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作者：Dwenger, Nadja; Treber, Lukas
作者单位：University Hohenheim; Centre for Economic Policy Research - UK
摘要：We investigate company reactions to the threat of reputational losses. To do so, we leverage the introduction of a naming-and-shaming policy for tax debt enforcement in Slovenia in 2012. The policy was announced four months before its implementation, which allows us to separate responses to the threat of shaming from the responses to actual shaming. Our extensive administrative tax data cover taxes owed and paid for the universe of taxpayers in Slovenia. Based on a quasi-experimental research ...
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作者：Law, Kelvin K. F.; Zuo, Luo
作者单位：Nanyang Technological University; Cornell University
摘要：We examine the relation between public concern about immigration and customer complaints against minority financial advisors in the United States. We find that minority advisors are more likely to receive complaints in periods of high public concern about immigration than in other periods, relative to their white colleagues from the same firm, at the same office location, and at the same point in time. This result holds for both complaints with merit and dismissed complaints and is more pronou...
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作者：Christensen, Jens H. E.; Lopez, Jose A.; Mussche, Paul L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Insurance companies and pension funds have liabilities far into the future and typically well beyond the longest maturity bonds trading in fixed-income markets. Such long-lived liabilities still need to be discounted, and yield curve extrapolations based on the information in observed yields can be used. We use dynamic Nelson-Siegel (DNS) yield curve models to extrapolate risk-free yield curves for Switzerland and several countries. We find slight biases in extrapolated long bond yields of jus...
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作者：Zeng, Helen Shuxuan; Danaher, Brett; Smith, Michael D.
作者单位：Carnegie Mellon University; Chapman University System; Chapman University
摘要：In the two weeks after the U.S. Congress passed a package of anti-sex trafficking bills on March 21, 2018, two of the largest online commercial sex advertising platforms ceased operation. On March 23, Craigslist voluntarily removed their personals section, which had been dominated by advertisements for commercial sex. And on April 6, the Department of Justice seized Backpage.com, the largest online platform for commercial sex advertisements. Our research examines the impact of these shutdowns ...
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作者：Hsu, Po-Hsuan; Lee, Hsiao-Hui; Zhou, Tong
作者单位：National Tsing Hua University; National Chengchi University; ShanghaiTech University
摘要：Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms' commercialization of patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more patent litigations, launch fewer new products, and become less profitable in the future. These firms are also associated with lower subsequent stock returns, which can be explained by a conditional Capital Asset Pricing Model (CAPM) based on a general equili...
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作者：Beer, Ruth; Ahn, Hyun-Soo; Leider, Stephen
摘要：Although innovation sharing between a buyer and a supplier-a common practice in the automotive industry-can increase the efficiency and total profit of a supply chain, suppliers are often reluctant to do so. Sharing innovations would leave the supplier in a vulnerable position if the buyer were to exploit the information (e.g., by resharing the supplier's innovation with competing suppliers). Anecdotal evidence from automotive suppliers tells us that the nature of a supplier-buyer relationship...
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作者：Aral, Karca D.; Giambona, Erasmo; Wang, Ye
作者单位：Syracuse University; University of International Business & Economics
摘要：What should a distressed buyer???s sourcing strategy be? We find that this depends on the dynamics in a potential in-court bankruptcy. To establish causality, we use a novel sourcing data set in combination with a unique quasi-natural experimental setting provided by a regulatory shock that significantly strengthened the protection granted to suppliers when a distressed buyer files for bankruptcy: the Supplier Protection Act. We find that, following this regulatory change, the number of suppli...
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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：Cookson, Gordon; Jenkinson, Tim; Jones, Howard; Martinez, Jose Vicente
作者单位：University of Oxford; University of Connecticut
摘要：Investment consultants market their services by claiming their fund manager recommendations add significant value. Using nonpublic data sourced from investment consultants and the UK regulator, we find no such evidence, but identify several practices that explain their exaggerated claims: comparisons to benchmarks instead of peers, inclusion of simulated and backfilled returns, use of investment horizons that allow losers to be forgotten, and unexplained exclusions of products from the analysi...
