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作者：Bao, Dichu; Su, Lixin (Nancy); Zhao, Chris X.; Zhou, Gaoguang (Stephen)
作者单位：Lingnan University; Hong Kong Polytechnic University; Hong Kong Baptist University
摘要：Mandatory disclosure is a primary source of public information available to acquirers, yet little is known about how potential target managers respond to takeover threats by avoiding mandatory disclosure. This study focuses on redactions in material contracts as a setting of mandatory disclosure avoidance. We find that managers facing takeover threats are more likely to redact material contracts than other managers. To better differentiate the motives for redactions, we classify redacted contr...
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作者：Johnson, William C.; Karpoff, Jonathan M.; Wittry, Michael D.
作者单位：University of Massachusetts System; University of Massachusetts Lowell; University of Washington; University of Washington Seattle; University System of Ohio; Ohio State University
摘要：Using director-specific, within-firm variation in poison pills, we find that pilladopting nonexecutive directors experience a decrease in shareholder votes, an increase in termination rates across all their directorships, and a decrease in the likelihood of new board appointments. These consequences are not because of poor firm performance, active bid resistance, or hedge fund activism, and accrue especially when the adopted pill is relatively costly to the firm. Firms have positive stock pric...
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作者：Joshi, Yogesh V.; Singh, Shubhranshu
作者单位：University System of Maryland; University of Maryland College Park; Johns Hopkins University
摘要：Private firms often develop new products by utilizing substantial infrastructure investments made by government agencies. We construct a mixed oligopoly model to study the interactions between the government's infrastructure quality decision and the subsequent public and private product development decisions. We have five main results: First, the government permits firm entry in the product market only when the firm is sufficiently more efficient at product development than the government. Wit...
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作者：Chen, Hongyu; Simchi-Levi, David
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Switchback experiments, in which experimental units are assigned to control and treatment interchangeably over time, have gained increasing popularity in recent years due to their ability to mitigate interference across units. Despite their wide adoption in the technology sector, drawing reliable inferences from such experiments remains challenging due to temporal interference. In this paper, we address this challenge by examining a special causal structure commonly found in a wide range of ap...
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作者：Aswani, Jitendra; Rajgopal, Shivaram
作者单位：Massachusetts Institute of Technology (MIT); Columbia University
摘要：Our analysis of green bonds issued between 2013 and 2022 reveals a distinctive shareholder preference for such assets, particularly among financial institutions. In the secondary market, the green bonds issued by financial firms' trade at a greenium of 8.2 basis points compared with matched samples, which is attributed potentially to the financial firms' efforts in channeling funds to green loans. Past work documenting a positive stock price reaction to the issuance of green bonds is isolated ...
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作者：Xu, Xingchen; Wang, Qili; Liu, Yizhi; Qiu, Liangfei
作者单位：University of Washington; University of Washington Seattle; State University System of Florida; University of Florida; University System of Maryland; University of Maryland College Park
摘要：In the dynamic landscape of the digital economy, social trading platforms are experiencing rapid growth. Our study delves into the impact of changes in social audience size-measured by the number of followers-on traders' performance and behaviors. Utilizing data from a company-led randomized field experiment conducted on a prominent cryptocurrency social trading platform, we unearth intriguing findings. Traders garnering increased social audience size exhibit tendencies to trade more frequentl...
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作者：Atan, Zumbul; Honhon, Dorothee; Pan, Xiajun Amy
作者单位：Eindhoven University of Technology; University of Texas System; University of Texas Dallas; State University System of Florida; University of Florida
摘要：Empirical studies have shown that consumers' purchasing behavior depends on product display, that is, how products are organized on store shelves. We explore how a retailer selling a perishable product with deteriorating quality over time can optimize product display and the discounting of soon-to-expire units to maximize profit and reduce waste. Specifically, we consider a product with a finite shelf life that is replenished periodically. The retailer optimizes the product display setting, th...
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作者：Battalio, Robert; Jennings, Robert
作者单位：University of Notre Dame; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We obtain a proprietary data set of all marketable orders routed to one or more wholesalers in May 2022 to study wholesaler execution quality. Contrary to conventional wisdom, external liquidity is used to fill 28.6% of the shares in our sample. We find that order size, both absolute and relative to book depth, and recent order imbalance are associated with the decision to source external liquidity. Using a new benchmark, we find the value of both price and size improvement provided to sample ...
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作者：Alyakoob, Mohammed; Rahman, Mohammad
作者单位：University of Southern California; Purdue University System; Purdue University
摘要：This study investigates the potential of market design choices, specifically quality certification, to mitigate racial discrimination in digital marketplaces. Using a regression discontinuity design (RDD) that exploits the discontinuity in Airbnb's Superhost assignment, we find that Black hosts benefit 1.5 times more from the quality certification than other hosts. Moreover, we find compelling evidence that this disproportionate increase does not come at the expense of non-Superhost Black host...
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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...
