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作者：Giardili, Soledad; Ramdas, Kamalini; Williamsc, Jonathan W.
作者单位：University of Edinburgh; University of London; London Business School; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We examine the effect of plant managers on productivity using unique matched manager-plant panel data on U.S. auto-assembly plants during 1993-2007. Our econometric approach is two-pronged. Our first approach relies on using the panel nature of our data to measure variation in productivity due to managerial influence. We estimate the interquartile range of the effect of individual plant managers on average hours-per vehicle to be about 30%. Further, we find that plant managers' experience with...
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作者：Arya, Anil; Ramanan, Ram N. V.
作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY; Indian School of Business (ISB)
摘要：A firm's publicly available information reflects ex ante committed information releases and ex post discretionary disclosures. In a setting wherein a firm's CEO is concerned with stock market valuation and confrontations with the employee union, this paper endogenizes when the CEO retains ex post disclosure discretion and when the CEO curtails discretion, opting instead to ex ante commit to not gathering information or publicly disclosing information. The underlying economic forces entail a tr...
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作者：Chen, Xi; Liu, Quanquan; Wang, Yining
作者单位：New York University; University of Texas System; University of Texas Dallas
摘要：In this paper, we study the learning problemin contextual search, which ismotivated by applications such as crowdsourcing and personalized medicine experiments. In particular, for a sequence of arriving context vectors, with each context associated with an underlying value, the decision maker either makes a query at a certain point or skips the context. The decision maker will only observe the binary feedback on the relationship between the query point and the value associated with the context...
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作者：Hoisl, Karin; Kongsted, Hans Christian; Marianid, Myriam
作者单位：University of Mannheim; Copenhagen Business School; Bocconi University; Bocconi University
摘要：This research investigates the role of parents in explaining the surprisingly low presence of women among inventors despite their increase among graduates from science, technology, engineering and mathematics (STEM) subjects. With Danish registry data on the population born between 1966 and 1985 and an experimental setting crafted on siblings' gender composition, we find that the transmission of inventorship fromparents to children disfavors daughters if they have a (second-born) brother. We c...
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作者：Brown, Jason L.; Martin, Patrick R.; Sprinkle, Geoffrey B.; Way, Dan
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Clemson University
摘要：Return on investment (ROI) and residual income (RI) are two important accounting measures that are commonly used to evaluate managers' performance, and evidence suggests that both ROI and RI can help motivate long-term investments. Research is limited, though, regarding whether ROI and RI differentially affect managers' actions, and, more specifically, research has not examined the effects of ROI and RI on risk-taking. We conduct an experiment to examine the separate and interactive effects of...
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作者：Huang, Jing-Zhi; Shi, Zhan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Tsinghua University
摘要：We propose a two-step machine learning algorithm-the Supervised Adaptive Group LASSO (SAGLasso) method-that is suitable for constructing parsimonious return predictors from a large set of macro variables. We apply this method to government bonds and a set of 917 macro variables and construct a new, transparent, and easy-to-interpret macro variable with significant out-of-sample predictive power for excess bond returns. This new macro factor, termed the SAGLasso factor, is a linear combination ...
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作者：Morvinski, Coby; Saccardo, Silvia; Amir, On
作者单位：Ben-Gurion University of the Negev; Carnegie Mellon University; University of California System; University of California San Diego
摘要：Morals constrain self-serving behavior. Yet, self-regulation failures in the face of monetary temptation are common at the workplace. To limit such failures, organizations can design environments that limit the temptation to behave self-servingly, nudging workers to uphold their morals. In a series of experiments where participants may be tempted to take excessive pay after exerting effort, we study whether a simple intervention-asking individuals to state the wage they believe should be paid ...
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作者：Song, Fenghua; Thakor, Anjan V.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Washington University (WUSTL); European Corporate Governance Institute
摘要：We develop a theory wherein a priori identical banksmay trade loans in a search market with reusable information. The equilibrium is unique, but its nature depends on the probability of a future market state. When the probability of a boom is high, all banks hold no equity and do no screening. When this probability is low, all banks choose a high level of equity and screen loans. For intermediate probability values, the equilibrium is heterogeneous, with some banks posting equity and screening...
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作者：Bertsimas, Dimitris; Shtern, Shimrit; Sturt, Bradley
作者单位：Massachusetts Institute of Technology (MIT); Technion Israel Institute of Technology; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We propose a new data-driven approach for addressing multistage stochastic linear optimization problems with unknown distributions. The approach consists of solving a robust optimization problem that is constructed from sample paths of the underlying stochastic process. We provide asymptotic bounds on the gap between the optimal costs of the robust optimization problem and the underlying stochastic problem as more sample paths are obtained, and we characterize cases in which this gap is equal ...
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作者：Chen, Jian; Yao, Jiaquan; Zhang, Qunzi; Zhu, Xiaoneng
作者单位：Xiamen University; Jinan University; Shandong University; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：This article examines the cross-country asset pricing implications of disaster risk concerns. We construct a new disaster risk index, relying on six news-implied rare disaster proxies of Manela and Moreira (2017), and show that this index is a powerful predictor for stock returns and other asset returns in international markets both in and out of sample. By further disentangling a global common component from our rare disaster index, we find evidence supporting theories that emphasize globally...
