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作者：Ardia, David; Bluteau, Keven; Boudt, Kris; Inghelbrecht, Koen
作者单位：Universite de Montreal; HEC Montreal; Universite de Montreal; HEC Montreal; University of Sherbrooke; Vrije Universiteit Brussel; Ghent University; Vrije Universiteit Amsterdam
摘要：We empirically test the prediction of Pa ' stor et al. (2021) that green firms outperform brown firms when concerns about climate change increase unexpectedly, using data for S&P 500 companies from January 2010 to June 2018. To capture unexpected increases in climate change concerns, we construct a daily Media Climate Change Concerns index using news about climate change published by major U.S. newspapers and newswires. We find that on days with an unexpected increase in climate change concern...
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作者：Niu, Xiaofei; Li, Jianbiao; Li, Dahui; Cao, Qian
作者单位：Shandong University; University of Minnesota System; University of Minnesota Duluth; Nanjing University of Finance & Economics
摘要：This study tests whether modulating a brain region associated with cognitive control using noninvasive brain stimulation affects the disposition effect. A participant trades stocks in an experimental asset market while their level of cognitive control is exogenously manipulated by applying weak current stimulation to a control-related cortical region. We find that the stimulation significantly affects the participant's cognitive control and tendency to exhibit the disposition effect. This resu...
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作者：Lin, Danmo
作者单位：University of Warwick
摘要：I develop a continuous-time model to examine how the interaction between competition and financial constraints affects firms' research and development (R&D) strategies. The model integrates two key characteristics of R&D investment: accelerability (i.e., higher R&D intensity leads to faster discovery) and scalability (i.e., higher R&D intensity leads to higher project payoff). I find that firms react strategically to their rivals' financial constraints when making investment decisions in a duo...
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作者：Li, Bin; Boyabatll, Onur; Avci, Buket
作者单位：Wuhan University; Singapore Management University
摘要：Motivated by the agricultural industries, this paper studies the economic and environmental implications of biomass commercialization; that is, converting organic waste into a saleable product from the perspective of a processor that uses a commodity input to produce both a commodity output and biomass. We characterize the economic value of biomass commercialization and examine how input and output spot price uncertainties affect this value. Using a model calibration, we find that lower input ...
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作者：Meloso, Debrah; Nunnari, Salvatore; Ottaviani, Marco
作者单位：Bocconi University
摘要：We experimentally study information transmission by experts motivated by their reputation for being well-informed. In our game of reputational cheap talk, a reporter privately observes information about a state of the world and sends a message to an evaluator; the evaluator uses the message and the realized state of the world to assess the reporter's informativeness. We manipulate the key driver of misreporting incentives: the uncertainty about the phenomenon to forecast. We highlight three fi...
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作者：Frake, Justin; Harmon, Derek
作者单位：University of Michigan System; University of Michigan
摘要：This paper investigates how organizational misconduct is perpetuated through intergenerational transmission. We theorize that early exposure to a subculture of misconduct imprints newcomers with the belief that misconduct is normal, which is then carried by these individuals into managerial positions and passed down to their subordinates. We test this using longitudinal administrative data from the Chicago Police Department from 1980 to 2017. We exploit a lottery that assigns applicants to tra...
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作者：Sun, Tianshu; Yuan, Zhe; Li, Chunxiao; Zhang, Kaifu; Xu, Jun
作者单位：University of Southern California; Zhejiang University; Alibaba Group
摘要：Personal data have become a key input in internet commerce, facilitating the matching between millions of customers and merchants. Recent data regulations in China, Europe, and the United States restrict internet platforms' ability to collect and use personal data for personalized recommendation and may fundamentally impact internet commerce. In collaboration with the largest e-commerce platform in China, we conduct a large-scale field experiment to measure the potential impact of data regulat...
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作者：Chan, Tat Y.; Liao, Li; Martin, Xiumin; Wang, Zhengwei
作者单位：Washington University (WUSTL); Tsinghua University
摘要：We study the behavior of an individual avoiding peer information from a natural field experiment of charity crowdfunding. The unique experimental design enables us to employ an instrumental variable strategy to identify how the behavior influences individual giving to and promotion of charity campaigns. We find that, even with free access, 89% of individuals chose not to seek peer information. These individuals were less likely, whereas their peers were more likely to give and help promote in ...
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作者：Davydiuk, Tetiana; Gupta, Deeksha; Rosen, Samuel
作者单位：Carnegie Mellon University; Johns Hopkins University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Using the market for initial coin offerings (ICOs) as a laboratory, we provide evidence that entrepreneurs use retention to alleviate information asymmetry. The underlying technology and the absence of regulation make the ICO market well suited to study this question empirically. Using a hand-collected data set, we show that ICO issuers that retain a larger fraction of their tokens are more successful in their funding efforts and are more likely to develop a working product. Moreover, we find ...
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作者：Lu, Yan; Mullally, Kevin; Ray, Sugata
作者单位：State University System of Florida; University of Central Florida; University of Alabama System; University of Alabama Tuscaloosa
摘要：We examine the relation between public pension plan chief investment officer (CIO) compensation and plans' investment performance. Higher paid CIOs outperform their counterparts by 47-60 basis points per year, largely through increased and superior investment in private equity and real estate. This outperformance generates an additional $74.91-$95.63 million in economic value. Plans offering higher compensation hire better educated CIOs and are more likely to retain their CIOs. Higher CIO comp...
