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作者：Barcellos, Leonardo P.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Evasive responses enable managers to escape difficult questions in earnings calls without lying. Although such tactics are common in corporate communication and other important settings, we still know little about how investors and other listeners can avoid being misled by them. Drawing on theories from multiple disciplines, I predict that a common type of nonanswer leads to equivocal interpretations, whereas artful dodges escape detection in earnings calls. However, when investors adopt a sus...
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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.
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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...
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作者：Huang, Jing-Zhi; Li, Xin; Saglam, Mehmet; Yu, Tong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan Technological University; University System of Ohio; University of Cincinnati
摘要：We investigate the role of insurers in providing liquidity in the corporate bond market, especially during rainy days when the aggregate dealer inventory is positive for a relatively large fraction of the outstanding bonds. We find that, on average, life insurers have positive liquidity supply in the years following the 2007-2009 financial crisis, primarily driven by their buy-side transactions. Insurers' corporate bond purchases improve the liquidity of transacted bonds and comparable bonds o...
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作者：Bayar, Onur; Chemmanur, Thomas J.; Liu, Mark H.
作者单位：University of Texas System; University of Texas at San Antonio; Boston College; University of Kentucky
摘要：We analyze the roles of entrepreneurs, venture capitalists (VCs), and the government in financing fundamental innovations, defined as those with a positive social value net of development costs but often with negative net present values to innovating firms, for example, a vaccine against COVID-19. We first analyze the case where the entrepreneur, with or without VC financing, develops innovations. We then analyze government support of innovation and the government's choice between subsidies an...
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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...
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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...
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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 ...
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作者：Carvalho, Jean-Paul; Pradelski, Bary S. R.; Williams, Cole
作者单位：University of Oxford; Durham University
摘要：Studying the design of affirmative action policies when identities are multidimensional, we provide a formal demonstration of the importance of intersectionality. Prevailing affirmative action policies are based only on one identity dimension (e.g., race, gender, socioeconomic class). We find that any such nonintersectional policy can almost never achieve a representative outcome. In fact, nonintersectional policies often increase the underrepresentation of underrepresented groups in a manner ...
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作者：Kusterer, David J.; Sliwka, Dirk
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Cologne
摘要：We study biases and the informativeness of subjective performance evaluations in an online experiment, testing the implications of a standard formal framework of rational subjective evaluations. In the experiment, subjects in the role of workers perform a real effort task. Subjects in the role of supervisors observe samples of the workers' output and assess their performance. We conduct six experimental treatments varying (i) whether workers' pay depends on the performance evaluation, (ii) whe...
