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作者：Dutta, Sunil; Langer, Lukasz; Patatoukas, Panos N.
作者单位：University of California Berkeley; University of California System; University of California Berkeley
摘要：Many studies use linear regressions of investment on Tobin's q to estimate normal investment levels, often concluding that financial reporting quality enhances investment efficiency. Our findings suggest these inferences are confounded by two key factors. First, consistent with asymmetric capital adjustment costs, investment is significantly less responsive to q values below one than to those above one. Second, firms with q values below one systematically exhibit lower financial reporting qual...
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作者：Kim, Jong Yeob; Ishihara, Masakazu
作者单位：Nanyang Technological University; New York University
摘要：The obesity rate has grown to epidemic proportions in the United States. Recent scientific studies suggest that excess intake of sugar-sweetened beverages (SSBs) is one of the primary contributors to weight gain. One option to address the growing obesity epidemic is to discourage SSB consumption through fiscal policies such as imposing a soda excise tax. In this paper, we apply the Becker-Murphy model of rational addiction to present evidence that consumers are rationally addicted to the consu...
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作者：Liao, Li; Wang, Zhengwei; Yan, Hongjun; Yang, Jun; Zhou, Congyi
作者单位：Tsinghua University; DePaul University; Nanyang Technological University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers' social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on because of collection agents' excessive workload. Using two approaches to estimate the local treatment effect, we show that this socialshaming tactic backfires and substantially increases the borrowers' default rate. Borrowers with better outside options for credit access and male...
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作者：Czura, Kristina; Englmaier, Florian; Ho, Hoa; Spantig, Lisa
作者单位：University of Groningen; University of Munich; University of Munich; RWTH Aachen University; University of Essex
摘要：The positive role of transformational leadership for productivity and mental well-being has long been established. Transformational leadership behavior may be particularly suited to navigate times of crisis that are characterized by high levels of complexity and uncertainty. We exploit quasi-random assignment of employees to managers and study the role of frontline managers' leadership styles on employees' performance, work style, and mental well-being in times of crisis. Using longitudinal ad...
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作者：Jung, Michael J.; Lu, Yiqing; Wu, Hong; Xuan, Yuhai
作者单位：University of Delaware; New York University; NYU Shanghai; City University of Hong Kong; University of California System; University of California Irvine
摘要：This study examines how winning a significant industry award affects the behavior of finance professionals. Focusing on sell-side equity analysts and utilizing a novel data set from Institutional Investor on analyst rankings, we employ a regression discontinuity design that compares the postaward research outputs and behavior of thirdplace, all-star analysts with those of first runner-up analysts who barely miss the distinction. Our results show that third-place all-star winners are more optim...
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作者：Bond, Brittany M.
作者单位：Cornell University
摘要：This paper examines unintended consequences of enforcing a curve on performance rankings. I examine a multinational company where some employees are downgraded from the top levels of rankings due to a strict recognition cutoff. I show that downgraded employees are at least 34% more likely to voluntarily exit, and that attempts by the organization to manage employee concerns, particularly regarding concerns of fairness, envy, and self-image, do not have the intended retention effect. Underrecog...
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作者：Cao, Yufeng; Kleywegt, Anton; Wang, He
作者单位：Shanghai Jiao Tong University; University System of Georgia; Georgia Institute of Technology
摘要：We consider a two-sided marketplace in which a market operator sells services to clients and buys services from vendors. The market operator determines the prices dynamically for both clients and vendors. Services are transacted in discrete units called jobs, and the jobs are characterized by their types, service deadlines, client prices, and vendor prices. Jobs are submitted by clients to the marketplace, and the market operator then lists the available jobs. Vendors can view the available jo...
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作者：Liu, Clark; Qiu, Yancheng; Wang, Shujing; Yeung, P. Eric
作者单位：Tsinghua University; University of Sydney; Tongji University; Cornell University
摘要：We exploit staggered releases of satellite data on parking lot traffic across U.S. retailers and conduct the stacked Poisson regression to identify the causal effect of big data availability on corporate voluntary disclosure. We document a significant decrease in management good news forecasts following the satellite data release, whereas bad news forecasts are unaffected. The asymmetric decrease cannot be explained by the demand-side substitution hypothesis. Our evidence suggests that the sup...
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作者：Rajgopal, Shiva; Srivastava, Anup; Zhao, Rong
作者单位：Columbia University; University of Calgary
摘要：A stark contrast exists between the stated preferences of politicians in the so-called blue states (Democrats) and those in red states (Republicans) on environmental, social, and governance (ESG) matters. We examine whether these polarized political stances are reflected in the investment strategies of respective states' pension funds. We examine a Texas directive that the state agencies divest from investment companies that profess a pro-ESG stance and allegedlyboycott energy stocks. We find ...
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作者：Li, Shelley Xin; Sandino, Tatiana
作者单位：University of Southern California; Harvard University
摘要：Peer networks, such as enterprise social networks (ESNs), can facilitate knowledge transfer across employees. However, such systems can also lead to information overload or difficulty in finding useful information. We examine data from a natural field experiment where a retailer introduced a system for sharing best practices (SSBP) in an existing online peer network, a control mechanism that enables easy access to well-organized best practices from high-performing units. The SSBP did not have ...
