-
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.
-
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...
-
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...
-
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...
-
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 ...
-
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...
-
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...
-
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...
-
作者：Eichner, Thomas; Schopf, Mark
作者单位：Fern University Hagen
摘要：Morgan and Tumlinson (2019, Management Science 65(10), 4489-4504) study a game in which citizens first fund a company venture or purchase bonds, and then bondholders and the firm's manager, acting on behalf of the shareholders, contribute to a public good. One of their major results is that the venture is funded with positive probability in all trembling-hand perfect Nash equilibria. The purpose of this note is to prove the existence of economies in which the venture is not funded in all tremb...
-
作者：Krakowski, Sebastian; Haftor, Darek; Luger, Johannes; Pashkevich, Natallia; Raisch, Sebastian
作者单位：Stockholm School of Economics; Uppsala University; University of Zurich; Sodertorn University; University of Geneva
摘要：Humans and artificial intelligence (AI) algorithms increasingly interact on unstructured managerial tasks. We propose that tailoring this human-AI interaction to align with individuals' cognitive preferences is essential for enhancing performance. This hypothesis is examined through a field experiment in a multinational pharmaceutical firm. In the experiment, we manipulated four contextual parameters of human-AI interaction-work procedures, decision-making authority, training, and incentives-t...
