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作者：Blackburne, Terrence; Kepler, John D.; Quinn, Phillip J.; Taylor, Daniel
作者单位：Oregon State University; Stanford University; University of Washington; University of Washington Seattle; University of Pennsylvania
摘要：One of the hallmarks of the Security and Exchange Commision's (SEC's) investigative process is that it is shrouded in secrecy-only the SEC staff, high-level managers of the company being investigated, and outside counsel are typically aware of active investigations. We obtain novel data on all investigations closed by the SEC between 2000 and 2017-data that were heretofore nonpublic-and find that such investigations predict economically material declines in future firm performance. Despite evi...
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作者：Faccio, Mara; O'Brien, William J.
作者单位：Purdue University System; Purdue University; National University of Singapore; European Corporate Governance Institute; National Bureau of Economic Research; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Using a newly assembled 50-country firm-level database spanning 19 years, we document a bright side for employees of business group-affiliated firms: less pronounced fluctuations in employment than unaffiliated firms in response to macroeconomic shocks. The results are robust to a variety of tests designed to mitigate endogeneity concerns, including propensity score matching and comparisons of successful and failed group integrations, and are present in both booms and recessions. Our results a...
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作者：Lin, Chen; Liu, Sibo; Manso, Gustavo
作者单位：University of Hong Kong; Hong Kong Baptist University; University of California System; University of California Berkeley
摘要：We investigate whether and to what extent shareholder litigation shapes corporate innovation by examining the staggered adoption of universal demand laws in 23 states from 1989 to 2005. These laws impose obstacles against shareholders filing derivative lawsuits, thereby significantly reducing managers' litigation risk. Using a difference-in-differences design and a matched sample, we find that, following the passage of the laws, firms invested more in research and development, produced more pa...
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作者：Hong, L. Jeff; Huang, Zhiyuan; Lam, Henry
作者单位：Fudan University; Fudan University; University of Michigan System; University of Michigan; Columbia University
摘要：Robust optimization (RO) is a common approach to tractably obtain safe-guarding solutions for optimization problems with uncertain constraints. In this paper, we study a statistical framework to integrate data into RO based on learning a prediction set using (combinations of) geometric shapes that are compatible with established RO tools and on a simple data-splitting validation step that achieves finite-sample nonparametric statistical guarantees on feasibility. We demonstrate how our require...
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作者：van Parys, Bart P. G.; Esfahani, Peyman Mohajerin; Kuhn, Daniel
作者单位：Massachusetts Institute of Technology (MIT); Delft University of Technology; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：We study stochastic programs where the decision maker cannot observe the distribution of the exogenous uncertainties but has access to a finite set of independent samples from this distribution. In this setting, the goal is to find a procedure that transforms the data to an estimate of the expected cost function under the unknown data-generating distribution, that is, a predictor, and an optimizer of the estimated cost function that serves as a near-optimal candidate decision, that is, a presc...
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作者：Dawande, Milind; Feng, Zhichao; Janakiraman, Ganesh
作者单位：University of Texas System; University of Texas Dallas; Chinese Academy of Sciences; University of Science & Technology of China, CAS
摘要：Process capacity and the associated notions of bottleneck activities and bottleneck resources-which are responsible for limiting process capacity to its present value-are fundamental concepts in the operations management literature. However, for processes that involve collaboration and multitasking, there is little clarity in the literature on what bottlenecks are, what they look like, and how they can be identified. In this paper, we formulate and analyze graph-theoretic optimization problems...
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作者：Tan, Weiqiang; Zhang, Jian
作者单位：Education University of Hong Kong (EdUHK); University of Hong Kong
摘要：Using taxicab tipping records in New York City (NYC), we develop a novel measure of real-time utility and quantitatively assess the impact of wealth change on the well-being of individuals based on the core tenet of prospect theory. The baseline estimate suggests that a one-standard-deviation increase in the stock market index is associated with a 0.3% increase in the daily average tipping ratio, which translates to an elasticity estimate of 0.3. The impact is short-lived and in line with the ...
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作者：Cho, Soo-Haeng; DeMiguel, Victor; Hwang, Woonam
作者单位：Carnegie Mellon University; University of London; London Business School; Utah System of Higher Education; University of Utah
摘要：Automakers, including Toyota and General Motors, were recently caught by the U.S. regulator for deliberately hiding product defects in an attempt to avoid massive recalls. Interestingly, regulators in the United States and United Kingdom employ different policies in informing consumers about potential defects: the U.S. regulator publicly announces all ongoing investigations of potential defects to provide consumers with early information, whereas the UK regulator does not. To understand how th...
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作者：Horenstein, Alex R.
摘要：This paper explores a channel whereby asset-pricing anomalies can appear as investors alter portfolios according to findings in academic research. In particular, I find that assets with low realized capital asset pricing model (CAPM) alphas outperform those with high alphas, but this finding only appears after the CAPM's publication in the 1960s. I find evidence consistent with the widespread application of the CAPM generating incentives to tilt portfolios systematically away from low CAPM alp...
