-
作者：Cong, Lin William; Howell, Sabrina T.
作者单位：Cornell University; New York University; National Bureau of Economic Research
摘要：Public equity is an important source of risk capital, especially in China. The Chinese government has occasionally suspended IPOs, exposing firms already approved to IPO to indeterminate listing delays. The temporary bar on going public increases uncertainty about access to public markets for affected firms. We show that suspension-induced delay reduces corporate innovation activity both during the delay and for years after listing. Negative effects on tangible investment and positive effects ...
-
作者：Farias, Vivek F.; Shanthikumar, J. George
-
作者：Jain, Nitish; Hasija, Sameer; Netessine, Serguei
作者单位：University of London; London Business School; INSEAD Business School; University of Pennsylvania
摘要：Antitrust regulations are meant to promote fair competition in the market, but balancing administrative and legal costs with enforcement can be difficult when multilayered supply chains are involved. The canonical example of this challenge is the landmark Illinois Brick ruling, which limits antitrust damages to only the direct purchasers of a product; for instance, consumers can file antitrust claims against colluding retailers but not against colluding manufacturers-only retailers can file cl...
-
作者：Suslava, Kate
作者单位：Bucknell University
摘要：This paper studies whether euphemisms obfuscate the content of earnings conference calls and cause investors to underreact. I argue that managers' use of euphemisms can alleviate the impact of bad news and delay the market reaction to adverse information. Using a dictionary of corporate euphemisms, I find that their use by managers-but not by analysts-is negatively associated with both immediate and future abnormal returns, and their frequency moderates the negative market reaction to bad earn...
-
作者：Lian, Zhen; van Ryzin, Garrett
作者单位：Cornell University; Cornell University
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...
-
作者：Manthei, Kathrin; Sliwka, Dirk; Vogelsang, Timo
作者单位：University of Cologne; Frankfurt School Finance & Management
摘要：We report the results of two field experiments in a retail chain and show that the effectiveness of performance pay crucially hinges on prior job experience. Introducing sales-based performance pay first for district managers and later for store managers, we find negligible average treatment effects. From surveys and interviews, we develop a formal model demonstrating that the effect of performance pay decreases with experience and may even vanish in the limit. We provide empirical evidence in...
-
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...
-
作者：Fainmesser, Itay P.; Lauga, Dominique Olie; Ofek, Elie
作者单位：Johns Hopkins University; Johns Hopkins University; University of Cambridge; Harvard University
摘要：We study how user-generated content (UGC) about new products impacts a firm's advertising and pricing decisions and the effect on profits and market dynamics. We construct a two-period model where consumers value quality and are heterogeneous in their taste for the new product's positioning and examine three information-transfer structures across generations: no information (benchmark), average rating (AR), and the joint distribution of ratings and taste locations (reviews). First, we show tha...
-
作者：Sunar, Nur; Swaminathan, Jayashankar M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Electricity end-users have been increasingly generating their own electricity via rooftop solar panels. We study the impact of such distributed renewable energy (DRE) on utility profits and social welfare under net metering, which is a widespread policy in the United States. Utilities have been lobbying against net-metered distributed solar based on the common belief that it harms utility profits. We find that when wholesale market dynamics are considered, net-metered DRE may be a positive for...
-
作者：Bae, Joon Woo; Elkamhi, Redouane
作者单位：University System of Ohio; Case Western Reserve University; University of Toronto
摘要：We present empirical evidence that the innovation in global equity correlation is a viable pricing factor in international markets. We develop a stylized model to motivate why this is a reasonable candidate factor and propose a simple way to measure it. We find that our factor has a robust negative price of risk and significantly improves the joint cross-sectional fits across various asset classes, including global equities, commodities, sovereign bonds, foreign exchange rates, and options. In...
