religious affiliation and wrongdoing using a unique data set on inspections in 16,101 nursing homes over five years. We find that violations of standards of care are more severe in religiously affiliated homes. We track this difference to a reduction in the likelihood that organizational members file complaints rather than poorer behaving caretakers or differential treatment by enforcement agents. Fewer complaints increase the time that religi...
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作者：Milgrom, Eva M. Meyersson; Milgrom, Paul; Singh, Ravi
作者单位：Stanford University; Stanford University; Stanford University
摘要：A common pattern of control in firms is for management to retain a broad set of rights, whereas the remaining stakeholders' contracts provide them with targeted veto rights over specific classes of decisions. We explain this pattern of control sharing as an efficient organizational response that balances the need to encourage management to account for stakeholders' interests against the need to prevent self-interested stakeholders from blocking valuable proposals. Enforceable obligations of go...
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作者：Wu, Jason Xianghua; Wu, Yan (Diana); Chen, Kay-Yut; Hua, Lei
作者单位：University of New South Wales Sydney; California State University System; San Jose State University; California State University System; San Jose State University; University of Texas System; University of Texas Arlington; University of Texas System; University of Texas at Tyler
摘要：The trust game, a simple two-player economic exchange, is extensively used as an experimental measure for trust and trustworthiness of individuals. We construct deep neural network-based artificial intelligence (AI) agents to participate a series of experiments based upon the trust game. These artificial agents are trained by playing with one another repeatedly without any prior knowledge, assumption, or data regarding human behaviors. We find that, under certain conditions, AI agents produce ...
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作者：Busse, Jeffrey A.; Ding, Jing; Jiang, Lei; Wu, Ke
作者单位：Emory University; Tongji University; Tsinghua University; University System of Ohio; Kent State University; Kent State University Kent; Kent State University Salem; Renmin University of China
摘要：We use the dynamic conditional correlation (DCC) model to estimate daily frequency mutual fund betas. Compared with traditional estimates, daily betas better capture changes in fund risk stemming from daily fund trading activity. Based on these beta estimates and a two-stage estimation procedure, we find significant evidence of market timing ability among actively managed U.S. equity funds that is not apparent via standard approaches. Unlike traditional measures, our timing estimates correlate...
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作者：Vasquez, Aurelio; Xiao, Xiao
作者单位：Instituto Tecnologico Autonomo de Mexico; City St Georges, University of London
摘要：This paper studies the effects of default risk on expected equity option returns. In the cross-section, expected delta-hedged equity option returns have a negative relation with default risk measured by credit ratings or default probability. In the time series, credit rating downgrades (upgrades) lead to a decrease (increase) in the firm's delta-hedged option return. Our results are consistent with a stylized capital structure model in which the negative relation between option returns and def...
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作者：Dukes, Anthony; Liu, Qihong
作者单位：University of Southern California; University of Oklahoma System; University of Oklahoma - Norman
摘要：This article studies the consumption of advertising when attention is costly. Our objective is to understand the advertiser's optimal decision for informational and noninformational content when facing consumers with heavy distractions common in the digital age. We take an equilibrium approach in which an ad is consumed if and only if the content of the ad is worth the viewer's attention. We classify many advertising decisions observed in practice. First, an advertiser can structure content to...
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作者：Meyer, Andrew; Hundtofte, Sean
作者单位：Chinese University of Hong Kong
摘要：In nearly every betting market, gamblers overvalue the riskiest bets. This longshot bias is usually explained by a tendency to overweight low-probability events. We offer a novel explanation: contrast effects enhance the attractiveness of longshots because gambles presented in terms of their payoffs are easier to compare along the payoff dimension than along the probability dimension. Our analysis of historical betting odds suggests that contrasts between gamble payoffs can explain the longsho...
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作者：Adepoju, Temidayo; Carson, Anita L.; Jin, Helen S.; Manasseh, Christopher S.
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Boston University; Boston Medical Center
摘要：Healthcare policy makers use wait-time metrics to encourage hospital managers to improve patient experience. In 2002, Massachusetts mandated that hospital managers develop processes to respond to boarding crises, which occur when emergency department (ED) patients experience long waits for inpatient beds. Performance improvement theory suggests that patients would be better served by preventing boarding crises rather than responding urgently after they occur. To empirically test this theory, w...
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作者：Denrell, Jerker; Liu, Chengwei; Maslach, David
作者单位：University of Warwick; European School of Management & Technology; State University System of Florida; Florida State University
摘要：Success tends to increase and failure tends to decrease the chances of future success. We show that this impact of past outcomes can change how diagnostic success or failure are regarding the competence of an individual or a firm. Succeeding under adverse circumstances is especially impressive when initial failure reduces the chances of success more for low-quality agents than for high-quality agents. Succeeding after initial failure (being a successful underdog) can also indicate higher expec...
