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作者：Beyer, Anne; Dye, Ronald A.
作者单位：Stanford University; Northwestern University
摘要：We develop a model of a manager's equilibrium voluntary disclosure policy to study how that policy changes depending on whether the manager is prohibited from disclosing, or allowed to disclose, a half-truth; we also examine how the disclosure policy changes depending on whether the manager has a duty to update past disclosures. Among our results, we show that if a manager is prohibited from issuing half-truths, the manager discloses a wider array of information than if the manager is allowed ...
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作者：Gill, Andrej; Heinz, Matthias; Schumacher, Heiner; Sutter, Matthias
作者单位：Johannes Gutenberg University of Mainz; University of Cologne; Max Planck Society; Centre for Economic Policy Research - UK; University of Innsbruck; KU Leuven; University of Cologne; IZA Institute Labor Economics; Leibniz Association; Ifo Institut
摘要：Trust is an important element of many financial transactions. Yet, the financial industry has been struggling with public mistrust. One explanation for this could be the selection of individuals who wish to work in and get job offers from the financial industry. In this paper, we examine the selection into the financial industry based on social preferences. We identify the social preferences of business and economics students, and, for more than six years, follow up on their early career choic...
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作者：Cheng, Stephanie F.; Cuny, Christine; Xue, Hao
作者单位：Tulane University; New York University; Duke University
摘要：Ownership segmentation in the municipal bond market gives rise to competition among local issuers for a limited supply of capital. We consider the disclosure implications of this competition for capital, using Moody's 2010 recalibration of the municipal rating scale. The recalibration placed lowly upgraded issuers at a disadvantage relative to their highly upgraded peers within the same market segment. We develop a model in which two municipal bond issuers compete for investors' capital by cho...
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作者：Kamei, Kenju; Markussen, Thomas
作者单位：Keio University; University of Copenhagen
摘要：A novel laboratory experiment is used to show that mismatching between task preferences and task assignment strongly undermines worker performance and leads to free riding in teams. Unlike prior experiments using real effort tasks, task preferences are elicited from all workers. Under team-based remuneration (revenue sharing), free riding is significant, but this effect is largely driven by those working on undesired tasks. Workers' endogenous sorting into tasks improves productivity as it mit...
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作者：Neely, Daniel G.; Saxton, Gregory D.; Wong, Paul A.
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; York University - Canada; University of California System; University of California Davis
摘要：We examine nonprofit organizations' involvement in the Paycheck Protection Program (PPP). The PPP provided participants with forgivable loans to pay employee salaries, increasing participants' financial flexibility during the pandemic. We examine the associations between nonprofits' prepandemic financial obligations (e.g., long-term debt and donor-restricted net assets) and PPP participation and participants' loan characteristics. First, we find nonprofit organizations participated at a lower ...
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作者：Shi, Shuping; Yu, Jun
作者单位：Macquarie University; Singapore Management University; Singapore Management University
摘要：The log realized volatility (RV) is often modeled as an autoregressive fractionally integrated moving average model ARFIMA(1, d, 0). Two conflicting empirical results have been found in the literature. One stream shows that log RV has a long memory (i.e., the fractional parameter d > 0). The other stream suggests that the autoregressive coefficient alpha is near unity with antipersistent errors (i.e., d < 0). This paper explains how these conflicting empirical findings can coexist in the conte...
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作者：Nguyen, Tung; Petmezas, Dimitris; Karampatsas, Nikolaos
作者单位：University of Manchester; Alliance Manchester Business School; Durham University; University of Surrey
摘要：Using terrorist attacks as an exogenous shock to uncertainty, we provide evidence that firms located near terrorism-stricken areas are less likely takeover targets for two years after the attack and receive lower acquisition premiums. The latter finding is reflected in lower target firm abnormal returns and synergy gains. Additionally, in terrorism-stricken areas, target firms are associated with a lower share of synergies, withdrawn deals rise, and acquirers are more likely to get involved in...
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作者：Hydari, Muhammad Zia; Adjerid, Idris; Striegel, Aaron D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Virginia Polytechnic Institute & State University; University of Notre Dame
摘要：Health wearables in combination with gamification enable interventions that have the potential to increase physical activity-a key determinant of health. However, the extant literature does not provide conclusive evidence on the benefits of gamification, and there are persistent concerns that competition-based gamification approaches will only benefit those who are highly active at the expense of those who are sedentary. We investigate the effect of Fitbit leaderboards on the number of steps t...
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作者：Li, Jin; Pisano, Gary; Xu, Yejia; Zhu, Feng
作者单位：University of Hong Kong; Harvard University; University of Southern California
摘要：The scalability of a marketplace depends on the operations of the marketplace platform and its sellers' capacities. In this study, we explore one strategy that a marketplace platform can use to enhance its scalability: providing an ancillary service to sellers. In our model, a platform can choose whether and when to provide this service to sellers and, if so, what prices to charge and which types of sellers to serve. Although such a service helps small sellers, we highlight that the provision ...
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作者：Bojinov, Iavor; Simchi-Levi, David; Zhao, Jinglong
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Boston University
摘要：Switchback experiments, where a firm sequentially exposes an experimental unit to random treatments, are among the most prevalent designs used in the technology sector, with applications ranging from ride-hailing platforms to online marketplaces. Although practitioners have widely adopted this technique, the derivation of the optimal design has been elusive, hindering practitioners from drawing valid causal conclusions with enough statistical power. We address this limitation by deriving the o...
