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作者：Bradley, Daniel; Mao, Connie X.; Zhang, Chi
作者单位：State University System of Florida; University of South Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Massachusetts System; University of Massachusetts Lowell
摘要：We find firms' work-related injury rates are negatively associated with the level of analyst coverage. This result is also robust at the establishment level at which we find local analysts have a more profound impact than distant analysts. Cross-sectionally, our results are exacerbated in firms with weak internal governance mechanisms and in industries with low union representation. Finally, management is more likely to discuss safety issues during earnings conference calls in the presence of ...
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作者：Chiou, Lesley; Tucker, Catherine E.
作者单位：Occidental College; Massachusetts Institute of Technology (MIT)
摘要：Advertising is often criticized for presenting only partial or selective information about products. This criticism is particularly pronounced for health products, where large asymmetries in information may exist between consumers and firms. This paper explores how government restrictions designed to prevent selective advertising affect the types of information to which consumers are exposed. We exploit a natural experiment in the form of a U.S. Food and Drug Administration (FDA) crackdown tha...
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作者：Buraschi, Andrea; Whelan, Paul
作者单位：Imperial College London; Copenhagen Business School
摘要：We compare the implications of speculation versus hedging channels for bond markets in heterogeneous agents' economies. Treasuries command a significant risk premium when optimistic agents speculate by leveraging their positions using bonds. Disagreement drives a wedge between marginal agent versus econometrician beliefs (sentiment). When speculative demands dominate, the interaction between belief heterogeneity and sentiment helps rationalize several puzzling characteristics of Treasury marke...
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作者：Kim, Jaewoo; Park, Seyoung; Peterson, Kyle; Wilson, Ryan
作者单位：University of Oregon; University of Iowa
摘要：We examine the financial reporting quality of special purpose acquisition corporations (SPACs) following a successful merger. We compare a sample of SPACs with completed mergers from 2006 to 2020 to initial public offering (IPO) firms in the same industry covering the same period. Compared with similar IPO firms, SPACs are more likely to restate their financial statements and have internal control weaknesses. We also find that SPACs are more likely to file untimely financial statements, amend ...
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作者：Lu, Tao; Yuan, May; Wang, Chong (Alex); Zhang, Xiaoquan (Michael)
作者单位：Southern University of Science & Technology; Chinese University of Hong Kong; Peking University; Tsinghua University; Chinese University of Hong Kong
摘要：Existing research on word-of-mouth considers various descriptive statistics of rating distributions, such as the mean, variance, skewness, kurtosis, and even entropy and the Herfindahl-Hirschman index. But real-world consumer decisions are often derived from visual assessment of displayed rating distributions in the form of histograms. In this study, we argue that such distribution charts may inadvertently lead to a consumer-choice bias that we call the histogram distortion bias (HDB). We prop...
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作者：Del Carpio, Lucia; Guadalupe, Maria
作者单位：INSEAD Business School
摘要：We study the impact of using informational messaging aimed at encouraging women to seek a career in technology and the resulting trade-offs for organizations pursuing recruitment strategies of this kind. Our treatment, implemented through two field experiments among potential applicants to a five-month software-coding program targeted at low-income women in Peru and Mexico, counterbalances the strong male stereotype associated with a career in tech. Although our informational messages substant...
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作者：Menegatti, Mario; Peter, Richard
作者单位：University of Parma; University of Iowa
摘要：We organize and extend findings on the comparative static effects of risk changes on optimal behavior in a unifying expected utility model. We determine restrictions on preferences for clear-cut results. Risk increases of a benefit are compensated by lowering exposure to risk. For risk increases of a cost, the response depends on the order of the risk change. This discrepancy arises because even-order risk increases of a cost raise the riskiness of the payoff distribution, whereas odd-order ri...
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作者：Pattabhiramaiah, Adithya; Overby, Eric; Xu, Lizhen
作者单位：University System of Georgia; Georgia Institute of Technology; University System of Georgia; Georgia Institute of Technology
摘要：Newspapers are increasingly reliant on subscription revenue as advertising spend shifts to online platforms. Many newspapers have implemented paywalls in an attempt to boost subscription revenue. We study whether and how paywalls can help newspapers boost subscription revenue by retaining existing subscribers. Most major newspapers offer free access to paywalled content to subscribers to the print edition, which may help the newspaper retain subscribers by making their subscriptions more valua...
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作者：August, Terrence; Dao, Duy; Niculescu, Marius Florin
作者单位：University of California System; University of California San Diego; University of Calgary; University System of Georgia; Georgia Institute of Technology
摘要：Recently, the development of ransomware strains and changes in the marketplace for malware have greatly reduced the entry barrier for attackers to conduct large-scale ransomware attacks. In this paper, we examine how this mode of cyberattack impacts software vendors and consumer behavior. When victims face an added option to mitigate losses via a ransom payment, both the equilibrium market size and the vendor's profit under optimal pricing can actually increase in the ransom demand. Profit can...
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作者：Bae, Junhyun; Chen, Li; Yao, Shiqing
作者单位：Oakland University; Cornell University; Monash University
摘要：Firms often engage in price promotion wars to gain market share from their competitors. However, poor customer satisfaction as a result of limited service capacity may significantly impact such a pricing strategy. In this paper, we consider a two-firm price competitionmodel in which customers' purchase decisions are affected by their anticipation of a poor service encounter. Our equilibrium analysis reveals that firms would be less aggressive in engaging in price cutting when customers care mo...
