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作者：Veronika, K.; Sialm, Clemens; Stefanescu, Irina
作者单位：Vanderbilt University; University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Recordkeepers in defined contribution (DC) pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be deleted. Overall, revenuesharing plans are more expensive, as higher expense ratios are not offset by lower direct fees or by superior performance. Rebates increase with the market pow...
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作者：Barcellos, Leonardo P.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Evasive responses enable managers to escape difficult questions in earnings calls without lying. Although such tactics are common in corporate communication and other important settings, we still know little about how investors and other listeners can avoid being misled by them. Drawing on theories from multiple disciplines, I predict that a common type of nonanswer leads to equivocal interpretations, whereas artful dodges escape detection in earnings calls. However, when investors adopt a sus...
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作者：Wang, Rex; Verwijmeren, Patrick
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We study whether individuals form extrapolative beliefs across different tasks. In line with cross-extrapolation, equity analysts who experience bad news from some of their coverage firms become overly pessimistic about other firms in their coverage. This leads to disagreement among analysts and has implications for the stock market, as we observe effects on trading volume, return volatility, and pricing. Our findings highlight the relevance of non-domain-specific belief models.
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作者：Larocque, Stephannie A.; Yu, Yong; Zhao, Wuyang
作者单位：University of Notre Dame; University of Texas System; University of Texas Austin; McGill University
摘要：We examine the relation between individual analysts' exclusions that result in lower street earnings per share (EPS) forecasts than their EPS forecasts based on generally accepted accounting principles (i.e., EPS-decreasing exclusions) and the optimism of their target price forecasts. We document that analysts' EPS-decreasing exclusions from their annual forecasts mainly relate to positive nonrecurring items already reported by the firm. We find that analysts' EPS-decreasing exclusions are ass...
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作者：Karaman, Hulya
作者单位：Singapore Management University
摘要：Motivated by the prevalence of online review creation and solicitation, this paper examines whether posting an online review impacts the reviewer's future spending on the reviewed brand. Identifying the causal effects of posting an online review is challenging because reviewers self-select into posting, making it an endogenous decision. I overcome this challenge by using randomized online review solicitations as an instrument for the endogenous treatment variable of posting an online review an...
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作者：Guo, Mengzi Amy; Ying, Donghao; Lavaei, Tavad; Shen, Zuo-. Tun Max
作者单位：University of California System; University of California Berkeley; University of Hong Kong; University of Hong Kong
摘要：This work examines the behaviors of the online projected gradient ascent (OPGA) algorithm and its variant in a repeated oligopoly price competition under reference effects. In particular, we consider that multiple firms engage in a multiperiod price competition, where consecutive periods are linked by the reference price update and each firm has access only to its own first-order feedback. Consumers assess their willingness to pay by comparing the current price against the memory-based referen...
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作者：Bernstein, Ethan; Li, Shelley Xin
作者单位：Harvard University; University of Southern California
摘要：This paper examines how giving front-line employees direct access to their performance data affects performance. To explore that impact, we conducted a field experiment at a service organization that made employees' daily time-use analytics-previously available only to supervisors-simultaneously available to the employees themselves. We find, compared with the preintervention mean value, a significant treatment effect (an 11% decrease) in nonproductive time relative to the control group. That ...
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作者：Wang, Liying; Wu, Juan (Julie)
作者单位：University of Nebraska System; University of Nebraska Lincoln
摘要：Using security-level bookbuilding data, we examine the pricing dynamics and demand of green bond offerings (GBOs) relative to their conventional counterparts. We show that greenium arises from ESG-focused investors' almost exclusive demand for GBOs. GBOs typically receive significantly larger order books, allowing underwriters to compress offering spreads more for GBOs than for comparable conventional offerings. Even at the same level of investor demand, underwriters tighten spreads more for G...
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作者：He, Zhiguo; Jiang, Sheila; Xu, Douglas; Yin, Xiao
作者单位：Stanford University; National Bureau of Economic Research; State University System of Florida; University of Florida; University of London; University College London; University of London; University College London
摘要：Banks' lending technology hinges on their handling of soft and hard information in dealing with different types of credit demand. Through assembling a novel data set on banks' investment in information technologies (IT), this paper provides concrete empirical evidence on how banks adapt their lending technologies. We find investment in communication IT is associated with improving banks' ability to produce and transmit soft information, whereas investment in software IT helps enhance banks' ha...
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作者：Hu, Xinlan Emily; Whiting, Mark E.; Gandhi, Linnea; Watts, Duncan J.; Almaatouq, Abdullah
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); University of Pennsylvania; University of Pennsylvania; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Research on teams spans many contexts, but integrating knowledge from heterogeneous sources is challenging because studies typically examine different tasks that cannot be directly compared. Most investigations involve teams working on just one or a handful of tasks, and researchers lack principled ways to quantify how similar or different these tasks are from one another. We address this challenge by introducing the Task Space, a multidimensional space in which tasks-and the distances between...
