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作者：Gallo, Lindsey; Labro, Eva; Omartian, James d.
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We investigate the dynamics of internal forecasting in multi-location firms and the relations between forecast characteristics and investment. Using U.S. Census microdata on plant-level growth expectations, we find that plants within multi-location firms make forecasts that are both more certain and less accurate than those of standalone plants. We provide evidence suggesting that headquarters infers uncertainty from inter-plant forecast disagreement, and that headquarters is able to facilitat...
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作者：Billings, Mary Brooke; Holthausen, Robert W.; Petrovits, Christine; Wang, Danye
作者单位：New York University; University of Pennsylvania; William & Mary; University of Iowa
摘要：We assemble and describe a sample of 174,782 lawsuits filed against 218,437 public-company lawsuit-defendants in federal district court from 2006 to 2021. These lawsuits involve an array of allegations, including product liability, civil rights discrimination, contract breaches, improper compensation and labor practices, antitrust violations, corruption, securities violations, pollution, and intellectual property infringement. The sample exhibits rich variation across firms, industries, time, ...
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作者：Armstrong, Christopher; Glaeser, Stephen; Park, Stella Yeayeun; Timmermans, Oscar
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Sogang University; University of London; London School Economics & Political Science
摘要：We study how the assignment of intellectual property rights between inventors and their employers affects innovation. Incomplete contracting theories predict that stronger employer property rights reduce the threat that employee inventors hold up their employers, thereby affecting inventor and invention outcomes. We test these predictions using a U.S. appellate court ruling that shifted the assignment of property rights from inventors to their employers. Within-employer-year analyses demonstra...
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作者：Zhang, Biwen
作者单位：University of California System; University of California Berkeley
摘要：Sell-side analysts commonly transition to buy-side money managers. I examine whether and how these career transitions shape sell-side analysts' behavior, relying on the granular career information of 6,310 analysts in the United States. I identify analysts who transition from the sell-side to the buy-side and find that these analysts issue inflated recommendations on stocks of interest to their future buy-side employers. This favoritism is (1) present only during the year preceding their trans...
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作者：Chen, Aj yuan; Phillips, Matthew a.; Wittenberg-moerman, Regina; Ye, Tiange
作者单位：University of British Columbia; Northwestern University; National University of Singapore
摘要：Prior studies predominantly examine fundamental performance-driven explanations of loan renegotiations. We contrast with this work by investigating the improvement in secondary loan market trading conditions as a non-fundamental driver of loan renegotiation. Exploiting a regression discontinuity design around the LSTA 100 Index reconstitution, we find that index-included loans are around five times more likely to receive interest-rate-reducing amendments than comparable loans just below the in...
