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作者：Cookson, J. Anthony; Niessner, Marina; Schiller, Christoph
作者单位：University of Colorado System; University of Colorado Boulder; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Arizona State University; Arizona State University-Tempe
摘要：This paper studies whether social media sentiment predicts merger withdrawals. We find that a one-standard-deviation increase in social media sentiment after a merger announcement is associated with a 0.64 percentage point lower probability of withdrawal (16.6% of the average). This effect is unexplained by abnormal price reactions, traditional news, and analyst recommendations. Consistent with manager learning, the informativeness of social media strengthens after firms start corporate Twitte...
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作者：Dai, Min; Qin, Cong; Wang, Neng
作者单位：Hong Kong Polytechnic University; Hong Kong Polytechnic University; Shanghai University of Finance & Economics
摘要：An investor receives utility bursts from realizing gains and losses at the individual stock level and dynamically allocates his mental budget between risky and risk-free assets at the trading account level. Using savings, he reduces his stockholdings and is more willing to realize losses. Using leverage, he increases his stockholdings beyond his mental budget and is more reluctant to realize losses. While leverage strengthens the disposition effect, introducing leverage constraints mitigates i...
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作者：Bias, Daniel; Lochner, Benjamin; Obernberger, Stefan; Sevilir, Merih
作者单位：Vanderbilt University; University of Erlangen Nuremberg; IZA Institute Labor Economics; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Leibniz Association; European School of Management & Technology; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); European Corporate Governance Institute
摘要：This paper examines how initial public offerings (IPOs) affect firms' internal organization. We find that IPO firms become more hierarchical and standardized organizations, characterized by additional layers, more managers, smaller control spans, and larger administrative functions. These changes occur mostly in preparation for the IPO and can be only partially explained by growth. IPO firms with greater human capital risk experience larger hierarchical changes. Hierarchical changes help firms...
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作者：Bhutta, Neil; Fuster, Andreas; Hizmo, Aurel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：Comparing mortgage rates that borrowers obtain to rates that lenders could offer for the same loan, we find that many homeowners significantly overpay for their mortgage, with overpayment varying across borrower types and with market interest rates. Survey data reveal that borrowers' mortgage knowledge and shopping behavior strongly correlate with the rates they secure. We also document substantial variation in how expensive and profitable lenders are, without any evidence that expensive loans...
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作者：Choukhmane, Taha; De Silva, Tim
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University
摘要：We study the role of risk preferences and frictions in portfolio choice using variation in 401(k) default options. Patterns of active choice in response to different default funds imply that, absent participation frictions, 94% of investors prefer holding stocks, with an equity share of retirement wealth declining with age-patterns markedly different from observed allocations. We use this quasi-experiment to estimate a life-cycle model and find a relative risk aversion of 2.5, elasticity of in...
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作者：Pikulina, Elena s.; Ferreira, Daniel
作者单位：University of British Columbia; University of London; Centre for Economic Policy Research - UK; London School Economics & Political Science; European Corporate Governance Institute
摘要：We introduce the concept of subtle discrimination-biased acts that cannot be objectively ascertained as discriminatory. When candidates compete for promotions by investing in skills, firms' subtle biases induce discriminated candidates to overinvest when promotions are low-stakes (to distinguish themselves from favored candidates) but underinvest in high-stakes settings (anticipating low promotion probabilities). This asymmetry implies that subtle discrimination raises profits in low-productiv...
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作者：Grigoris, Fotis; Segal, Gill
作者单位：University of Iowa; University of North Carolina; University of North Carolina Chapel Hill
摘要：The impact of uncertainty shocks on firm-level economic activity depends on their origin in supply chains. Upstream (downstream) uncertainty from suppliers (customers) is associated with variability over future input (output) prices. Consequently, a real-option production model with time-to-build suggests that only upstream uncertainty suppresses investment, since upstream (downstream) uncertainty affects the shorter (longer) run. Production network data show that upstream uncertainty negative...
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作者：Allcott, Hunt; Montanari, Giovanni; Ozaltun, Bora; Tan, Brandon
作者单位：Stanford University; National Bureau of Economic Research; New York University; University of California System; University of California Berkeley; Harvard University
摘要：Growing discussions of impact investing and stakeholder capitalism have increased interest in measuring companies' social impact. We conceptualize corporate social impact as the welfare loss that would be caused by a firm's exit. To illustrate, we quantify the social impacts of 74 firms in 12 industries using a new survey measuring consumer and worker substitution patterns combined with models of product and labor markets. We find that consumer surplus is the primary component of social impact...
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作者：Beyhaghi, Mehdi; Fracassi, Cesare; Weitzner, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Texas System; University of Texas Austin; McGill University
摘要：Theories of competition typically predict a positive relationship between market concentration and prices. However, in loan markets, adverse selection can reverse this relationship as riskier borrowers become more likely to receive funding. Using supervisory data, we show that interest rates, borrower risk, and lending volume are higher in markets with more banks. We also create a novel measure of markup that is orthogonal to borrower risk, and find that, consistent with adverse selection, mar...
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作者：Coimbra, Nuno; Gomes, Francisco; Michaelides, Alexander; Shen, Jialu
作者单位：European Central Bank; Bank of France; Centre for Economic Policy Research - UK; University of London; London Business School; Imperial College London; Fudan University
摘要：We show that incorporating defined benefit pension funds in an incomplete markets asset pricing model improves its ability to match the historical equity premium and riskless rate and has important risk-sharing implications. We document the importance of the pension fund's size and asset demands, and a new risk channel arising from fluctuations in the fund's returns. We use our calibrated model to study the implications of a shift to an economy with defined contribution plans. The new steady s...
