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作者：Heinle, Mirko; Samuels, Delphine; Taylor, Daniel
作者单位：University of Pennsylvania; University of Chicago
摘要：This study develops and tests a simple model of voluntary disclosure in which managers can choose to withhold (i.e., redact) certain elements from mandatory disclosure. We consider a setting in which mandatory disclosure is a disaggregated disclosure (e.g., a financial statement), voluntary disclosure is an aggregate disclosure (e.g., an earnings forecast), and the costs of each type of disclosure are distinct. In this setting, we showthatmanagers endogenously substitute between the two types ...
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作者：Ke, T. Tony; Sudhir, K.
作者单位：Chinese University of Hong Kong; Yale University
摘要：General Data Protection Regulation (GDPR)-the European Union's data protection regulation-has two key principles. It recognizes that individuals own and control their personal (but not contractual) data in perpetuity, leading to three critical privacy rights, namely, the rights to (i) explicit consent (data opt-in), (ii) to be forgotten (data erasure), and (iii) portability (data transfer). It also includes data security mandates against privacy breaches through unauthorized access. We study G...
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作者：Holzmeister, Felix; Holmen, Martin; Kirchler, Michael; Stefan, Matthias; Wengstrom, Erik
作者单位：University of Innsbruck; University of Gothenburg; University of Innsbruck; Lund University; Hanken School of Economics
摘要：Based on an online experimentwith a sample of finance professionals and participants from the general population (acting as clients), we examine drivers and motives of clients' choices to delegate investment decisions to agents. We find that clients favor delegation to investment algorithms, followed by delegation to finance professionals compensated with an aligned incentive scheme, and lastly to finance professionals receiving a fixed payment for investing on behalf of others. We show that t...
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作者：Chen, Christopher J.; Jain, Nitish; Yang, S. Alex
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of London; London Business School
摘要：Trade credit is an important source of short-term financing and an integrated part in supply contracts. Although a number of theories have been proposed on how trade credit could improve supply chain efficiency, causal studies on the impact of trade credit on operational decisions are scarce. In this study, we examine the impact of trade credit on inventory decisions using an empirical strategy that leverages (i) an exogenous shock imparted by the French government's intervention to impose a c...
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作者：Despotakis, Stylianos; Yu, Jungju
作者单位：City University of Hong Kong; Korea Advanced Institute of Science & Technology (KAIST)
摘要：Advancements in targeting technology have allowed firms to engage in more precise targeting based on several aspects of consumers' preferences. Exposed to more targeted ads, consumers are becoming increasingly aware of being targeted and respond accordingly. This paper provides a theoretical analysis of multidimensional targeting under which consumers can draw inferences about multiple components of their utility from the advertised product. We show that the firm can be worse off under multidi...
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作者：Guest, Nick; Kothari, S. P.; So, Eric
作者单位：Cornell University; Massachusetts Institute of Technology (MIT)
摘要：We examine the link between the scarcity of arbitrage capital and investors' response to firms' earnings information. The cost of financing levered investment strategies (i.e., investing with borrowed funds) increases in the risk profile of the securities being traded. As a result, when capital is scarce, levered traders face heightened incentives to tilt their portfolios in the direction of firms' earnings information as an indicator of lesser risk because doing so mitigates financing constra...
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作者：Gao, Yuetao; Wu, Yue
作者单位：Xiamen University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Counterfeits are available across many marketplaces. In emerging markets, in particular, consumers often observe a mix of counterfeits and authentic products sold by retailers. It is difficult for some consumers to distinguish between the two types of products. From these consumers' perspective, the products can be considered as probabilistic goods, and we term retailers' strategies probabilistic selling of counterfeits. Retailers who sell counterfeits are subject to a penalty by regulation. W...
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作者：Wang, Hongchang; Overby, Eric
作者单位：University of Texas System; University of Texas Dallas; University System of Georgia; Georgia Institute of Technology
摘要：Do political differences, which are becoming increasingly acute among Americans, inhibit market transactions? We study this by examining whether the perceived political distance between investors and borrowers in an online lending market affects whom investors choose to fund. Using two complementary empirical approaches (a gravity model and a difference-in-differences analysis), we find a nuanced effect: Investors from comparatively conservative states consider political distance when making l...
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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...
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作者：Choy, Siu Kai; Wei, Jason
作者单位：University of London; King's College London; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：This paper examines the attention effect in the options market. We show that option investors (especially retail investors) buy more calls and puts on both daily winner and loser stocks, and this buying pressure leads to an overvaluation, as shown in subsequent lower hedged returns. The overvaluation is due to a combination of differences of opinion, risk aversion, and margin requirements. The economic magnitude is large. For instance, a zero-financing portfolio involving options on loser stoc...
