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作者：Bonfim, Diana; Cerqueiro, Geraldo; Degryse, Hans; Ongena, Steven
作者单位：Universidade Catolica Portuguesa; KU Leuven; Centre for Economic Policy Research - UK; University of Zurich; Swiss Finance Institute (SFI); Norwegian University of Science & Technology (NTNU)
摘要：Zombie lending remains a widespread practice by banks around the world. In this paper, we exploit a series of large-scale on-site inspections made on the credit portfolios of several Portuguese banks to investigate how these inspections affect banks' future lending decisions. We find that an inspected bank becomes 20% less likely to refinance zombie firms, immediately spurring their default. Overall, banks seemingly reduce zombie lending because the incentives to hold these loans disappear onc...
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作者：Cai, Wei; Gallani, Susanna; Shin, Jee-Eun
作者单位：Columbia University; Harvard University; University of Toronto
摘要：We examine the incentive effects of subjectivity in allocating tournament-based rewards and punishments. We use data from a company where reward and punishment decisions are based on a combination of objective metrics and subjective performance assessments. Rankings based on the objective metrics and the ultimate payoff allocations are disclosed to all members of the organization. This information allows employees to observe whether and how managers subjectively override the objective rankings...
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作者：Glaeser, Chloe Kim; Glaeser, Stephen; Labro, Eva
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina; University of North Carolina Chapel Hill
摘要：We study the effect of proximity to corporate headquarters on the productivity of inventors and research and development (R&D) facilities. Distant inventors and R&D facilities are less productive, and plausibly exogenous reductions in the travel time from these inventors or facilities to headquarters increase their productivity and creativity. We hypothesize that these improvements in the management of innovation production occur because proximity improves monitoring, managerial ability to pro...
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作者：Gustafson, Matthew T.; Kotter, Jason D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Brigham Young University
摘要：Using cross-state and intertemporal variation in whether a state???s minimum wage is bound by the federal minimum wage, we provide evidence that minimum wage increases lead U.S. public firms in minimum-wage-sensitive industries (i.e., retail, restaurant, and entertainment) to cut capital expenditures. These effects are concentrated one to two years after the law goes into effect. Prior to the minimum wage increase, investment trends are similar across minimum-wage-sensitive firms in bound vers...
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作者：Beyhaghi, Mehdi; Khashabi, Pooyan; Mohammadi, Ali
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; ESSEC Business School; Copenhagen Business School; Danish Finance Institute
摘要：We examine the relationship between pre-grant patent disclosure and analyst forecast accuracy. We take advantage of the passage of the American Inventor's Protection Act (1999), which mandates the pre-grant public disclosure of all information in patent application documents within 18 months of the initial filings. We find that, on average, the pre-grant patent disclosure of corporate inventions significantly improves the accuracy of analyst forecasts about the patenting firm and this improvem...
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作者：Sherman, Eliot L.; Brands, Raina; Ku, Gillian
作者单位：Georgetown University; University of London; University College London; University of London; London Business School
摘要：Could a salary history ban (SHB) reduce the gender wage gap? Proponents of this intervention believe the gap is sustained by the practice of eliciting salary histories from job applicants. Although observational studies suggest that SHB operates as envisioned, two features complicate the interpretation of its effects. These are, respectively, the passage of relevant legislation alongside SHB, and the presence of public campaigns that propel SHB into law. We assessed SHB in the United Kingdom, ...
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作者：Chen, Novia (Xi); Chiu, Peng-Chia; Shevlin, Terry; Wang, Jiani
作者单位：University of Houston System; University of Houston; The Chinese University of Hong Kong, Shenzhen; University of California System; University of California Irvine; Yunnan University of Finance & Economics
摘要：When reporting after-tax non???generally accepted accounting principles (GAAP) earnings, firms are required to adjust for the tax effects of exclusions. Since 2010, the Securities and Exchange Commission (SEC) has issued and updated compliance and disclosure interpretations (C&DIs), which specifically require firms to disclose the tax effects of exclusions. We assemble a detailed, hand-collected data set of S&P 1500 firms??? disclosures to provide the first large-sample evidence on the reporti...
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作者：Avramov, Doron; Cheng, Si; Metzker, Lior
作者单位：Reichman University; Syracuse University; Hebrew University of Jerusalem
摘要：This paper shows that investments based on deep learning signals extract profitability from difficult-to-arbitrage stocks and during high limits-to-arbitrage market states. In particular, excluding microcaps, distressed stocks, or episodes of high market volatility considerably attenuates profitability. Machine learning-based performance further deteriorates in the presence of reasonable trading costs because of high turnover and extreme positions in the tangency portfolio implied by the prici...
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作者：Choi, Syngjoo; Goyal, Sanjeev; Moisan, Frederic; To, Yu Yang Tony
作者单位：Seoul National University (SNU); University of Cambridge; New York University; New York University Abu Dhabi; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; emlyon business school
摘要：Subjects observe a private signal and make an initial guess; they then observe their neighbors' guesses, update their own guess, and so forth. We study learning dynamics in three large-scale networks capturing features of real-world social networks: Erdo center dot s-Re ' nyi, Stochastic Block (reflecting network homophily), and Royal Family (that accommodates both highly connected celebrities and local interactions). We find that the Royal Family network is more likely to sustain incorrect co...
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作者：Meisner, Vincent
作者单位：Technical University of Berlin
摘要：Despite the truthful dominant strategy, participants in strategy-proof mecha-nisms submit manipulated preferences. In our model, participants dislike rejections and enjoy the confirmation from getting what they declare desirable. Formally, the payoff from a match decreases in its position in the submitted ranking such that a strategic trade-off between preference intensity and match probability arises. This trade-off can trigger the commonly observed self-selection strategies. We show that mis...
