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作者：Heese, Jonas
作者单位：Harvard University
摘要：I study whether industry employment of active regulators weakens oversight. To examine this question, I exploit that the Financial Reporting Enforcement Panel (FREP), the German capital-market regulator responsible for enforcing public firms' compliance with accounting standards, allows its senior regulators to serve on boards of public firms during their FREP tenure. I find that firms are less likely to face enforcement actions after they appoint active regulators to their board. After such a...
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作者：Carson, Richard T.; Zivin, Joshua Graff; Louviere, Jordan J.; Sadoff, Sally; Shrader, Jeffrey G.
作者单位：University of California System; University of California San Diego; University of California System; University of California San Diego; University of South Australia; University of California System; University of California San Diego; Columbia University
摘要：Innovation is important for firm performance and broader economic growth. However, breakthrough innovations necessarily require greater risk taking than more incremental approaches. To understand how managers respond to uncertainty when making research and development decisions, we conducted experiments with master's degree students in a program focused on the intersection of business and technology. Study participants were asked to choose whether to fund hypothetical research projects using a...
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作者：Kremer, Michael; Levin, Jonathan; Snyder, Christopher M.
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research; Stanford University; Dartmouth College
摘要：Advance market commitments (AMCs) provide a mechanism to stimulate investment by suppliers of products to low-income countries. In an AMC, donors commit to a fund from which a specified subsidy is paid per unit purchased by low-income countries until the fund is exhausted, strengthening suppliers' incentives to invest in research, development, and capacity. Last decade saw the launch of a $1.5 billion pilot AMC to distribute pneumococcal vaccine to the developing world; in the current pandemic...
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作者：Geiger, Marshall A.; Johnson, Bret; Jones, Keith L.; Kumas, Abdullah
作者单位：University of Richmond; George Mason University; University of Kansas
摘要：We investigate whether sophisticated investors obtain information about Securities and Exchange Commission (SEC) comment letters before the public release date. Specifically, we examine mutual fund trading behavior around dates firms receive a comment letter. We find significant abnormal net selling by mutual funds immediately after a firm receives a comment letter. Additional tests find that abnormal net selling is greater when firms receive a second-round letter, where information leakage is...
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作者：Kong, Dongmin; Lin, Chen; Wei, Lai; Zhang, Jian
作者单位：Zhongnan University of Economics & Law; University of Hong Kong; Lingnan University; Shanghai International Studies University
摘要：This study identifies information accessibility as a determinant of corporate innovation. Using the sudden termination of Google's search services in China, we find a persistently large negative effect on the intensity and quality of innovation among firms relying on foreign knowledge. The results are stronger for firms in industries dominated by foreign technology, in regions with local web filters, and for firms with fewer alternative sources of foreign information. We also find that the aff...
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作者：Abraham, Katharine G.; Filiz-Ozbay, Emel; Ozbay, Erkut Y.; Turner, Lesley J.
作者单位：University System of Maryland; University of Maryland College Park; University System of Maryland; University of Maryland College Park; Vanderbilt University; National Bureau of Economic Research
摘要：We study how the menu of contracts presented to a decision maker-including contracts she may be precluded from choosing-affects her choice of remunerative but risky actions relative to lower paying, less risky alternatives. We do this through a series of laboratory experiments modeled after the loan repayment options offered to U.S. student borrowers, analyzing borrowers' task (career) choices in settings that vary the menu of available and unavailable loan repayment plans and knowledge of una...
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作者：Daljord, Oystein
作者单位：University of Chicago
摘要：We exploit a change in Norway's fixed book pricing policies to construct exclusion restrictions with which to identify consumers' discount factor. We assume that the policy change generated an unanticipated, exogenous shock to consumers' expectations about future price cuts. Our findings suggest that consumers are much more impatient than would be implied by the real rate of interest, challenging the standard assumed rate of discounting in the extant literature on dynamic demand estimation. Th...
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作者：Henry, Emeric; Loseto, Marco; Ottaviani, Marco
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK; University of Chicago; Bocconi University
摘要：We analyze the optimal mix of ex ante experimentation and ex post learning for the dynamic adoption of activities with uncertain payoffs in a two-phase model of information diffusion. In a first preintroduction phase, costly experimentation is undertaken to decide whether to adopt an activity or abandon experimentation. In a second stage following adoption, learning can continue possibly at a different pace while the activity remains in place; the withdrawal option is exercised following the a...
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作者：Fang, Vivian W.; Iselin, Michael; Zhang, Gaoqing
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper studies financial statement consistency - the purported means to comparability - from an information perspective. We model consistency as firms' required propensity to apply common accounting methods to individual transactions and show that consistency creates information spillover through correlated measurements (spillover channel) while potentially reducing the informativeness of one's own report (standalone channel). The model generates two central predictions. First, optimal con...
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作者：Benjaafar, Saif; Bernhard, Harald; Courcoubetis, Costas; Kanakakis, Michail; Papafragkos, Spyridon
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Singapore University of Technology & Design
摘要：It is widely believed that ride sharing, the practice of sharing a car such that more than one person travels in the car during a journey, has the potential to significantly reduce traffic by filling up cars more efficiently. We introduce a model in which individuals may share rides for a certain fee, paid by the rider(s) to the driver through a ride-sharing platform. Collective decision making is modeled as an anonymous nonatomic game with a finite set of strategies and payoff functions among...
