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作者：Martin, Daniel; Marx, Philip
作者单位：Northwestern University; Louisiana State University System; Louisiana State University
摘要：A large experimental literature is devoted to studying discrimination. An important question for policymakers and firms is what drives the discrimination uncovered by those experiments. However, motivations are hard to determine when decision makers pay selective attention to information because their learning is private. We overcome this challenge by deriving conditions on average outcomes that reveal decision makers are prejudiced no matter what they learn about individuals in each demograph...
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作者：Gritckevich, Aleksandr; Katona, Zsolt; Sarvary, Miklos
作者单位：Columbia University; University of California System; University of California Berkeley
摘要：In recent years, ad blocking has become a significant threat to advertising -supported content. Adblockers typically negotiate with publishers, allowing some ads to go through in return for a payment, a practice called (partial) whitelisting in the industry. Ad blocking has a direct positive effect on consumers by reducing advertising intensity. On the other hand, the practice clearly hurts publishers and reduces their incentives to in-vest in content quality. Lower content quality, in turn ha...
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作者：Kim, Minkyung; Sudhir, K.; Uetake, Kosuke
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Yale University
摘要：This paper broadens the focus of empirical research on salesforce management to include multitasking settings with multidimensional incentives, where salespeople have private information about customers. This allows us to ask novel substantive questions around multidimensional incentive design and job design while managing the costs and benefits of private information. To this end, the paper introduces the first structural model of a multitasking salesforce in response to multidimensional ince...
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作者：Bekaert, Geert; Engstrom, Eric C.; Xu, Nancy R.
作者单位：Columbia University; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve System Board of Governors; Boston College
摘要：We formulate a dynamic no-arbitrage asset pricing model for equities and corporate bonds, featuring time variation in both risk aversion and economic uncertainty. The joint dynamics among cash flows, macroeconomic fundamentals, and risk aversion accommodate both heteroskedasticity and non-Gaussianity. The model delivers measures of risk aversion and uncertainty at the daily frequency. We verify that equity variance risk premiums are very informative about risk aversion, whereas credit spreads ...
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作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Miller, Gregory S.; Stockbridge, Douglas R.
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：Firms' use of special purpose acquisition companies (SPACs) to go public has increased dramatically, leading to market and regulatory debate about their use of projections. Examining SPAC mergers from 2004 through 2021, we find that 80% of firms provide projections for four years ahead on average, with approximately one-quarter of recent projections extending more than five years. For the sample of SPAC mergers with observable postmerger revenue, we find that only 35% of firms meet or beat the...
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作者：Christensen, Dane M.; Jin, Hengda; Sridharan, Suhas A.; Wellman, Laura A.
作者单位：University of Oregon; Utah System of Higher Education; University of Utah; Emory University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine whether firms??? political hedging activities are effective at mitigating political risk. Focusing on the risk induced by partisan politics, we measure political hedging as the degree to which firms??? political connections are balanced across Republican and Democratic candidates. We find that greater political hedging is associated with reduced stock return volatility, particularly during periods of higher policy uncertainty. Similarly, greater political hedging is associated with ...
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作者：Stouras, Konstantinos, I; Hutchison-Krupat, Jeremy; Chao, Raul O.
作者单位：University College Dublin; University of Cambridge; University of Virginia
摘要：Many firms use external contests to obtain solutions to their innovation challenges. A central managerial concern is how to screen the population for only the most capable people when the capability of the population is not known. If the manager sets the bar too high, then the contest could fail, leaving the firm to suffer the consequences. Alternatively, if the bar is set too low, then too many people enter, which leads to increased competition, a lack of effort, and diminished performance, a...
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作者：Lanei, Jacqueline N.; Teplitskiy, Misha; Gray, Gary; Ranu, Hardeep; Menietti, Michael; Guinan, Eva; Lakhani, Karim R.
作者单位：Harvard University; University of Michigan System; University of Michigan; Harvard University; Harvard Medical School; Harvard University; Harvard University Medical Affiliates; Dana-Farber Cancer Institute
摘要：The evaluation and selection of novel projects lies at the heart of scientific and technological innovation, and yet there are persistent concerns about bias, such as conservatism. This paper investigates the role that the format of evaluation, specifically information sharing among expert evaluators, plays in generating conservative decisions. We executed two field experiments in two separate grant-funding opportunities at a leading research university, mobilizing 369 evaluators from seven un...
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作者：Jacob, Martin; Wentland, Kelly; Wentland, Scott A.
作者单位：WHU - Otto Beisheim School of Management; George Mason University
摘要：This paper examines whether tax uncertainty can alter investment decisions, focusing primarily on the timing of large capital investments. Empirically, we exploit the staggered implementation of Schedule UTP, a discrete policy change expected to increase tax uncertainty, finding that, on average, firms responded by delaying large capital investments. This effect is stronger among firms at which the policy treatment is particularly germane, that is, for firms with more material UTBs or with low...
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作者：Zhang, Ruishen
作者单位：Shanghai University of Finance & Economics
摘要：I study the effects of language commonality (i.e., sharing a native language) on information production in financial markets. Using a hand-collected data set on the prevalent dialects for 2,091 cities (counties) in China, I identify the effects of language commonality separately from those of shared hometown and geographic proximity. In in-sample tests, language commonality between analysts and CEOs increases the return of trading on analysts' recommendations by 5.5%. The results mainly stem f...
