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作者：Bourveau, Thomas; Flam, Rachel W.; Le, Anthony
作者单位：University of Oxford; University of London; London Business School; University of Chicago
摘要：We leverage the 2023 court-ordered Freedom of Information Act release of standardized Equal Employment Opportunity (EEO-1) reports to examine the workforce diversity of federal contractors. Using the released data for a sample of more than 19,000 publicly traded and private firms, we provide descriptive evidence on the variation in gender and racial diversity of these companies' workforce. We also document the existence of a racial gap between managers and lower-level employees. A substantial ...
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作者：Fradkin, Andrey; Bhole, Monica; Horton, John J.
作者单位：Boston University; Massachusetts Institute of Technology (MIT)
摘要：Information about the number of applicants to a job vacancy might simultaneously signal the degree of competition and vacancy quality. We study how this information affects job search. To do so, we conduct three experiments on a large online job platform in which the treatment varies what information is shown to job seekers. Information about the number of prior applicants to a vacancy increases the number of applications and redirects them to vacancies with few prior applications. Information...
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作者：Lee, Sunkee; Sosa, Manuel E.
作者单位：Carnegie Mellon University; INSEAD Business School
摘要：Companies are adopting unconventional workspaces-often characterized by bright or oddly colored walls, unique light fixtures, unusual office furniture, vibrant artwork, the display of atypical non-work-related objects, and casual and playful atmospheres-to foster creativity. Yet empirical evidence on the causal effect of such unconventional workspaces on creativity has been lacking. Across four experiments involving a total sample of 1,133 participants, we tested the effect of unconventional w...
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作者：Cunningham, Colleen; Kapacinskaite, Aldona
作者单位：Utah System of Higher Education; University of Utah; INSEAD Business School
摘要：This study investigates the use of a prevalent but rarely studied form of intellectual property protection: trade secrecy. Building on existing survey evidence of firm-level, cross-sectional use of secrecy, we document the effect of stronger legal protections for trade secrets on the project-level use of such secrets. Our setting is the U.S. oil and gas hydraulic fracturing industry, from 2014 to 2018, in states where firms are required to disclose fracturing fluid ingredients to regulators ex...
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作者：Hardouvelis, Gikas; Karalas, Georgios; Vayanos, Dimitri
作者单位：University of Piraeus; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：We study the relationship between the distribution of investor beliefs, the breadth of ownership, and expected returns in a model where stocks differ in the intensity of disagreement and in the extent to which beliefs are polarized, as measured by the number of optimists and pessimists relative to moderates. Polarization explains the size-dependent relationship between breadth and expected returns that we find empirically: positive for large stocks and negative for small stocks. We also find e...
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作者：Atir, Stav; Dunning, David
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Michigan System; University of Michigan
摘要：Education is a primary engine for gaining knowledge, yet it is unclear if introductory education helps learners gain meta-knowledge, that is, an accurate awareness of the scope and limits of their knowledge. We found that after taking an introductory finance class, relative to a control class, students overclaimed more knowledge they did not have, that is, endorsed more familiarity with bogus finance terms and expressed more confidence under incentives in their ability to answer questions abou...
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作者：Davis, Douglas; Cox, Caleb; Korenok, Oleg; Lightle, John
作者单位：Virginia Commonwealth University
摘要：Financial market regulators have long debated the appropriate frequency of mandatory corporate financial disclosures. Whereas frequent disclosures may help deter overinvestment, they may also encourage short-termism. This paper reports an experiment that examines the effects of varying reporting frequencies on managerial investment decisions. Experimental results indicate that frequent reporting modestly induces shorttermism, but it fails to reduce the overinvestment observed in the infrequent...
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作者：Evans, Richard B.; Karaka, Oguzhan; Moussawi, Rabih; Young, Michael
作者单位：University of Virginia; University of Cambridge; Villanova University; University of Pennsylvania; University of Missouri System; University of Missouri Columbia
摘要：The short-selling of exchange-traded funds (ETFs) creates phantom ETF shares, trading at market prices, with cash flow rights but no associated voting rights. Unlike regular ETF shares backed by underlying securities, which are voted as directed by the ETF sponsor, phantom ETF shares are typically hedged by the underlying basket as part of marketmaking activities and result in a significant number of sidelined votes of underlying securities. We find that increases in phantom shares for the cor...
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作者：Di Giuli, Alberta; Garel, Alexandre; Michaely, Roni; Romec, Arthur
作者单位：heSam Universite; ESCP Business School; Audencia; University of Hong Kong; European Corporate Governance Institute
摘要：This paper explores whether investors' personal experience with climate change affects their voting behavior on climate change-related proposals. We find that fund managers exposed to abnormally hot temperatures are significantly more likely to support climate proposals. We further show that the effect is persistent. We observe significant heterogeneity in the effect of hot temperatures, depending on firm-level climate risk, the quality of the proposals, fund investment strategy, and prior awa...
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作者：Lu, Tao; Tomlin, Brian
作者单位：University of Connecticut; Dartmouth College
摘要：A canonical setting in supply chain research is one in which a retailer sources a product, under a wholesale price contract, from a manufacturer that invests in capacity in advance of the retailer's order. When the retailer possesses private information about demand, it is well understood that credible cheap-talk communication is not possible absent considerations of trust or the reactive setting of the wholesale price. This understanding is based on the practice of demand information being sh...
