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作者：Rajgopal, Shiva
作者单位：Columbia University
摘要：I argue that academic research in accounting has strayed from producing work that is useful to either practitioners or policy makers. I use three criteria to arrive at that assessment: (i) How many products and processes have accounting research produced in the last 50 years? (ii) How much overlap do we observe between issues that Chief Financial Officers (CFOs) and Chief Executive Officers (CEOs) worry about and our published research? (iii) Is the science or the knowhow in academe in a parti...
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作者：Levine, Oliver; Wu, Youchang
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Oregon
摘要：We exploit cross-sectional variation in the predictable changes in asset volatility following corporate acquisitions to identify the effect of business risk on capital structure. We find that postmerger changes in leverage and cash holdings are strongly predicted by expected asset volatility changes estimated using premerger information. These capital structure adjustments are partly achieved through the choice of payment method. Our findings provide direct evidence for the coinsurance effect ...
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作者：Mavruka, Taylan
作者单位：University of Gothenburg
摘要：This study examines cross-regional differences in news tone for the same news event and relates it to local stock ownership of individual investors using a combination of detailed investor and media data. The results show that news tone amplifies the overall attention effect and decreases the difference between the trading activities of local and nonlocal investors when locally sourced news is republished across regions. In general, trading activity decreases for given republished news, but it...
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作者：Bertomeu, Jeremy; Evans, John Harry, III; Feng, Mei; Tseng, Ayung
作者单位：University of California System; University of California San Diego; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We develop a model of voluntary disclosure and production decisions and use it to establish that firms will tacitly collude by disclosing when current market demand is low and when the decision horizon is long. Low demand helps sustain tacit collusion, because deviation from tacit collusion yields only a limited increase in profit when demand is low. Similarly, longer decision horizons give firms incentive to receive the benefits of collusion over a longer period. Using monthly production fore...
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作者：Wang, Ruodu; Zitikis, Ricardas
作者单位：University of Waterloo; Western University (University of Western Ontario)
摘要：In the recent Basel Accords, the expected shortfall (ES) replaces the value-at-risk (VaR) as the standard risk measure for market risk in the banking sector, making it the most popular risk measure in financial regulation. Although ES is-in addition to many other nice properties-a coherent risk measure, it does not yet have an axiomatic foundation. In this paper, we put forward four intuitive economic axioms for portfolio risk assessment-monotonicity, law invariance, prudence, and no reward fo...
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作者：Da, Zhi; Gurun, Umit G.; Li, Bin; Warachka, Mitch
作者单位：University of Notre Dame; University of Texas System; University of Texas Dallas; University of Oklahoma System; University of Oklahoma - Norman; Chapman University System; Chapman University
摘要：A large literature reports that proximity influences investment. We extend the measurement of proximity beyond distance and report that air travel reduces local investment bias. This result is confirmed using the initiation of connecting flights through recently opened air hubs because investment at destinations served by these connecting flights increases after, not before, their initiation. Air travel also broadens the investor base of firms and lowers their cost of equity by approximately 1...
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作者：Stamatopoulos, Ioannis; Bassamboo, Achal; Moreno, Antonio
作者单位：University of Texas System; University of Texas Austin; Northwestern University; Harvard University
摘要：We use the adoption of electronic shelf labels (ESLs) by an international grocery retailer in 2015 to identify the effects of physical menu costs (i.e., labor and material costs of price adjustment) on retail performance. We find that the installation of ESLs increased gross margins substantially, which implies profit gains that go far beyond labor cost savings. We also explore the mechanism behind this effect. We find that the lift in gross margins was associated with an increase in quantity ...
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作者：Hope, Ole-Kristian; Li, Yi; Liu, Qiliang; Wu, Han
作者单位：University of Toronto; BI Norwegian Business School; Hunan University; Jiangxi University of Finance & Economics
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness for a particular purpose, or non-infringement. Descriptions of, or references to, produ...
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作者：Ganguli, Ina; Huysentruyt, Marieke; Coq, Chloe Le
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Stockholm School of Economics; Hautes Etudes Commerciales (HEC) Paris; Universite Paris-Pantheon-Assas
摘要：We conducted a field experiment to identify the causal effect of extrinsic reward cues on the sorting and performance of nascent social entrepreneurs. The experiment, carried out with one of the United Kingdom's largest support agencies for social entrepreneurs, encouraged 431 nascent social entrepreneurs to submit a full application for a grant competition that provides cash and in-kind mentoring through a one-time mailing sent by the agency. The applicants were randomly assigned to one of th...
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作者：Gaertig, Celia; Simmons, Joseph P.
作者单位：University of Chicago; University of Pennsylvania
摘要：Prior research suggests that averaging two guesses from the same person can improve quantitative judgments, a phenomenon known as the wisdom of the inner crowd. In this article, we find that this effect hinges on whether people explicitly decide in which direction their first guess had erred before making their second guess. In nine studies (N = 8,465), we found that asking people to explicitly indicate whether their first guess was too high or too low before making their second guess made peo...
