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作者：Campbell, Dennis W.; Shang, Ruidi
作者单位：Harvard University; Tilburg University
摘要：This paper examines whether information extracted via text-based statistical methods applied to employee reviews left on the website Glassdoor.comcan be used to develop indicators of corporate misconduct risk. We argue that inside information on the incidence of misconduct as well as the control environments and broader organizational cultures that contribute to its occurrence are likely to be widespread among employees and to be reflected in the text of these reviews. Our results show that in...
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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：Aramonte, Sirio; Jahan-Parvar, Mohammad R.; Rosen, Samuel; Schindler, John W.
作者单位：Bank for International Settlements (BIS); Federal Reserve System - USA; Federal Reserve System Board of Governors; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We propose a method to extract the risk-neutral distribution of firm-specific stock returns using both options and credit default swaps (CDS). Options and CDS provide information about the central part and the left tail of the distribution, respectively. Taken together, but not in isolation, options and CDS span the intermediate part of the distribution, which is driven by exposure to the risk of large, but not extreme, returns. Through a series of asset-pricing tests, we show that this interm...
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作者：Feldman, Pnina; Segev, Ella
作者单位：Boston University; Ben-Gurion University of the Negev
摘要：A main challenge that service providers face when managing service systems is how to generate value and regulate congestion at the same time. To this end, classical queueing models suggest managers charge per-use fees and invest in capacity to speed up the service. However, in discretionary services, in which consumers value time in service and choose how long to stay, per-use fees result in suboptimal performance and speeding up does not apply. We study a queueing model of a service provider ...
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作者：Ardestani-Jaafari, Amir; Kucukyazici, Beste
作者单位：University of British Columbia; Michigan State University; Michigan State University's Broad College of Business
摘要：Currently, stroke patients are transported to the nearest stroke center, following specific protocols. Yet, these protocols do not consider many factors, including the spatial variation in population density, the stroke's severity, the time since stroke onset, and the congestion level at the receiving stroke center. We develop an analytical framework that enriches the stroke transport decision-making process by incorporating these factors. Our research contributes to the literature of stroke c...
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作者：Krieger, Joshua L.; Li, Xuelin; Thakor, Richard T.
作者单位：Harvard University; University of South Carolina System; University of South Carolina Columbia; University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT)
摘要：How do innovative firms react when existing products experience negative shocks? We explore this question with detailed project-level data from drug development firms. Using the Food and Drug Administration public health advisories as idiosyncratic negative shocks to approved drugs, we examine how drug makers react through investment decisions. Following these shocks, affected firms increase research and development (R&D) expenditures, driven by a higher likelihood of acquiring external innova...
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作者：Qin, Hanzhang; Simchi-Levi, David; Wang, Li
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We study the classic multiperiod joint pricing and inventory control problem in a data-driven setting. In this problem, a retailermakes periodic decisions on the prices and inventory levels of a product that she wishes to sell. The retailer's objective is to maximize the expected profit over a finite horizon bymatching the inventory level with a randomdemand, which depends on the price in each period. In reality, the demand functions or random noise distributions are usually difficult to know ...
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作者：Favaron, Saverio Dave; Di Stefano, Giada; Durand, Rodolphe
作者单位：SKEMA Business School; Universite Cote d'Azur; Bocconi University; Hautes Etudes Commerciales (HEC) Paris
摘要：What happens in the aftermath of the introduction of a new status ranking? In this study, we exploit the unique empirical opportunity generated by the release of the first edition of the Michelin Guide for Washington, DC, in the fall of 2016. We build on prior work on rankings as insecurity-inducing devices by suggesting that newly awarded high-status actors modify their self-presentation attributes to fit with what they believe audiences expect from the elite. Our results show that, depending...
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作者：Alfaro, Laura; Faia, Ester; Lamersdorf, Nora; Saidi, Farzad
作者单位：Harvard University; National Bureau of Economic Research; Goethe University Frankfurt; Centre for Economic Policy Research - UK; University of Bonn
摘要：Social preferences facilitate the internalization of health externalities, for example, by reducing mobility during a pandemic. We test this hypothesis using mobility data from 258 cities worldwide alongside experimentally validated measures of social preferences. Controlling for time-varying heterogeneity that could arise at the level at which mitigation policies are implemented, we find that they matter less in regions that are more altruistic, patient, or exhibit less negative reciprocity. ...
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作者：Peukert, Christian; Reimers, Imke
作者单位：University of Lausanne; Northeastern University
摘要：Digitization has given creators direct access to consumers as well as a plethora of newdata for suppliers of new products to draw on. We study how this affects market efficiency in the context of book publishing. Using data on about 50,000 license deals over more than 10 years, we identify the effects of digitization from quasi-experimental variation across book types. Consistent with digitization generating additional information for predicting product appeal, we show that the size of license...
