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作者：Tan, Liang; Ramalingegowda, Santhosh; Yu, Yong
作者单位：Virginia Polytechnic Institute & State University; University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin
摘要：This study examines the effect of managerial fiduciary duties on the likelihood of firms receiving going concern (GC) opinions from their auditors. We exploit an influential 1991 legal ruling that expanded fiduciary duties of corporate directors and officers in favor of creditors for near-insolvent Delaware firms. Our difference-in-differences test reveals an increase in GC opinions following the ruling for near-insolvent Delaware firms. Further tests indicate an increase in type I audit opini...
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作者：Zhang, Han; Aydin, Goker; Parker, Rodney P.
作者单位：Michigan State University; Michigan State University's Broad College of Business; Johns Hopkins University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We study a buyer's problem of auditing suppliers within an existing network to ensure social responsibility compliance. The buyer suffers economic damages if a violation at a supplier is exposed (whether by the media, regulator, or nongovernmental organization). To avoid damages, the buyer may audit the network to identify noncompliance. If a supplier fails an audit, the buyer must take one of two costly actions: either rectify the supplier or drop the supplier (along with any dependent suppli...
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作者：Gao, Fei; Agrawal, Vishal V.; Cui, Shiliang
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Georgetown University
摘要：Most retailers today sell products through an online channel in addition to traditional physical stores. We investigate how such a multichannel or omnichannel retailer should decide the number and size of physical stores. We show that a higher return rate for online purchases can incentivize the retailer to have fewer physical stores that are larger in size. As online shopping becomes more convenient, a retailer may prefer to have more physical stores that are smaller in size. We also study th...
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作者：Bogomolnaia, Anna; Moulin, Herve; Sandomirskiy, Fedor
作者单位：University of Glasgow; HSE University (National Research University Higher School of Economics); Technion Israel Institute of Technology
摘要：Ann likes oranges much more than apples; Bob likes apples much more than oranges. Tomorrow they will receive one fruit that will be an orange or an apple with equal probability. Giving one half to each agent is fair for each realization of the fruit. However, agreeing that whatever fruit appears will go to the agent who likes it more gives a higher expected utility to each agent and is fair in the average sense: in expectation, each agent prefers the allocation to the equal division of the fru...
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作者：Penaranda, Francisco; Wu, Liuren
作者单位：City University of New York (CUNY) System; Queens College NY (CUNY); City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We study market-timing strategies on a given portfolio to achieve a particular risk or return target. Targeting a constant risk level leads to increasing investment at better investment opportunities, whereas targeting a constant expected return does the opposite. Theoretical and numerical analysis shows that within the usual ranges of investment opportunities, risk targeting generates better unconditional performance than return targeting across a wide range of metrics. Empirical analysis wit...
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作者：Marx, Matt; Hsu, David H.
作者单位：Cornell University; National Bureau of Economic Research; University of Pennsylvania
摘要：Which factors shape the commercialization of academic scientific discoveries via startup formation? Prior literature has identified several contributing factors but does not address the fundamental problem that the commercial potential of a nascent discovery is generally unobserved, which potentially confounds inference. We construct a sample of approximately 20,000 twin scientific articles, which allows us to hold constant differences in the nature of the advance and more precisely examine ch...
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作者：Chen, Hui; Jorgensen, Bjorn N.
作者单位：University of Zurich; Copenhagen Business School
摘要：We consider a setting where managers manipulate the firms' real activities in anticipation of insider trading opportunities. Managers choose strictly higher production quantities than the quantities chosen absent insider trading, implying lower firm profit but higher consumer surplus. Through comparative statics, we show the overproduction is mitigated by the degree of competition in the industry, the manager's current equity stake in the firm, and the precision of cost information. We also an...
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作者：Gil, Ricard; Kim, Myongjin; Zanarone, Giorgio
作者单位：Queens University - Canada; University of Oklahoma System; University of Oklahoma - Norman; Washington University (WUSTL); Universite Libre de Bruxelles
摘要：This paper studies how firms restructure their relational contracts in the face of permanent shocks to the value of their relationships. In the context of the U.S. airline industry, we argue that major carriers enter self-enforcing agreements with their out sourced regional partners because a key aspect of airline operations-the exchange of landing slots under adverse weather-is formally noncontractible. We show empirically that major and regional airlines did not terminate their relational co...
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作者：Israeli, Ayelet; Scott-Morton, Fiona; Silva-Risso, Jorge; Zettelmeyer, Florian
作者单位：Harvard University; Yale University; National Bureau of Economic Research; University of California System; University of California Riverside; Northwestern University
摘要：This paper investigates empirically the effect of market power on dynamic pricing in the presence of inventories. Our setting is the auto retail industry; we analyze how automotive dealerships adjust prices to inventory levels under varying degrees of market power. We first establish that inventory fluctuations create scarcity rents for cars that are in short supply. We then show that dealers' ability to adjust prices in response to inventory depends on their market power, that is, the quantit...
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作者：Israeli, Doron; Kaniel, Ron; Sridharan, Suhas A.
作者单位：Reichman University; Nazarbayev University; University of Rochester; Center for Economic & Policy Research (CEPR); Emory University
摘要：Prior literature demonstrates that increased trading activity of a firm's stock is associated with abnormal future stock returns (the high-volume return premium) and interprets this phenomenon as evidence that increased visibility generates reductions in cost of capital. Motivated by this interpretation, we investigate whether increased trading activity entails changes in real corporate actions. We document a positive relation between abnormal trading volume, future investment expenditures, an...
